West Irvine Comps

NEW -> Contingent Buyer Assistance Program
arctichaze_IHB

arctichaze_IHB

New member
My friends told me to shy away from West Irvine since its the last one to appreciate and 1st one to take a price hit. The only worse neighborhood they said was VoC.



I'm pretty new to Irvine (2+ years) is there any truth about this? West Irvine has an ideal location being so close to the Market Place, the 5 and the 55 I find their statement hard to believe.
 
i like westpark the best due to it being close to HB (family) and westminster (good asian food). not to mention it is closest to my work.
 
[quote author="arctichaze" date=1213678779]My friends told me to shy away from West Irvine since its the last one to appreciate and 1st one to take a price hit. The only worse neighborhood they said was VoC.



I'm pretty new to Irvine (2+ years) is there any truth about this? West Irvine has an ideal location being so close to the Market Place, the 5 and the 55 I find their statement hard to believe.</blockquote>


I own in West Irvine, so I have a little natural bias, but if you look at the sales I have tracked, here are the median CS numbers for most Irvine areas:



247.35 NW II

238.78 Woodbury

221.28 QH

219.04 NW Pointe

207.45 Northwood

204.83 VoC

204.09 Northpark

203.19 Westpark

202.72 West Irvine

197.16 Woodbridge



West Irvine is toward the bottom, but its pretty much the same as Westpark, Northpark, and VoC in terms of depth of rollback. People are still paying premiums to live in the newer neighborhoods such as QH, Woodbury, and NW II...
 
[quote author="arctichaze" date=1213678779]My friends told me to shy away from West Irvine since its the last one to appreciate and 1st one to take a price hit. The only worse neighborhood they said was VoC.



I'm pretty new to Irvine (2+ years) is there any truth about this? West Irvine has an ideal location being so close to the Market Place, the 5 and the 55 I find their statement hard to believe.</blockquote>


I'm very biased towards this neighborhood. I live, work, and own there.
 
[quote author="ipoplaya" date=1213683544][quote author="arctichaze" date=1213678779]My friends told me to shy away from West Irvine since its the last one to appreciate and 1st one to take a price hit. The only worse neighborhood they said was VoC.



I'm pretty new to Irvine (2+ years) is there any truth about this? West Irvine has an ideal location being so close to the Market Place, the 5 and the 55 I find their statement hard to believe.</blockquote>


I own in West Irvine, so I have a little natural bias, but if you look at the sales I have tracked, here are the median CS numbers for most Irvine areas:



247.35 NW II

238.78 Woodbury

221.28 QH

219.04 NW Pointe

207.45 Northwood

204.83 VoC

204.09 Northpark

203.19 Westpark

202.72 West Irvine

197.16 Woodbridge



West Irvine is toward the bottom, but its pretty much the same as Westpark, Northpark, and VoC in terms of depth of rollback. People are still paying premiums to live in the newer neighborhoods such as QH, Woodbury, and NW II...</blockquote>


What is the CS number and how is it calculated?



Btw, thanks ipoplaya for your escrow list. I'm sure I'm not alone when I say that helped me a lot.
 
[quote author="arctichaze" date=1213683813][quote author="ipoplaya" date=1213683544][quote author="arctichaze" date=1213678779]My friends told me to shy away from West Irvine since its the last one to appreciate and 1st one to take a price hit. The only worse neighborhood they said was VoC.



I'm pretty new to Irvine (2+ years) is there any truth about this? West Irvine has an ideal location being so close to the Market Place, the 5 and the 55 I find their statement hard to believe.</blockquote>


I own in West Irvine, so I have a little natural bias, but if you look at the sales I have tracked, here are the median CS numbers for most Irvine areas:



247.35 NW II

238.78 Woodbury

221.28 QH

219.04 NW Pointe

207.45 Northwood

204.83 VoC

204.09 Northpark

203.19 Westpark

202.72 West Irvine

197.16 Woodbridge



West Irvine is toward the bottom, but its pretty much the same as Westpark, Northpark, and VoC in terms of depth of rollback. People are still paying premiums to live in the newer neighborhoods such as QH, Woodbury, and NW II...</blockquote>


What is the CS number and how is it calculated?



