Monthly Archives: January 2012

Buy or rent at Tiempo in Westpark

166 Alicante Aisle is a 2bd/2ba condo in the Tiempo tract in Westpark. Tiempo is bounded by the San Diego River Trail, Alton Parkway, Harvard Ave and San Marco Park. Click the picture below for a closer view. The streets in this tract are Alicante, Costero, Abrazio, Marbella and Giovanni.

There are a number of floorplans here and it looks like this property is a plan D. It looks like there is another Plan D listed currently at $389k: 132 Alicante. The only recent sale I found for a Plan D looks to be 164 Alicante which closed on 12/29/2011 for $300k. We'll use that price in the analysis.

166 Alicante

Purchase Price $300,000
Closing costs $9,000 3%
Total price $309,000
Down payment $69,000 20%
Loan Amount / Percentage Of Price $240,000 80%
Interest Rate / Period (months) 4.00% 360
Monthly Yearly
Mortgage Payment $1,146 $13,750
Interest Component $800 $9,600
Property Tax $258 $3,101 1.03%
Special Assessments $54 $644 0.21%
Effective Tax rate 1.25%
Insurance $50 $600
HOA 1 $185 $2,220
HOA 2 $0 $0
Cash Out $1,693 $20,315

And here are some possible adjustments that may apply to your situation. Be sure to also consider how long you may own the property (average is around 6 years), what kind of financing you actually qualify for, how much you put down, the effect of giving up the standard deduction, potential price declines, costs to sell the property, etc. The NY Times Buy or Rent calculator is a great tool that helps with some of these.

Possible Adjustments
Interest paid $9,600
Property tax $3,101
Total deductible $12,701
Tax benefit $265 $3,175 25%
Opportunity cost of down payment -$115 -$1,380 2%
Principal paid in mortgage payment $346 -$4,150

As far as rentals, 36 Marbella was listed on 12/31 and is asking $1850/month. And 86 Costero leased on 5/3/2011 at $1650/month. Similar 2 bedroom apartments at San Marco Villa rent between $1,670 and $1,825. Would you rent or buy this property?

Discuss below or on our companion thread at Talk Irvine.

A Review of the Las Ventanas Tract at Portola Springs

Las Ventanas (Community Overview) is the first tract I’m reviewing in the Portola Springs Villages. Portola Springs is bordered by the Great Park and the Irvine Ranch Land Preserve in a seemingly remote pocket in Irvine. The closest schools are Stonegate Elementary, Sierra Vista Middle School and Northwood High School. The villages have direct access to the 133 and 241 toll roads with the 5 freeway nearby. Residents living in the Portola Springs Villages are privy to community parks, a lighted soccer field, playgrounds, basket ball and tennis courts, as well as access to hiking trails. It’s truly a self contained private community that appears to be far removed from the busier areas in Irvine. Las Ventanas will have a total of 86 homes in the development.

I instantly saw the huge contrast between Stonegate and Portola Springs. It’s almost as if the builders (Taylor Morrison) fixed all my complaints about Stonegate and Laguna Altura. The ambiance in all three tracts was inviting and I immediately felt like I was “home,” which is important to me. Unlike Stonegate, I was highly receptive to Las Ventanas. Portola Springs is a family oriented neighborhood. In fact, most of the visitors viewing the models were young couples with small children, or very pregnant women looking to move into a larger space to accommodate a new baby. I am none of the above, so these homes were too large for me, but I’m still excited to share with you my observations about the properties.

Base Property Tax: 1.05% of the sales price

AD Tax: $3,197 per year

CFD Tax: $1,700 per year

Other Taxes: $169 per year

Total Effective Tax: 1.75%

HOA: $150 per month

Floorplans

Pricing

Options

Siteplan

Residence 1

Price: From $634,900

Bedrooms: 3 + den

Bathrooms: 2.5

Garage: 2 car

Square Footage: 1,871 sq ft

Upon entering Residence 1 you’re immediately greeted on the right by the den. The windows in the den face the outside of the house, bringing in an abundance of light. The model showcased the space as an office. My only concern is that if you turn this space into an office, you’ll have to keep it clean because it’s the first thing you and your guests will see when entering the house. The feature I really enjoyed in the den was the sliding glass doors (optional French doors) leading to a small square courtyard between the kitchen and den. It was unique and cozy. I could imagine myself sipping some lemonade on a lounge chair during the Summer. I didn’t expect a sweet surprise so early in the floorplan. It made me excited to see the rest of the house.

