Monthly Archives: April 2012

$450,000 in 92602

Like the first child, buying the first house is also an emotional experience. Every penny in that down payment has a little back story. Every tour of the home has the buyer’s imagine their life in that house. Today, we will look at the inventory of starter homes in 92602, keeping the budget from $400,000 to $425,000. One is a short sale, and other two are standard sales.

5 Cabazon #19, Irvine CA 92602

Listing Price

$400,000

Beds/ bath

2 Beds/ 2 bath

Area

1663 SF

Price/ SF

$241

Down payment

$80,000

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

$1505 Monthly

Home Owner’s Dues

$225

Mello-Roos

$1284 Annually

Property Tax (1.0595%)

$4238 Annually

Monthly Property tax +Mello Roos

$460 Monthly

Fixed Cost of owning

$2190 Monthly

40 Chula Vista #107, Irvine CA 92602

Listing Price

$415,000

Beds/ bath

3 Beds/ 2.5 Baths

Area

1510 SF

Price/ SF

$275

Down payment

$83,000

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

$1561

Home Owner’s Dues

$352

Mello-Roos

$1311

Property Tax (1.0595 %)

$4397

Monthly Property tax +Mello Roos

$475

Fixed Cost of owning

$2388

41 Burlingame, Irvine CA 92602

Listing Price

$425,600

Beds/ bath

2 Beds/ 2.5 Bath

Area

1475 SF

Price/ SF

$289

Down payment

$85,120

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

$1601

Home Owner’s Dues

$358

Mello-Roos

$1388

Property Tax (1.0595%)

$4509

Monthly Property tax +Mello Roos

$491

Fixed Cost of owning

$2450 monthly

Here is how the monthly fixed costs of owning stack up:

5 Cabazon $2190

41 Chula Vista $2388

41 Burlingame $2450

Even though the listing price is around the same price, the mortgage is around the same amount, the property tax and home owner’s association dues vary. If you were to buy a starter home, or an investment property, which one would you buy? Of course floor plan comes first, but would a price difference in Mello Roos, Property tax and HOA dues impact your decision?

Also, a couple of months ago, there was a huge influx of $375,000-$450,000 condos in the West Irvine area. The inventory seems dry as of now. Does that mean the market has picked up for the condos in that area?

In April, 2012:

92 Topaz was sold for $350,000

163 Topaz was sold for $403,000

161 Topaz was sold for $390,000

103 Sapphire was sold for $375,000

But a quick listing scan on redfin shows no more ‘gems’ from the West Irvine area. What do you think? We will see them racing to the bottom again in the ‘Summer of 2012’?

Discuss below or on Talk Irvine.

