VITAE – Costa Mesa getting 20 new single-family homes

Orange County Register

August 17, 2017

Costa Mesa is getting 20 new single-family homes at the Vitae project near Triangle Square.

Starting Saturday, Aug. 19, Planet Home Living will sell the detached homes, designed by KTGY Architecture + Planning of Irvine, with two or three floors; 1,620-to-1,700 square feet; up to three bedrooms; 2.5 bathrooms and a two-car garage. Prices start in the high-700,000s.

For the grand opening, which starts at 5 p.m., Vitae will host live performances by singer Justin Hopkins from “The Voice” and Victoria Bailey.

The new homes come to market after homebuying in Costa Mesa in 2017’s first half outpaced countywide sales activity. Using CoreLogic data, we compared sales patterns from the six months ended in June vs. the first half of 2016.

Sales in Costa Mesa rose as 520 residences sold through June vs. 474 in 2016. That’s a gain of 9.7 percent vs. a 2.2 percent gain countywide.

In Costa Mesa ZIP code 92626, 235 homes sold in the first half vs. 216, a sales gain of 8.8 percent. Median selling price of $740,000 vs. $ 708,000 in ’16, a gain of 4.5 percent.

In ZIP 92627, where Vitae is located, 285 homes sold in the latest period vs. 258 a year ago. That’s a sales gain of 10.5 percent. Median of $768,000 vs. $ 652,000 in ’16, a gain of 17.8 percent.

Here are six countywide trends to ponder, first half 2017 vs. first half 2016 …

1. Prices rose in 70 of 83 Orange County ZIPs. Sales rose in 50 of the 83.
2. In the 27 least expensive ZIPs — median price at $597,500 and below -– 5,258 homes sold. That’s up 0.8 percent.
3. In the 27 priciest ZIPs — median price of $755,000-plus -– 6,431 homes sold. That’s up 5.7 percent.
4. In nine ZIPs with medians above $1 million, sales totaled 1,256 homes, up 7.8 percent.
5. In 16 beach-close ZIPs, 3,158 homes sold, up 3.27 percent.
6. There were 10 ZIPs with median prices under $500,000 with total sales of 1,799 homes. A year ago, 18 ZIPs had medians under $500,000 with 2,793 sales.