The backyard was much larger than what you’d get at Stonegate. You’ll inherit a lump of dirt in the backyard and you’ll have to landscape it how you’d like. There’s enough room in the backyard for grass, and you can plant some bushes or flowers on the slope. I’m not keen on landscaping, so I’d choose to lay brick or some kind of flooring instead of grass and plant low maintenance shrubs/bushes for the elevated slope. I cringe at the thought of yard work, so for me simple and easy is the way to go. There are tons of options to customize the backyard and make it your own. I’d put lots of seating and a manly barbeque in the backyard. If you have animals, there’s enough space for them to roam. Just a word of caution for cat owners–you are in a nature preserve so beware of coyotes.

The kitchen and dining areas feed into each other in a large rectangular formation. The dining room table in the model sits in front of the doors to the courtyard, giving you a pleasant view. There’s enough space for a six-seater table, but it is somewhat close to the cabinetry. It’s not a deal breaker, and could be resolved with a table suitable for the space. I’d choose to upgrade to the recessed lighting in this area. The kitchen includes stainless steel appliances, with the exception of the counter-depth stainless steel refrigerator. That was kind of a bummer. You are almost forced to upgrade. I think the kitchen has adequate counter space, particularly if you include the extended island. There’s plenty of cabinet storage and a full pantry. You can customize your backsplash if you upgrade, and I’d consider this option if the price is right. I like having choices.

The great room is square-ish and you’d have no trouble fitting an L-shaped sofa and perhaps a couple of chairs. You have the option to include a fireplace–which is a must for me. I actually like having a square space because it makes it easier to place furniture. I really like the feel of the great room and enjoyed the open concept. I think it adds a lighter feel to the downstairs.

There’s a powder room located at the base of the stairs. It’s tiny, but you have everything you need to get the job done: a toilet and sink. I didn’t like the location of the powder room. It’s too close to the kitchen and I don’t like the idea of having potential odors wafting from the toilet into the kitchen. That was a negative for me. Maybe an air freshener would alleviate this problem.

The size of the bedrooms are impressive compared to Laguna Altura and Stonegate. They are much more spacious and have more practical closets. The bedrooms are square and offer room for children to grow. If I was a mother I’d feel comfortable planting my roots in this house knowing that my children wouldn’t outgrow their rooms. The first bedroom has access to a small balcony. The second bedroom has it’s own walk-in closet and charming windows.

The master bedroom is spacious enough to suit my tastes and I think that it allows the homeowner the opportunity for personalization. It’s a lovely space with lots of light. I’d be happy sleeping there! For our regular readers you know how particular I am about my master bathrooms. Well, brace yourself: This passed the Wendy inspection! There’s a stand-alone shower and large tub. The toilet is sectioned off in a separate room, and the vanity has enough counter space for my morning routine of make-up, hair dryer and straightening iron. Although the master bathroom was smaller than I’d like to have, it is a workable space. My impression of the master bedroom package was very positive. What a relief and a breath of fresh air compared to Laguna Altura and Stonegate.

The second bathroom is small and narrow, creating the familiar hallway effect. It’s a squeeze, but functional with a dual sink vanity. The toilet is almost flush up (no pun intended) against the shower/tub combo. If I were to offer a critique of the bathroom, the close proximity of the tub to the toilet would be my only complaint.

The upstairs features a full size laundry room with cabinets, a marble counter and optional sink. There’s plenty of space in the laundry room to store cleaning supplies, hampers or any additional items the homeowner would like to hide from view. If I had a cat this is probably where I’d put the litter box.Yes I know, a litter box in the laundry room–just keep the clean clothes separate from the box and don’t leave laundry baskets around for the cat to jump in!

Although Residence 1 is the smallest floorplan of the 3, I think a family could comfortably live here. My impression was really positive and I felt like the house factored in practical living habits–like the need for larger closets in the bedrooms. However, with tract housing, one big concern in my mind is the noise barrier. We’re all very smooshed here in California, and I like my quiet. So it bothered me that I was able to hear the voices from the sales office through the walls within the house. The sales office is attached to the house, but being able to hear a downstairs conversation in the sales office while in an upstairs bedroom makes me very suspicious. It made me wonder if I could hear an upstairs toilet flush while lounging in the great room downstairs. I call this phenomenon the “hotel effect” because that’s something you would expect to hear in a three star hotel room. I think I’m going to have to add the “toilet test” to my review criteria.

