Irvine Housing Blog

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Attached or Detached? Posted: 19 Mar 2012 05:00 AM PDT Today we will review two identical properties in the Guard-gated village of North Park. Both of them have the same floor plan, same HOA dues, and same schools. But one of them is classified as an attached condo, and one of them is detached. One of them is a regular sale, and the other is a short sale by Bank of America. Which one would you buy? Let’s compare the properties side-by-side.   41 BURLINGAME Irvine, CA 92602 73 BURLINGAME Irvine, CA 92602 Listing Price $425,600 $425,000 Beds/ bath 2 Beds + 2.5 Baths 2 Beds + 2.5 Baths Area 1475 1500 SF Price/ SF $289 $283 Levels Two Levels Two Levels Year Built 2000 2000 Previous sale $339,000 in May 2002 $545,000 in 2005 $257,000 in 2000 Floor Plan Builders Tract Name: Brisbane Builders Tract Code: BRIB Builders Name: Greystone Builders Model Code: A DETACHED CONDO Builders Tract Name: Brisbane Builders Tract Code: BRIB Builders Name: Greystone Builders Model Code: A ATTACHED CONDO Type of Sale Bank of America Short Sale Standard Sale Elementary School Hicks Canyon Elementary (K-5) Address: 3817 Viewpark, Irvine CA 92602 API rank 10, and API Score of 942 for 2011. For more information: http://hickscanyon.org/   Middle School Orchard Hills (Middle School 5-7 for 2011, K-8 planned) Address: 11555 Culver Dr, Irvine CA 92602 API rank not available (new school), API score of 952 for 2011. For more information: http://ohhawks.org   High School Arnold Beckman High School (9-12) Address: 3588 Bryan Ave, Irvine CA 92602 API rank 10, API score of 866 for 2011. For more information: http://beckman.tustin.k12.ca.us/ SAT Scores for 2011: Critical Reading 548 Math 588 Writing 571   Down payment $85,120 $85,000 Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875% $1601.00 Monthly $1599.00 Monthly Home Owner’s Dues $155 + $203 = $358 $155 + $203 = $358 Mello-Roos $1388.49 Annually $115.70 Monthly $1388.49 Annually $115.70 Monthly Property Tax (1.03383%) $4505.82 Annually $375.48 Monthly $4499.48 Annually $374.95 Monthly Fixed Monthly Cost of owning $2450.18 $2447.65   About the Floor-plan: This is a two level plan. Each level has a full-size bedroom with an attached bathroom and a walk-in closet. The entry door opens into the foyer, and from the foyer you can access the independent bedroom, laundry room, porch, garage, and the staircase to the living spaces and the other bedroom upstairs. Upstairs, there is a combined living/ dining room, kitchen, and Master bedroom. 41 Burlingame is a Bank of America Short sale. I have dealt with Bank of America + Countrywide before, and it was a mess. At least it used to be. Every email gave us a hope that we would close the deal in a week, but it took almost four months to close the deal. Past four years of foreclosure experiences must have translated into better management, I hope. The property is classified as a detached condominium. That means none of the walls of the structure are shared with the neighbors.  The pictures on the MLS listing show that the fixtures, counters, flooring and cabinets need to be updated. 73 Burlingame is a standard sale, and it is an attached condominium. It shares walls with neighbors.  The pictures on the MLS listing show that the house is in a move-in condition with Euro cabinetry, wood flooring and updated fixtures. A little history of the same floor plan over the past six years…   23 Burlingame was sold in May 2006 for $625,000. 53 Burlingame was sold in March 2006 for $600,000. 63 Burlingame was sold in March 2007 for $645,000. 7 Burlingame was sold in June 2008 for 510,000. 63 Burlingame was sold in May 2008 for $500,000. 1 Burlingame was sold in October 2009 for $460,000. 15 Burlingame was sold in May 2011 for $505,000. 25 Burlingame was sold in November 2011 for $450,000. 30 Burlingame was sold in December 2011 for $450,000.   2012 has brought the prices down by $25,000. Over the period of six years, this floor plan has dropped by a whopping $175,000. What is next? Will the “Foreign Cash Buyers” save the condominiums of Irvine? What would you do? Discuss below or at Talk Irvine.

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