Monthly Archives: April 2007

West University Park Irvine

We have all heard the expression, “It’s a great place to visit, but I wouldn’t want to live there.” One thing that strikes me about Irvine is that it is a boring place to visit, but it’s a great place if you live there. Irvine is all about the joy of the mundane, and the happiness of daily life. For me life in Irvine revolves around the time I spend with my family in the various activities available in our great city. As a “bitter renter” I have lived in three different neighborhoods of Irvine, and I have friends in other neighborhoods. Through various family activities, I have become acquainted with several of Irvine’s neighborhoods. If this post is popular, I may profile other parts of Irvine with which I am familiar. The following is about the West side of University Park.

Map

University Park is defined by the roughly triangular shape defined by the 405, Culver Drive and University Drive. Michelson Drive is the major collector street ushering people through the area. The pictures in this post were taken in the neighborhood west of University Community Park and south of Michelson.

Trail 2

University Park is one of the first neighborhoods in Irvine. Most of the housing was built in the late 1960’s. The architecture is a bit dated, but the houses tend to have more interior and exterior space and larger individual rooms. What really sets this neighborhood in Irvine apart is the quality of the land planning. Back in the 1960’s, large master planned communities like Irvine were a relatively new phenomenon. Some innovative thinkers melded together some relatively simple ideas to create a wonderful place to live. The first of these ideas was to create a pedestrian walkway system linking the neighborhood in a way that creates a very safe place to get around with a minimum of interference from automobiles. One of the beautiful features of this community is its mature trees. It makes for a wonderful stroll down the winding pathways.

Park 1

The backyard pedestrian walkway links a number of tot lots. It is quite common to see parents walking or biking with their young children to these parks. One of the unique features of these parks is their relative inaccessibility by car. If you drove through this neighborhood, you would never see these walkways or parks as they are all on the pedestrian system in the collective back yard.

Trail 1

The back yard pedestrian path is ideal for younger families with children who may be learning to ride bikes or roller blade.

Park 2

The tot lots are generally of high quality. Kids really do enjoy playing on them. Sometimes when a tot lot is too small or lacks interesting climbing apparatuses, children will lose interest quickly. This is not usually a problem with these tot lots.

Pool

Near the center of the community, there is one location where the pedestrian pathways intersect a lightly traveled local street. Here is one of the many community pools in University Park. All of the pools require either a key or a code available only to University Park residents (and their friends).

Park 3

University Community Park is the central feature of the master plan. It has something for everyone.

Adventure Playground

The Adventure Playground according to the City of Irvine website: “Since 1977, the City of Irvine’s Adventure Playground has been creating challenging programs for children to explore and learn in an environment that was once naturally available but is now virtually nonexistent. Adventure Playground, or A.P., is an enclosed area dedicated for children to develop, stir their imaginations and encompass the benefits of free and natural play. This living playground is constantly changing and always supervised. Maintained by trained and friendly staff, you are sure to have an enjoyable experience every visit.

Baseball

The baseball field is lit, there are concrete dugouts and a fan seating area.

Basketball & Tennis

There are basketball courts, tennis courts, and racketball courts.

Frisbee Golf

Did you know there is a professional disc golf association?

Park 4

Univesity Park Elementary School is adjacent to the community park. It has one of the better childrens play areas.

Also at University Community Park but not pictured here is a branch of Orange County Public Library.

Obviously, Irvine has plenty of activities to keep every member of the family active. Irvine also has the great weather to make using these activities part of the daily lives of its residents. It is easy to step out your door and walk to any of a dozen parks or play areas and invest quality time with the family. On the weekends my family will often make day trips to enjoy the other activities Southern California has to offer; however, sometimes we choose to have an “Irvine Day,” and just hang out at the parks and pools in our neighborhood and take it easy. It is great to live in a community with so much to offer.

Courtside in Northwood

Address: 50 Fillmore, Irvine, CA 92620 (Northwood)

Plan: 1538 sq ft – 3/2

MLS: S481925 DOM: 11

Sale History: 8/19/2005: $680,000

8/20/1993: $260,000

Current Price: $719,000

This Plan 1 home in the Courtside tract in the village of Northwood was purchased by investors in August 2005 for $680,000 with what looks to be about 50% down. Perhaps it was a 1031 exchange?

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Anyways, it’s currently occupied by tenants and the description says ‘Taking Backup…. and Sold as is‘. The private remarks state ‘Some TLC needed‘. Just a few days on the market and they’ve already got an offer? That’s surprising.. Assuming 6% in selling costs, the investors will lose about $3k if they get their asking price. No big deal..