Residence 2

Price: From $671,905

Bedrooms: 4

Bathrooms: 3

Garage: 2 car

Square Footage: 2,075 sq ft

Residence 2 has a bedroom immediately off the entry way. The model features the space as a den. I’d hesitate turning the space into a bedroom because it’s located on the ground level, right off the front door. I don’t like the idea of having a bedroom window facing the sidewalk. There is a petite half bathroom located just off the bedroom which is a nice feature. Perhaps this could work for a roommate situation. Either that or you could stick your guests in that room–which might not be such a bad thing.

When I entered Residence 2 I felt like I was home. The structure strongly appealed to me, perhaps because the design elements reflect my personal tastes making it feel more comfortable. I was keen on the layout and compared to the other models I’ve toured this is the best one I’ve come across. However, many of the features in the model are upgrades: the flooring, built-ins, window coverings, crown moulding (in some areas), and enlarged base boards. I kept thinking of the increasing dollar signs.

The kitchen was beautifully designed and I loved the Maple espresso cabinetry. The homeowner obviously has the option to choose their design elements, but the dark wood made the space chic, clean and modern. The cabinet space was just right. I think Laguna Altura and Stonegate have too much cabinetry in their kitchens, and I felt like I was sacrificing full-length pantry space in those tracts. This kitchen was much more proportionate and didn’t haphazardly place their microwaves in the middle of the cupboards like Stonegate. The homeowner has the opportunity to upgrade the stainless steel appliances. There’s a lovely kitchen window that faces the backyard which makes the space feel open and light. There’s plenty of space to fit a 6-8 seater dining room table.

Much like Residence 1 sitting in the living room is like being in a big square. You have the option for a fireplace–part of me is miffed that the fireplace isn’t included. There’s a media niche so you can mount your flat screen television, which I thought was a nice element. It makes the room more streamlined.

I loved the backyard. It’s Wendy-sized. I’d feel comfortable having a couple of dogs–or kids. If you entertain often, you can easily create a pleasant atmosphere out there. As I said with Residence 1, landscaping would be a concern for me, so I’d opt to keep it as simple as possible or have someone come and maintain it for me. I wouldn’t lay sod–storing a mower for such as small space would seem like a waste.

The upstairs bedrooms are acceptable, and probably similar in size to the master bedroom in my apartment. Bedrooms 2 and 3 share a wall.

It’s a big plus that the master bedroom is separated from the other rooms. The master bedroom is not overly large, but sufficient for its purpose. I think I slobbered a bit when I entered the master bathroom. Part of me didn’t believe my eyes. It was absolutely lovely. The walk-in shower is huge. There’s a ton of custom design in the model. It looks very chic, but I’m suspicious of the price tag for the upgrades. The only downside to having a large shower is more to clean, particularly if you have grouting from the upgrades. If you have a lot of toiletries in the shower, you have nowhere to hide them since the shower is encased in glass. This also creates less privacy. Additionally, the vanity mirror faces the shower, so if someone is getting ready at the vanity while another person is showering you’ll have a free peep show. This may be a good or bad thing! However, the two vanities are separated by the tub, and the second vanity mirror doesn’t have a direct view of the shower. My only critique is the layout of the shower/vanity. Otherwise I was very happy with the bathroom.

The second bath was decent. There is a nice linen closet. The shower/tub and toilet are located in a separate room. The only thing that I didn’t like was the layout in regards to the hallway. The bathroom is off the hallway and if you’re getting ready at the vanity, people can walk by and see you (unless you close the door). It’s not that big of a deal, but because the bathroom is narrow, I almost felt like it was an extension of the hallway. Maybe that’s what bothered me the most.

The laundry room is similar to Residence 1, with the option to upgrade to the Maple Espresso cabinets and laundry sink. I personally am not sure that I need a sink in the laundry room. It’s not at the top of my upgrade list. I’ll admit, having a decent sized laundry room is a bonus. I’d almost feel spoiled.

Out of the three residences, Residence 2 spoke to me. I liked practically everything in the house and didn’t find too much to critique. There were no deal breakers for me and I didn’t feel like I was sacrificing anything.

Residence 3

Price: From $707,790

Bedrooms: 4 + den (optional loft in lieu of bedroom 4)

Bathrooms: 3

Garage: 2 car

Square Footage: 2,304 sq ft

Residence 3 is the largest floor plan in Las Ventanas, and it’s also the most expensive. Just like Residence 2 there’s a small bedroom with a half bath on the first floor. I loved the open concept. The floor plan was more like a wrap around layout. The living room is visible upon entering Residence 3 and if you turn the corner a bit, you’ll find yourself in the dining and kitchen area.

