Monthly Archives: March 2012

Closed Sales from 3/23/2012 to 3/29/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
3/22/12 3131 Michelson Dr. #1403 92612 Marquee at Park Place $820,000 2 2063
3/23/12 8040 Scholarship 92612 The Plaza $715,000 2 1790
3/26/12 5084 Scholarship 92612 The Plaza $530,000 1 1175
El Camino Real
3/22/12 60 Elksford Ave 92604 Walnut Square $268,000 2 1080
3/27/12 24 Goldenbush 92604 Other $339,888 2 1150
3/28/12 1 Argent CIR 92604 Ranch $643,000 4 1800
Northpark
3/22/12 40 Arcata 92602 San Simeon $550,000 3 1650
3/26/12 33 Bolinas 92602 San Juan Bautista $475,000 4 1876
3/28/12 21 Marysville 92602 Saratoga $895,000 3 2712
Northwood
3/23/12 11 Tory 92620 Show Case $660,000 4 2204
3/23/12 51 Bombay 92620 Bella Rosa $690,000 3 2300
3/23/12 65 Streamwood 92620 Irvine Springs $221,000 2 907
3/28/12 36 Fabriano 92620 Vista Filare $520,000 3 1645
3/28/12 17 Allegheny 92620 39 Park NW $791,000 5 2711
Oak Creek
3/23/12 3905 Orangewood 92618 Oak Park $263,000 1 900
3/28/12 20 Lilac 92618 Montilla $475,000 3 1525
Orangetree
3/23/12 269 Tarocco 92618 $251,200 2 1000
Quail Hill
3/26/12 54 Vermillion 92603 Jasmine $383,000 2 1175
3/27/12 35 Canopy 92603 Laurel $740,000 3 2100
3/28/12 28 Perennial 92603 Jasmine $435,000 2 1367
3/28/12 87 Stepping Stone 92603 Casalon $537,500 3 1695
Stonegate
3/23/12 38 Coralwood 92618 Santa Rosa $338,000 1 1120
Turtle Rock
3/23/12 19367 Sierra Bello Rd 92603 Broadmoor $940,000 4 2160
3/27/12 10 Rainbow Rdg 92603 Ridge Townhomes Akins $395,000 2 1450
3/27/12 28 Rainbow Fls 92603 Glen Garden Homes $590,000 2 1784
University Park
3/23/12 4462 Sandburg 92612 Village II $375,000 2 1279
University Town Center
3/27/12 10 Lehigh Aisle 92612 Oxford Court $550,000 3 1916
3/28/12 127 Stanford Ct 92612 Princeton Townhomes $415,000 2 1191
Walnut
3/26/12 8 Kansas 92606 Parklane $660,000 5 2200
West Irvine
3/23/12 26 Bowie Pl 92602 Liberty $610,000 4 1755
Westpark
3/22/12 19 Del Cambrea 92606 Positano $600,000 4 1953
3/27/12 16 Alcira 92614 Tierra $580,000 3 1750
3/27/12 14 Palermo 92614 Vista $660,000 3 1786
Woodbridge
3/23/12 167 Rockwood 92614 Somerset $330,000 3 1325
3/26/12 12 Fairside 92614 Somerset $280,000 2 1125
3/26/12 10 Goldenrod 92614 Parklane $850,000 4 2825
3/26/12 72 Windjammer 92614 Park Vista $258,600 2 917
3/27/12 22 Heathergreen 92614 Parkview $450,100 3 1600
Woodbury
3/22/12 55 Long Mdw 92620 Lombard Court $315,000 2 1205
3/23/12 5 Rising Sun 92620 Mille Fleurs $1,299,000 4 3500
3/26/12 107 Alhambra 92620 Cortile $470,000 3 1285

Discuss below or at Talk Irvine.

