Same Floorplan, Same Village, Very Different Price

Today we will compare two homes in the guard gated Northpark community of Irvine. Both the houses have the same floor plan, and same square feet area. But one of them is priced $60,000 more than the other. When you see the MLS pictures of the houses, there isn’t much difference between both in terms of interior upgrades. Both are standard sales. Northpark has about 36 homes for sale now, 12 sold this year.

For the 92602 zip code, inventory is down 27.6% on a year-t0-year basis. 
11 homes sold in February. Median sold price has climbed 11.1% to $450,000.

 

77 Modesto #94

Irvine, CA 92602

43 Meadow Vly

Irvine, CA 92602

Listing Price

$648,800

$588,800

Beds/ bath

3 Beds/ 2.5 Baths

3 Beds/ 2.5 Baths

Area

1650

1650

Price/ SF

$393

$357

Levels

2

2

Year Built

2001

2001

Floor Plan

Tract Name: San Simeon

Tract Code: SANS

Model Code: 3

Type of Sale

Standard Sale

Standard Sale

Elementary School

Hicks Canyon Elementary (K-5)

Address: 3817 Viewpark, Irvine CA 92602

API rank 10, and API Score of 942 for 2011.

For more information: http://hickscanyon.org/

Middle School

Orchard Hills (Middle School 5-7 for 2011, K-8 planned)

Address: 11555 Culver Dr, Irvine CA 92602

API rank not available (new school), API score of 952 for 2011.

For more information: http://ohhawks.org

 

High School

Arnold Beckman High School (9-12)

Address: 3588 Bryan Ave, Irvine CA 92602

API rank 10, API score of 866 for 2011.

For more information: http://beckman.tustin.k12.ca.us/

SAT Scores for 2011: Critical Reading 548 Math 588 Writing 571

 

Down payment

$129,760

$117,760

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 4.125%

$2,516

$2283

Home Owner’s Dues

$155+$116 = $271 Monthly

$155+$116 = $271 Monthly

Mello-Roos

$2211 Annually

$185 Monthly

$2211 Annually

$185 Monthly

Property Tax (1.0595%)

$6874 Annually

$573 Monthly

$6238 Annually

$520 Monthly

Fixed Monthly Cost of owning

$3545

$3259

About the Floor-plan:
This is a two level plan. The living areas are downstairs, and the three bedrooms are upstairs.  The entry door opens into a mini foyer, and you can access the den/family room on one side, and the great room on another. There is a half bathroom downstairs. Washer and Dryer are in the garage. Upstairs, there are three bedrooms, and two bathrooms. The secondary bedrooms are as big as the Master bedrooms in the new houses of Stonegate. It is a nice floor plan for a family with young kids. Except for the laundry unit in the garage, I like the overall floor plan.

The property is classified as a detached condominium. That means none of the walls of the structure are shared with the neighbors. 

A little history of the same floor plan over the past six years…

2006:
91 Talmadge $506/SF
39 Modesto $493/SF
63 Modesto $477/SF
62 Meadow Valley $474/SF
73 Arcata $457/SF
83 Modesto $434/SF

2007:
44 Arcata $477
51 Meadow Valley $459/SF
55 Meadow Valley $453/SF
87 Talmadge $447/SF
49 Modesto $437/SF
97 Talmadge $425/SF
68 Arcata $420/SF
60 Meadow Valley $416/SF
78 Arcata $406/SF
43 Modesto $390/SF
79 Modesto $366/SF

2008:
36 Arcata $403/SF
65 Modesto $394/SF
39 Modesto $393/SF
74 Arcata $389/SF
46 Olivehurst $387/SF
61 Meadow Valley $385/SF
60 Meadow Valley $380/SF
67 Arcata $380/SF
63 Arcata $380/SF
63 Modesto $373/SF
83 Talmadge $373/SF
35 Modesto $368/SF
64 Meadow Valley $364/SF

2009:
73 Modesto $383/SF
59 Arcata $383/SF
95 Talmadge $377/SF
64 Arcata $376/SF
62 Arcata $370/SF
72 Arcata $368/SF
66 Arcata $361/SF
53 Meadow Valley $357/SF
53 Modesto $353/SF
75 Modesto $334/SF

2010:
91 Talmadge $440/SF
67 Modesto $394/SF
71 Meadow Valley $381/SF
41 Modesto $380/SF
48 Olivehurst $368/SF
49 Meadow Valley $351/SF

2011:
66 Meadow Valley $382/SF
54 Arcata $367/SF
35 Meadow Valley $362/SF

2012:
68 Meadow Valley $350/SF.

The price per square foot area for the San Simeon homes in Northpark guard gated community has gone from $506 in 2006 to $350 in 2012. That is $156 down in six years. Coming to think of it, 91 Talmadge is not a good comparable property for the other San Simeon properties. It has a huge driveway, and a front yard which is unusual for a detached condo. But the next sold price is at $493/SF which is not too far off from the $506/SF of 91 Talmadge.

Where do you think these homes are headed to? Will we see a drop below $300/SF this summer, the so called bottom before the rebound? Which house would you buy?

Considering the floor plans are same, they were built in the same year and none of them back busy streets or freeways, I would go with the cheaper option, 43 Meadow Valley.

Discuss below or on Talk Irvine.


Astute Observations

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