Irvine Housing Blog

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‘Tis was the year before Irrational Exuberance 2.0 Posted: 24 Dec 2012 04:00 AM PST Inventory as of 23rd December: 202. Lowest:  2 Verde @ $246/SF Highest:  36 Boulder View @ $1,429/SF At this rate, we might dip below 200 before the New Year. It's good news for sellers, but not so great for buyers. The market conditions have changed a lot since January this year. The inventory has dipped 65.1% since January. Median List Price has shot up by 45.6%, and Median list Price/SF by 16.4%. Last January when I started writing for Irvine Housing Blog, I knew Irvine was on path to recovery, defying all charts and projected prices and inventory by the experts, but I didn't anticipate this big a change. Today, I will profile a property that has defied mostly all micro and macro market conditions, and continues to hold a good price of $376/SF despite being more than twenty five year old townhouse. It's been upgraded and updated beautifully. Another half-a-million dollar condo on Irvine, less than 1500 SF area. 131 Goldenrod #70, Irvine CA 92614   Listing Price: $530,000 Price/ SF: $376/SF Area: 1411 SF Beds/ Baths: 3 Beds/ 2.5 Bath Year Built: 1985 Even though the condominium is less than 1500 SF, it has a functional floor plan. You enter into the living room/ dining room. The staircase takes up one side of the wall, and the powder room sits neatly below the staircase. There is a bay window on side of the living room, which to me is the focal point of this space. Kitchen is a separate room, and it has an attached space which can be used as a family room. There is a small patio off the kitchen, and a two car garage attached to the patio. Sometimes it's not the nicest things to have, a patio between garage and home, but some Irvine townhouses have this kind of floor plan. In my opinion, the only con for this property is, it's attached, and that severely restricts natural light and ventilation, limiting the number of windows for each room. The offset space between the house and the curb is good enough to have some green space, something that we don't see in the recent construction. The houses are moving close to each other, and to the curb. The Architects and Developers are maximizing the usable space, and construct on every allowable inch. Monthly Expenses: Listing Price: $530,000 HOA Dues: $297/ Month Current Mortgage Rates: 3.25% Monthly Mortgage:  $1,847 Property Tax: 1.03361% Monthly Property Tax: $456 Mello Roos: $148/ Annually Total Monthly Expenses: $2612 Price/ SF, Monthly: $1.85/ SF (There will be additional Property Insurance, Earthquake Insurance and Home Owner's Insurance expenses, and maintenance expenses considering the age of the property) Here is another condominium in a very elite Irvine area. It's housed in a guard gated community. It has tandem parking. It has no patio to boast of, not even a small space to stand and water the plants. The offset to the street probably is the minimal required to get a Building Permit. But it shows up on the popular Irvine property list for the week. How are the monthly expenses? Listing Price: $375,000 Estimated Mortgage: $1310 Monthly Property Tax @ 1.0593: $331 Monthly Mello Roos: $92 HOA Dues: $405 Total Monthly Expenses: $2,138 Price/SF, Monthly: $1.98/SF Which one would you buy? Or the question should be, will you buy an attached condominium with tandem parking, or detached garage at these prices? What's your idea of a perfect condominium? Discuss below, or share your thoughts at Talk Irvine.