Closed Sales from 4/19/2012 to 4/25/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
4/19/12 2175 Scholarship 92612 Avenue One $321,000 2 1037
4/20/12 3054 Scholarship 92612 3000 The Plaza $570,000 2 1445
El Camino Real
4/19/12 25 Orangetip 92604 Irvine Groves II $525,000 5 2300
4/20/12 10 Butterfield 92604 Deerfield Townhomes $345,000 3 1550
4/23/12 17 Butterfly 92604 Irvine Groves $455,000 4 1856
4/23/12 48 Goldenbush 92604 Deerfield Townhomes $450,000 3 1645
4/25/12 136 Oval Rd 92604 Walnut Square $205,000 2 905
Northpark
4/23/12 44 Chula Vista 92602 Monterey $398,000 2 1345
4/24/12 604 Terra Bella 92602 Terra Bella $359,000 2 1343
Northwood
4/19/12 115 Streamwood 92620 Irvine Springs $145,000 1 639
4/19/12 4051 Escudero Dr 92620 Racquet Club $620,000 4 2344
4/20/12 70 Monticello 92620 Peppermill Run $685,000 3 2306
4/20/12 108 Cartier Aisle 92620 Northwood Villas $390,000 3 1424
4/23/12 4 Carson 92620 Shady Hollow $740,000 4 2600
4/23/12 56 Middlebury Ln 92620 Carlyle at Lanes End $685,000 3 2225
4/24/12 20 W Delamesa 92620 Park Paseo $600,000 4 2088
4/24/12 3 Hermosa 92620 Windstream $800,000 4 2618
4/24/12 118 Remington 92620 Horizon $287,500 2 905
Oak Creek
4/25/12 82 Millbrook 92618 Kelsey Lane $665,000 3 2100
4/25/12 305 Birch Grv 92618 Oak Park $258,900 1 900
Quail Hill
4/23/12 314 Quail Ridge 92603 Ambridge $397,000 2 1099
Stonegate
4/20/12 132 Coralwood 92618 Santa Rosa $348,000 1 1120
Turtle Ridge
4/20/12 258 Coral Rose 92603 Ashton Green $380,000 2 1183
4/20/12 29 Wildland 92603 Arezzo $2,360,000 5 3800
4/24/12 29 Shady Ln 92603 Ledges $1,610,000 4 3500
Turtle Rock
4/23/12 17 Bluff View 92603 Highlands Lusk $1,670,000 5 3250
University Park
4/23/12 3 Chicory Way 92612 Village II $595,000 3 2268
4/24/12 9 Yellowwood Way 92612 Village II $520,000 4 1960
University Town Center
4/20/12 375 Stanford Ct 92612 Princeton Townhomes $289,900 2 890
Walnut
4/24/12 5 Iowa 92606 Revere $680,000 4 2200
4/24/12 3501 Pecan St 92606 College Park $580,000 4 1873
West Irvine
4/20/12 23 Tioga 92602 Legacy $775,000 6 3700
4/21/12 17 Chandon Ct 92602 Andover $400,000 3 1368
4/23/12 18 Starwood 92602 Andover $390,000 3 1400
4/25/12 92 Topaz 92606 Mandeville $350,000 2 1500
4/25/12 43 Appleglen Dr 92602 Glen Willows $580,000 4 1900
4/25/12 53 Bellevue 92602 Sheridan Place $450,000 3 1569
Westpark
4/20/12 8 Agostino 92614 Las Palmas $425,000 3 1610
4/23/12 12 Del Carlo 92606 Positano $670,000 4 1960
4/23/12 59 Finisterra 92614 Promenade $690,000 3 1799
4/23/12 1 Alicante Aisle 92614 Tiempo $300,000 2 1000
Woodbridge
4/19/12 4 Southwind 92614 Lakeshore $703,000 2 1930
4/19/12 12 Creekwood 92604 Glen $422,000 2 1235
4/24/12 2 Cove 92604 Arborlake $590,000 3 2044
4/24/12 63 Sparrowhawk 92604 Patio Homes $639,000 3 1700
4/25/12 48 Havenwood 92614 Parkview $422,172 3 1520
4/25/12 8 Chardonnay 92614 Chateaux $342,200 1 1348
4/25/12 13 Soaring Hawk 92614 Summerfield $625,000 4 1879
Woodbury
4/19/12 50 Concierto 92620 Lombard Court $435,000 3 1640
4/21/12 34 Hedge Bloom 92618 Ivy $430,000 3 1400
4/19/12 206 Mantle 92618 Santa Cruz $670,000 3 2027

Discuss at Talk Irvine.

Irvine Housing by the Numbers – April 2012 Update

Here is an updated list of the housing numbers for each of Irvine’s neighborhood. Note that in most Irvine neighborhoods more homes sold in March than were sold in the previous two months. In particular, the Northpark, Woodbury, and Woodbridge neighborhoods stand out.

