A former Uber driver has moved into a $3.9 million apartment near downtown Irvine, a move that could boost the Irvine real estate market, a new analysis of data from Orange County’s Rent Board shows.
The apartment is located at 1401 W. Main St. in Orange, which is just across the street from the Anaheim Convention Center.
The house was listed for $2.8 million in July.
Irvine real estate broker Daniel O’Neill said he’s familiar with the new location because the apartment is on the same block where his previous rental was purchased, and he also owns an apartment at 921 Main St., about a mile away.
He added that it’s not clear whether the new property will be a part of the Irvine market.
The Orange County Rent Board has been asking Irvine realtors to post a list of properties that are being purchased or remodeled.
Irvine has seen a surge in luxury apartment construction in recent years, and developers are increasingly seeking properties that can accommodate a higher rental income, said Chris Czukay, director of marketing for Irvine’s Urban Housing Authority.
The Irvine realty board typically lists properties in Orange that can be built on a developer’s property, said Czuzay, but some properties are listed only on the developer’s land.
For instance, Czuchay said, if the developer wants to buy an existing building on a property that is on his property, he may be required to submit a building permit application to the city.
But in the past, Irvine’s realtor board did not require developers to post the building permit applications they submitted to the board, said O’Neil, who has lived in the neighborhood for 30 years.
“If they’re building a building on my property, they’re just required to post it on the building permits board,” he said.
“But if they’re doing something else, like renovating a house, that’s not required.
It’s the other way around.”
The Orange City Council is expected to consider a bill Tuesday that would require developers, realtORS, and property owners to provide the city with a list that details the names of the developers, and the names and addresses of each of the owners of the property, when they purchase or renovate a property.
The bill would also require the city to create a website that lists the names, addresses and phone numbers of developers and property managers who purchase, renovate or redevelop properties in the city, CZuzay said.