Monthly Archives: March 2013

Closed Sales from 3/21/2013 to 3/27/2013

Date Sold Address Zip Tract Sold Price Beds SqFt
Laguna Altura
3/22/2013 74 Borghese 92618 Siena $653,273 3 1672
3/26/2013 30 Lupari 92618 San Remo $676,681 3 1830
Northpark
3/21/2013 2 Crane 92602 Vintners Reserve (VINR) $668,000 3 1900
3/21/2013 2 Coloma 92602 NorthPark Square $951,000 4 2923
3/21/2013 72 Rosenblum 92602 $550,000 3 1650
3/22/2013 145 Lockford 92602 Auburn $453,000 2 1547
3/25/2013 9 Upland 92602 Miramar (MIRA) $998,800 4 2810
3/25/2013 42 Topanga 92602 Manchester (MANC) $1,026,000 4 2900
Northwood
3/21/2013 7 Savannah 92620 $605,000 3 1370
3/21/2013 21 Kara East 92620 Park Place $850,000 4 2190
3/22/2013 7 Stonewall 92620 Imperial Homes (IP) $745,000 4 2381
3/22/2013 15 Bluecoat 92620 Amberwood (N.W.) (AW) $715,000 4 1986
3/22/2013 170 Pineview 92620 Lakes, The $265,000 2 1204
3/26/2013 7 Twin Branch 92620 Cristal (CRIS) $1,485,000 4 3868
3/27/2013 8 Grant 92620 Shadow Run (SR) $738,800 3 1900
Not Defined
3/25/2013 308 Bronze 92618 Santa Cruz $830,000 4 2450
Oak Creek
3/22/2013 32 Poppy 92618 Montilla $460,000 3 1525
3/25/2013 50 Alevera 92618 Aldea $560,000 3 1300
Orangetree
3/27/2013 19 Tarocco 92618 Orchard Glen OT (OG) $339,000 2 995
Orchard Hills
3/25/2013 140 Streamwood 92620 condo $141,000 0 460
Portola Springs
3/22/2013 83 Cunningham 92618 Lambert Ranch $1,311,732 5 3900
3/27/2013 28 Gray Dove 92618 Las Colinas $1,182,500 4 3109
3/27/2013 70 Latitude 92618 Vientos $565,000 3 1405
Quail Hill
3/22/2013 55 Canopy 92603 Laurel Quail Hill (LAUR) $888,000 4 2100
3/26/2013 101 Pageantry 92603 Sienna (SIEN) $1,892,000 6 3640
Turtle Ridge
3/21/2013 37 Gingerwood 92603 Whispering Glen (WHGL) $630,000 2 1499
3/25/2013 21 Canyon 92603 Arezzo (AREZ) $2,600,000 5 3800
3/27/2013 22 Tall Hedge 92603 Ledges $1,540,000 3 3050
Turtle Rock
3/22/2013 30 Brigmore Aisle 92603 Summit Towne Collection $773,000 3 2160
3/25/2013 24 Prairie Grass 92603 Sycamore $3,350,000 5 4820
3/25/2013 5062 Berean 92603 Broadmoor (BM) $960,000 4 1950
3/26/2013 49 Golden Eagle 92603 Shady Canyon Custom (SHDC) $5,000,000 6 6276
University Town Center
3/21/2013 131 Stanford 92612 Princeton Townhomes $540,000 3 1410
Walnut (Irvine)
3/22/2013 14361 Gibraltar 92606 Colony 1 $502,500 2 1235
3/25/2013 116 Saint James 92606 Parklane (WN) (PRKL) $485,000 2 1170
West Irvine
3/21/2013 149 Topaz 92602 Mandeville (MAND) $460,000 2 1500
3/25/2013 7 Parma 92602 Concord $925,000 4 2600
3/26/2013 76 Congress 92602 Wisteria (WIST) $525,000 3 1425
3/27/2013 2 Ivy 92602 Briarwood $880,000 4 3100
Woodbridge
3/21/2013 26 Summerwind 92614 Willow Creek (WB) $710,000 3 2092
3/22/2013 165 Briarwood 92604 Unknown $280,700 3 1150
3/25/2013 12 Bluejay 92604 Patio Homes (WB) (PT) $885,000 4 2505
3/26/2013 15 Lakefront 92604 Cove (CV) $1,060,500 3 2287
3/26/2013 22 Longshore 92614 Lakeshore (LS) $632,000 2 1930
3/26/2013 89 Yale 92604 Estates (ES) $672,000 4 2156
3/27/2013 20 Rainstar 92614 Landing I (LD) $1,065,000 4 2460
Woodbury
3/21/2013 32 Rising Sun 92620 Portisol $750,000 3 1708
3/25/2013 30 Long Fellow 92620 Stonetree $751,000 4 1964
3/27/2013 64 Sanctuary 92620 Villa Rosa $1,099,900 4 2750

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3667.0.html

Open House Review: 14521 Ryewood

After scanning Redfin for some open houses, I decided to visit 14521 Ryewood Street in El Camino Glen, a neighborhood I haven’t toured before. I thought the house was priced really high, so I wanted to see it for myself, especially since there aren’t any interior pictures online.