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Closed Sales from 12/13/2012 to 12/19/2012 Posted: 21 Dec 2012 03:14 PM PST Date Sold Address Zip Tract Sold Price Beds Sq Ft Airport Area           12/13/12 3141 Michelson Dr 1005 92612 Marquee at Park Place $490,000 2 1293 12/14/12 3262 Watermarke Pl 92612 Watermarke $345,000 1 842 12/18/12 5120 Scholarship 92612 The Plaza (5000 and 8000) $1,700,000 3 2685               Columbus Grove           12/13/12 214 Silk Tree 92606 Savannah $415,000 3 1486               El Camino Real           12/14/12 14951 Groveview Ln 92604 Other $375,000 2 785 12/14/12 16 BUTTERFLY 92604 Irvine Groves $388,000 3 1280 12/19/12 14611 Lofty St 92604 OTHER $542,500 4 1202               Northpark             12/17/12 15 Kernville 92602 Triana $1,155,000 4 3600               Northwood           12/14/12 76 Trailing Vine 97 92602 Tamarisk $360,000 3 1398 12/14/12 5 Canyonwood 92620 Oakhurst $920,000 4 2600 12/16/12 1610 Timberwood 92620 Collage $405,000 2 1267               Oak Creek             12/18/12 24 Redberry 92618 Cypress $712,500 4 2050 12/18/12 158 Cherrybrook Ln 92618 Cobblestone $480,000 2 1200               Portola Springs           12/14/12 62 Autumn Sage 92618 Other $641,363 4 2023 12/15/12 35 Exploration 92618 Serra $1,385,000 5 3866               Quail Hill             12/14/12 43 Duet 92603 Ambridge $577,000 3 1843 12/14/12 150 Tapestry 92603 Tapestry $1,250,000 5 2900               Rancho San Joaquin           12/18/12 21 Viejo 78 92612 RSJ Townhomes $485,000 2 1507               Turtle Ridge           12/13/12 145 Danbrook 92603 Ashton Green $510,000 2 1400 12/14/12 23 Blue Smt 92603 Amberhill $2,850,000 5 4333 12/18/12 71 Canyoncrest 92603 Chantory $515,000 2 1030               Turtle Rock           12/17/12 3 Morning Dew 92603 Glen Patio Homes $1,000,000 4 1987               University Park           12/19/12 15 Camphor 92612 Terrace $499,000 2 1224               University Town Center           12/13/12 45 Oxford 92612 Columbia Square $454,000 2 1232 12/18/12 51 Georgetown 42 92612 Cambridge Court $525,000 2 1447               West Irvine           12/19/12 143 Topaz 16 92602 Mandeville $495,000 3 1500               Westpark             12/13/12 16 Cannes 92614 Sorrento $770,000 3 2108 12/14/12 11 PRIMAVERA 92614 Barcelona $560,000 3 1253 12/17/12 128 Agostino 92614 Las Palmas $420,000 3 1407               Woodbridge           12/13/12 27 Willowgrove 92604 Grove $485,000 2 1552               Woodbury           12/13/12 27 Stowe 92620 Mille Fleurs $1,218,000 4 3500 12/14/12 16 Nature 92620 Santa Barbara $425,000 2 1165 12/15/12 31 City Stroll 92620 Esplanade $552,184 3 2074 Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3415.0.html

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Open House Review: 19 Fortuna West Posted: 20 Dec 2012 04:00 AM PST If you are on the lookout for a four bedroom + bonus room home, take a look at 19 Fortuna West.  This home has a great layout and a lot of space. The basics: Asking Price: $770,000 Bedrooms: 4 + bonus room Bathrooms: 2.5 Square Footage: 2,673 Lot Size: 5,671 $/Sq Ft: $288 Days on Market: 42  Property Type: Single Family Residence Year Built: 1977 Community: Northwood – Park Paseo HOA dues are $85 per month and there no are Mello Roos taxes. With price per square foot on the rise throughout most of Irvine, Northwood has actually seen a decline this year.  This house is even lower per square foot than Northwood homes sold for in November. Why the low price?  This 1977 home still sports its original bathrooms (less new fixtures) and has a kitchen remodel that isn’t on par with other new kitchens.  Carpet and flooring throughout the house is about 7-10 years old (per the seller) and both the interior and exterior need to be repainted.  The ceilings haven’t been scraped and it backs to a non-residential street. On the plus side, it boasts a huge bonus room, new windows, indoor laundry (uncommon in many Northwood homes), and a nice backyard.  The house is directly across from a greenbelt and is an easy walk to the community pool, elementary school, and middle school.  Upon entry, the stairs are directly in front of you and the living room is to the left.  It is one step down from the hallway and has several windows that let in a lot of light.  