Wednesday, January 23, 2013

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Irvine Housing Blog

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Irvine House vs Condo Numbers: January 2013

Posted: 23 Jan 2013 04:00 AM PST

According to Altos Research, Irvine’s single-family housing market is continuing to improve (note the sharp upturn in the graph below). Altos gives Irvine’s single-family homes a Market Action Index of 25.63, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.)  Altos also states that the average single-family home in Irvine has been on the market for about 127 days as of January 11, 2013.

Altos Market Action Index for Single-family Homes in Irvine
Altos Research

Following is Irvine’s housing market data provided by Redfin on January 14, 2013. To view numbers for Irvine by neighborhood, see my previous post: Irvine Housing Numbers by the Numbers: January 2013.

Type # Homes Listed # Homes Sold List Per SF Sold Per SF
Houses 113 274 $409 $357
Condos 106 324 $377 $327
All 219 598 $389 $338

Probably Bubble?

Posted: 22 Jan 2013 09:35 AM PST

Inventory: 227 Homes for sale on January 21, 2013.

But, there are only 23 homes in the popular $500,000-$600,000 range, and only 66 in $500,000-$750,000 range. This inventory includes attached condominiums, detached condominiums and may be some single family residences. It’s not easy as before to find an identical home to compare and contrast as it was before.  Like I said in my previous blogs, Irvine is turning into a seller’s market again, and we are in a mini-bubble right now. Whether this bubble will just grow bigger will be for time and economic conditions to tell, but right now Irvine homeowners are listing their homes for a premium price, and getting it, almost.

36 San Clemente, Irvine CA 92602

Listing Price above $500,000 for an attached condominium? Check.
Price/ SF way above recent comparable sales in the area? Check.
At least two HOA dues and an additional Mello Roos payment? Check.
Itty-bitty backyard with enough space to fit two chairs in it? Check.
Perigraniteel and upgrades that you might want to.. umm.. term eclectic? Check.
There is something magical about the first sip of Kool Aid.. those who drank it warned you not to drink it, but such is life, everyone wants to know the taste first hand!

Listing Price: $539,000
Monthly Mortgage: $1893
Monthly HOA: $362
Monthly Mello Roos: $100
Monthly Property Taxes: $475
Fixed Monthly Expenses: $2830

36 San Clemente is a Brisbane Plan B home. It has two bedrooms, two and half bathrooms. There are two patios, one at the entrance, and one off the kitchen. The entry is nice, feels grand for a 1500 SF condominium. The staircase inside adds to the grandeur. For someone looking to rent it out, it might be a good opportunity, but one of the Brisbane properties in the North Park area was leased at $1.62/SF. That would bring in $2430/Month. Not much profitable as an investment property unless you have eyes on the probable bubble and boom value down the lane.

Here is a brief sales history of the Brisbane homes (2012):

01/13 37 Spring Valley  $304/SF
05/08 34 Spring Valley  $248/SF
05/09 40 Spring Valley  $258/SF
05/16 41 Burlingame   $281/SF
09/11 58 Burlingame   $308/SF
09/14 73 Burlingame   $276/SF

Do you think this property makes a good “investment opportunity” as stated in the MLS listing?

What does investment opportunity mean when the property is listed way above the comparable sales, and the trending lease Price/SF won’t cover the fixed monthly expenses, diving into negative cash flow?

Would you buy a property in anticipation of the “probably bubble”

Comment below, or share your thoughts at Talk Irvine.

Monday, January 21, 2013

Irvine Housing Blog

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Open House Review: 14 Hillgrass

Posted: 21 Jan 2013 04:00 AM PST

Turtle Rock Single Family Gem
14 Hillgrass: $1,228,000

New to the market, this single family 4 bedroom, 2.5 bath home in Turtle Rock’s Highland Gardens has quite a few polished options. From the secluded location on a 7,280 sq. ft. lot to the immaculate custom detailing within, this home was attracting a lot of interest in the open house.