A Review of San Carlos Court at Portola Springs

Recently I was driving through the Laguna Niguel community. I was on my way to a friend’s house, but decided to take a detour and scope out some of the neighborhoods. As I poked around several neighborhoods, I noticed the friendly atmosphere. People waved at me as I drove by. They smiled—even though I was a complete stranger. I know they didn’t recognize my car, but they still made me feel welcome. It was an amazing feeling that I haven’t felt since I was a kid growing up in the Orange Hills area. Neighbors interacted with each other—it was a novel concept. I’ve lived in Irvine for nearly fifteen years, and not once did I really know my neighbors. Most of the time I didn’t want to know my neighbors (and I’m a highly sociable gal). This got me to thinking: what is so different about Portola Springs versus this little neighborhood in Laguna Niguel? My answer was simple: The neighbors weren’t on top of each other. There may not have been a lot of space in between the houses, but there was enough comfortable distance that created privacy. Some neighborhoods in Irvine have this aura—but Portola Springs seems lacking.

I visited San Carlos Court (Overview) on the same day which reaffirmed my observations. San Carlos Court at Portola Springs is a collection of eight different residences centered around a common courtyard. The set up in theory would be cute and has the potential to be family oriented, but my primary concern was privacy. It felt too close for comfort. If anyone remembers the television show Melrose Place back in the 90s, the residents could never seem to hide secrets from each other. That’s how I imagine these places—particularly since new developments seem to be built with paper thin walls. Hopefully you’ll have mild mannered neighbors and this won’t be a problem, but I’m guessing that you’ll be able to hear every party, every dog barking, and every stereo blasting within the walls.

Floorplans

Options

Pricing

Residence C1:

Price: $474,990

Estimated Tax Rate: 1.05%

Square Footage: 1,736 square feet

Bedrooms: 2

Bathrooms: 2

Garage: 2 car

HOA dues: $306 per month (WOW!!!!)

CFD’s/ Mello Roos: $3,390 per year

The model is the only the residence left of the C1 floorplan. I think it is one of my favorite designs, and would suit me well. However, I’d say upfront that it’s over-priced, so I would not choose to live there. The entry way splits the kitchen and the dining room. You have a clear view to the entrance of the living room. It’s different than I’ve seen in previous floorplans, so I rather liked the layout. The dining room was very spacious with lots of windows. The model features an optional buffet/desk that you can have built under one of the windows. I think it added a practical feature and I would choose the upgrade.

I won’t lie—the kitchen is small and the layout is in an “L” shape. The cooking appliances are set up in the typical “triangle” space. Only the stove and dishwasher are included with the house. The granite countertops are standard, which is a plus. There’s a nice pantry, big enough to accommodate a single person or two people.

I really loved the living room. It was big and completely separate from the kitchen/dining rooms. Off the living room is a patio—C2 is the only residence that has an outdoor patio. Included in the living room is a closet. The model features the upgrades—a fireplace and built in media center. It’s very nice.

The hallway is ADA compliant, which makes it feel less cramped. To the left is the second bathroom which is nicely designed. It has a tub/shower combo, a small vanity and a toilet in between the tub and vanity. It’s a square space, and one of the best designed second bathrooms that I’ve seen.

The master bedroom and bath are fantastic. If the price of the house was $100K less (and the taxes weren’t about $9000 per year), I would’ve considered buying. The master bedroom is huge. It’s more than I imagined for a house this size. The master bath sold me on this property. It was everything I wanted. It was large, with a separate tub and shower. There was a separate toilet, an ample walk-in closet and a dual sink vanity. I fell in love with the bathroom, and it is the only plan that offers this design. The only thing I didn’t like was the vanity light fixture which cheapened the space.

The second bedroom—or what is considered the second bedroom is small. I’d consider turning it into an office, because fitting bedroom furniture would be a stretch. It can be done, but it is cramped. It is located directly across from the master bedroom, so I hope those walls have an appropriate sound barrier.

At the end of the hallway is the laundry room with access to the garage. I liked having a separate space for the laundry, hidden at the back of the house.

Overall, my impressions were positive of this model. It seems smaller than 1,736 square feet. I would’ve rather had a smaller living room and dining room in exchange for a larger second bedroom. I can see how noise might carry in the house, but if you’re single without a family it would suffice. It’s not ideal for a roommate situation.

