Posted: 16 Jul 2012 05:00 AM PDT
424 MLS listings in Irvine, and the Talk Irvine board is buzzing about the decreasing inventory, and increasing multiple offers. While I am not in the market for a primary home anymore, we looked at a couple of Mandeville investment properties in West Irvine. Within the few minutes that we spent in the property, three other parties walked in and viewed the condominium, and as expected, the property went into escrow the next morning. Summer of 2012 was supposed to bring the market to its knees, but it looks like things aren’t as bad as they were projected to be, mostly thanks to the slowing unemployment rate in Orange County (dropped from 8.5% to 7.5% in a year), and low interest rates (3.5% on 30 Year Fixed and still dropping).
This week, we will look at two condominiums in the Village of Woodbridge with views of the Lake. One is slightly below a million dollars and one slightly above.
Listing Price: $999,000
Beds: 3 (+Den)
Monthly Fixed Expenses: $4,929
Listing Price: $1,129,000
Monthly Fixed Expenses: $5,504
Even though the condominiums are in the same neighborhood, have identical floor plans, and built in the same year, they are on the market at different prices. The monthly cost of owning one is $575 more than the other. But when you are buying a million dollar condo, I don’t think a few hundred dollars a month would make any difference.
Which one would you buy?
For those who wouldn’t mind taking two steps out of the door to see the lake, here is a cheaper option at $589,000
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