Area List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Airport/IBC
Mar-12 $415K/45 $412K/16 $348 $346 11.60%
Feb-12 $392K/48 $330K/15 $337 $288 -11.70%
Jan-12 $374K/52 $327K/18 $332 $317 -17%
Columbus Grove n/a
El Camino
Mar-12 $546K/22 $468K/10 $329 $327 3.80%
Feb-12 $467K/26 $340K/5 $339 $281 -6.60%
Jan-12 $462K/28 $389K/6 $322 $267 -28.40%
Northpark
Mar-12 $674K/50 $465K/36 $341 $281 -8.80%
Feb-12 $459K/74 $415K/13 $301 $280 -9.40%
Jan-12 $465K/91 $412K/19 $290 $277 -20.90%
Northwood
Mar-12 $519K/61 $518K/20 $316 $301 -1.60%
Feb-12 $504K/66 $292K/13 $300 $287 -7.10%
Jan-12 $489K/78 $518K/17 $286 $292 -7.60%
Oak Creek
Mar-12 $425K/27 $284K/14 $309 $292 -1.40%
Feb-12 $487K/26 $267K/13 $317 $267 -15.8
Jan-12 $350K/33 $249K/9 $308 $261 -20.40%
Orange Tree
Mar-12 $245K/9 $189K/6 $253 $279 4.10%
Feb-12 $242K/6 $200K/6 $249 $230 -33.50%
Jan-12 $216K/12 $205K/5 $252 $249 -13.50%
Portola Springs
Mar-12 $639K/25 $950K/5 $325 $320 11/9%
Feb-12 $641K/31 $510K/1 $317 $249 -12%
Jan-12 $623K/43 $570K/7 $321 $293 1.40%
Quail Hill
Mar-12 $500K/21 $505K/9 $360 $317 -3.10%
Feb-12 $515K/21 $470k/6 $364 $307 -10.80%
Jan-12 $560K/20 $512K/8 $324 $326 -13.30%
Rancho San Joaquin
Mar-12 $465K/5 $500K/2 $246 $296 n/a
Feb-12 $492K/6 $360K/1 $297 $336 n/a
Jan-12 n/a
Shady Canyon
Mar-12 $5,980K/21 $4,436K/4 $720 $657 28.80%
Feb-12 $5,995K/23 $3,200K/3 $725 $603 7.50%
Jan-12 $5,980K/23 $2,670K/5 $720 $534 24.20%
Turtle Ridge
Mar-12 $1,899K/28 $1,500K/7 $550 $485 -8.30%
Feb-12 $1,899K/27 $955K/4 $527 $441 18.90%
Jan-12 $1,672K/32 $532K/4 $493 $355 -25.30%
Turtle Rock
Mar-12 $967K/40 $690K/11 $448 $381 17.60%
Feb-12 $1,024K/38 $1,422K/4 $457 $559 14.30%
Jan-12 $974K/40 $545K/8 $458 $295 -14.20%
University Park
Mar-12 $552K/14 $431K/6 $288 $305 -5.60%
Feb-12 $578K/14 $555K/4 $297 $286 9.60%
Jan-12 $595K/14 $420K/7 $289 $281 -10.80%
University Town Center
Mar-12 $455K/7 $478K/4 $298 $321 1.90%
Feb-12 $347K/6 $384K/1 $342 $265 -19.50%
Jan-12 $467K/10 $480K/1 $330 $315 n/a
Walnut
Mar-12 $619K/5 $635K/3 $327 $300 3.40%
Feb-12 $600K/5 $509K/3 $316 $310 -9.40%
Jan-12 $600K/11 $596K/4 $298 $259 -12.80%
West Irvine n/a
Westpark
Mar-12 $565K/17 $615K/10 $319 $331 -2.50%
Feb-12 $649K/21 $506K/6 $319 $361 21.50%
Jan-12 $552K/20 $695K/2 $331 $356 -11.20%
Woodbridge
Mar-12 $494K/68 $345K/31 $339 $283 -9.30%
Feb-12 $459K/83 $399K/23 $328 $312 -4.90%
Jan-12 $435K/93 $402K/15 $317 $273 -6.20%
Woodbury
Mar-12 $680K/35 $678K/21 $334 $289 0%
Feb-12 $650K/33 $419K/8 $330 $298 -4.70%
Jan-12 $611K/44 $460K/8 $314 $292 -16.80%

Source: Redfin.com

Discuss below or on Talk Irvine.

Two Ways to Go on Trovita

Today's post was written by SMS. Let us know what you think!

Houses can be raw material ready for shaping OR a finished project just waiting for the new owners to unpack and enjoy. On Sunday I looked at two single family homes in Canyon Creek and found a bit of both.

The first at 3 Trovita, is very desirable raw material, almost totally original, and meticulous. As you enter and encounter snowy white carpet, a discreet sign requests that you remove your shoes.

Across the street, the second house at 6 Trovita offers an estimated $250,000 in upgrades and quite a bit of extra sizzle.

Price and Size Comparisons: 3 Trovita is 2794 square feet, and it just went from $919,000 to $898,000. 6 Trovita is 3000 square feet and it went from $982,000 in Oct, 2011 to $929,000. 3 Trovita has 4 bedrooms, 3 baths and 6 Trovita has 5 bedrooms, 3 baths and a third garage. The average list price for similar homes for sale is $921,303 and the average sales price for similar recently sold homes is $633,417.11 There is no Mello Roos tax.

Overall look at Canyon Creek and beyond: As a sheltered, low crime, gated community in the most appealing part of Northwood, Canyon Creek provides pool, spa, and tennis courts. With $147 in monthly fees, you also get access to excellent Irvine schools, including Northwood High. Canyon Creek website

These homes were built in the 1980’s and the community has a reassuringly safe, insulated atmosphere. Although I must add in this price range you could be nearer the beach (with some houses in Newport’s Dover Shores), or possibly find a view property in Turtle Rock, Irvine, and have comparable or the same school systems. But of course, you would not have the gated community security.