Btw, thanks ipoplaya for your escrow list. I'm sure I'm not alone when I say that helped me a lot.</blockquote>


The CS number is my calculation of the Case-Shiller index value for a property when it sells. The numbers I posted are the median CS numbers for the neighborhoods based off my escrow list. A number in the low 200's means the equivalent of a mid 2004 price... The older portion of West Irvine, which was built-out around '97-'98 I believe, hasn't held up as well. There is no HOA there, no association pool, and only one tiny park. Newer West Irvine, built-out in '00-'01 has held out reasonably well as compared to Northpark and Westpark.
 
[quote author="IrvineRealtor" date=1213683706][quote author="arctichaze" date=1213678779]My friends told me to shy away from West Irvine since its the last one to appreciate and 1st one to take a price hit. The only worse neighborhood they said was VoC.



I'm pretty new to Irvine (2+ years) is there any truth about this? West Irvine has an ideal location being so close to the Market Place, the 5 and the 55 I find their statement hard to believe.</blockquote>


I'm very biased towards this neighborhood. I live, work, and own there.</blockquote>


West Irvine although is the stepping stone for many who want to enter into the Irvine homeownership. West Irvine started during the recession and the only direction for TIC was a value village. IMO the architecture is plain and uninspiring but the price during the 1992 was reflective of its mission. The community infrastructure is simple and honest. I like the intimacy of the tight streets and narrow sidewalk due to the lack of land dedication to the public right of way. It was a happy accident. The recent library constructed as an replica of the Irvine Family home adorned with period furnishings and fireplace is one of the nicest libraries in OC. The OC Park and Recreation also is headquartered at this Old Irvine Agricultural Outpost. I do like the rustic landscape and natural ground surface. It was done well.



The earliest homes were 3 model complexes by Lewis Homes the former cookie cutter king of the Inland Empire but resident of Emerald Bay. The Independence models was themed after our flag and presidents. They were just ugly and aweful but the Asians loved their boxiness and 3 car garage status symbol or easy in and out driving. Fieldstone and Greystone also contributed architecture that should belong in the gutters. Cal Pac , Laing and Lennar did a better job in giving this community some dignity.



As a harsh critic I have to give the community some concession it was cheap to begin with. 2,000 sf for $240,000. I can't complain much for the lack of architectural merit. When greedy sellers sold their homes for $900,000 that they only paid $200,000 for I was very upset. The seller are living in Newport Coast savioring their victory while the banks are stuck with these oversized shacks.
 
I have a few friends living in West Irvine and they love it. Personally, I think it's a very nice place to be - right between Tustin Ranch and Northpark.



If you like the location, I think it's a great neighborhood. And the students go to Beckman - the newest high school in Irvine.



But for me, I don't like being so north. However, I do prefer the location over Woodbury though.



But I'm still pushing for Columbus Grove.
 
Here's the latest comp killer:



<a href="http://www.redfin.com/CA/Irvine/8-Morningdale-92602/home/5885578">8 Morningdale 1200 sqft. 2 BD. 2 BA.</a>



It was sold in an auction this past May at $337K, divided by 1200 = <strong>$280 per sq. ft.</strong>, this is a rollback to to 2002-2003 prices.



As IrvineRenter said Foreclosures/REOs are going to carpet bomb Irvine RE prices.
 
Thanks for everyone's quick feedback. We did a walk through last weekend. My wife made me laugh when she said "oh we can walk to target if we live here."



I noticed some of the homes off Robinson Drive were built 2001. Was that the last phase of the development to be built? The homes off Robinson Drive seems to be well kept and maintained.
 
[quote author="arctichaze" date=1213690734]Thanks for everyone's quick feedback. We did a walk through last weekend. My wife made me laugh when she said "oh we can walk to target if we live here."



