169 SF, for $5 More Monthly

Inventory on Feb 10th, 2013: 215.

Irvine is settling in the 200 range for inventory of resale properties. The buyers and sellers have made peace with the new normal and are moving on, along with the stock market scaling new heights. When, or if this mini-bubble will burst is purely based on speculation, and as of now, I don't see it bursting till the end of the year unless something drastic happens on the macro-level forcing our micro-market to react.

Here are two condominiums in the guard gated Northpark. While I love the luxury of living in a guard gated community, I am not a fan of small condominiums with huge HOA dues. There comes a point where renting in a gated apartment complex works out better than living in resort style condominiums. But then, housing is all about personal preference, and these condominiums are proof that all it takes is a buyer-seller and builder.

707 Terra Bella, Irvine CA 92602

701 Terra Bella, Irvine CA 92602

Address 701 Terra Bella 707 Terra Bella
Beds/ bath 2 Beds/ 2 Baths 1 Bed/ 1.25 Bath
Listing Price $349,990 $349,000
SF Area 1119 SF 950 SF
Price/ SF $313/SF $367/SF
Monthly Mortgage (3.5%) $1,253 $1,249
Monthly HOA $405 $405
Property tax $3706 Annually $3696 Annually
Mello Roos $1097/ Annually $1097/ Annually
Fixed Monthly expenses $2058 Monthly $2053 Monthly

For roughly $5 a month, I am sure every buyer wants to 'upgrade' to a two bedroom condo in the same area. But there it is a huge gap in listing prices.

What do you think? Will these properties sell for what they are listed for? Would you buy a condo like this just because it happens to be in Irvine, and pay HOA as big as your property tax + mello roos? What are your thoughts about such condominiums? Do they make good investment properties? Discuss at Talk Irvine.


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