Residence C2:

Price: $442,990

Estimated Tax Rate: 1.05%

Square Footage: 1,901 square feet

Bedrooms: 2

Bathrooms: 2

Garage: 2 car

HOA dues: $306 per month

CFD’s/ Mello Roos: $3,390 per year

I loved the entry way in C2. It was nice to have the living area viewable at the top of the stairs. It created a welcoming effect. I know in other models I complained that having stairs directly off the entry way wasn’t ideal, in C2 this design worked. There’s a huge closet under the stairs that wraps around for extra storage.

The dining room was spacious. It’s rectangular in design and I think you could fit a six to eight seater table in the space. The dining room was separated by one of the kitchen countertops, which made food within reach of the dining table.

The living room was smaller than C1. It was just “ok” for me. It’s basically a square space, so fitting typical furniture wouldn’t be an issue. You can have an optional media and fireplace built into the house and I would opt to add these features. I have a piano, and I’m not sure that I could fit it plus my furniture in the living room. I might have to put it in one of the bedrooms, or squeeze it in the optional buffet area located in the dining room, which would leave less space for a table.

The kitchen is great. It’s a perfect size and highly functional. I appreciated the large pantry and lower cabinets. I felt like there was enough counter space to accommodate my cooking habits.

The laundry room was a decent size. It fits a full size washer/dryer and it had some storage.

The guest bath is small. The vanity has counter space, but it is not a dual sink set up. The tub is extremely narrow and disappointing. It felt like there was shower room only. The bathroom does have a handy linen closet, which I can appreciate.

The second bedroom is acceptable, but I was wondering where to put the television because the bed faces the glass closet mirror doors. I wish it could accommodate both the closet and television. Maybe you’re more creative than me, but I didn’t immediately see a resolution to this problem.

The master bedroom is a decent size, but suffers from the same television problem. Instead of facing a closet, it faces some windows. It seemed rather impractical.

The master bathroom was narrow like a hallway. It was nice, but smaller than I hoped. It contains a long and narrow walk-in closet, which was probably the best feature in the room. The shower is separate from the tub and the toilet is in a separate room.

If someone gave Residence C2 to me I wouldn’t refuse it. It’s a house that I could live in if I could resolve the television situation in the bedrooms.

Residence BR: (Townhome Living)

Price: $352,990

Estimated Tax Rate: 1.05%

Square Footage: 1,293 square feet

Bedrooms: 2

Bathrooms: 2

Garage: 2 car

HOA dues: $306 per month

CFD’s/ Mello Roos: $3,390 per year

Residence BR was terrible. I didn’t like anything about it. Residence BR has a large entry, but the laundry room is the first thing you see. This seemed like a very unwelcoming clinical entrance to the house. As you climb your way up the stairs, you’re confronted with a blocked view of the living space by a short narrow hallway with an ugly utility closet that houses your water heater. It was truly awful.

Once you get past the blockage, you see the unimpressive living room, which runs into the apartment style dining room. This set up is exactly what you’d find in an apartment. I’m definitely not shelling out the money for apartment style living.

The kitchen was a deal breaker for me. It was tiny—smaller than the kitchen in my 860 square foot apartment. There was no counter space and nowhere to move. The pantry was located in the dining room and you wouldn’t be able to fit more than a four-seater table in the dining space. There was also no microwave, and since counter space is nearly non-existent I’m not sure where I’d heat up my left over spaghetti.

Around the corner from the kitchen is the second bedroom. It was really small—Laguna Altura small. I’m not quite sure where you’d stick the television. It would have to be wall mounted. A child would easily outgrow this room. The adjoining bathroom wasn’t much bigger. The vanity had no counter space and the tub was narrow.

The master bedroom was located on the third level. The ceilings were low and I felt claustrophobic. It was smaller than I expected. The only thing I liked about the master bedroom was that it was on a different floor than the second bedroom. However, the bedroom door is at the top of the stairs, which creates a basement effect. It didn’t appeal to me in the least. The master bathroom is disappointing and small. It’s a rectangular space with nowhere to move. The vanities are separate from each other and didn’t have adequate counter space. At least the toilet was located in a separate area.

One word to describe Residence BR: UNSATISFACTORY!

