The Irvine California Housing Market Update

By
Real Estate Agent with Versailles Property CA BRE# 01791487

The Irvine California real estate market is not immune to the housing slump that we see cross the country. We all know the California home prices have dropped dramatically over the last five years. But things are looking up especially for the coastal communities in Orange County. People still want a nice home, ocean views, and beachfront access if possible.

The average cost for a 2000 ft.² home with three bedrooms and two baths starts at around $450,000.this type of basic home in Irvine can have a wide range of prices going upwards of $15 million. Lot size and square footage inside the home also makes a big difference. From Newport Beach, Huntington Beach, seal Beach, and the in land communities of Costa Mesa and fountain Valley the homes for sale in orange County run the gamut of prices. Does that mean you cannot find a decent home in a great neighborhood for less than $500,000? Because of this price range buyers are also looking to condominium. There is a variety of condominiums along the Pacific coast including condos in Newport Beach and Huntington Beach.

There can be a dramatic difference in price from a beachfront condo with ocean views to a condo without ocean views just a block away. The difference can be more than $1 million. Homes in Irvine between $300,000 and $400,000are an average of 1000 to 1300 ft.² with one and two bedroom homes in smaller communities. Many of these are short sales and foreclosures but you can find a gem in the rough by choosing the smallest house in the largest neighborhood. Typically these are the single-family residences, condos, or town homes.

In the $100,000-$200,000 price range buyers are apt to find under 1000 square-foot condominium or town homes. This is a mixed bag of foreclosures and short sales and owner-occupied sales.

Once you hit over $500,000 homes become a little more spread out across the Orange County area. These types of homes are not typically nestled in one neighborhood. You’ll find a very well kept home, moderately sized  between 1500 and 2000 ft.², with 2 to 4 bedrooms and 2 to 4 baths. These can come with golf course views, peekaboo ocean views, or simply territorial views. Lot sizes are between 3000 and 5000 ft.².  These homes are typically 10 to 30 years old and have gone through numerous renovations, upgrades, and updates. The chances of finding a short sale or foreclosure in this price range are minimal although they do exist. This may be the Treas. you’re looking for in an upper-scale home in a nice neighborhood, with just of various cosmetic repairs.

The Irvine California real estate market is on the upswing. Buyers are still fighting that perfect California home, sellers are walking away with a profit, and short sales and foreclosures are starting to diminish. Banks and lenders are being a little more strict on their financing requirements because once you’re in that home you and the bank want you to say.

As an expert in Irvine real estate please contact me for any additional details you may find on a property for sale in Irvine. I would love to personally tour the home with you and help you get on your way to home ownership. Originally posted here: http://housesinsocal.com/irvine-california-housing-market/

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Houses in Irvine California

Irvine CA REaltors, Realtors in Irvine

As a Realtor® in Orange County California I pride myself on helping those in sensitive situations and possible short sale transactions. Please contact me anytime if you need to buy or sell houses in Irvine California, need to deal with Probate in Orange County. I love helping first time home buyers find the right Irvine or Costa Mesa homes for them. Deepak@houseinSoCal.com

Ceel/Text: 949 748-9834

Irvine Realtors

 

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Deepak Chauhan

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