Significant Numbers:  This 2 level garden home is 2,541 sq. ft. with HOA of $99 and $/sq.ft. at $483. The home has been remodeled and was built in 1979.  There is no Mello Roos.

Close-up: Stepping into a sleek entry there is a good sized living room with fireplace on the right with a sparkling formal dining room beyond. On the left the family room with built in cherry cabinetry pairs with a country kitchen and casual dining area overlooking a rock stone patio with fountain and sweep of green lawn beyond.  Entertaining would be a snap inside and out and there is room for a pool as a future option.

The gourmet kitchen has updated appliances, granite counters and recessed lighting.

Custom built-ins, designer window coverings and a  refaced fireplace all add to a functional feeling of ease in thus home.

Upstairs there are four bedrooms and two baths including a master suite with retreat and walk in closet. There are double vanities, granite counters and travertine tile.

The roof has been replaced and there are interior and exterior alarms.

Specifics:
Bedrooms 4
Baths, 2.5
Sq. ft. 2,541
Lot size, 7,280
1 common wall attached
Double garage
Inside laundry
Forced air,central air
Association pool and spa

What will be considered here? A prime Turtle Rock location, the ample home and lot size, the price, nearby parks and elementary schools will all figure into the evaluation.

Who will give the next party here?  An active family who will enjoy the location and make good use of the home’s many functional options will happily move in. A couple who wants everything in perfect order for easy entertaining and visiting guests may spot this home.

Recent listings:19501 Sierra Sole Rd.,$1,150,000; 144 Tapestry, $1,480,000.  Recent sales: 17 Sunrose, $910,000; 18 Southern Wood, $965,000.

Friday, January 18, 2013

Irvine Housing Blog

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Closed Sales from 1/10/2013 to 1/16/2013

Posted: 18 Jan 2013 04:00 AM PST

Date Sold Address Zip Tract Sold Price Beds Sq Ft
El Camino Real          
1/11/13 17 Woodrush 92604 Deerfield Patio $560,000 3 1315
1/14/13 5172 Doanoke Ave 92604 El Camino Glen $581,000 3 1482
1/14/13 14821 Groveview Ln 92604 Willows $535,000 4 1156
1/15/13 5212 Skinner St 92604 Ranch $760,000 4 2500
             
Laguna Altura          
1/15/13 47 Tesoro 123 92618 Cortona $986,885 4 2719
1/15/13 45 Tesoro 124 92618 Cortona $864,070 3 2380
             
Northpark            
1/10/13 66 Salton 30 92602 San Juan Bautista $456,000 2 1400
             
Northwood          
1/10/13 2 Bull Run 92620 Custom $820,000 4 2880
1/14/13 19 W Fortuna 92620 Park Paseo $770,000 4 2673
1/15/13 5 Encina 92620 Crestwood Estates $798,500 5 2827
1/15/13 51 Carver 92620 Shadow Run $665,000 4 2077
1/16/13 1300 Timberwood 92620 Collage $335,000 2 1270
             
Oak Creek            
1/11/13 6 Bluebell 92618 Acacia $540,000 3 1600
             
Portola Springs          
1/10/13 41 Small Grv 92618 Serra $1,490,000 3 3577
             
Turtle Ridge          
1/11/13 35 Canyon Ter 92603 Arezzo $2,230,000 4 3500
1/11/13 41 Cezanne 92603 Chaumont $2,200,000 4 3821
             
Turtle Rock          
1/11/13 18 Bethany Dr 92603 Broadmoor $950,000 4 2011
1/14/13 20 Mountain Vw 92603 Broadmoor $929,000 4 1765
             
University Park          
1/14/13 9 Wellesley 14 92612 Park $575,000 2 1524
             
Walnut            
1/11/13 14282 E Mall St 92606 Colony 2 $665,000 6 2600
             
West Irvine          
1/10/13 33 Halifax Pl 92602 Liberty $600,000 3 1545
             
Westpark            
1/10/13 6 Comiso 92614 Tierra $718,000 3 1775
1/15/13 6 Salviati Aisle 92606 Corte Bella $549,900 4 2300
             
