Today we will take a closer look at the community of Deerfield.
Irvine Home Address … 13 Mariposa Irvine, CA 92604
Resale Home Price …… $709,000
Reincarnation, is a dead refrain
So this what it's like to be a butterfly
Is this the gift of fire?
Or the making of a perfect diamond
Digital climber plummets
In a canceled dive.
Reincarnation — Discordance Axis
Much of Irvine has been around since the 1970s. The older neighborhoods have seen three real estate cycles including The Great Housing Bubble. Each one becomes more volatile than the last. House prices skyrocket, then they fall to earth with a thud. The neighborhood values values begin to come back in time (it will be a very long time in this cycle), and the God's of Kool-Aid reincarnate. The cycle repeats anew.
I have said it before, but I really like Deerfield. From the community profile:
In the heart of Irvine there are a number of small neighborhoods that are less well known than Woodbridge or Turtle Rock or some of the other larger or newer communities. These neighborhoods are no less interesting or well planned than their more famous brethren. One of these hidden gems is the community of Deerfield.
Deerfield is north of Woodbridge bounded by Irvine Center Drive, Culver Drive, Yale Avenue and the rail line which bisects Irvine. Deerfield Avenue is the main collector street moving traffic throughout the community. There is an apartment complex at the corner of Irvine Center and Culver, and there is other high-density housing north of Deerfield Avenue near the railroad tracks. The remaining housing is a mixture of one and two story dwellings. Deerfield was one of the earlier communities developed. It's buildout was complete in 1976.
(Mariposa is butterfly)
Life in Deerfield revolves around the large community park. This park together with an elementary and middle school comprise a large central greenspace. There are a series of pathways linking three satellite parks to the community park. This is a great master plan which allows children to walk or bike to school or the park without crossing busy streets.
This is one of those abstract land planning ideas that comes together really well on the ground. The planners envisioned this community would be as livable and as charming as it is. It is a far superior land plan to the grids of nearby El Camino Real or the Ranch. FWIW, I would buy in this neighborhood.
Some weekend afternoon if you are looking for something to do, go to the Deerfield community park at the entrance off Irvine Center Drive. According to the city of Irvine website:
Deerfield Community Park
55 Deerwood West
Located between Culver and Yale along Irvine Center Drive.
Click here to get directions.
Saturday 9:00am to 10:00 pm
Facility Reservations: 949-724-6620
Deerfield Community Park has a multi-purpose room,
craft room & picnic area available for reservation.
For a list of rate categories, capacities and hourly
fees click here.
*Note: Additional fees may apply. Review the
complete policy for additional fees.
*Bounce houses allowed with reservation only.
Approximately 10.1 acres in size.
Irvine Home Address … 13 Mariposa Irvine, CA 92604
Resale Home Price … $709,000
Income Requirement ……. $130,494
Downpayment Needed … $141,800
Home Purchase Price … $140,000
Home Purchase Date …. 1/1/1980
Net Gain (Loss) ………. $526,460
Percent Change ………. 406.4%
Annual Appreciation … 5.6%
Monthly Mortgage Payment … $3,045
Monthly Cash Outlays ………… $3,970
Monthly Cost of Ownership … $2,970
Baths 3 baths
Size 2,700 sq ft
($263 / sq ft)
Lot Size 5,400 sq ft
Year Built 1975
Days on Market 14
Listing Updated 10/9/2009
MLS Number S591308
Property Type Single Family, Residential
Community El Camino Real
Will be painting soon…choose your colors… RARE 4 BEDROOMS + OFFICE/DEN!!! – MASTER BEDROOM + ONE BEDROOM + OFICE/DEN + 2 BATHROOMS DOWN – 2 BEDROOMS + BATHROOM UP – EXPANDED,UPGRADED,UPDATED – BEST LOCATION, On a quiet,inside street, away from traffic-Steps to pool,spa and park-KIDS CAN WALK TO SCHOOL WITHOUT CROSSING A SINGLE STREET -Faces the morning sun-GREAT CURB APPEAL,Brick and Stucco, Manicured Landscaping–Vaulted ceilings-Wood Floors in Entry, Hall, Dining Room, Family Room-Plantation shutters throughout-Custom recessed lighting,Updated Kitchen, warm-tone Oak Cabinets,Ceramic tile, Smooth-top range, Double oven – BATHROOMS have beed updated-HUGE Family Room features…Dramatic,used brick fireplace- Inside Laundry Room-Very private back yard-Newer concrete shake roof- SELLERS SAY SELL…Will work with offers.
When you look at this house in this neighborhood, you can see someone making $130,000 a year living there. The affordability as measured by payment and income qualifications is good, but look at the price; isn't that just wrong?
It is difficult to get your mind around prices at very low interest rates. If you change interest rates to 8% and kept the other numbers the same, the resale home price would drop over $200,000 due to the reduced loan size. At $509,000, the numbers all make sense for a rational world where the FED doesn't engineer interest rates. How long will the FED keep this up?
At least over the weekend….
Thank you for reading the Irvine Housing Blog: astutely observing the Irvine home market and combating California Kool-Aid since September 2006.
Have a great weekend,