Monday, November 5, 2012

Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

Kool-Aid 2.0?

Posted: 05 Nov 2012 03:59 AM PST

If you are one of those people who loves incorporating a cardio workout in everyday activities, you will love this house. Forgot your wallet on the bedside drawer last night after you finished online shopping? All you have to do is climb two floors to get them. It's fun, running up and down with little children also, they will never want to go to the yard. It’s another matter that there is no yard at all, it’s just balconies.

Where is this property that could save you thousands in gym membership?

65 Passage, Irvine CA 92603

Listing Price: $519,800
Beds/ Baths: 3 Beds/ 3 Baths
Area: 1600 SF
Price/ SF: $325/SF
Year Built: 2003
Total floors: 3
Builders Tract Name: Casalon
Builders Tract Code: CASA
Builders Model Code: F

Listing History:
April 2006 : $660,000
August 2006 : $800,000
September 2008 : $463,500
December 2008 : $471,000

This condo has seen the highs and lows, and now it is on the market for a reasonable price. It’s not like the condo is all about running up and down the stairs. If you have a home office, there is nothing like working from home on a private floor. Also, the master bedroom has good views, and the house is close to the Quail Hill Preserve and trails. There is a shopping center close by. The house caters more to young couples than people with young children. It might also make a suitable space for those with a teenage kid, ensuring enough privacy for the kid and parents.

Here are the median condominium values:
Quail Hill: $370/SF
Zip Code 92603: $380/SF
Irvine : $367/SF
Orange County : $263/SF

Here is the sales history for the Casalon homes for 2012:

22 Nightshade $268.75
37 Nightshade $305.86
29 Stepping Stone $298.90
71 Stepping Stone $300.88
36 Stepping Stone $304.42
87 Stepping Stone $317.11
44 Seasons $309.38
35 Stepping Stone $284.23
23 Stepping Stone $312.83
27 Nightshade $305.52
135 Stepping Stone $303.03
124 Stepping Stone $276.88

Estimated Monthly Expenses:

Monthly mortgage at 3.3%: $2,146 Monthly
Property Tax: (1.04938) $5454 Annually
Mello Roos: $2,078 Annually
Property tax + Mello Roos : $628 Monthly
HOA Dues: $368/ Monthly

Total fixed expenses: $3,142

In the zip code 92603, there are 77 homes for sale and the inventory is down 11.5% from last month, and 45.4% down from last year.  The low inventory in Irvine generally, and in Quail Hill might get the seller the price he is asking for.

What are your thoughts?
Would you buy a three level condo?
Would you pay $500,000 to a house without even an itty-bitty backyard?

Inventory news: 281 properties for sale as of Sunday, and it includes the mobile homes too.

Time to pass the Kool-aid yet?

Are you ready to buy or sell, or cash out the equity?


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