Monthly Archives: August 2012

Closed Sales from 8/23/2012 to 8/29/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
8/24/12 2117 Watermarke PL 92612 Watermarke $245,000 1 635
8/26/12 3120 Scholarship 92612 3000 The Plaza $1,525,000 2 2390
El Camino Real
8/24/12 11 Sunridge 92604 Deerfield Patio $550,000 3 1350
8/24/12 17 Woodrush 92604 Deerfield Patio $415,000 3 1350
8/24/12 12 Snowberry 92605 Deerfield Townhomes $415,000 3 1550
8/25/12 5011 Yearling Ave 92604 El Camino Glen $610,000 4 1943
8/28/12 12 Helena 76 92604 other $430,000 3 1639
Northpark
8/23/12 36 Leucadia 68 92602 Monticello $343,000 2 1436
Northwood
8/24/12 95 Shadywood 18 92620 Arden Square $630,000 3 1800
8/24/12 215 Springview 92620 other $185,000 1 639
8/25/12 34 Van Buren 294 92620 Horizon $310,000 2 981
8/26/12 12 Camellia 92620 Arbor Crest $1,068,000 4 3150
8/27/12 24 Blakeley 92620 Greenfield $870,000 4 2527
8/29/12 16 Bragg 92620 Shadow Run $710,000 4 1897
8/29/12 30 Christamon West 92620 Park Place $660,000 3 1702
Oak Creek
8/26/12 20 Danbury Ln 92618 Cobblestone $529,000 3 1350
8/27/12 32 redberry 92618 Cypress $736,000 4 2050
8/28/12 94 Millbrook 92618 Kelsey Lane $680,000 3 2079
Orangetree
8/23/12 293 Tarocco 92618 Unknown $257,000 2 995
Portola Springs
8/27/12 48 Land Grant 92618 Other $675,000 4 2077
Quail Hill
8/24/12 75 Canopy 92603 Laurel Quail Hill $725,000 4 2057
8/29/12 127 Tall Oak 92603 Ivy Wreath $640,000 3 1800
Rancho San Joaquin
8/24/12 82 NAVARRE 92612 RSJ Villas $350,000 2 1263
8/28/12 15 Verde 92612 RSJ Townhomes $465,000 2 1507
Turtle Ridge
8/24/12 35 Cezanne 92603 Chaumont $2,250,000 5 4021
Turtle Rock
8/24/12 6246 Sierra Palos Rd 92603 Broadmoor $800,000 3 1549
8/24/12 5951 Sierra Bravo 92603 Broadmoor $928,888 4 2033
8/28/12 8 Sunrise 92603 Ridge – Irvine Pacific $935,000 3 2000
University Park
8/24/12 7 Teakwood 92612 Parkside – Deane $685,000 3 1670
West Irvine
8/23/12 35 Granada 92602 Barrington $790,000 4 2478
8/24/12 63 Briar Ln 92602 Other $811,000 5 2900
8/24/12 12 Ardmore 92602 Sheridan Place $500,000 3 1570
8/24/12 11 Red Coat Pl 92602 Liberty $689,000 4 2000
8/27/12 17 Proclamation Way 92602 Heritage $735,000 5 2300
8/29/12 5 Bowie Place 92602 Liberty $585,000 4 1755
Westpark
8/24/12 32 Belcanto 92614 Promenade $780,000 4 2340
8/29/12 51 Abrazo Aisle 169 92614 Tiempo $271,000 1 899
8/29/12 179 Alicante Aisle #235 92614 Other $355,699 2
Woodbridge
8/23/12 59 Claret 92614 Chateaux $490,000 2 1600
8/23/12 409 E Yale Loop 16 92614 Garden Estates $400,699 2 1749
8/24/12 12 Lone Pine 92604 Townhomes $530,000 3 1490
8/27/12 78 Greenmoor 39 92614 Stonegate $270,000 2 978
8/29/12 1 Springflower 144 92614 Seasons $519,000 3 1471
Woodbury
8/23/12 213 Great Lawn 92620 Cortile $450,000 3 1497
8/24/12 198 Guinevere 92620 Garland Park $399,900 2 1355
8/29/12 120 Blaze 92618 Santa Cruz $709,000 4 2283

Discuss on Talk Irvine.