The basics:

Asking Price: $545,000

Bedrooms: 2

Bathrooms: 1

Square Footage: 1,000

Lot Size: 5,100

$/Sq Ft: $545

Days on Market: 7

Property Type: Single Family Residence

Year Built: 1970

Community: El Camino Glen

There are no HOA dues or Mello Roos taxes.

The front door opens directly into the living room, which has dark wood floors and a white brick fireplace at one end. It has a hanging lamp that looks more suited for a hallway, or even outside. There are high ceilings in the living room and new windows throughout the house. None of the ceilings have been scraped.

The kitchen is behind the living room, with a dining area that could probably fit an eight person table (though 4 – 6 would be more comfortable). The kitchen and dining area have dark green, acrylic tile. Otherwise, everything is white – the appliances, cabinets and tile counters. The kitchen definitely shows its age, but does manage to fit a lot of cabinets into a small space.

Sliding doors at the back of the dining area lead to the large backyard. The yard is a combination of cracked concrete and dying, patchy grass. There aren’t any plants or trees. Though the realtor mentioned the concrete walls as a huge asset for privacy, they are low enough that I could look over parts of them into the adjacent yards (and I’m not that tall). The size of the yard is great, but it needs a lot of work to be nice. The listing’s referral to “new green grass lawn” seems to only apply to the front yard.

A hallway off the living room leads to the bathroom and bedrooms. The home’s sole bathroom has a newer vanity with a single sink. A shower/tub combo with older white tiles and a curtain rod is at the back of the room.

One bedroom is slightly larger than the other and also has a bigger closet. Both have standard, two-door closets with gold trim. Both rooms also have new sliding doors out to the side yard, which are fitted with alarms. The carpet in the bedrooms is in good shape.

While I was there, the owner of a nearby home was touring as well. He mentioned that the foundation of this home is the same size and strength of that of a two-story house, so adding a second story could be a possibility. There is also space to add more rooms at the back of the house.

Another potential buyer touring when I did seemed interested and was considering making a cash offer. The realtor also told me there were others planning to submit offers in the evening (though I don’t know if any actually will). I asked the realtor how she determined the list price, because $545 per square foot is higher than pretty much everything I’ve seen lately. Her response was “It’s El Camino Glen,” as if to say that made it a highly desirable area. However, recent sales in the area have been much lower and the other homes currently on the market are all under $435 per square foot.

What’s your take on the Ryewood home? If it does go for $545,000, how do you think it will affect other prices in the area?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3663.0.html

The Irvine Housing Review: February 2013

According to Altos Research, it’s still up, up, and away for the Irvine’s single-family housing market. The Altos Market Action Index for Irvine’s single-family homes is 41.16l; last month at about this time, it was 33.10. So the Irvine single-family housing market climbs farther and farther into what Altos defines as a seller’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 in Irvine has been on the market for about 127 days as of March 22, 2013.

Altos Market Action Index for Single-family Homes in Irvine

Altos Research

Following is Irvine’s February 2013 housing market data provided by Redfin.

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses
13-Mar $1,020K/101 $904K/62 $443 $381 13.40%
13-Feb na/109 na/272 $415 $354 n/a
13-Jan na/113 na/274 $409 $357 n/a
Condos
13-Mar $570K/111 $476K/88 $375 $344 21.60%
13-Feb na/100 na/301 $369 $325 n.a
13-Jan na/106 na/324 $377 $327 n/a
All
13-Mar $703K/219 $588K/151 $392 $359 18.90%
13-Feb na/209 na/573 $389 $334 n/a
13-Jan na/219 na/598 $389 $338 n/a

Open House Review: 55 Pinewood

Supersized Woodbridge Condo

55 Pinewood $999,000

If you turn off of Yale and wind back through the North Lake area of Woodbridge, there is a supersized condo all the way at the end of the cul de sac, at 55 Pinewood. This condo may be the one that most condos want to be.

