Campaniles of Northpark Square

Two Campanile Plans are on the market in Northpark Square are on the market at the same price. Neither back to major freeways or busy streets, both are almost at the same distance from the entrance to the community, both are the same shade of beige, and except for a slightly different treatment for entrance, it would be hard to tell them apart. That would be only if you are familiar with the area, and know the neighborhood.

For a potential client scouting via internet, it’s an easy task. Listed at $420/SF, the Realtor is bound to make a lot of money when the deal closes, but still, there are five grainy pictures of the property on the MLS. Grandfathered Blackberry models took better pictures than that. The schools aren’t listed correct. It’s not Pioneer Middle School anymore, it’s Orchard Hills. The HOA dues cannot be $1. At that amount, the HOA will end up spending more money processing your check. What riled me up was ““UPGRADES are to many to mention”. Really? I am not even questioning the use of spell-check here. The client who spent his money and time on upgrades at least deserves two lines explaining the work done on the house.

But then, tables are turning. Inventory is low. There are currently 241 homes on the market. Anything and everything will sell, and at any price. The house will probably sell itself without any help of the MLS pictures, or videos, or accurate listing data. “Stainless Steal appliances” will be just fine, the buyer will get the idea. 92606 is OK too. If you really zeroed in on the Northpark Square area, it shows on your search via Redfin.  Keywords matter more maybe.

Here are the addresses of the listed properties:
24 Spyrock, Irvine CA 92602
14 Longvale, Irvine CA 92602

Both are 3 Bedroom/ 2.5 bath Single Family Residences with 2000SF area, and 4000SF lot. They were built in 2006. Both are listed at $840,000, $420/SF.

Here is how Campanile homes performed last year when the inventory was in the 700-800 range:
2011:
9 Longvale  $365/SF
8 Inglenook $322/SF
20 Longvale $345/SF
64 Masterson $365/SF
21 Longvale $385/SF
15 Inglenook $339/SF

In the zip code 92602, inventory has dropped 30% on month-to-month basis, and 68% in year-to-year basis. Median sold price has grown 11.4% Price/SF on month-to-month basis, and 5.7% on year-to-year basis.

What do you think?
Is the Kool-Aid ready to drink?
Will the banks start doling out equity loans again?
What are your thoughts about Campanile properties, and Northpark Square area?

Share your thoughts and comments below, or at Talk Irvine, but before you leave, here is a bonus MLS listing picture for your viewing pleasure! This is the only picture the Realtor has used to list a San Simeon property in the guard gated Northpark!


Astute Observations

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