Monthly Archives: July 2012

Open House Review: 18 Southern Wood

Best Priced Single Family Home in Turtle Rock Hills

18 Southern Wood: $980,000

As I turned off Turtle Rock Drive onto Southern Wood, I remembered seeing another open house in this neighborhood at 10 Windflower. This single family 3 bedroom, 2.5 bath home is one street up from the Windflower home.

And as it turns out, the similarities and differences in the two homes generate some good questions. New to the market, and in the realtor’s words, “the best priced single family home in Turtle Rock Hills,” 18 Southern Wood is situated on a 10,000 sq. ft. lot with a panoramic canyon and mountain view, and a back yard that is really one big beautiful garden.

As you enter a tiled entry, with a small garden court, there is a large airy living room with fireplace on the right, and a sunny formal dining room on the left.

Making the most of 2,436 sq. ft., the floor plan creates a nice circular flow through the house, from living room to family room, dining room to kitchen and on to the patio and garden. Overall the feeling is inviting and relaxed. This is a house that the owners have obviously enjoyed.

In the back of the home, the view and the garden shine. Just right for fresh produce and flowers from the garden, and the preparation of festive meals, this is clearly the place for the family to hang out. There is a family room with fireplace, comfortable breakfast nook with built in cabinets, and 2 patios, a covered one, and a bricked one below. Beyond the patios the garden is filled with flowers and a gorgeous view stretches off into the distance.

The adjacent kitchen has been remodeled with sleek cabinetry and granite counters.

There are 3 bedrooms and two baths upstairs. The master suite has a new deck with a sublime view, just right for morning stretches, and evening views of the sky. The master also has a walk in closet, dual vanities and a soaking tub. One of the other bedrooms is being used as a computer room/office.

There is an attached double garage with two parking spaces and the laundry is inside.

Specifics for the two properties:

18 Southern Wood, $980,000 10 Windflower, $1,350,000
Type Residential, Single Family Residential, Single Family
Beds 3 4
Baths 2.5 3.5
Lot Size 10,000 Sq Ft 5046
Square Footage 2436 2956
$/Sq. Ft $402 $457
Views Canyon Hills, Mountain, Panoramic Canyon Hills, Turtle Ridge
School System IUSD IUSD
Attached? Yes; 1 common wall Yes; 1 common wall
Mello Roos No No
Assocation Fees: $99 $99
Year Built: 1979 1978
Days Listed 7 52
Community Turtle Rock Hills Turtle Rock Hills

Considerations and Comparisons: Starting with the same basic floor plan, but totally different lot sizes, on quiet cul de sac streets, these two homes offer great schools, great views and ultimately, great choices. 18 Southern Wood has a 10,000 square foot lot, 2,436 square ft. interior, remodeled kitchen, panoramic canyon and mountain view, new deck off of the master suite, bricked patio, lavish garden, and some nice upgrades.

10 Windflower, has a 5,046 sq. ft lot with 2,956 sq. ft. home that was completely remodeled in 1993. Now there’s a fourth bedroom, a fireplace and view window in the master suite, oak floors, butler area next to the dining room, French doors, window treatments, window seat and custom fireplace in the living room, and custom staircase. The home’s enlarged windows make the most of the view and a fire pit and jacuzzi complete the backyard refuge.

Essentially, the question is all about the buyer’s choice. Is a turnkey extensively remodeled gem just the ticket, or would it be better to start with a lower price and some beautiful assets and decide what’s next?

Who will choose 18 Southern Wood? Someone looking for a great spot in Turtle Rock Hills with a first class view, excellent schools, and great parks and services, will see this as a perfect fit. Someone weighing price and assets and considering expansions may see this as opportunity. And would be gardeners, or old hands, will want a second look at this one.

Nearby locations recently sold: 14 Southern Wood with 3 bedrooms, 2.5 baths sold for $970,000 in June; 31 Sycamore Creek with 3 bedrooms, 2 baths sold for $925,000 in April. Nearby properties currently listed: 24 Southern Wood with 4 bedrooms, 3 baths is listed at $1,198,000; 31 Morning Glory with 3 bedrooms, 2 baths is listed at $1,150, 000.

Discuss below or on Talk Irvine.

Doubling in Northwood Pointe

If somebody had offered me to give me more than double of my investment in seven years, or at least double it in twelve years, recession notwithstanding, I would have scoffed at the idea. But that’s exactly what two real estate investments have paid off in Northwood. From their initial price of around $600k in 1999/2000, both have managed to climb steadily to their offered price around $1.4 million today.

