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Irvine Business ~ From neighborhood stores to global companies. By Ian Hamilton, the Orange County Register

Archive for the 'Real Estate' Category

Join the (virtual) land grab and own Orange County

September 10th, 2009, 7:25 am by Ian Hamilton

mcs_manhattan

Hasbro just launched a free Google Maps-based online version of Monopoly that lets you buy streets anywhere. You get $3 million to start off with. The only question is, where do you buy?

I’ve got some property in Irvine I’ve been eyeing. Unfortunately, the game, called Monopoly City Streets, has effectively been down since it launched Wednesday because so many people have overwhelmed the game’s servers. It just goes to show, even a virtual land grab will attract people.

The good news is that you might not have missed out on that little plot of land you’d like to virtually own. There’s a poll going on at the official Monopoly City Streets blog asking whether they should reset the game once they have it up and running again. The response has been overwhelmingly in favor or a reset, so that might give you a second chance to be among the first to buy property in Orange County (or wherever you want). I’m going to be pretty angry if someone swipes up the streets around the Irvine Spectrum and the Great Park - I expect those properties to pay me great dividends over time.

The way the game works is that you earn rent every day on the property you own and you can use chance cards to build parks, schools and other things.

You can check out the game, if it is working, over at monopolycitystreets.com.

The game is scheduled to run until January 2010.

Read more…

Home sales level out in a couple Irvine ZIPs

April 6th, 2009, 4:04 pm by Cameron Bird

Too early to tell if Irvine’s home-buying market is bouncing back, but the latest figures from DataQuick show some upward trends.

Year-over-year, two out of the city’s eight ZIPs — 92604 and 92620 — saw sales level out in the 22 business days ending March 12. Curiously, information for one ZIP — 92618 — wasn’t provided.

Here’s how the numbers break down:

ZIP code Median Year ago Change Sales Year ago Change
92602 $619,000 $740,000 -16.4% 17 30 -43.3%
92603 $700,000 $892,500 -21.6% 25 19 31.6%
92604 $495,000 $560,000 -11.6% 18 18 0.0%
92606 $532,500 $720,000 -26.0% 6 15 -60.0%
92612 $427,000 $415,000 2.9% 17 21 -19.0%
92614 $397,500 $460,000 -13.6% 12 14 -14.3%
92618 N/A N/A N/A N/A N/A N/A
92620 $685,000 $730,000 -6.2% 29 29 0.0%
Citywide $580,823 $660,017 -12.0% 124 146 -15%
O.C. $380,000 $508,500 -25.3% 2,314 1,685 37.3%

• For more on overall Orange County homebuying trends, CLICK HERE!

Read more…

Home sales, prices still down in Irvine

March 27th, 2009, 2:45 pm by Cameron Bird

For the 22 business days ending March 6, DataQuick’s freshest stats show these Irvine home-buying trends and patterns:

ZIP code Median Year ago Change Sales Year ago Change
92602 $500,000 $700,000 -28.6% 14 22 -36.4%
92603 $700,000 $1,307,500 -46.5% 22 19 15.8%
92604 $475,000 $561,818 -15.5% 13 17 -23.5%
92606 $546,000 $725,000 -24.7% 7 13 -46.2%
92612 $370,000 $407,500 -9.2% 17 23 -26.1%
92614 $420,000 $458,500 -8.4% 9 11 -18.2%
92618 $337,500 $565,000 -40.3% 2 28 -92.9%
92620 $665,000 $626,500 6.1% 30 37 -18.9%
Citywide $553,439 $662,558 -16.5% 114 170 -33%
O.C. $380,000 $515,000 -26.2% 2,206 1,635 34.9%

Read more…

Falling Irvine home sales contrast county gains

March 17th, 2009, 11:42 am by Cameron Bird

Irvine home prices and sale continued descending in February, according to the freshest stats from DataQuick.

A brighter spot: countywide, home prices rose for the first time since June, Lansner on Homes reports.

