Irvine Housing Blog

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West or North? Posted: 18 Jun 2012 05:00 AM PDT Once you decide to cross Culver and give a chance to the Irvine schools of Tustin Unified School District, the question is, West Irvine or Northpark? Both have very good schools. Both have a mix of condominiums and single family residences. Northpark is a guard gated community where as West Irvine isn’t. Whether or not anyone needs a guard and a gate when they live in the safest city of America is another debate, but a general opinion is that Northpark condos cost more than the others in area because of the ‘guard gate’. Is the tax of the guard gate true? Let’s compare two properties today, one in West Irvine and one in Northpark, and see if it’s true. 76 Burlingame Irvine, CA 92602 Listing Price: $475,000 Beds: 2 Baths: 2.5 Sq. Ft.: 1,670 $/Sq. Ft.: $284 Property Type: Residential Condominium Style: Two Level, Other Year Built: 2000 Community: Northpark Builders Tract Name: Brisbane Builders Tract Code: BRIB Builders Model Code: B Monthly expenses: HOA Dues: $358/month ($203+$155) Property Tax ( 1.0595%):  $5,032 Annually Mello Roos: $1,388 Annually Monthly Property Tax+ Mello Roos: $535 Monthly Mortgage (30 YR Fixed, 3.625%): $1,733 Pricing History: Jun 12, 2012 Price Changed $475,000 May 21, 2012 Price Changed $469,000  May 03, 2012 Listed (Active) $475,000 Dec 07, 2005 Sold (Public Records) $660,000 Monthly Fixed Expenses: $2,626 Monthly Fixed Expense/ SF: $1.57/SF 47 GRANADA, Irvine CA 92602 Listing Price: $499,000 Beds: 2 Baths: 2.5 Sq. Ft.: 1,640 $/Sq. Ft.: $305 Property Type: Residential Condominium Style: Two Level Year Built: 2001 Community: West Irvine Builders Tract Name: Summerplace Builders Tract Code: SUMP Builders Model Code: 1 Monthly expenses: HOA Dues: $350/month ($295+$55) Property Tax ( 1.0595%):  $5,286 Annually Mello Roos: $1,170 Annually Monthly Property Tax+ Mello Roos: $538 Monthly Mortgage (30 YR Fixed, 3.625%): $1,824 Pricing History: May 27, 2012 (Listing price change) $499,900 Apr 21, 2012 (Listing price change) $525,000 Mar 19, 2012 Relisted (Active) Mar 19, 2012 Listed (Active) $549,000 Mar 14, 2005 Sold (Public Records) $580,000 Monthly Fixed Expenses: $2,712 Monthly Fixed Expense/ SF: $1.65 Condominium home owner’s dues are around $350 per month for both properties.  They both fall under the property tax rate of 1.0595%. Price/ SF for the West Irvine condo is more than the Price/SF for the Northpark condo. Since our West Irvine condo’s monthly expenses are more than the Northpark condo’s monthly expenses, it’s clear that there is no guard gate tax, at least for these two properties. Which one would you buy? Irvine has a lot of areas with exorbitant HOA dues. Would you buy a property with a HOA more than $300 per month? Or would you go for a property that hasn’t seen significant correction from the peak of 2005/2006 prices? Discuss below or on Talk Irvine.

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