Open House Review: 56 Shade Tree

Canyon’s Edge Executive Retreat 56 Shade Tree $974,900

Scooting along Shady Canyon Drive, the view is all open wilderness, just minutes from Orange County’s urban nest of beaches and freeways. I was headed to Canyon’s Edge in Turtle Ridge, a gated community that sits next to the wilderness, and I was remembering visiting Quail Hill awhile ago. Both areas offer premium locations, delivering a big helping of the outdoors with easy access to all of the urban connections.

It’s a lifestyle worth considering. Spend the afternoon hiking, practically in your own backyard, and then head off for the next trip, or an evening out with the 73 Freeway and Orange County Airport nearby.

Turning into Canyon’s Edge, I found a community that may be a match for its surroundings. If it is to your taste, then you will recognize it instantly. At the back of the property there’s no urban neighbor on the other side of the fence, just a sweep of open wilderness.

New to the market , this Canyon’s Edge single family home compares well with Quail Hill, offering similar options with a bit more space.

Capturing some of the feel of a Tuscan farmhouse, this stone and stucco 2 bedroom, 3 bath single family home opens into a serene interior that promises more. Italian Tagina tile is used throughout the home and the 2,330 square foot open floor plan includes an extra downstairs room that could become a third bedroom. A formal dining room, casual dining area, and cozy family room with stone fireplace, overlook the backyard and wilderness beyond.

The gourmet kitchen with food prep island, large walk in pantry, granite counters, and breakfast bar is opposite the family room. Outfitted with recessed lighting, a 36” glass cooktop with five burners, under cabinet fluorescent lighting, and special deep roll out drawers for pots and pans, this kitchen looks equal to any task, whether it be an elaborate meal or a quick barbecue prep.

Outside is equally serene. Skillfully landscaped to blend into the surroundings, there is a patio and grassy area with fire pit, fountain, barbecue, heaters for chilly evenings, and dining area.

Throughout the home there is the feeling that each room is intended to be just right, functional, appealing and unobtrusive.

Upstairs, the master bedroom has a media niche off to one side, a walk in closet, and a master bath that has a separate shower and oversized tub. The other good sized bedroom has an adjacent private bath. There is a convenient upstairs laundry.

Some of the home’s many details include oil rubbed bronze hardware, raised panel doors, recessed lighting throughout, energy advanced dual glazed windows, prewired sound system, an interior sprinkler system, and retardant glazed tile roof. There is a double garage and wrought iron and masonry fencing.

Specifics for this two level Mediterranean:

Beds: 2

Baths: 3

Square Footage: 2,330

$/Sq.Ft.: $418

HOA Dues: $271/month

Forced air, central air

Property: Residential

Type: Single Family

View: Canyon

Year Built: 2003

Community: Turtle Ridge, Canyon Edge

County: Orange

On the Market: 22 days

Considerations and Comparisons: Canyon’s Edge compares well with Quail Hill and may offer a bit more space for the dollar. But this community is a selective choice. The dollars spent here are for space coupled with those other key ingredients of location, privacy, convenience, and distinctiveness. New to the market, this home will attract a certain buyer with some definite ideas of what the home should be.

Who will make this stone and stucco farmhouse theirs? A professional couple, a busy executive, or a small family who love the outdoors, might gravitate to this home. Quality schools, exceptional hiking and recreational areas, a remote, retreat lifestyle, and easy access to nearby beach communities could all be factors in the sale.

Nearby properties and recent sales: 19642 Sierra Santo Rd. sold for $835,000 in June and 19367 Sierra Bello Rd. sold for $940,000 in March. Current properties listed: 17 Shade Tree is listed for $869,000 and 5 Starlight is listed for $895,000.

Discuss below or on Talk Irvine.