The living room flows directly into an average-sized dining room. The kitchen and family room are at the back of the house.  The kitchen was remodeled with new cabinets and granite counters.  The old panel lighting was removed and recessed lighting was installed, partially raising the ceiling.  A large garden window looks out to the backyard.  However, the kitchen still has a dated look to it.  The cabinets and drawers don’t have handles and the oven and microwave are very old.  With new appliances, cabinet handles and drawer pulls, the kitchen would look much more modern.  While it lacks a pantry, a wetbar in the adjacent family room could probably be converted into a pantry pretty easily.  There are bar stools on the family room side of the large counter. The family room is pretty standard, with a fireplace at one end and a sliding door out to the backyard.  There is room for a casual dining table in the family room as well, if the buyer chose not to use the bar stools. The backyard is a nice size, with a large patio and a grassy area at the back. The half bath downstairs has new fixtures, but is original otherwise.  It is clean and well maintained.  The laundry room is inside, and has a large linen/storage cupboard.  A big hall closet under the stairs provides plenty of storage space as well. Upstairs, there are four bedrooms and a huge bonus room.  The master is at the top of the stairs.  It’s a big room, with one full wall taken up by a three-door, mirrored closet.  The bathroom has two sinks and a set of linen cabinets at the back.  It has a big shower but no tub. The other three bedrooms are average in size.  One has a smaller window that is fairly high on the wall and a sliding door closet.  The other two each have one window, but at a normal height, and walk-in closets (one much bigger than the other).  All three bedrooms share a bathroom with two sinks and a shower/tub combo.  Like the other two bathrooms, everything is original except the fixtures. The bonus room is quite large and can be used for pretty much anything.  It’s just one big, open space, so it provides a lot of flexibility.  It has a wetbar in one corner and two windows facing the street. This is a great home for a family.  There are plenty of things that could be done to make it more modern, but the owners have really taken great care of it, so there isn’t too much work that is truly necessary.

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Open House Review: 21 Soaring Hawk Posted: 18 Dec 2012 04:00 AM PST Contrasting  Homes in Woodbridge                 21 Soaring Hawk   $664,500 In the last two weeks I have visited two open homes near the lakes in Woodbridge.  Both have been remodeled.  One is 1700 sq. ft., the other 1750.  One is a two level condo and the other is a single level, single family home. First I saw the condo at 5 Pinewood #3, just two blocks from North Lake. The realtor described it as a “total customization.”  The property has been on the market 27 days and now it is listed as a pending sale. This week I found myself near South Lake at 21 Soaring Hawk in a single family home with 1,700  sq. ft. that had also been remodeled and expanded. The property has been on the market 12 days. Significant Numbers:   5 Pinewood #3 21 Soaring Hawk Bedrooms 2 plus den 3 plus den Baths 2.5 1.76 Sq. Ft 1750 1700 $/sq. ft. $360 $391 Type Condo Single Family HOA $456 $82 Year Built 1977 1984 Remodeled Yes Yes Mello Roos No No Price $629,900 $664,500 CloseUp: 21 Soaring Hawk is on a quiet street in the North Lake area.  Inside, there is an entry with limestone tile that blends perfectly with a pale thickly carpeted living room with tiled fireplace, followed by a patio, and a dining room  to the right.   The kitchen completes the circle leading from the dining room back to the front hall. Throughout the home the limestone flooring is contrasted with the carpeting. Recessed lighting, custom boxed shutters, skylights  and window treatments accent the pale color scheme of the floors. The kitchen could use the spark of new stainless appliances, but the cabinetry, flooring and tile backsplash with bright inserts work well with the rest of the home. Off to the right of the entry, there is a den/office that was originally a bedroom. The door has been widened and the closet removed.  