Newsweek published their annual edition/list of Top 500 U.S. High Schools and Irvine’s University High School ranks #8 in the country. This is quite an achievement and one worth considering if you are planning a move to South Irvine, University High School is the neighborhood school for the following villages in South Irvine, CA: Quail Hill, Rancho San Joaquin, Turtle Ridge, Turtle Rock, University Town Center and University Park. 

One of the most affordable neighborhoods near University High for purchasing or renting a condo or townhome, as well as conveniently located within walking or biking distance, would be those found in the village of the University Town Center. This village offers condos/townhomes for lease or for sale in the neighborhoods of Cambridge Court, Columbia Square, Oxford Court, and Princeton Townhomes  as well as those offered by the Irvine Apartment Community (for lease only).

Past experience suggests that you should double check with the Irvine Unified School District’s enrollment map (plug in the actual address) to be absolutely certain that your residence address falls within the school of your choice, as neighborhoods may be subject to changing enrollment stats, and your new residence just may be gerrymandered out of the existing neighborhood school area.

Robin and Eric : Specializing in the University Town Center Since 1986

Robin has been representing buyers and sellers in their purchase of townhomes and condos within the University Town Center’s communities of Cambridge Court, Columbia Square, Princeton Townhomes, and Oxford Court since 1986, and would delight in assisting in any way possible your move to the community. Eric has been involved in the financial, business and investment side since 1979. Together we are proud to have raised two children, Luke and Jed,  in the local school district, including graduates of University High School. Luke went on to graduate from Harvard College and earn his Juris Doctorate at Cornell University. Jed graduated from U. C. Berkeley in the fields of Economics and Computer Science and is currently working in finance in San Francisco

If Robin or Eric can further elaborate on anything contained herein or if you have any questions regarding the University Town Center’s neighborhoods of Cambridge Court, Columbia Square, Princeton Townhomes, or Oxford Court or any of the adjoining Villages of Quail Hill, Rancho San Joaquin, Turtle Rock, or Turtle Ridge please do not hesitate to e-mail Robin. Robin and Eric Fenchel would be delighted to assist in any way possible your move to the community in and around the University of California at Irvine.

Return to The Home Page, Irvine Real Estate and Homes for Sale and Surrounding Cities at Robin4Homes.com.

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Overview:

Most of the sales during 2010 in the University Town Center occurred in the first half of the year. The extension of the Federal Home Buyer Tax Credit of $8,000 for escrows opened in November of 2010 through April 30 2010 and closed by the end of September 30, 2010 coupled with the California State of California Tax Credit of $10,000 over three years for “first time homebuyers” (those who had not owned a home or condo for 3 prior years) initiated on May 1, 2010 through midnight on August 15, 2010 saw a frenzy of activity which resulted in multiple offers and price increases during the period January 1, 2010 through June 30, 2010. The highest prices for each of the floor plans sold were during the first half of 2010 with 24 sales (almost 3%) out of a possible total of 888 potential properties in the University Town Center.

July 1, 2010 began a decline in both number of sales and property values throughout the University Town Center, as the traditional summer home buying season sputtered and stalled. During this quarter, we saw inventory rise to double what it had been (approximately 20 listings versus 10) for the prior year. With more properties from which to choose some of which were distressed (short sales), the summer quarter from July 1 through September 30, 2010 saw only six (6) condos sold and closed and all but one closed at a lower price point which was a view property.

The last quarter of 2010 from October 1 through December 31, 2010, saw further price reductions and declines even though interest rates fell below 5% for 30 year fixed mortgages and overall sales priced dropped again as sellers capitulated to the investor buyers some of whom were “all cash” in order for owners to get their condos sold before what sellers had come to perceive as a flat or declining market. The last quarter of 2010 saw five of the six sales close at a lower price point with the exception of an emotionally charged sale.

Where are we headed in 2011?

From January 1, 2011 through the beginning of February 2011, the inventory declined to twelve (12) active listings. The most compelling and credible reasons for this decline in inventory in the University Town Center are related to homeowners/sellers taking their condos/townhomes off of the market (as witnessed by cancelled, withdrawn, expired, or condos placed on hold in the Multiple Listing Service) rather than sellers further reducing their prices to get their condos sold. Some of these properties that were removed from the market were “short sales,” and most likely will come back on the market as REO’s (real estate owned/bank-owned) or “investor-owned”). Other homeowners may decide to rent their condos out (if there is still equity in the property and the seller can hold on until a market turn-around). Still others may come back on later this year as homeowners perceive sales prices to be firming up.