14 ARBORWOOD, IRVINE CA 92602

Beds: 5

Baths: 3.5

Area: 3,700 SF

Price/SF: $378

Lot Size: 7,172 Sq. Ft.

Year Built: 2000

Builders Tract Name: Somerton

Builders Tract Code: SOMT

Builders Model Code: 3

Property Type:Residential, Single Family

Style:Two Level, Mediterranean

View:Orchard/Grove, Pasture, Trees/Woods

Community: Northwood County

Sales History:

Jul 09, 2012 Listed (Active) $1,399,900

Jan 29, 2007 Sold (Public Records) $1,450,000

Sep 29, 2000 Sold (Public Records) $601,000

Monthly expenses:

Mortgage: $5029

Home Owner’s Association: $150

Property Tax + Mello Roos: $1265 Monthly ($15,178 Annually)

Fixed Monthly Expenses: $6444

9 GARNET, IRVINE CA 92602

Beds: 4

Baths: 3.75

Area: 3,700 SF

Price/SF: $386

HOA Dues: $156/month

Lot Size: 6,200 Sq. Ft.

Year Built: 1999

Builders Tract Name: Somerton

Builders Tract Code: SOMT

Builders Model Code: 4

Property Type:Residential, Single Family

Style:Two Level, Mediterranean

Community: Northwood

Sales history:

Jul 25, 2012 Listed (Active) $1,429,000

Jun 01, 2007 Sold (Public Records) $1,650,000

Sep 10, 1999 Sold (Public Records) $600,000

Monthly expenses:

Mortgage: $5,133

Home Owner’s Association: $156

Property Tax + Mello Roos: $1288 Monthly ($15,450 Annually)

Fixed Monthly Expense: $6577

My view:

A few hundred here, and a few hundred in monthly expenses do not make a difference for a buyer of these properties, but the floor plan does. Both the houses are beautifully upgraded and maintained. But 9 Garnet with it’s grand staircase steals the show.

Which one would you buy?

Do you look for elements of grandeur when you spend more than a million on the house?

Discuss below or on Talk Irvine.

Closed Sales from 7/19/2012 to 7/25/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
7/19/12 3141 Michelson DR 405 92612 Marquee @ Park Place $350,000 2 1297
7/23/12 2140 Scholarship 92612 Avenue One $210,000 1 725
El Camino Real
7/19/12 1 Black Oak 92604 Smoketree $455,000 3 1172
7/25/12 25 Snowberry 32 92604 Deerfield Townhomes $370,000 3 1250
Northpark
7/25/12 1302 Terra Bella 92602 Terra Bella $422,000 3 1614
Northwood
7/19/12 38 Potomac 92620 Glen (NW) $650,000 3 2400
7/19/12 618 Timberwood 92620 Collage $345,000 2 1270
7/20/12 6 Urbino 92620 Windstream $922,000 4 3268
7/20/12 212 Garden Gate Ln 92620 Glenneyre @ Lanes End $410,000 2 1039
7/20/12 324 Monroe 182 92620 Timberline $377,000 2 1200
7/23/12 15 Hermosa 92620 Windstream $780,000 4 2618
7/24/12 54 Night Bloom 92602 Mericort $535,000 3 1479
7/24/12 3 Yorktown 92620 $681,000 4 2214
7/25/12 42 Colonial 92620 Woodside II $835,000 4 2427
Oak Creek
7/20/12 3306 Orangewood 92618 Oak Park $320,000 2 1031
Quail Hill
7/24/12 150 Treehouse 92603 Tapestry $990,000 4 2557
Turtle Ridge
7/19/12 62 Valley Terrace 92603 Fiore $1,688,000 5 3000
7/19/12 24 View Ter 92603 Citrus $2,150,000 4 3565
7/20/12 36 Gardenpath 92603 Arborel $949,000 3 1770
Turtle Rock
7/25/12 6232 Sierra Siena RD 92603 Broadmoor $1,075,000 3 2574
7/25/12 14 Elderberry 92603 Highlands Garden $970,000 3 2773
University Park
7/24/12 3 Senisa 92612 Village I $545,000 3 1741
University Town Center
7/23/12 56 Columbia 4 92612 Columbia Square $400,000 2 1232
7/24/12 119 OXFORD 27 92612 Columbia Square $350,000 2 1244
7/24/12 42 Lehigh Aisle 152 92612 Oxford Court $585,000 3 1916
West Irvine
7/19/12 29 Olde Berry 55 92602 Andover $385,000 3 1364
7/25/12 6 ASBURY 92602 Ivywood $759,800 3 2400
Westpark
7/20/12 1304 Solvay Aisle 92606 Brio $265,000 1 785
7/20/12 6 Del Vincente 92606 Unknown $550,000 3 1350
Woodbridge
7/20/12 46 Greenbough 101 92614 Somerset $340,000 3 1260
7/20/12 187 Briarwood 92604 Other $259,000 2 921
7/25/12 28 Silkleaf 92614 Cottage Homes $585,000 3 1571
7/25/12 13 Chardonnay 59 92614 Chateaux $362,500 2 1145
Woodbury
7/20/12 47 Stowe 92620 Mille Fleurs $1,050,000 5 3780