I noticed some of the homes off Robinson Drive were built 2001. Was that the last phase of the development to be built? The homes off Robinson Drive seems to be well kept and maintained.</blockquote>


Home bordering Robonson are Cal pac's Ivywood and Fieldstone's largest homes. Ivywood offered an attic option. This project I posted earlier regarding Cape Cod form with stucco walls and spanish tile roof seem odd.
 
I almost bought a Lewis Homes-Independence Tract in 1997 but subsequently chose to buy the Lewis Homes-El Dorado Tract next to Peters Canyon Elementary School.



I didn't like West Irvine for the following reasons: Homes were very plain/boxy, homes sat too close to the street, no neighborhood pool and no gate. After the homes were built, I revisited the place and didn't like all the cars parking on the street. With the short drive-ways and street cars, it just felt tight.
 
[quote author="waiting2buylater" date=1213694467]I almost bought a Lewis Homes-Independence Tract in 1997 but subsequently chose to buy the Lewis Homes-El Dorado Tract next to Peters Canyon Elementary School.



I didn't like West Irvine for the following reasons: Homes were very plain/boxy, homes sat too close to the street, no neighborhood pool and no gate. After the homes were built, I revisited the place and didn't like all the cars parking on the street. With the short drive-ways and street cars, it just felt tight.</blockquote>


How do I refer to the area by Jamboree and Robinson drive? That's west Irvine right? It says so on the entrance "West Irvine". The streets are wide it has a pool park and etc. I'm confused on what you are referring to.
 
[quote author="Rocker" date=1213690583]Here's the latest comp killer:



<a href="http://www.redfin.com/CA/Irvine/8-Morningdale-92602/home/5885578">8 Morningdale 1200 sqft. 2 BD. 2 BA.</a>



It was sold in an auction this past May at $337K, divided by 1200 = <strong>$280 per sq. ft.</strong>, this is a rollback to to 2002-2003 prices.



As IrvineRenter said Foreclosures/REOs are going to carpet bomb Irvine RE prices.</blockquote>


At list, that place is nowhere near 2002 rollback. If it goes for $399K, which I'm quite sure it will sell for over list, it would be a 180 CS index value, for a Feb 2004 equivalent... I'd say it sells for $415-425K for an April/may kind of price.
 
[quote author="arctichaze" date=1213696731][quote author="waiting2buylater" date=1213694467]I almost bought a Lewis Homes-Independence Tract in 1997 but subsequently chose to buy the Lewis Homes-El Dorado Tract next to Peters Canyon Elementary School.



I didn't like West Irvine for the following reasons: Homes were very plain/boxy, homes sat too close to the street, no neighborhood pool and no gate. After the homes were built, I revisited the place and didn't like all the cars parking on the street. With the short drive-ways and street cars, it just felt tight.</blockquote>


How do I refer to the area by Jamboree and Robinson drive? That's west Irvine right? It says so on the entrance "West Irvine". The streets are wide it has a pool park and etc. I'm confused on what you are referring to.</blockquote>


West Irvine is weird arcti. The older part, which waiting refers to, is quite different from the newer portion, built in 2000/2001. The area around Jamboree/Robinson, all the way to the tollroad, is West Irvine, just the newer part. There are a number of nice tracts, very well maintained spanning from Robinson up to Trevino where Myford Elementary is. Once you get on the other side of the elementary school, its the older part of West Irvine with the largest tract there being Independence.
 
[quote author="ipoplaya" date=1213707028][quote author="arctichaze" date=1213696731][quote author="waiting2buylater" date=1213694467]I almost bought a Lewis Homes-Independence Tract in 1997 but subsequently chose to buy the Lewis Homes-El Dorado Tract next to Peters Canyon Elementary School.