Like the other two models, the kitchen has a nice flow to it, and there’s a larger, more distinct space for the dining room. What I liked about the kitchen was that there was plenty of lower cabinet space.

Residence 3 offers a loft and “tech center” at the top of the stairs. The loft is perfect for an entertainment room and I wouldn’t make it into a bedroom. It shares a wall with the master bedroom and it’s a bit small. I really liked the tech center. It’s a built in desk that wraps around in an “L” shape around the wall. The reason I liked it so much is that the office space is located upstairs, hidden from view of house guests (unless they go upstairs).

What was unique about this floorplan was the split space off the staircase. On one side you have the two upstairs bedrooms sectioned off by a small common area, and on the opposite side is the master suite. I thought this was a very well done for privacy. It can work for roommates and families. There’s a deck located off of bedrooms 2 and 3, but it is only accessible from the common area between the two bedrooms.

The master bedroom is a decent size. The master bathroom is smaller than Residence 2, but I can’t complain about it. The bathroom separates the vanities, and you still have a full view of the shower like Residence 2.

When all was said and done, I was pleased with the floorplan. The tech center and loft were pluses for me. My sister has two boys who do nothing but play video games, and as I think about their growing household an entertainment room would be a selling point for her family.

After reviewing my first tract in Portola Springs I can’t wait to see the rest. I’m hoping to be pleasantly surprised. The pricing is hard for me to stomach, but compared to house in Turtle Rock that I reviewed last week (18711 Paseo Picasso), which was built in 1973 and offered at $675,000 I’d rather invest in the Portola Springs property. I suppose it’s all about perspective.

Discuss below or on our companion thread at Talk Irvine.

Closed Sales from 1/19/2012 to 1/25/2012

Date Sold Address Zip Tract Sold Price Beds SqFt
Airport Area
1/19/2012 8061 Scholarship 92612 The Plaza $675,000 2 1675
1/25/2012 2210 Scholarship 92612 Avenue One $250,000 1 868
El Camino Real
1/19/2012 14772 Doncaster Rd 92604 El Camino Glen $505,000 3 1750
1/20/2012 5151 Doanoke Ave 92604 $360,000 3 1480
Northwood
1/20/2012 26 Midsummer 92620 Bella Rosa $680,000 4 2386
1/20/2012 31 Castillo 92620 Orchard Glen NW $420,500 3 1337
1/24/2012 69 Cartier Aisle 92620 Northwood Villas $388,000 3 1593
1/25/2012 37 Grant 92620 $489,000 3 1672
Portola Springs
1/20/2012 35 Sacred Path 92618 Sevilla $585,073 3 2044
1/20/2012 20 Land Grant 92618 Sevilla $599,445 4 2044
1/24/2012 52 Gray Dove 92618 Las Colinas $995,000 4 3383
Quail Hill
1/20/2012 235 Tall Oak 92603 Ivy Wreath $650,000 3 1800
Shady Canyon
1/20/2012 8 Vernal Spg 92603 Shady Canyon Custom $2,750,000 4 4820
1/25/2012 25 Wildhawk 92603 Villas of Shady Canyon $2,850,000 2 4240
Stonegate
1/19/2012 34 Serenity 92618 Santa Rosa $378,000 1 1120
Turtle Rock
1/20/2012 12 Highland Vw 92603 Highlands Townhomes $440,000 2 1600
University Park
1/20/2012 17672 Cassia Tree Ln 92612 Parkside – Deane $650,000 3 1749
Walnut
1/20/2012 14502 Larch Ave 92606 College Park $603,000 4 2621
West Irvine
1/19/2012 163 Topaz 92602 Mandeville $403,000 3 1469
1/19/2012 36 Calais 92602 Concord $785,000 5 2900
Woodbridge
1/19/2012 10 Rockwren 92604 Gables $945,000 4 2300
1/20/2012 34 Brookstone 92604 $510,000 3 1440
1/23/2012 28 Greenfield 92614 Alders $318,000 3 1267
1/24/2012 31 Glenhurst #18 92604 Parkside $360,000 3 1399
Woodbury
1/20/2012 205 Groveland #15 92620 Garland Park $375,000 2 1355
1/23/2012 199 Wild Lilac 92620 Garland Park $390,000 2 1357
1/24/2012 9 Herringbone 92620 La Casella $560,000 3 1550

A Review of the Capistrano Tract at Stonegate East

Location: On Sand Canyon Ave., between Jeffery and Irvine Blvd. is the Village of Stonegate East.