Here’s how it breaks down in Irvine:

ZIP code Median Year ago Change Sales Year ago Change
92602 $500,000 $703,500 -28.9% 10 19 -47.4%
92603 $759,000 $780,000 -2.7% 18 14 28.6%
92604 $495,000 $586,000 -15.5% 11 15 -26.7%
92606 $546,000 $763,000 -28.4% 7 15 -53.3%
92612 $317,500 $407,500 -22.1% 14 23 -39.1%
92614 $397,500 $458,500 -13.3% 7 11 -36.4%
92618 $337,500 $573,000 -41.1% 2 24 -91.7%
92620 $645,000 $626,500 3.0% 31 36 -13.9%
Citywide $558,265 $606,646 -8.0% 100 157 -36%
O.C. $375,000 $520,000 -27.9% 1,879 1,471 27.7%

Read more…

Irvine homebuying in late Feb. down 24%

March 13th, 2009, 10:48 am by Cameron Bird

The latest home-buying report from DataQuick, for the 22 business days ending February 13, show the follow trends in Irvine and Orange County:

ZIP code Median Year ago Change Sales Year ago Change
92602 $510,000 $706,500 -27.8% 14 12 16.7%
92603 $725,000 $780,000 -7.1% 16 12 33.3%
92604 $490,000 $535,250 -8.5% 15 11 36.4%
92606 $500,000 $707,500 -29.3% 15 8 87.5%
92612 $395,000 $429,000 -7.9% 17 38 -55.3%
92614 $455,000 $464,250 -2.0% 6 8 -25.0%
92618 $415,000 $583,000 -28.8% 7 14 -50.0%
92620 $485,000 $596,500 -18.7% 25 49 -49.0%
Citywide $504,913 $571,002 -11.6% 115 152 -24%
O.C. $374,000 $525,000 -28.8% 2,162 1,447 49.4%

Compare Irvine’s performance to the county as a whole. In OC, January was the 7th straight month of sales gains vs. the year-ago period, blogger John Lansner reports.

Read more…

Housing in Irvine dives lower than in other cities

March 10th, 2009, 9:04 am by Cameron Bird

Zippy results are in, and the winner is…

Wait a second. What the heck is a Zippy?

John Lansner at Lansner on Homes explains:

“(It’s) a tally of 3 key home-market performance benchmarks: Pricing and sales momentum (year-over-year change) plus foreclosure density (per homes in neighborhood).”

According to these metrics, the city of Brea landed the top spot of #1; Corona del Mar hit #2. What about Irvine’s eight ZIPs? Not even in the top ten.

Here’s how it breaks down:

Q4 Q3 Town ZIP Price Price rank Sell rank Fcl. rank
14 27 Irvine 92612 $472,000 4 74 16
19 24 Irvine 92603 $833,750 18 67 17
19 24 Irvine 92618 $651,250 11 80 11
21 20 Irvine 92602 $615,000 17 48 38
45 17 Irvine 92604 $500,000 38 78 14
54 7 Irvine 92606 $570,000 50 82 9
61 5 Irvine 92614 $412,000 52 65 34

Click here to see the Zippy rankings in full.

Read more…

Irvine home sales down 26 percent

March 6th, 2009, 1:11 pm by Cameron Bird

The latest home-buying report from DataQuick, for the 22 business days ending February 13, show the follow trends in Irvine and Orange County:

ZIP code Median Year ago Change Sales Year ago Change
92602 $571,000 $706,500 -19.2% 13 10 30.0%
92603 $760,000 $979,000 -22.4% 15 14 7.1%
92604 $471,500 $535,250 -11.9% 12 10 20.0%
92606 $500,000 $591,500 -15.5% 17 8 112.5%
92612 $405,000 $429,000 -5.6% 17 40 -57.5%
92614 $540,000 $475,000 13.7% 7 7 0.0%
92618 $415,000 $583,500 -28.9% 7 11 -36.4%
92620 $502,500 $599,000 -16.1% 23 49 -53.1%
Citywide $523,500 $584,631 -10.5% 111 149 -26%
O.C. $375,000 $524,000 -28.4% 2,072 1,305 58.8%

Compare Irvine’s performance to the county as a whole. In OC, January was the 7th straight month of sales gains vs. the year-ago period, blogger John Lansner reports.

Read more…