I only found a couple sales for this floorplan:

  • 7 Buchanan sold for $670,000 on 1/26/2006

  • 2 Shelby sold for $690,000 on 9/26/2006

2 Shelby closed not that long ago after sitting on the market for 123 days. After taking a look at the old listing for 2 Shelby I noticed that it had a few things done to make it easier to sell (new roll up garage door, new exterior paint, etc.). If the decent condition house at 2 Shelby took 123 days to sell at a price of $690,000, when and at what price do you think the In Need of TLC house at 50 Fillmore will sell?

OC Real Estate Forum on 4/12/2007

Just a quick blurb. I’ve posted about this group before. They have their April meeting tomorrow at 7pm at the Double Tree Hotel at 90 Pacifica in Irvine.

One of the presentations is about how to access real estate records for Free. Here is the description of the presentation: “Accessing all real estate property records, including owner names, address, title history, previous purchase prices, current loan amounts and comparative market analysisFREE. Doug Thompson of Lawyers Title Company, Irvine, will demonstrate how to access the system and use the information. The OCRE Forum in collaboration with Lawyers Title will be providing a FREE Costumer Service Account to all OCREs registered members.

Many of our readers have asked how to get this kind of information. If I go to this meeting, I’ll report back on what I find out. If you end up going, please let us know how it went.

The Inside Scoop – 1

As I mentioned in my first post I am IrvineRenter (Inventory Cholesterol), I sometimes have access to information not widely known to the general public. Today I came across something I thought would be of interest to the board. In a conversation with a City Councilman from a city in Riverside County, I was told the following:

  • New home permits (and associated fees) are down by 64% this year.
  • Sales tax revenues are down 6% – 8% this year.
  • As a result, the City is going to slash its budget by 10% which will likely result in layoffs.

It’s different in Riverside County, you know. What is going on there?

IMO, the drop in new home permits is just a sign of the deepening crisis in the housing market. Where is the spring rally? What about all the foot traffic we have been hearing about? If the builders were anticipating renewed strength in the housing market, wouldn’t they be starting on new homes?

IMO, the 6%-8% decline in sales tax revenue is even more alarming. If unemployment is low and everyone is working, why would consumer spending fall off so dramatically? Were the builders and sub-contractors activities accounting for that much of they local economy? What role does the decline in mortgage equity withdrawal have in this decline? Is everyone tapped out? Many of the housing bears have stated the economy is too dependent on real estate and continued Ponzi Scheme borrowing and it is due for a crash. Are they right? A 10% drop in economic activity sounds like a pretty hard landing to me.

On a related but lighter note, my bearish outlook is starting to take a toll on my spiritual life. Last night I had a dream in which I prepared my family for disaster. I outfitted everyone with lead jackets, and we hunkered down behind a thick wall of reinforced concrete. Not long thereafter a nuclear bomb detonated in our proximity. We witnessed the destruction from ground zero. We were the only survivors.

Anybody want to analyze that one? Pardon me while I refit my tin-foil hat

Where are the Sheeple?

Shepard Living

Asking Price: $1,829,000

Purchase Price: $1,429,000

Purchase Date: 3/10/2006

Address: 34 Shepard, Irvine, CA 92620

Beds: 5 IrvineRenter

Baths: 5.5

Sq. Ft.*: 3,800

Lot Sq. Ft.*: 6,000

Year Built: 2005

Stories: 2

Type: Single Family Residence

Neighborhood: Woodbury

$/Sq. Ft.*: $481

MLS: S472326

Status: Active on market

On Redfin: 83 days

Redfin, Zillow

Here we have a shepard who needs a sheep to fleece. It seems many of the sheeple didn’t get the memo about continual double digit price appreciation in Irvine. They haven’t shown up for 83 days to buy our shepard’s home for $400,000 more than he paid for it one year earlier. If this isn’t an example of Southern California’s Cultural Pathology I don’t know what is? The mentality that believes you should make $400,000 a year for simply owning your home. Unbelievable!

SheepleFrom Redfin “Most popular elevation in this JB plan 1. Long Driveway, porte cochere leads to rear/attached 2 car garage. Hardwood flrs down, carpet/tile, many upgrades: intercom, surround sound, security syst. , ceiling fans custom window coverings, central vaccum, sound attenuation insulation. Superb home. Completely landscaped, BBQ, lampposts in rear, attention to detail and quality. