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A Review of the Terrazza Tract in Orchard Hills

Jul 22nd, 2014 by Karen 

This week, I will review the Terrazza homes in Orchard Hills.  They are the second largest on the Orchard Hills II side, but the fourth smallest in all of Orchard Hills (the seven larger collections are in the gated Groves area).  Like all homes on this side of Culver, Terrazza was built by Irvine Pacific.  The homes all have four bedrooms, including a main floor bedroom, and range from 3-4 bathrooms.  Each home also has a loft.  They range from 1,981 – 2,408 square feet.  Each home has a two car garage, some with an additional storage area.  Terrazza only has two different models, though Residence Two has a slight variation known as Two X, which is always on a corner.

Some of the standard amenities in all homes include Kitchenaid stainless steel appliance package, including cooktop, oven, microwave, dishwasher and hood; white satin Thermofoil cabinets with adjustable shelves; granite slab kitchen counters with 6-inch backsplash and full backsplash at cooktop; stainless steel double basin sink with Kohler pull-out faucet; master bath with a sterling tub with 6” x 6” tile surround and separate shower; dual Kohler undermount sinks with marble countertops and backsplash; Kohler polished chrome faucets; ceramic tile flooring at entry, kitchen, dining, baths and laundry; plush carpet throughout living areas; pre-wired multi-media plate; fire-resistant concrete tile roofs; decorative front doors; high efficiency air conditioning and gas furnace; tankless water heaters; and energy efficient bathroom fixtures.  All homes are Build it Green™ Certified.

Terrazza is the southernmost set of homes and the only collection south of the Narrow Path entry from Culver.  There are four different elevations: Tuscan, Northern Italian, Formal Spanish and Early California.  All homes in Terrazza are zoned for the Tustin Unified School District, including Hicks Canyon Elementary, Orchard Hills School, and Beckman High School.  Currently, Hicks Canyon serves grades K – 4 and Orchard Hills serves 5 – 8.  Eventually Orchard Hills will be a K-8 facility.  There will be a total of 149 homes in the Terrazza neighborhood.

Basic Neighborhood Financial Information
Approximate HOA Dues: $196 per month
Approximate Tax rate: 1.06%
Approximate Mello Roos: $3704 - 4154 per year (AD Tax: $1,950; CFD Tax: $1,650 - $2,100; other tax $104)
Overall Effective Tax Rate: 1.5%
Prices start at around $855,000 for Residence One, $935,000 for Residence Two, and $965,000 for Residence Two X.

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Posted in New Homes

A Look at Some Housing Stats for Irvine and Surrounding Cities: July 2014

Jul 16th, 2014 by Sylvia Walker 

Here are some housing market statistics for Irvine and some surrounding cities. When I reviewed these numbers, two points stood out. First, the average down payments for houses in Lake Forest and Santa Ana have increased greatly from the numbers of about a month ago. Second, when compared to numbers from about this time last month, the number of homes that sold in every one of these cities has increased.

The following numbers are for the ninety days that precede July 11.

Area Median List Price Median Sale to List Price Avg # of Offers Avg Down Payment # Homes Sold
Irvine $799,000/
$429 per SF
98.50% 2 21.70% 641
Lake Forest

$343 per SF

98.40% 2.3 49.60% 257
Tustin $650,000/
$369 per SF
98.20% 2.4 21.00% 185
Orange $649,000/
$345 per SF
98.50% 2.4 15.10% 350
Santa Ana $515,000/
$340 per SF
98.50% 2.2 39.30% 463
Costa Mesa $729,000/
$440 per SF
98.60% 1.5 15.00% 225
Newport Beach $2,225,000/
$927 per SF
96.30% 3 48.80% 371
Orange County $699,000/
$373 per SF
  98.3%  2.5 23.90% 7,790

Posted in News

Open House Review: 205 Falling Star

Jul 15th, 2014 by SMS 

Single Family Detached 4 Bedroom, 3 Bath Woodbridge Home Inside Loop
205 Fallingstar $869,000

Drive down West Yale Loop until it turns into East Yale Loop and then make a quick left on Fallingstar.  There, in the first house on the corner you have a hint of what the ‘inside the loop’ designation does to the price. This 4 bedroom, 3 bath home is just barely inside the loop, sitting on the corner of Yale Loop, but its price is similar to several homes that I have seen in the outer loop recently that have more options and more upgrades.  The question the buyers have to ask is what counts the most for them. Over the weekend, open house visitors were coming through, some talking about planning purchases in time for school in the fall.  The broker was also suggesting the property could be an excellent investment rental.

