Wisteria or Liberty

Two West Irvine detached condominiums on the market have the same floor plan, and same listing price of $609,900. But, around their listing price is a single family residence with wood flooring, crown molding and other upgrades. At $639,000, it might end up working cheaper to own a single family residence than a condominium. What compels people to buy the overpriced condominiums when the single family residences are listed for a better price? The community is still the same, and the schools are the same.

71 GLEN ARBOR #126

Listing Price: $609,900

Beds: 4

Baths: 2.75

Sq. Ft.: 1,730

$/Sq. Ft.: $353

Property Type: Residential, Condominium

Style: Two Level, Mediterranean

Year Built: 2001

Community: West Irvine

Builders Tract Name: Wisteria

Builders Tract Code: WIST

Builders Model Code: Cabrillo, 4

Monthly expenses:

HOA Dues: $174/month ($119+$55)

Property Tax ( 1.0595%): $6462 Annually

Mello Roos: $1383 Annually

Monthly Property Tax+ Mello Roos: $654

Monthly Mortgage (30 YR Fixed, 3.5%): $2,191

Monthly Fixed Expenses: $3,019

165 CHURCH PL, IRVINE CA 92602

Listing Price: $639,900

Beds: 4

Baths: 2.5

Sq. Ft.: 1,755

$/Sq. Ft.: $364

Property Type: Residential, Single Family

Style: Two Level, Traditional

Year Built: 1998

Community: West Irvine

Builders Tract Name: Liberty

Builders Tract Code: LIBT

Builders Model Code: C

Monthly expenses:

Property Tax ( 1.0595%): $6780 Annually

Mello Roos: $1147 Annually

Monthly Property Tax+ Mello Roos: $660

Monthly Mortgage (30 YR Fixed, 3.5%): $2,296

Monthly Fixed Expenses: $2,956

Owning a single family residence with its own lot is cheaper than owning a condominium in West Irvine. Which one would you? What justifies your decision? Do you think an HOA will keep the community in a better shape than a community without one? If given a choice, I would pick the Single Family residence over the condominium in this case.

Discuss below or on Talk Irvine.

One thought on “Wisteria or Liberty

  1. Swiller

    “You’ve got the green light!” …..2.75% fixed. Just heard this on the radio this morning. P.R. should drop a visit here and remind everyone who thought he was full of sh1t about mortgages dropping to the 2’s. Well, at least I remember.

    On to my NEW modified mortgage. Yes indeed, this will be my 2nd modification. This one comes from Chase as I do not qualify for the fed. gov. program. Somehow, someway, on a $335,000 loan, my payments WITH taxes is showing at $1109/month. I havven’t seen the terms yet as I’m on the trial plan, but I will post when I get the final loan mod.

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