Woodbrige          
1/11/13 16 Orangegrove 35 92604 Grove $640,000 3 2088
1/11/13 34 Willowgrove 92604 Grove $725,000 3 2200
1/15/13 133 Greenfield 130 92614 Alders $298,000 2 1060
1/15/13 91 Fairlake 92614 Lakeside $575,000 2 1568
1/16/13 5 Pinewood 3 92604 Crossing $610,000 2 1750
             
Woodbury          
1/11/13 42 Gentry 92620 Mille Fleurs $1,140,000 5 3531
1/15/13 23 Twiggs 92620 Juliet's Balcony $975,000 5 3850
1/16/13 24 Gazebo 92620 Rosemoor $915,000 3 2418

Thursday, January 17, 2013

Irvine Housing Blog

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Open House Review: 20 Shadowplay

Posted: 17 Jan 2013 04:00 AM PST

Since I haven’t had much opportunity to explore homes in the small community of Northwood II, I decided to visit a townhouse today at 20 Shadowplay.  This corner unit is currently for sale, but the owners will also consider leasing the property.  It is already vacant and in move-in condition.

The basics:
Asking Price: $749,000
Bedrooms: 3
Bathrooms: 3
Square Footage: 2100
Lot Size: N/A
$/Sq Ft: $347
Days on Market: 6
Property Type: Attached Townhome (one common wall)
Year Built: 2004
Community: Northwood II

HOA dues are $291 ($142 + $149) per month and there are Mello Roos taxes.

When you enter the house, you walk right into the living room, without having any true entryway space.  The room is cut at an angle with a fireplace in one corner and has a cutout space for a TV.  The dark hardwood floors offer a nice contrast to the white fireplace and light-colored walls.

Beyond the living room is a large dining room that includes a full wall of cabinets.  These will come in very handy, as the kitchen is fairly small and doesn’t have a lot of storage.  The dining room is wide, with space for a large table, and also has access to the side patio.

The kitchen is next to the dining room.  It has granite countertops, dark wood cabinets and stainless steel appliances.  It doesn’t offer a lot of storage space and has limited counter space available for prep work.  It does have a large pantry and lesser-used items can be stored in the dining room.

There are two bedrooms downstairs – one at the front of the house and another at the back.  The room at the front is a basic room, with dark brown carpeting, two windows, and a small closet.  It is adjacent to a full bathroom that has a shower (no tub) and doubles as the downstairs powder room.

At the back of the house is the downstairs master bedroom.  It has hardwood flooring and access to the side patio.  It’s kind of an odd shape that doesn’t lead to many options in furniture placement, though built-ins in the walk-in closet may eliminate the need for a dresser.  The bathroom is nice, with split sinks separated by a vanity, a large tub, and a good-sized shower.  The counters and shower are tiled in basic white, but are clean and well-maintained.

Also downstairs are a laundry room (no sink) with access to the garage and a small coat closet.

At the top of the stairs is a large loft area with access to a balcony overlooking the street.  It’s among the largest lofts I’ve seen and could probably be divided into a couple of different spaces.  It has a built-in desk with two small work stations off to one side.

Beyond the loft is the upstairs master bedroom.  It is long and rectangular and feels a little bit bigger than the one downstairs.  However, it has a smaller closet and bathroom.  The closet is still a walk-in with built-ins, but offers less hanging space than the one downstairs.  The bathroom has two sinks, but no vanity, and a shower but no tub.  The room is more private than its downstairs counterpart, but less elegant. 

Overall, I felt like the living room and kitchen leave much to be desired.  They are both small and the living room doesn’t really open up to the kitchen, so you are more secluded than in the wide open great rooms that are common in most new construction.  Also, while I like having two master bedrooms, I wish the more elegant one was upstairs.  I loved the large loft and thought it was a great added living space.  Because it’s a townhouse, there are two sets of HOA dues, and both are higher than in many other communities.  It is pretty big for a townhouse, but the high fees and overall layout would deter me from making an offer.

 
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