Builder: Irvine Pacific Homes by the The Irvine Company.

Exploring the homes of Capistrano:

The Capistrano homes are two-story duplexes between 1823 sf to 1956 sf. Three plans are offered, and the price range is mid-$500,000 to low-$600,000. Various options for the elevations, as many as seven for Residence 2 ensure a unique property. According to the sales agent on site, Residence 1 is no longer available, but they have Residence 2 and Residence 3 available.

The townhomes/duplexes at Capistrano are housed in Stonegate East village. This is a rectangular space between Highway 133, SandCanyon, Irvine Blvd and Spring Meadow. Some of the houses back Sand Canyon and Spring Meadow. Noise and air quality will still be affected greatly, considering there is Highway 133 in the vicinity.

(From www.irvinepacific.com)

All three floor plans have generous island space, home management center, granite slab kitchen counters with 6-inch backsplashes, Stainless steel double basin kitchen sinks, white Thermafoil finish cabinetry with under the cabinet task lighting, stainless steel appliance package for the kitchen. The Thermafoil finish might emit fumes for the first few months, but clean up and maintenance will be easier than wood cabinetry.

The Master Suites have Kohler tubs with ceramic tile surround, separate shower with clear glass enclosure, dual sinks with cultured marble countertops, backsplash and Kohler polished chrome faucets. Cultured marble countertops are inexpensive and look good, but they need daily cleaning.

The kitchen and entry have ceramic tiles, bathrooms and laundry have vinyl, carpet in other living areas.

The elevations are typical Irvine Santa Barbara/ Formal Spanish and Early California styles. California rooms are a feature in all the plans, and the model homes that I visited had lovely play of light and shade in these spaces. The weather in Irvine would put that space to a lot of use. The roof tiles are fire resistant concrete. The windows are energy efficient, and they have high efficiency air conditioning/gas furnace/ tankless water heater/radiant barrier roof/bathroom fixtures.

The houses will be ideal with a young family of four. Not all of the schools are walk-able, even though the elementary school (Stonegate Elementary as per the information sheet provided by Irvine Pacific) is touted as walk-able, it’s almost a mile. The upper elementary school kids are capable of walking or biking a mile, but it will be almost unrealistic to expect younger children (K-3) to walk or bike for a mile early in the morning.

Freeway 5, 405, 133 and 241 are close to the community, making commute easier. Woodbury Town center is across the street, and that includes all necessary services and shopping. Within five miles are Orchard Hills Village Center, Trabuco Grove Shopping Center, Irvine Spectrum Center and the Market Place. There are plenty of bike routes encouraging biking in the area.

Here is the breakdown of HOA and Mello-Roos for the Capistrano houses:

Property tax: 1.05% of sales price

AD tax (Mello-Roos): $1579 per yr

CFD tax(Mello-Roos): $1700 per yr

Other taxes: $156 per yr

Overall tax: 1.7% approximately

HOA due are $251 per month. (Stonegate East HOA- 125, Capistrano HOA -126)

Fixed annual cost would be Mortgage + Property Tax + $6447 (Mello-Roos and HOA)

Here is an overview of the three plans offered, with some pictures:

Plan 1:

Offers three elevations, in three similar color palettes.

Area: 1823 Sq ft approximately

3 bedrooms, 2.5 bathrooms

These houses are offered at mid-$500,000.

One of the houses in this plan, 26 Loquat is currently renting for $2950 according to public records.

One of the houses in this plan, 35 Bromeliad was sold for $549,715 according to public records.

Fixed monthly cost of this house assuming the sale price of $549,715 would be Mortgage + 1018.25

Assuming that someone bought this house with at $550,000 with 20% down payment at the current rate of 4.25 (0 Points, One West Bank) for 30 Yr Fixed, the mortgage would be $2165.

Monthly cost of owning would be = $3183 (Not including the interest lost on the down payment, the various insurances required by mortgage companies, closing costs)

A detailed calculation using the NY times Rent Vs Calculator says that after the sixth year, owning would be cheaper than renting at the sixth year.

According to the Sales Agent, this plan is sold out.

Pros:

– California Room

– Home Management center

– Laundry upstairs, close to the bedrooms

– Tech room upstairs that makes the perfect home office/homework station

– Two sinks in the secondary bath room

– The wall to wall counter in the kitchen

– Wall of windows in the Great Room, Dining Room and Master bedroom for ample day light.

Cons:

– The Kitchen Island with Dishwasher that opens towards the stove. Impossible for two people to work in tandem in the kitchen.