Continuing down this hallway to the left there is a  master bedroom and bath with double vanity, skylights, shower and tub,  and another bath.  Two more adjoining bedrooms to the right  could easily become a master retreat. This was achieved as an expansion using former patio space. The laundry is in the double garage that is completely finished with  storage cabinets. It may be one of the most immaculate garages that I have ever seen.  Specifics for this one level Cape Cod: Bedrooms, 3 Baths, 1.75 Sq. Ft. 1,700 $/sq.ft. $391 Double paned windows Forced air heating, central air Ceiling fans, skylights Community, Woodbridge Association pool and spa Irvine Unified School System What should be considered here?  The choice of single family or condo, the size versus price, and the appeal of the Woodbridge lake area, along with top schools will all be considered.  This location is not as near the lake as the condo was and it is closer to the Culver Street traffic.  And in the final evaluation, as always, when you know it’s right that’s it.  The condo on Pinewood and the single family home on Soaring Hawk each had a distinct appeal. Who will be the next residents of 21 Soaring Hawk?  An active family would fit right in enjoying key recreation facilities and top schools. With three bedrooms, and den, all on one level, this home might also have added appeal for mature buyers with visiting grandchildren, or families with mixed ages.  Recent sales:   3812 Beaver St. sold for $650,000 in December; 97 Summerstone sold for $705,000 in August.     Recent listings: 59 Eagle Run is listed at $619,000; 59 Seton Rd. is listed at $519,000.

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Reunions of Quail Hill Posted: 17 Dec 2012 04:00 AM PST Inventory on Dec 16th, 2012: 226. 12/12/12 passed and the world didn’t come to an end. But inventory in Irvine seems to be coming to an end. If things continue at the same pace, we might soon see Irvine go below 200 by 2013. The new construction is selling out too, irrespective of the air quality due to highways in vicinity, or landfills with potential health risks. A bubble city in the bubble county, we are different people, immune to such things, as long as we live in the safest and most desirable city in America.  The Great Housing Depression didn’t drag us down much, and what the fiscal cliff can do will be seen in the future. Right now, it’s a seller’s market. Even though we might never see the Kool Aid prices of 2006-2007, we have recovered better than projected, and luckily we didn’t hit the projected bottom. 60 Reunion, Irvine CA 92603 Listing Price: $509,000 Beds/ Baths: 2 Beds/ 2.5 baths Year Built: 2004 Property Type: Condominium Style: Two level, Santa Barbara Area: 1145 SF Price/ SF: $445/ SF Monthly Expenses: Property Tax at 1.04938: $5342 Mello Roos: $2,291 Monthly mortgage at 3.25%: $1,763 HOA Dues: $190/ Month Monthly Tax + Mello Roos: $636 Fixed Monthly Expenses:  $2,589 ($2.26/SF) Buy now or be priced out forever? Let’s see how the “Sage- Reunion” condominiums in Quail Hill have performed in the past two years. 46 Reunion $406/SF 28 Reunion $401/SF 106 Reunion $436/SF 54 Reunion $350/SF 44 Reunion $420/SF Inventory has diminished considerably (January 2011: around 700, January 2013 projected around 200). The sellers are taking advantage of the inventory and adding a premium. In 2008, when we were in the market for a condominium, we looked at one of the Reunion condos. 110 Reunion. It was listed at $560,000, and sold at $558,000 ($429/SF, down from $557/SF in 2007). Still, we didn’t think it was discounted enough. We were looking at the projected Case-Shiller Index, and the shadow inventory and many such data that pointed at a much lower justified Price/SF. In 2009, these properties sold for $360/SF. But the expected doom and gloom spared Irvine, much like 12.12.12. Premium to be the safest city, best school district, diverse neighborhood, fashion capital is fine. All it takes is one buyer to change the statistics of the neighborhood, but where do we draw a line? When does justified premium turn into Kool Aid? Will these condominiums see the exorbitant prices of $500+/SF? What is the right price for Irvine condos in your opinion? Comment below, or discuss at Talk Irvine.

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