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More than 120 home prices slashed in Irvine

July 6th, 2009, 5:00 am · 6 Comments · posted by Erika Chavez, Staff Writer

Price reduced by $409,000

Price reduced by $409,000

Despite a recent uptick in home sales, price reductions on Irvine homes also rose last month.

There were 121 properties with prices slashed during the month of June, according to real estate website Trulia. That’s up slightly from 112 price reductions in May.

The two largest price reductions were on condominium units at Marquee Park Place, Orange County’s first high-rise.

One seller reduced the price on a 2-bedroom, 1,520-square foot unit by 45.5 percent. The previous asking price was $899,000. New asking price: $490,000.

A rounded living room makes for a pretty cool 180 degree view– check out the pic for a closer look– but this is a short sale, so who knows what a buyer’s real chances are of closing on the home at anywhere near the current asking price.

(Sidenote: this condo last sold for $865,000 in March 2006.)

The price on this 18th-floor penthouse unit was reduced by 34 percent to $1,050,000. At 2,062 square feet, you’d be paying $509 per square foot…but keep in mind that Homeowners Association dues run more than $1,000 per month at Marquee Park Place. That fee includes a 24-hour concierge, among other amenities.

What do you think? Would you consider high-rise living at these prices? Have you seen any notable price drops in your neck of the woods?

Read more:

Irvine list price, home listings down

Blogger: Irvine housing market nowhere near bottom

Irvine home sells after 900 days on the market

Irvine home sales picking up steam

Median Irvine home price down 8.4 percent

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 6 Comments

  • IrvineRealtor says:
    July 6, 2009 at 6:13 am

    [b]Updated MLS Irvine Closed Sales through [color=red]June 2009[/color][/b] at [b][url=http://irvinerealtorsite.com/]www.irvinerealtorsite.com[/url][/b].
    (previous years are at tabs at the bottom)

    - I show 192 closings for June, resale (6.4/day).
    - Mortgage info has been updated through April
    - June median price for Irvine is in at $580K, up from $550K in May.

    As a refresher:
    [b]Yellow[/b] is still unconfirmed (no data reported yet)
    [b]Blue[/b] is “suspicious” even though it is recorded.
    [b]Green[/b] is confirmed.

    Closed lease info has been updated through June, as well. 220 MLS leases, holding firm at $1.55/sqft. average.

    Thank you as always,
    -IrvineRealtor

  • bulwark says:
    July 6, 2009 at 6:56 am

    Prices more than doubled during the bubble so price drops by half or more should be expected. Corrections typically cover the full amount of the runup and then some due to momentum.

  • jon hedrick says:
    July 6, 2009 at 2:40 pm

    Mercifully, this high-rise mentality for Irvine, or any other south orange county city has stopped. Not one condo at Asteria has sold, and Lennar took a bath on that project.

    Aside from speculator’s not many people with good judgement are going to buy an “apartment” in a highrise. This is not Manhattan, people.

    Vertical living does not work in this town, unless you like stopping at each and every floor in an elevator, and barbecuing your steaks out by the public common areas.

    Serves the developers right for conceiving such a brainless project in Irvine. How do you spell bankruptucy? Now, were stuck with all this apartment conversions which will unleash a bottleneck of traffic that you won’t believe. Urban living, eh? Not in this town, cameraguy.

  • TheAllKnowing says:
    July 6, 2009 at 9:54 pm

    “Homeowners Association dues run more than $1,000 per month at Marquee Park Place. That fee includes a 24-hour concierge”

    That about sums up the self-indulgence of the housing boom… More than $12,000.00 per year in HOA dues???? And a 24 hour concierge??? I’ve got a 24 hour concierge and it’s pretty cheap… it’s called THE INTERNET.

  • Outta SoCal... says:
    July 9, 2009 at 2:47 pm

    What the hell happened to Irvine? What a mess…