– The powder room downstairs is far off the living spaces.

– The coat closet door and garage door open into a constricted corridor between entry and living spaces.

– The secondary bedrooms are very tiny, and the closets are too small to hold the clothes and toys of a child.

Since this plan was sold out, there are no pictures of the model house, but here is the link to the builder, Irvine Pacific’s website:

Plan 2:

Offers seven elevations, in seven similar color palettes.

Area: 1904 Sq ft approximately

4 bedrooms, 2.5 bathrooms

These houses are offered at high-$500,000.

One of the houses in this plan, 37 Deergrass was sold for $571,121 according to public records.

Fixed monthly cost of this house assuming the sale price of $571,121 would be Mortgage + 1018.25

Assuming that someone bought this house with at $570,000 with 20% down payment at the current rate of 4.25 (0 Points, One West Bank) for 30 Yr Fixed, the mortgage would be $2238.

Monthly cost of owning would be = $3256 (Not including the interest lost on the down payment, the various insurances required by mortgage companies, closing costs)

Suitable comparable property in the community couldn’t be found for rent vs. own comparison.

According to the Sales Agent, this plan is sold out, almost. (I expressed interest in buying one of these plans and the sold magnets moved mysteriously)

Irvine Pacific’s website shows one home available prices starting from $570,121.

Here is the link to the builder, Irvine Pacific’s website: http://www.villagesofirvine.com/Villages-and-Neighborhoods/Stonegate-East/Residence/Capistrano/Residence-2. If you see last picture of the kitchen, you will notice the lack of space for two people to work in tandem in the kitchen. Irvine Pacific must really think kitchen is one man/woman domain considering the repetition of the same layout in most of their kitchens!

Pros:

– Spacious entry room without doors colliding into each other

– Powder room close to living spaces

– Home Management Center

– California Sun Room!

– Loft upstairs that can be the family room

– Laundry room upstairs

– Closet size in the secondary rooms is acceptable

– Windows for ample natural daylight

– Two sinks in the secondary bathroom

Cons:

– The kitchen island with dishwasher and stove opposite of each other of course!

– Pantry, refrigerator, sink and stove locations don’t make it easy for the cook with a tight work triangle, but the lengthy counter with cabinets makes up for it.

– The staircase opens very close to the entrance making it hard to keep track of who entered and who exited.

– Master Bath looks like everything is just crammed in. Lacks spacious and airy feeling.

– If the loft is turned into a bedroom, there will be a long corridor from the staircase ending into the laundry room giving it a dormitory feel.

Here are a few pictures:

Plan 3:

Offers four elevations, in four similar color palettes.

Area: 1956 Sq ft approximately

4 bedrooms, 3 bathrooms

These houses are offered at low $600,000.

One of the houses in this plan, 28 Flowerstalk is currently renting for $3350 according to public records.

One of the houses in this plan, 25 Bromeliad was sold for $601,121 according to public records.

Fixed monthly cost of this house assuming the sale price of $601,121 would be Mortgage + 1018.25

Assuming that someone bought this house with at $600,000 with 20% down payment at the current rate of 4.25 (0 Points, One West Bank) for 30 Yr Fixed, the mortgage would be $2361.

Monthly cost of owning would be = $3380 approximately (Not including the interest lost on the down payment, the various insurances required by mortgage companies, closing costs)

A detailed calculation using the NY times Rent Vs Calculator says “If you stay in your home for 6 years, renting is better. It will cost you $45,971 less than buying, an average savings of $7,662 each year”.

Another calculation at the Irvine Pacific website, assuming we stay in the house for ten years, and there is zero appreciation, 2% increase in rent annually, rest of the parameters same as above:

Result Returned

Rent

Buy

Value of Home after 10 Years of Appreciation:

$601,121

Remaining Balance After 10 Years:

$382,148

Home Equity:

$218,973

Payments**:

$440,178

$283,886

Property Tax:

$111,895

HOA Dues:

$30,120

Down Payment:

$120,224

Tax Savings (at 28%):

-$64,017

Net Payments:

$440,178

$482,109

Minus Home Equity:

-$218,973

Total Cost After 10 Years:

$440,178

$263,136

Total Savings for Owning 10 Years:

$177,042

Of course, the Irvine Pacific website does not include lost interest on downpayment, costs associated with the maintenance of the house, the insurance cost that would definitely put a dent in that $177k savings over the period of ten years of owning.

