Monday, September 17, 2012

Irvine Housing Blog

Irvine Housing Blog

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Culver Calling

Posted: 17 Sep 2012 05:00 AM PDT

Super investment in Irvine!
Four bedrooms and three bathrooms!
Low HOA Dues! Low Mello Roos!
Cul-de-sac location! Single Family Residence with high ceilings and double doors!

That covers the listing description.

It’s a tri-level old and dated property in need of incredible amounts of TLC. Some people actually like buying properties with character and a little bit of history rather than invest in yet another sparkling new perigraniteel dream sold by The Irvine Company.

It backs to the busy Culver Drive. According to some veteran Irvine residents, homes close to Culver Drive are blessed with the white noise of a smoothly flowing river.

That covers the initial analysis based on MLS pictures.

What’s the reality?
Reality is a property can be listed at any price the seller and his agent deem appropriate, and it sells for any price the buyer and his agent deem appropriate.

So what have buyers paid for a similar property in the same village in 2011?

14502 Larch Ave  $230/SF
3641 Myrtle St   $271/SF
14581 Fir Ave   $307/SF
14592 Oak Ave  $326/SF
3531 Pecan St  $253/SF
3832 Magnolia St $259/SF
3501 Pecan St  $309/SF
14647 Beach Ave $326/SF
3932 Banyan St  $313/SF
14561 Mango Ave $316/SF

What’s the property in question listed at?
At $283/SF, it might very well sell within the listed range.

3932 Banyan St, Irvine CA 92602

Listing price: $624,500
Beds/ Bath: 4 Beds/ 2.75 Baths
Area: 2210 SF
Year Built: 1972
Lot Size: 5400 SF
Village: Walnut
Price/ SF: $283
HOA Dues: $40 Monthly
Property Tax: (1.00381%) $6268 Annually
Mello Roos: $172 Annually
Mortgage (3.5%): $2243

Fixed Monthly Expenses:  $2820

A newer house with similar monthly fixed expenses would be most probably a detached condominium, with a much smaller backyard and higher Mello Roos and HOA dues.

Similar river noises are offered at a newer house on the other side of 5 with TUSD schools with Irvine addresses. It went into escrow within days of being listed (lower listing price as well). This detached condominium has all the bells and whistles associated with a newer property , but it’s smaller, and has higher HOA dues and Mello Roos.

44 Night Bloom, Irvine CA 92602

Monthly cost of owning this detached condo:

HOA Dues: $156 Monthly
Property Tax: (1.0595%) $5878 Annually
Mello Roos: $2492 Annually
Mortgage (3.5%): Monthly
Fixed Monthly Expenses: $2844

What would you do?
Would you invest in an older property like this in need of work?
Would you buy a newer property that will be move-in ready?

Comment below, or discuss at Talk Irvine.


Mahilalu said...

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