Residence D

Price: $433,990

Estimated Tax Rate: 1.05%

Square Footage: 1,720 square feet

Bedrooms: 3

Bathrooms: 3

Garage: 2 car

HOA dues: $306 per month

CFD’s/ Mello Roos: $3,390 per year

Residence D is a rectangular floorplan, so I entered the house with nightmare flashbacks of Casero. Just like Residence BR, the laundry room was located on the first floor. Off the entry is the third bedroom. It was “petite” to say the least. Obviously you can’t do your laundry during sleeping hours. I liked that the third bedroom had an ensuite, even though the bathroom was small. It’s adequate for guests, but I wouldn’t put my children down here, particularly because they are close to the front door and the master bedroom is on the third floor.

As you walk up the stairs, you immediately see the dining room. The space is just “ok.” I don’t imagine more than a 4-6 seater table since it’s located directly off the stairs.

The kitchen at first glance appears larger than it actually is. There’s plenty of cabinet space, but counter space is a precious commodity that isn’t in abundance. If you want to open your oven or dishwasher, be prepared to navigate around a small space. The island creates a narrow walkway. If you’re not careful, you could fall over your oven door. This is annoying, but not a deal breaker.

I liked the living room. Although it practically stems off the kitchen, there is a decorative scalloped wall that defines the space. The model shows a large area rug that helps distinguish the space between the kitchen and living room. The size of the living room was excellent. It wasn’t too big, nor was it too small—for being a rather rectangular floorplan it was just right.

The second bedroom was typical of the other plans. It felt cramped, but might work for a teenager who doesn’t have a lot of stuff (what teenager doesn’t?). You could only fit a Full bed, and I think a daybed would better suit the space. Surprisingly the closet was fairly decent and I don’t think fitting a child’s wardrobe in the closet would be an issue. The bathroom is adjacent to the second bedroom and is your typical size guest bath: small tub, small vanity, toilet wedged between both. Nothing special.

The master bedroom was huge, and I loved it. You have to walk up another flight of stairs to get to it, and I still felt like I was walking up basement stairs, but on the whole I’d consider it livable. I wish that the bathroom was larger. The vanity was smaller than I hoped. The tub is nearly flush up against the vanity. How disappointing. I’d like to mention that upon exiting the master bedroom you’re confronted with a high, narrow view that I found intimidating. It made me feel like I was going to fall. It’s a long way down.

Residence D was not without its faults. I feel like I’d have to make a lot of compromises if I was purchasing Residence D. I didn’t see any deal breakers, and would classify the minuses as a minor inconvenience. I think for the price I’d rather search for another property, particularly since this is a “townhouse living” property. I’m not convinced it’s worth it.

Discuss below or on the Talk Irvine thread.

Irvine Housing by the Numbers – Update

Here is an updated list of the housing numbers for each Irvine neighborhood. Does anyone care to give an opinion on what these numbers mean?

Area List Price/# of Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg M-O-M Sold Price/SF % Chg Y-O-Y Sold Price/SF
Airport/IBC
February 2012 $392K/48 $330K/15 $337 $288 -4.30% -11.70%
January 2012 $374K/52 $327K/18 $332 $317 15.90% -17%
Columbus Grove n/a
El Camino
February 2012 $467K/26 $340K/5 $339 $281 5.20% -6.60%
January 2012 $462K/28 $389K/6 $322 $267 -10.10% -28.40%
Northpark
February 2012 $459K/74 $415K/13 $301