Northwood: A Closer Look

Today we’ll take a look at Irvine’s Northwood neighborhood. First, the numbers:

Northwood—July 2012:

Area

List Price/

# Homes Listed

Sold Price/ #Homes Sold

Median List/SF

Median Sold/SF

% Chg Y-O-Y Sold Price/SF

Houses

$820K/34

$730K/18

$343

$343

7.5%

Condos

$232K/18

$396K/2

$276

$324

19.1%

All Northwood

$727K/52

$650K/22

$323

$340

9%

All Irvine

$744K/408

$545K/211

$363

$322

-0.3%

The following graphs show the change in the number of Northwood homes on the market, the price per square foot of Northwood houses, and the price per square foot of Northwood condos, respectively.

To give more meaning to these numbers and graphs, I am listing some homes that are near the bottom, top, and middle of the price range for homes in the Northwood real estate market.

123 Streamwood

Note: This home is one of the least expensive homes in Northwood that is not “sale pending” or a manufactured home.

Condo built in 1977

• Beds/Baths: 1/1

• HOA Dues: $250/month

• Mello Roos Tax: No

• Price: $210,000/$289 per square foot

37 New Dawn

Note: This home is located near Hicks Canyon Trail.

• Single-family built in 1999

• Beds/Baths: 5/5.5

• HOA Dues: $40/month and $110/month

• Mello Roos Tax: Yes

• Price: $2,499,999/$521 per square foot

19 Colonial

Note: This home is “sale pending, back up offers accepted”.

• Single-family built in 1977

• Beds/Baths: 3/2

• HOA Dues: Yes, but amount is not listed.

• Mello Roos Tax: No

• Price: $664,800/$353 per square foot

Source: Redfin

Discuss below or on Talk Irvine.

Open House Review: 11 Ravendale

If you are in the market for a large home, check out 11 Ravendale. This home was just listed and boasts five bedrooms (one downstairs) plus a huge third floor bonus room.

The basics:

Asking Price: $999,000

Bedrooms: 5

Bathrooms: 4

Square Footage: 3,537

Lot Size: 3,842

$/Sq Ft: $282

Property Type: Single Family Home

Year Built: 2002

Community: Northpark Square

HOA dues are $98 per month and Mello Roos are $1,104.66 per year.

When I entered 11 Ravendale, I saw the living room to my right and the dining room to my left. The living room has windows on three sides, crown molding, and wall to wall carpet. The dining room, like the entry, has tile floors, and is tucked in between the entryway and the staircase. Its location is a bit awkward, since it doesn’t connect to the kitchen, but that seems to be the case in many newer homes.

Across from the staircase, a short hallway leads to a small full bathroom and a bedroom.

On the other side of the stairs are the kitchen and family room. The kitchen has tile floors, an island, dark granite counter tops and maple cupboards. It has black appliances, including a double oven, and brushed nickel fixtures. It also has a huge pantry with tons of shelving and a large space in the back with low ceilings for storing infrequently used items.

The super family room is big, but not as big as other super family rooms I’ve seen. It has a fireplace at one end, windows along one wall, and is carpeted. The carpet here, as well as in the living room and the entire upstairs, needs to be replaced.

Upstairs, there are four bedrooms on the second floor. The master is at the top of the stairs. While it doesn’t have a designated retreat, it is a very big room and has a fireplace in one corner, so you could create a cozy seating area. There are two large walk in closets with built-ins, a separate tub and shower, and two sinks with tile countertops. I liked that the bathroom wasn’t as huge as those in many other newer model masters. It had adequate space without taking up too much square footage.

The other three bedrooms were surprisingly big. I am so used to seeing tiny secondary bedrooms in new homes that I was very pleasantly surprised by the rooms here. Each one also has a walk in closet with some built-ins. They share a bathroom with two sinks and a shower/tub combo. A large linen closet and a laundry room with sink complete the second floor.

A huge third story bonus room completes the house. It has sloped ceilings, two ceiling fans and a full bathroom. While it is one large space, it can easily be divided into different areas and used for multiple purposes. There is also an unfinished storage area that could probably be fixed up and turned into a usable attic.