If you have made up your mind to buy, and want some reassurance from a third party crunching the numbers in your favor, use the Irvine Pacific calculator. If you are still dillydallying, leaning towards not buying, use the NYT calculator. The number crazy people like me can always use both, and add their own expenses/ savings to the list and come up with their own number. The banks aren’t paying much in interest, the stock market is going through crazy ups and downs that need constant monitoring, so some people might not have second thoughts before locking that amount in the downpayment for the house.

Coming to the floor plan of the house,

Pros:

– California Room! I just loved this concept. May be it was the time of the day I visited, or the well maintained and well planned little yard of the model, it was just an amazing space to spend a morning reading your favorite book, sipping coffee.

– Laundry upstairs, close to the bedrooms

– Two sinks in the secondary bath room

– The wall to wall counter in the kitchen

– Wall of windows in the Great Room, Dining Room and Master bedroom for ample day light.

– Bedroom downstairs, with an attached bathroom, and the entry opens into the great room rather than the long corridors.

Cons:

– The washer in the laundry room shares a wall with secondary bedroom, assuming there isn’t much sound proofing, there will be a lot of noise when the washer is running.

– The Kitchen Island with Dishwasher that opens towards the stove. My gripe continues.

– The work triangle in the kitchen isn’t too convenient either.

– The coat closet door and garage door open into a constricted corridor in “launch room” a tiny space between garage and kitchen. Too far off for the guests to drop their coats, and too close to the kitchen- the smells of the heavenly cooking won’t spare the jackets/coats.

There are four more homes available in this plan, starting from $599,579.

Here is the link to the builder, Irvine Pacific’s website: http://www.villagesofirvine.com/Villages-and-Neighborhoods/Stonegate-East/Residence/Capistrano/Residence-3

Here are a few pictures:

Schools:

When I plug in one of the addresses from the community in “My school locator” on the IUSD website, these are the displayed results.

Elementary School:

As of now, Stonegate Elementary will be the assigned school for this area, but the online school locator tool for IUSD lists “Portola Springs Future School” as the assigned school starting 2014.

Stonegate Elementary (K-6)

100 Honors, Irvine CA 92620

API Rank 10, API Score 954

Cultural Diversity: 46% Asian, 31% White (Data from www.greatschools.org)

Median teacher experience is 15 years and the student to teacher ratio is 23:1

Distance from home: Approximately 1.1 miles.

For more information about the school: http://www.iusd.org/sg/

Middle School:

As of now, the Middle School would be Sierra Vista Middle School. But, 2012-2013 academic year will bring the changes. The new middle school, “Jeffery Trails” will open in September 2013, and accept students from the communities of Stone Gate. It will be located at the corner of Jeffery and Trabuco.

For more information on the new school : (http://www.iusd.org/district_services/facilities_planning_and_construction/documents/PA40MiddleSchoolsite.pdf)

Sierra Vista Middle School (7-8)

2 Liberty, Irvine CA 92620

API Rank 10, API Score 948

Cultural diversity: 47% Asian and 36% White (Data from www.greatschools.org)

Median teacher experience is 17 years and the student to teacher ratio is 29:1

Distance from home: Approximately 3 miles

For more information about the school : http://www.sierravistams.org/

High School:

Northwood High School

4515 Portola Parkway, Irvine CA 92620

API Rank 10, API Score 908

Cultural diversity: 45% Asian and 43% White (Data from www.greatschools.org)

Median teacher experience is 10 years and the student to teacher ratio is 23:1

SAT Scores for 2011: Math: 579 Reading: 640 Writing: 603

Graduation rate: 95%

Distance from home: Approximately 3 miles

For more information about the school : http://www.northwoodhigh.org/

Parks:

Bluebird Park will be the primary park for the community. It is located in the center of the community, making it accessible to people from all sides, and the size is good enough to serve the community.

Personal observations:

Price is an important factor for many while buying a home. While not all these houses are brand new as the Capistrano houses, here is what $550,000-$600,000 would get in other Irvine Villages based on the recent sales:

1. 25 Night Bloom, Irvine CA 92602

4 Bedrooms, 3 Bathrooms/ 1750 SF

Sold for $575,000. (TUSD Schools with Irvine addresses, Detached Condo)

2. 214 Tuberose, Irvine CA 92603

4 Bedrooms/ 2.75 Bathrooms/ 1850 SF

Sold for $602,000.

3. 24 Land Grant, Irvine CA 92618

4 Bedrooms/ 3 Bathrooms/ 2077 SF

Sold for $604,400. (Detached Condo)

4. 37 Wild Trails, Irvine CA 92618

3 Bedrooms, 3 Bathrooms/ 2092 SF

Sold for $525,990.

