About Irvine's University Town Center, Irvine, CA

Fun Facts Regarding University Town Center's Columbia Square Neighborhood's Street Addresses

Back in the early 1980's, people unfamiliar with the way in which the University Town Center's Columbia Square community was developed, were often confused by the street names and numbers. This persisted for a number of years as only the house numbers were located on each condo/townhome, adding to the confusion and difficulty of visitors finding the proper addresses. The running joke was that you could order a Domino's Pizza, and be sure of getting a free pizza, because it would take the delivery person longer than 30 minutes to locate the home!

Columbia Square condos, in the village of the University Town Center, are privately owned--the streets of which include Exeter, Oxford, and Columbia. Built by Donald Bren between 1981 and 1983, Columbia Square is a community of 78 condos situated along side and around Columbia Square Park. Some of the condos have views of Columbia Square Park--a beautifully designed space that includes a community pool and spa, barbeques, a sand volleyball court, a tot lot, and basketball courts.

The confusion arises on several fronts. First the street Exeter is divided between condos/townhomes located within the neighborhood of Columbia Square and number odd between 1 through 87 Exeter and number even from 2 through 48 Exeter.

Columbia Court, on the other hand, which is owned by the Irvine Apartment Communities number 89 Exeter through 203 Exeter.

Oxford Street poses confusion as well to the uninitiated. The odd numbered streets on Oxford belong to the Columbia Square neighborhood, while the even numbered streets on Oxford belong to the Cambridge Court community. Similarly, the odd numbered streets on Columbia belong to Cambridge Court, while the even numbered streets on Columbia are a part of Columbia Square.

This was finally corrected by the Columbia Square Homeowner's Association in the early 1990's when the street names as well as the numbers were finally placed on each condo, putting an end to residents' "free lunch," but making life in the neighborhood a little bit easier for the Columbia Square residents.

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)

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

Copyright ©2006 -2011 Robin and Eric Fenchel - All Rights Reserved.

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University Town Center, Irvine - Market Analysis

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 prices 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 reason for the numbers in 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

Best regards,

Robin and Eric Fenchel

http://Robin4Homes.com

949.929.4800 (cell) 949.334-7373 (off)

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

Copyright ©2006 -2011 Robin and Eric Fenchel - All Rights Reserved.

Terms & Conditions of Use

Caution: Slow Down for Senior Citizens!

We are all used to seeing caution signs alerting us to slow down and watch out for kids/students crossing near our local Irvine schools. But how many of us are used to seeing signs alerting us to slow down for senior citizens?

Retirement Living for Seniors Exists Side By Side with the U. C. Irvine Student population

This sign appears along Harvard Avenue near the neighborhoods of Columbia Square and Cambridge Court. The reason for this cautionary road sign is that seniors reside across the street from these University Town Center neighborhoods in Regent's Point, a continuing care retirement facility on a 15-acre campus that is located along the edge of Mason Regional Park.

Flexible Floor Plans that are Single Story or Have a Bedroom and Bathroom Down

Within the neighborhoods of Columbia Square, Cambridge Court, Princeton Townhomes, and Oxford Court, there are many retired people/seniors who have sized down from larger single family residences living in condos and townhouses here in the village of the University Town Center. If single story living is a preference, then there are several floor plans within the neighborhood from which to choose. There are also floor plans that are three bedrooms in size, but have a main floor bedroom and bathroom down, so that a family member or guest who would prefer to avoid stairs can still enjoy the main living, dining and kitchen environments as well as having their living quarters on the first floor.

The Inn at the Park - A Retirement Community across from Oxford Court

Further along Harvard Avenue at Marquette, there is a five-acre retirement facility located across from the neighborhood of Oxford Court called The Inn at The Park (A Brookdale Retirement Home) that provides both independent retirement living as well as personalized assisted living options for seniors.

Caution: Slow Down for Seniors who are Crossing to Grocery Shop

The Campus Plaza shopping center is situated across from the retirement community of Regent's Point. Many seniors who live in the peaceful park-like setting of Regent's Point adjacent to Mason Park cross Harvard to shop at this center. Some seniors use walkers when out and about, so next time you are travelling west on Harvard Avenue from Culver Drive to University Drive, be sure to slow down along this particular stretch of road (down to 25 mph from the usual 45 mph). Not only will seniors appreciate your manners, but you will not be in jeopardy of being ticketed by Irvine's finest :-)

For those of you who missed out taking a picture with UCI's Peter the Santa Anteater this past Wednesday, December 3rd from 11:00 a.m. - 2:00 p.m. at the U.C. Irvine Bookstore, here's a question for you: Now we know that if you've been a good girl or boy all year long, then Santa will leave goodies in your Christmas stocking, right. However, if you've been a bad girl or boy, then it's coal in your stocking...uh oh! :-(

Well, if Peter the Santa Anteater's favs are ants---lots of them, my question is this: If you wake up Christmas morning and find ants in your stocking, have you been good or bad? Hmmmmm........

GO 'EATERS! And may all you U.C.I. students have a straight "A" Holiday! (And no ants in your pants ;)

Did you know you could use your VA to buy a home or receive help if you are having trouble making your mortgage payments?

There are many benefits of a VA home loan

Equal Opportunity

Loan Limit $625,000.00 CA

No Down payment, (unless required by the lender or the purchase price is more than reasonable value of the property.

Negotiable interest rate

Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5%

An assumable mortgage

Right to repay without penalty

Lastly, existing VA loans are eligible for VA Assistance to veteran borrowers in default due to temporary financial difficulty.