The downfall to the house is the lot size, resulting in a small backyard. The owners did invest a lot in landscaping, including stone work throughout and a built in bbq. While they did well with what they had, the space is small and feels pretty closed in.

This home is big without feeling ostentatious. Each room is well-sized and, aside from the well-worn carpet, everything is in great condition.

The owners have already purchased a new home and are looking to sell quickly. While the price of $282 per square foot is on the low end of homes in the area, it should be noted that a nearly identical home (28 Thorn Hill) a block away sold two weeks ago for $935,000 ($266/sq ft).

Discuss below or on Talk Irvine.

Summer and Spanish Lace

Summer of 2012 was supposed to be the legendary bottom of Irvine Real Estate prices. But thanks to low inventory, Irvine home owners can breathe easy and continue to list their properties for exorbitant prices. The safest city just got voted as the sixth best place to live in the country! That might add a premium to the premium we are already paying to live in the safest city with the best school district. Currently there are only 399 homes in Irvine for sale, not including shadow inventory. That’s a huge drop from the 1200+ in July 2007, and the lowest in the past five years.

Every village in Irvine saw its bottom at a different time since 2008, and so far all the markets that crashed since the “Great Housing Depression” have rebound. Woodbury was another hard hit market in Irvine, many houses still under construction, some sold for buyers with creative financing, at risk of being foreclosed or sold short. The Great Park that was supposed to be the crowning glory of Irvine became an illusion, so much so that the surveys asked “do you think Great Park will be built in your lifetime”.

Today we will see if Woodbury has rebound from its lows, or has reached a new bottom.

76 Spanish Lace, Irvine CA 92620

Previous Sale: November 18, 2005 for $805,500.

(Most of these homes were sold in that range when they were offered by the builder)

Here is a brief sales history of Cachette homes with similar floor plan since 2006.

2007: 168 Vintage $766,000 – Highest

2007: 187 Rhapsody $738,000

2008: 79 Rinaldi $674,000

2008: 80 Spanish Lace $665,000

2009: 81 Sanctuary $738,000

2010: 106 Alhambra $675,000

2010: 199 Rhapsody $697,000

2010: 161 Rhapsody $700,000

2011: 187 Sanctuary $700,000

2011: 119 Sanctuary $675,000 (Foreclosed, and sold by the bank)

2011: 41 Lamplighter $639,00 (Short Sale) – Lowest

No property has sold after the short sale of 41 Lamplighter and the foreclosure – sale by the bank of 119 Sanctuary. 76 Spanish Lace is a regular sale, and according to the listing the owner has remodeled and upgraded extensively. In short, the owner is taking a loss from his purchase price, and willing to lose his remodeling dollars. Overall market says the inventory is low and prices will be inflated, but may be they are not inflated enough to pay a little less than a million for a detached condominium, just yet.

Listing Price: $739,900

Beds/ Bath: 3 Beds/ 2.75 Bath

Area: 1959 SF

Property type: Residential, Condominium

Year Built: 2005

Community: Woodbury

Price/ SF: $378

HOA Dues: $202/Month

Monthly mortgage: $2,699

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $4258

Property Tax (1.0595%): $7840

Monthly Mello Roos + Tax = $1008

Fixed monthly expenses: $3,909

An attached corner unit with similar square feet area is not a fair comparison, but here is what an attached wall will bring down the monthly cost of owning to:

70 Costa Brave #114, Irvine CA 92620

Listing Price: $588,000

Beds/ Bath: 3 Beds/ 3.5 Bath

Area: 1865 SF

Property type: Residential, Condominium

Year Built: 2010

Community: Woodbury

Price/ SF: $315

HOA Dues: $300/Month

Monthly mortgage: $2,145

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $3311

Property Tax (1.0595%): $6230

Monthly Mello Roos + Tax = $795

Fixed monthly expenses: $3240

Would you buy now in Woodbury?

Now we know Summer of 2012 didn’t turn out as legendary and bearish as it was touted to be, but those of you who waited, are you buying now, or waiting for a further drop that shadow inventory influx ‘might’ bring?

Share your thoughts below or on Talk Irvine.