Market price stabilization or decline will depend on whether or not inventory in the University Town Center increases dramatically this spring, whether interest rates climb (as they usually do during the peak home buying season), whether banks continue to tighten their credit stranglehold on mortgages, whether the job market improves, and, whether the so-called sellers further capitulate because they can no longer hang on, and whether the “shadow inventory” flood gates (namely, the distressed properties that banks have withheld from the market) are opened up.

Check back with me again for another University Town Center Market Analysis next month.

University Town Center Specialists Since 1986 (Silver Anniversary Year), with more personal sales and leases than any other Realtors® in Cambridge Court, Columbia Square, Oxford Court & Princeton Townhomes

Robin and Eric Fenchel

http://Robin4Homes.com

949.929.4800 (cell)   949.334-7373 (off)

Open Houses can be a viable, valuable marketing tool under certain circumstances and in particular niche markets. Real estate is after all local, and buyers often like to check out neighborhoods and houses up close and in person without having to commit to using the services of a real estate agents in the beginning stages of their search.

Just as many buyers prefer to view homes first online, anonymously, and educate themselves before actually making contact with a real estate professional, buyers also utilize Open Houses as a way to familiarize themselves with those particular communities in which they may ultimately have an interest in purchasing a home or condo.

We have found greater success in holding Open Houses than the average statistics may indicate in our local, niche markets. We hold Open Houses regularly in and around the University of California at Irvine in the villages of the University Town Center, Quail Hill, and Turtle Ridge in Irvine where homeowners and prospective buyers stop in to find out about about the current available listings, recently sold properties, types of properties, number of bedrooms and baths, floor plans, price per square foot, and proximity to specific schools in which they are interested. They ask about the current interest rates, whether housing prices are trending up or down, and ask us about our interpretation of local real estate market conditions.

An added benefit of holding Open Houses is the increased exposure these homes receive from showings by out-of-area real estate agents, who do not have local Board MLS access and, therefore, have an easier time showing our properties.

Because the demand/need for housing is driven by the proximity to the top-rated schools, in the villages in which we specialize, many of the potential buyers come from quite a distance to view the Open Houses. These communities are not only in close proximity to U.C. Irvine, but are within the school boundaries which include the top-rated elementary schools, including Turtle Rock elementary that feed into the villages of Turtle Rock and the University Town Center in 92603 and 92612, Alderwood Basics Plus elementary located in Quail Hill (92603), Vista Verde elementary (an award-winning year-around school), within the school boundaries of Turtle Ridge (92603), Bonita Canyon elementary in Turtle Rock (92603), Rancho San Joaquin Middle school, and nationally-ranked University High school which serve all of the local Irvine neighborhoods, south of the 405 Freeway, and near the University of California at Irvine.

Parents of both prospective and currently enrolled UC Irvine students visiting the UCI campus from a distant city, or from northern or central California, or, perhaps from out-of-state, or even from outside of the country, will stop by an Open House in the University Town Center, Quail Hill, Turtle Rock, and Turtle Ridge neighborhoods. They appreciate begin able to discuss the availability of off-campus housing during their short visit and can get a good sense of the area, view the current inventory on our laptop at the Open House, and schedule an appointment at the end of the day after the Open House has concluded to see the comparable homes/condos in the area.

As a direct result of holding Open Houses, we recently opened escrow on two of our listings in which we represented both buyer and seller, and assisted buyers in the purchase of two of our colleges listings in the same neighborhood. Moreover, as a result of an Open House we held in which a buyer happened to see, the buyer’s agent contacted us, an appointment was made to take the buyer through for a second look, which ultimately resulted in the sale of the property.

The bottom line is, as real estate agents, we are facilitators–enablers who strive to bring buyers and sellers together in a successful home purchase and/or sale. When it works, it fulfills the hopes and dreams of real people in their pursuit of homeownership. It’s an enduring and an endearing experience for all parties.

So the long answer (as it turns out, longer than I had anticipated), is yes, under certain circumstances, there ought to be a place for Open Houses in a real estate agent’s marketing strategy. But it’s a qualified yes. If it works, by all means use it; if it doesn’t, lose it.