Totally remodeled and expanded, the home has grown to 3,157 sq. feet with 4 bedrooms, and 3.5 baths, including a master retreat, an office and a bonus room. The end result is a sleek condo with some nice options.

Significant numbers: Built in 1977, this two level home has been on the market about 30 days, and is $315/sq. ft.

CloseUp: Double doors open into a large tiled entry with a step down family room and nicely finished patio straight ahead. Carpeted stairs to the second level are on the right and a dining area and kitchen are off to the left. The master retreat is also on the main floor around to the right.

The family room with fireplace has French doors opening onto a large professionally landscaped backyard with custom fireplace, fountain and built-in barbecue and gas range. There is also a large side yard.

Overall, this polished condo has a take charge attitude. It could hold a whole tribe of family, friends and relatives, or handle a good sized guest invasion, staging a big party and housing out of town guests. The open floor plan on the main floor and extra bedrooms can easily manage the traffic.

Newly painted throughout, the pale beige color scheme is accented with coordinating tile and thick cocoa carpeting. Striking tile insets and niches are used in the kitchen, baths and hall.

The family kitchen fits right into the main floor hub of activity with good sized granite counters, stainless appliances, custom cabinetry and recessed lighting.

The master suite is a well designed retreat with jacuzzi and shower and his and hers vanities. There are also two other good sized bedrooms with private baths on the main floor. Upstairs, the bedrooms are good sized, and one has French doors opening onto a small balcony. The laundry is inside and there is an attached double garage.

Specifics:

Bedrooms, 4

Baths, 3.5

Double garage

Cooling: Dual zone AC system, central heating

Community Barbecue, Playground, Spa

Community clubhouse(s), tennis courts

Irvine Unified School District

What is important here? The choice North Lake Woodbridge location, paired with so much space will be considered along with the immaculate finish and numerous upgrades. Single family versus condo will be the other question with individual priorities weighing in.

In a changing market it will be interesting to see how this newly remodeled and greatly expanded home will do. Recently there were several quick sales of good sized single family homes in the same price range in the South Lake area of Woodbridge.

Who will be attracted to 55 Pinewood? A large family could be looking for the top schools nearby, and all of Woodbridge’s recreational facilities. The main floor master retreat, office, den and bedrooms, offer flexible space for people who travel, work at home, and entertain a lot.

Recent nearby listings: 10 Woodflower, $1,200,000 ; 17 Brookdale, $978,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3658.0.html

Be Priced Out Forever!

Inventory as of 24th March, 2013: 184.

I know, you all laugh when you hear the legendary Realtor statement “Buy now or be priced out forever”. But of late, the Irvine market has flipped, and is clearly on the seller's side, forcing people to buy before they are priced out, or the interest rates rise! Oh wait, this is Irvine. We don't care about interest rates. We buy all cash. At least most of the people I talk to are sharing stories of exorbitant down payments or all cash purchases. It's a different world from what we saw four years ago, when we looking to buy. Inventory was maximum, and even though there were multiple offers of properties, people were under bidding each other as opposed to over bidding now to get a property, guaranteed.

I have profiled the West Irvine condominiums a couple of times to show how the market has changed for them in a year, some even appreciating as much as $200,000. Today, I will profile another condominium from the 92602 zip code, but not in West Irvine.

46 Trailing Vine, Irvine CA 92602

Listing Price: $525,000

Beds/ baths: 3 Beds/ 2.5 Baths

Area: 1395 SF

Year Built: 2005

Monthly Expenses:

Mortgage: $1915

HOA Dues: $290

Mello Roos: $113

Property tax: $463

Total Monthly Expenses: $2781

Cost of owning/ SF: $2/ SF Monthly

When the market was going down a couple of years ago, there was a lot of chatter about shadow inventory. Technically, if the market performed as the graph projected, that would be the case, and we would have reached the rock bottom in the summer of 2012. But, now we all know that those who bought in the 2008-2011 time period did not catch a falling knife.

Here is a brief history of trailing vine properties:

2007: $419/SF

2008: $349/SF – $367/SF

2009: $311/SF – $329/SF

2010: $302/SF – $342/SF

2011: $297/SF – $306/SF

2012: $274/SF – $295/SF

2013: 81 Trailing Vine, $330/SF

92 Trailing Vine, $294/SF

33 Trailing Vine, $329/SF

38 League, $354/SF

From $419/SF to $274/SF, Tamarisk has seen it all.

What do you think?

Would you buy a Tamarisk house fearing that you might actually be priced out very soon if the trend continues?

Are you willing to pay half a million dollars to buy a house with a tiny patio, and view of the freeway from the bedrooms?

Share your views at Talk Irvine.