Significant Numbers: This two level, 4 bedroom, 3 bath home has been on the market a little over 20 days. It is 1,900 sq.ft, sitting on a 3,485 sq. ft. lot at $457 per sq. ft. HOA dues are $82. The home was built in 1984.

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Open House Review: 180 Pineview

Jul 14th, 2014 by Joy 

This home is the largest plan in the Lakes Community of Northwood and has a rare attached two car garages.  It is a two level condominium, with kitchen, dining area and living room downstairs and two bedrooms upstairs with a jack-and-jill bathroom.  I have reviewed other units in the community, but none had an attached garage. 

Asking Price: $464,888
Bedrooms: 2
Bathrooms: 1.75
Square Footage: 1,366
Lot Size: 1,307 square feet
$/Sq Ft: $340
Days on Market: 65
Property Type: Condominium, Residential
Year Built: 1978
Community:  Northwood, The Lakes

HOA dues are $310 per month and there are no Mello Roos taxes.

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Irvine Housing Overview: Condos and Houses—May 2014

Jul 9th, 2014 by Sylvia Walker 

Below are numbers provided by Redfin for Irvine’s May housing market. (Note: The June number will be available in a few days.) The numbers are broken down so that the statistics for condos and houses can be seen.

At our last look at these numbers, a lot more homes in all categories sold in April than was true earlier this year, and more homes were on the market in April than was true earlier this year. The May numbers show the number of homes on the market is continuing to rise; however, the number of homes sold has slowed down.

Also note that Altos Research states that the Market Action Index (MAI) for Irvine’s single-family housing market was 37.08 on June 27, 2014. According to Altos, above 30 indicates a sellers’ market, below 30 indicates a buyers’ market.

Following is Irvine’s 2014 housing market data as 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
14-May $1,060K/334 $895K/100 $444 $448 8.50%
14-Apr $1,096K/270 $900K/97 $447 $440 11.70%
14-Mar n/a n/a n/a n/a n/a
14-Feb $1,090K/203 $905K/57 $451    $420    10.50%
14-Jan $1,082K/170 $832K/62 $461    $429    22.20%
14-May $590K/332 $570K/125 $413 $402 5.20%
14-Apr $590K/310 $550K/125 $411 $394 4.50%
14-Mar n/a n/a n/a n/a n/a
14-Feb $599K/248 $560K/80 $406    $395    13.50%
14-Jan $603K/226 $626K/58 $406    $392    20.60%
14-May $788K/704 $722K/238 $422 $421 7.40%
14-Apr $778K/618 $678K/247 $425 $409 7.60%
14-Mar $799K/487 $680K/na $435    $407    n/a
14-Feb $745K/479 $665K/145 $421    $400    10.50%
14-Jan $412K/422 $688K/130 $422    $412    23.40%

Posted in News

IRWD Indoor Water-Use Rebates

Jul 2nd, 2014 by Sylvia Walker 

“Together, toilets and clothes washers account for approximately 45% of the water used inside your home.”

Last week I wrote about rebates for outdoor water-saving devices. Since about 70% of California water use goes to home landscaping, saving water in this area can greatly cut down on residential water use and, therefore, cut down on energy use and homeowner costs. This week’s post is about rebates for two standard, high-water using items in all homes—clothes washers and toilets. These rebates will also help homeowners save water, energy, and money.

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Posted in News

Open House Review: 17 Soaring Hawk

Jul 1st, 2014 by SMS 

Detached, Upgraded Woodbridge Single Family Home in Outer Loop
17 Soaring Hawk  $820,000    

Turning off Culver onto Main and then taking Timberwood to Soaring Hawk leads to this upgraded single family detached home in the outer loop.  New to the market, about 5 days, and nicely remodeled, this 3 bedroom, 2 bath property also raises the question of location.  Recently I have seen several properties in the outer loop in Woodbridge that have been nicely upgraded.  In the market it is interesting to see how price plays out with homes that sit closer to Culver traffic.  Woodbridge’s prime lake recreation, community atmosphere and top schools are all part of the package with location being the only difference from many other similar properties inside the loop.

Significant Numbers: Built in 1984, this 1,633 sq. ft. 3 bedroom, 2 bath home sits on a 4,356 sq. ft. lot. HOA dues are $80 and the price per sq. ft is $502.   Public records show this home sold for $630,000 in 2010.

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