Discuss below or Talk Irvine.

Open House Review: 9 Carriage Drive

Prior to today, I had never been in the West Irvine community at all. I hadn’t driven down the streets or gone into any of the homes. I decided to take a look and was somewhat surprised by what I found. The biggest surprise was a lack of HOA, since every other new community in Irvine has a community pool and other amenities typical of a homeowner’s association. Also, the area felt a little cramped, like the houses were too close to the street or too close to each other. It just didn’t feel as open as many of the other neighborhoods in Irvine.

On the bright side, I did like the house itself – 9 Carriage Drive.

The basics:

Asking Price: $749,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,237

Lot Size: 3,740

$/Sq Ft: $335

Property Type: Single Family Home

Year Built: 1999

Community: West Irvine

There are no HOA dues but there are Mello Roos taxes.

Downstairs, there are dark hardwood floors in the living/dining room and family room. The kitchen has tile floors. The home doesn’t have an entryway or foyer; rather, you enter directly into the living room. It has big windows and crown molding. It flows directly into the dining room without any break between the two. As you walk toward the back of the house, you pass the stairs and a small half bath before entering the family room, which has a fireplace and big windows facing the backyard. The walls are painted mustard yellow, which doesn’t go well with the bricks in the fireplace, but that can easily be changed.

The kitchen has a small eat-in area and an island, plus doors to the backyard. There are tile floor and tile countertops, white appliances, and maple cupboards. There is plenty of counter and cabinet space, plus a huge walk-in pantry just off the kitchen. The laundry room is also off the kitchen; you pass through it to get to the garage. It is a fairly small space without a sink or counters

The backyard is pretty small and mostly hardscaped. There are some plants and flowers but they are currently overgrown and need to be tended. It has the potential to be very attractive if cared for properly.

Upstairs, there are four bedrooms. The master is on the right and the other three are on the left. Two of the three secondary bedrooms are a good size with small walk-in closets. The third is a little smaller and has a sliding door closet. None of them have any special features. They share a bathroom with two sinks and a shower/tub combo. There is also a huge walk-in linen/storage closet in the upstairs hallway.

The master is a pretty big room with two windows facing the backyard. It doesn’t have a retreat, but one corner seems big enough to put in a comfy chair or a small desk. The bathroom features two sinks and a separate tub and shower. There is also a very large walk-in closet.

Overall, there is nothing particularly special about this house. However, it is well-maintained and needs very little work (probably just interior paint and tending the backyard). The rooms are well-sized and the layout is nice. The lot is fairly small, but otherwise, it’s a great move-in ready home.

Discuss below or on Talk Irvine.

Irvine House vs. Condo Numbers: July 2012

According to Altos Research, Irvine’s single-family homes have a Market Action Index of 21.70, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home has been on the market for about 128 days as of July 20, 2012.

Median Price of Single-family Homes in Irvine

Altos Research

According to Redfin, 251 houses were on the Irvine market in June, and 202 condos were on the market. Following is more data from Redfin on Irvine’s June 2012 housing market:

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses
12-Jun $890K/251 $735K/103 $384 $356 5%
Condos
12-Jun $498K/202 $430K/152 $336 $313 -1.30%
All
12-Jun $720K/456 $515K/257 $363 $327 0.9%*

*The May price per square foot was down 4.6%.

The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.

Redfin

I find it interesting that the number of houses on the market exceed the number of condos on the market—something that was not true in the not so distant past. Also, in spite of some anecdotes of homes in Irvine going for over list price, these charts and graphs show that the median selling price of homes in Irvine is still below the median asking (listed) price.

If you would like to see some housing numbers for each of Irvine’s neighborhoods, see my previous post “Irvine Housing by the Numbers – July 2012 Update.”

Discuss below or on Talk Irvine.