Posted: 02 Jul 2012 05:00 AM PDT
Of all the Irvine villages, West Irvine real estate can boast the reputation of having seen it all during the Housing Depression of our times. Prices appraised more than twice the original purchase price during the bubble, and then came sliding down. The houses are getting a little old, and the school district is Tustin Unified even though they have Irvine physical addresses. But the schools are excellent, shopping district is close by, and major freeways are easily accessible. Then why the price drop?
Today we will look at two single family homes on Proclamation Way in West Irvine. Both have the same square feet area, but one of them has a bigger lot size than the others. The property with the smaller lot size has a bigger price tag though. Let’s see if the price tag is justified.
Listing Price: $799,000
Monthly Fixed Expenses: $3,761
Listing Price: $738,000
Jun 28, 2012 Listed (Active) $738,000
Monthly Fixed Expenses: $3,440
Which one would you buy?
When you scan through the MLS pictures, you will notice that 12 Proclamation is upgraded to suit today’s homes, but 17 Proclamation could use some upgrades. Would you rather buy a house with a bigger lot size for cheaper and upgrade it yourself, or buy a house that is already done?
Discuss below or on Talk Irvine.
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