Attached or Detached?

Inventory as of February 2nd, 2013: 223.

As Irvinites take the Christmas lights off, and drag their tree away for recycling, they couldn't help but notice that the property prices are on the rise. Now that the house was getting professionally cleaned post-holidays, many thought why not, lets test the market - if WTF listing price works, might as well make some money and trade up!

As I scanned through the twenty listed properties in North Park/ West Irvine area, I noticed a familiar address. 10 Mineral King. I had covered this blog in my previous blog "Kings of their domain".  The property was listed at $699,800 then, and delisted, and now it's listed at $719,000.

Listing Price: $719,000
Beds: 4
Baths: 2.5
Sq. Ft.: 2,477
Price/Sq. Ft.: $328
Property Type: Residential, Single Family
Style: Two Level, Other
Year Built: 2000
Community: North Park
Builders Tract Name: Evergreen
Builders Tract Code: EVRG
Builders Model Code: 4

Monthly Mortgage: $2,563
HOA Dues: $328/month ($183+$145)
Property Tax ( 1.0593%):  $7616 Annually
Mello Roos: $1,401 Annually
Monthly Property Tax+ Mello Roos: $751
Fixed Monthly Expenses: $3,642

Here is a brief sales history for 2012:
12 Millbrae  $292/SF
7 Three Rivers  $300/SF
17 Crescent City $276/SF
16 Crescent City $278/SF
16 Apple Vly  $289/SF
14 Apple Vly  $278/SF

Why do these Single Family Residences sell for much lower than the trending $350/SF+ in North Park?
Partly because all these are listed as "attached" Single Family Residences.

What are attached Single Family Residences?
They share a wall with their neighbor, just like Condominiums, but you own the land below your building.  Also, this particular property has two HOA dues just like a condominium, adding up to $328 per month.

Floor Plan:
At 2477 SF, the house is spacious, but all the bedrooms, and retreats and full size bathrooms are upstairs. There is no guest bedroom, or home office downstairs. Also, the for the house this size, the kitchen looks cramped. There is no significant yard either. Most of the condominiums have bigger yards. Also, two and a half bathrooms are too little for a four bedroom house.

For the same price, what else is on the market close-by?

12 Proclamation Way. Comparing a property from West Irvine to North Park isn't a fair comparison, but unless you are hung up on a particular builder, these do fall under the same zip code and share the same sales statistics.

Listing Price: $799,000
Monthly mortgage: $2864
Mello Roos: $1129
Property taxes: $8463
Taxes + Mello Roos Monthly: $799
Fixed Monthly Expenses: $3663

What would you do?
Would you buy an attached property in a guard gated community with all bells and whistles, or a detached property? Would the builder's name change your decision? Do you check pending litigations, and past records of the builder before buying?

Share your thoughts at Talk Irvine.


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