$280

1.10% -9.40%
January 2012 $465K/91 $412K/19 $290 $277 -3.10% -20.90%
Northwood
February 2012 $504K/66 $292K/13 $300 $287 -1.70% -7.10%
January 2012 $489K/78 $518K/17 $286 $292 3.90% -7.60%
Oak Creek
February 2012 $487K/26 $267K/13 $317 $267 3.80% -15.8
January 2012 $350K/33 $249K/9 $308 $261 -8.10% -20.40%
Orange Tree
February 2012 $242K/6 $200K/6 $249 $230 -7.60% -33.50%
January 2012 $216K/12 $205K/5 $252 $249 -4.20% -13.50%
Portola Springs
February 2012 $641K/31 $510K/1 $317 $249 -15% -12%
January 2012 $623K/43 $570K/7 $321 $293 16.70% 1.40%
Quail Hill
February 2012 $515K/21 $470k/6 $364 $307 -5.80% -10.80%
January 2012 $560K/20 $512K/8 $324 $326 -5% -13.30%
Rancho San Joaquin
February 2012 $492K/6 $360K/1 $297 $336 49.30% n/a
January 2012 n/a
Shady Canyon
February 2012 $5,995K/23 $3,200K/3 $725 $603 12.90% 7.50%
January 2012 $5,980K/23 $2,670K/5 $720 $534 n/a 24.20%
Turtle Ridge
February 2012 $1,899K/27 $955K/4 $527 $441 24.20% 18.90%
January 2012 $1,672K/32 $532K/4 $493 $355 -13.80% -25.30%
Turtle Rock
February 2012 $1,024K/38 $1,422K/4 $457 $559 89.50% 14.30%
January 2012 $974K/40 $545K/8 $458 $295 -20.30% -14.20%
University Park
February 2012 $578K/14 $555K/4 $297 $286 1.80% 9.60%
January 2012 $595K/14 $420K/7 $289 $281 -15.10% -10.80%
University Town Center
February 2012 $347K/6 $384K/1 $342 $265 -15.90% -19.50%
January 2012 $467K/10 $480K/1 $330 $315 -4% n/a
Walnut
February 2012 $600K/5 $509K/3 $316 $310 19.70% -9.40%
January 2012 $600K/11 $596K/4 $298 $259 -9.80% -12.80%
West Irvine n/a
Westpark
February 2012 $649K/21 $506K/6 $319 $361 1.40% 21.50%
January 2012 $552K/20 $695K/2 $331 $356 -6.60% -11.20%
Woodbridge
February 2012 $459K/83 $399K/23 $328 $312 14.30% -4.90%
January 2012 $435K/93 $402K/15 $317 $273 -13.10% -6.20%
Woodbury
February 2012 $650K/33 $419K/8 $330 $298 1.40% -4.70%
January 2012 $611K/44 $460K/8 $314 $292 -2% -16.80%

Source: Redfin.com

Sale! 40% off in Westpark

In the gated community of Corta Bella in Westpark where half of the housing inventory is rented, there are two identical two bedroom condominiums for sale. They would make good rental properties, or starter homes. In 2011, these homes had rented between $1900 to $2100 per month. Both have a two car garage on one floor, living/dining spaces and kitchen on another one, and bedrooms on the top floor. The community has a mix of 83% white collar, and 17% blue collar workforce with a median income of $95,883.

19 PALMIERI AISLE

Irvine, CA 92606

15 BETTONI AISLE

Irvine, CA 92606

Listing Price

$360,000

$341,900

Beds/ bath

2 Beds + 2 Baths

2 Beds + 2.5 Baths

Area

1302

1302 SF

Price/ SF

$276

$263

Levels

Three Levels

Two Levels

Year Built

1993

1993

Previous sale

$177,000 in May 1994

$186,000 in Feb 1998

$375,000 in July 2003

$537,500 in Aug 2005

Discount from peak: $177,50

$186,500 in Dec 1994

$571,000 in May 2006

$360,000 in June 2011

(Foreclosed)

Discount from peak: $229,100

Floor Plan

Builders Tract Name: Corte Bella

Builders Tract Code: CB

Builders Model Name: IL Romantico

Builders Model Code: B

Builders Tract Name: Corte Bella

Builders Tract Code: CB

Builders Model Name: IL Romantico

Builders Model Code: G

Type of Sale

Short Sale

Standard Sale

Elementary School

Westpark Elementary School (Year Round School)

API Rank 9

API Growth: 913

Culverdale Elementary School

API Rank: 8

API Growth: 857

Middle School

Southlake Middle School

API Rank: 10

API Growth: 916

High School

University High School

API Rank: 10

API Growth: 908

Down payment

$72,000

$68,380

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1396.00 Monthly

$1326.00 Monthly

Home Owner’s Dues

$305 + $41 = $346

$292 + $43 = $335

Mello-Roos

$643.63 Annually

$53.63 Monthly

$643.63 Annually

$53.63 Monthly

Property Tax (1.18681%)