All of them have their own set of pros and cons, and comparatively, Capistrano homes aren’t as overpriced as some other new homes are. But then, location plays a very important factor here. Capistrano homes are sandwiched between freeways and very busy streets. Air quality and noise levels will be a major concern for anyone planning to live in this community long term. The tall walls might not completely block all the motor vehicle exhaust from entering the community, and since this community is geared towards families with young children, it might be a huge risk for the residents.

Various health studies have shown that living close to major highways and very busy streets might elevate the risk of asthma and reduced lung function in children. Also, there have been associations with cardiac and pulmonary mortality. Most of the studies were conducted in the communities living in 200m of a highway.

The floor plans are good enough, with minor complaints about the kitchen work triangle. The bedrooms and closets in the first plan are very small. The California room will be my favorite aspect of the house. Master bathroom layout of the Residence 3 is designed very well, there is almost no wasted space. The tech room is another favorite. As someone who works from home a lot, I find it easier to be in an open space than be cooped up in a room. Some people like the long unending counters, but I feel it’s easier to work in the kitchen with L or U shaped counters.

What is your favorite part about the homes at Capistrano, Stonegate East?

What “con” did you notice? What would be your ideal blend of the three plans?

Do you agree with the proposed price tag?

Are you assuming that the HOA will remain low in the coming years?

What can $600k buy in Westpark?

zovall: The post below is written by Michelle Jones

Hi, I’m Michelle! I’m originally from Sacramento, but I’ve been living in Newport Beach since 2001. Currently, my husband and I live on the edge of Newport Beach and Irvine, with our two dogs. Despite the fact that we are currently renters, we are both very interested in the real estate market, and house hunting. Our guilty pleasure is anything on HGTV. Currently, I work full time as an account manager for an internet company, and help with IHB in my spare time.

Today I’m going to review for you two homes that sold within the past three months for similar prices in the Westpark neighborhood of Irvine.

House 1: 22 Palermo, Irvine, CA 92614

Sold for $604,000 in October 2011

Beds: 3

Baths: 2.5

Sq. Ft: 1,787

$/Sq. Ft: $338

Lot Size: 5,751 Sq. Ft.

Property Type: Residential, Single Family

Style: Two Level, Mediterranean

Year Built: 1988

The house would definitely give you more space, but will require some upgrades to the kitchen. The appliances and tile counter tops need to be upgraded to stainless steel and granite, cupboards are slightly dated, the wallpaper border will need to be taken down, and backsplash added. However, the plantation shutters are a huge plus, and the kitchen windows look out into the backyard.

The backyard has a nice combination of both grass and concrete, and with the minimalist landscaping, at least there isn’t too much additional upkeep.

There are ceramic tile floors throughout the first floor of the house, which are at least durable and easy to clean, if nothing else. The second floor is fully carpeted, appears to be in good condition and is newer carpet.

Another bonus feature with this home is the HOA fee is low, at $41, and it offers a pool, spa and tennis courts in the community.

House 2 – 9 Palagonia Aisle, Irvine, CA 92606

$605,000

Beds: 3

Baths: 2.5

Sq. Ft: 1,500

$/Sq. Ft: $403

Lot Size: 2,500 Sq. Ft.

Property Type: Residential, Condominium

Style: 3+ Levels, Contemporary

View: Park/Green Belt

Year Built: 1999

This condo, on the other hand, offers views, an outdoor space with a BBQ and low maintenance landscape, and is 10 years newer than the house. Additionally, even though it is technically listed as a condo, it is actually a detached “villa”. All pictures for this one were lo-res.

The living room brings in a substantial amount of light, but does lack some decent blinds.

And although the flooring in the kitchen is a step up from the house, the appliances and tile counters need to be upgraded to stainless steel and granite.

And the outdoor space is lacking.

The HOA fees for this one are also substantially more at $172, which apparently only gives you pool, BBQ access, and a gated community.

In summary, for a slightly older home that does require some upgrades, you will have more square footage, but will also need some extra cash to spend on making those upgrades to your home. However, for the newer home at the same price, you not only sacrifice the square footage, but your outdoor space as well, and you would still need to upgrade the kitchen on top of all that. So, since you’re going to need to upgrade the kitchens in either home, why not acquire the extra square footage? Sure, you’ll probably need to spend a little more money to upgrade the house, but at least it will be to your own personal taste, and you’ll have space and privacy from your neighbors, instead of them practically being on top of you in the condo.