I didn't like West Irvine for the following reasons: Homes were very plain/boxy, homes sat too close to the street, no neighborhood pool and no gate. After the homes were built, I revisited the place and didn't like all the cars parking on the street. With the short drive-ways and street cars, it just felt tight.</blockquote>


How do I refer to the area by Jamboree and Robinson drive? That's west Irvine right? It says so on the entrance "West Irvine". The streets are wide it has a pool park and etc. I'm confused on what you are referring to.</blockquote>


West Irvine is weird arctic. The older part, which waiting refers to, is quite different from the newer portion, built in 2000/2001. The area around Jamboree/Robinson, all the way to the tollroad, is West Irvine, just the newer part. There are a number of nice tracts, very well maintained spanning from Robinson up to Trevino where Myford Elementary is. Once you get on the other side of the elementary school, its the older part of West Irvine with the largest tract there being Independence.</blockquote>


Thanks for the clarification. This is the area that we are planning to buy (if ever we buy). At least I know that West Irvine is divided into two sections.
 
There are more than two sections to West Irvine, Ipop.



South of Trevino (and north of Irvine Blvd) is the main part of West Irvine, that falls under the Master association. $45/month currently for that association gets you access to the pool and pays for the upkeep of the parks, greenbelts, walking trails, tennis courts, and all of the landscaping/lighting 4 feet from the curbs to the streets. Andover, Mandeville, Wisteria, and Summerplace, as condos, pay a second association fee to maintain common areas within each of their sections.



Between Trevino and Portola is the Independence section of West Irvine. Independence is a group of tracts and has, as bk pointed out, a very patriotic theme in names for streets, tracts, and even individual models. "Independence" can also be thought of as "independent of paying association dues." To some this is an advantage and others a liability, depending chiefly on the amount of "deferred maintenance" that neighbors have accumulated, with no board to slap any wrists. There is also no pool priveleges unless you've got one on your own property.



The third is the gated section of West Irvine; Sheridan. The condos behind the gates go for less (on a per/sqft basis, generally) than the ungated condos mentioned above. The SFRs behind the gates have relatively low turnover and have so far held fairly well in value. So far. The gated Sheridan area has it's own association pool and park, as well.



All are served by Myford Elementary, Pioneer Middle School, and Beckman High, which are Tustin Unified Schools. Each of these has scored well in index testing ratings. Not as high as Uni and Northwood, but very good, nonetheless.



I like the fact that I am not paying for guards and gates when I live in such a safe city, already. Mello Roos is $500/year for my place, and not $400/month VoC-style. Good location for what I need, and close to my wife's family (and a happy wife = a happy life!)



/pitch
 
[quote author="IrvineRealtor" date=1213749027]There are more than two sections to West Irvine, Ipop.



The third is the gated section of West Irvine; Sheridan. The condos behind the gates go for less (on a per/sqft basis, generally) than the ungated condos mentioned above. The SFRs behind the gates have relatively low turnover and have so far held fairly well in value. So far. The gated Sheridan area has it's own association pool and park, as well.</blockquote>


Damn I always forget about Sheridan. In the foggy recesses of my brain, Sheridan seems like Tustin Ranch to me... I punched myself three times on the side of the head to correct. Bad IPO!



Uber low turnover on the SFRs in Sheridan. That is supposed to be a very nice family neighborhood.
 
[quote author="ipoplaya" date=1213749996][quote author="IrvineRealtor" date=1213749027]There are more than two sections to West Irvine, Ipop.



The third is the gated section of West Irvine; Sheridan. The condos behind the gates go for less (on a per/sqft basis, generally) than the ungated condos mentioned above. The SFRs behind the gates have relatively low turnover and have so far held fairly well in value. So far. The gated Sheridan area has it's own association pool and park, as well.</blockquote>


Damn I always forget about Sheridan. In the foggy recesses of my brain, Sheridan seems like Tustin Ranch to me... I punched myself three times on the side of the head to correct. Bad IPO!



Uber low turnover on the SFRs in Sheridan. That is supposed to be a very nice family neighborhood.</blockquote>


Is Sheridan the gated neighborhood at the corner of Jamboree and Portola?
 
So where does 53 Legacy Way fall, in the ?Independence? section?

That dog still hasn?t closed.

3,600+ sq. feet @ $850K

C?mon Ipop, wake up, smell the Cocoa Butter and expensive cars in the driveways.

Ahhh?.the sweet smell of prestige!

Mar Vista broke the $1M threshold.

Northpark or Bust!
 
You must log in or register to reply here.
Back
Top