$4272.50 Annually

$356 Monthly

$4057.70 Annually

$338 Monthly

Fixed Monthly Cost of owning

$2151.63

$2052.63

Westpark Sales History of similar homes since 2006:

2006:

1 Torrigiani Aisle $598,000

15 Bettoni Aisle $571,000

1 Cigliano isle $570,000

3 Palmieri Aisle $550,000

3 Imperial Aisle $530,000

2007:

2 Arese Aisle $550,000

1 Crivelli Aisle $530,000

20 Palmieri Aisle $529,000

3 Crivelli Aisle $484,000

2008:

2 Arese Aisle $485,000

2009:

3 Crivelli Aisle $449,000

2 Crivelli Aisle $443,000

3 Cigliano Aisle $440,000

2010:

1 Palmieri Aisle $445,000

21 Palmieri Aisle $441,000

1 Mozzoni Aisle $429,000

14 Bettoni Aisle $427,000

3 Cuzzano Aisle $410,000

1 Arese Aisle $399,000

2011:

26 Crivelli Aisle $358,888

Over the period of five years, the price of these condos has fallen from $598,000 to $358,888. That is a loss of $239,112, or forty percent loss on the investment. 2012 listing prices are in the $340,000 to $360,000 range. The market is still in correction mode. According to Trulia,” The median sales price for homes in Irvine CA for Dec 11 to Feb 12 was $480,000. This represents a decline of 2.7%, or $13,500, compared to the prior quarter and a decrease of 12.6% compared to the prior year. Sales prices have depreciated 29.4% over the last 5 years in Irvine.”

Would you buy one of these condominiums as a starter home or an investment property? Which one would you prefer? Short Sale or Standard Sale?

Plan G (15 Bettoni) has a half bathroom downstairs, but Plan B (19 Palmieri) has bathrooms only with the bedroom spaces. Plan G has laundry in the garage, while Plan B has laundry with the living spaces. Going by those two, I would prefer Plan G. Would the half bathroom and laundry space matter to you in a three level house?

Lambert Ranch – Private Preview

Lambert Ranch is a new development that is being built by The New Home Company. It is located/surrounded by Portola Springs and here is a rough idea of the location (click for a bigger image):

The grand opening is on April 28th, 2012 but they had a private preview event this past weekend. There are a few members in the TI forums who visited and had some feedback:

From kalbi:

Just got back. Checked out The Grove (starting at $1.2 M). Lots are small. Approx 6000 sq ft with about 4300 sq ft in living space. Yard is practically nonexistent. The tour guide was focusing on the “courtyard” as the yard. Love the downstairs for the most part, love the kitchen island in all floor plans and the great room. Also like the casita (Plan 3 has a HUGE separate casita). Upstairs left much to be desired. All secondary bedrooms are rather small. Master bedroom itself is also rather small, bathrooms are decent size.

Also, you can see the 241 from the models as well as the landfill.

The Hills start at the low mil. Bedrooms are a tad bigger than The Grove bedrooms but again, rather small.

Overall impression, decent floor plans but would not buy there because of the price and location.

They have one rec room for the association called the “ranch house” with pool and ping pong table. No tennis courts. I guess ping pong for the asians? 😉

From Arman:

Having looked at 100+ model homes over the past several years in Southern California, these are some of the most impressive I've seen. The Hill was nice, but the Grove was quite unique. What's great about these model homes is that every floorplan is different from every other floorplan in the community, unlike Laguna Altura, for example, which are variations on each other, and were exactly the same as floorplans used in other Irvine Pacific developments. As a group, the homes in Lambert Ranch are quite large as well, something else that is unique in today's economy. Will these sell? Who knows. But, if someone's looking for something new and something of this size in Irvine, it's about the only option available. With Orchard Hills MIA for the foreseeable future (and certainly not opening in 2013 as was advertised on the Irvine Company website a couple years ago), I don't know what else may be in the pipeline that may offer something of similar size or quality in the central OC area.

Any thoughts from anyone else who visited?

Discuss below or on the active TI thread.