Lot Size and Outdoor Space – In this price range I would like to not be quite as aware of my neighbors. Just 10 feet more in depth for the back patio areas would really maximize the outdoor space. The landscaping and upgrading at 6 Trovita works to mask this problem quite successfully. The property at 3 Trovita is beautifully maintained, but could use a bit more sizzle (fountain, herb garden, etc.) and more landscape masking.

What really fits the buyer’s needs? For a professional couple who travel frequently, entertain small groups, and often have visiting guests, these homes could work very well. As an investment for foreign buyers, a location for those who work in or near Irvine, and an option for growing families, or extended families, both of these homes are right on target.

Down to the details:

3 Trovita

Pros:

  • Meticulous property, spotless presentation.
  • Dramatic cathedral ceilings in formal living room, dining room and master suite.
  • Master Suite also offers wet bar, brick fireplace, double Roman tub and stall shower, built in bookcases.
  • Double paned windows throughout.
  • Newer concrete tile roof.
  • New brushed nickel faucets and door hardware.
  • New porcelain travertine-like tile in kitchen.

Cons:

  • Patio needs more masking of nearby neighbors and more spark – herb garden, fountain, etc.
  • Original stairs with planter box underneath need to be upgraded.

6 Trovita

Pros:

  • Formal dining room with French doors.
  • Formal living room has custom mantel.
  • Updated kitchen with stainless appliances and new induction cooktop, and granite countertops.
  • New circular stairway
  • Stained glass window, custom window coverings.
  • Hardwood floors, recessed lighting, shutters.
  • Master suite has private deck, two sided fireplace, elegant bath.
  • Outdoor area offers chill pool with skillful landscaping creating a retreat for entertaining, and relaxing.

Con:

  • In competition with other properties in other areas offering views, or beach proximity.

Has anyone else visited either of these properties? What were your impressions?

Discuss below or on Talk Irvine.

What Would $750,000 buy in Irvine?

Five different villages, five different floor plans. But all of the properties I am comparing today are within the price range of $740,000 to $760,000. Without analyzing each micro-market’s performance over the decade, or the age of the home and school districts, lets’ see how much house can we afford in each village. All of them are standard sales.

Quail HIll:

91 Canopy Irvine, CA 92603

Listing Price

$749,000

Beds/ bath

3 Beds/ 2.5 bath

Area

2000 SF

Price/ SF

$374

Down payment

$149,800

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

$2818 Monthly

Home Owner’s Dues

$214

Mello-Roos

$2662 Annually

Property Tax (1.20782%)

$9046 Annually

Monthly Property tax +Mello Roos

$975 Monthly

Fixed Cost of owning

$4007 Monthly

Airport Area

5071 Scholarship #503 Irvine, CA 92612

Listing Price

$749,500

Beds/ bath

2 Beds/ 2 Baths

Area

1675 SF

Price/ SF

$447

Down payment

$149,900

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

$2820

Home Owner’s Dues

$975

Mello-Roos

$14.77

Property Tax (1.10663%)

$8294

Monthly Property tax +Mello Roos

$692

Portola Springs:

54 Land Grant Irvine, CA 92618

Listing Price

$749,990

Beds/ bath

3 Beds/ 2.5 Bath

Area

2044 SF

Price/ SF

$367

Down payment

$149,998

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

$2821

Home Owner’s Dues

$247

Mello-Roos

$3680

Property Tax (1.0595%)

$7946

Monthly Property tax +Mello Roos

$969

Fixed Cost of owning

$4037

Turtle Rock:

12 Mirador #5 Irvine, CA 92612

Listing Price

$750,000

Beds/ bath

2 Beds/ 2.5 Bath

Area

1839 SF

Price/ SF

$408

Down payment

$150,000

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

$2821

Home Owner’s Dues

$487

Mello-Roos

$145

Property Tax (1.0496%)

$7872

Monthly Property tax +Mello Roos

$668

Fixed Cost of owning

$3976

Woodbridge:

63 Lakefront Irvine, CA 92604

Listing Price

$759,000

Beds/ bath

3 Beds/ 2 baths

Area

2077 SF

Price/ SF

$365

Down payment

$151,800

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

$2855

Home Owner’s Dues

$489

Mello-Roos

$145

Property Tax (1.034%)

$7848

Monthly Property tax +Mello Roos

$666

Fixed Cost of owning

$4010

Which condo would you buy?

Do the Mello Roos and Property Tax rate affect your decision?

Would you rather pay more for the house than the big HOA dues?

How do you pick your village in Irvine?

Discuss below or on Talk Irvine.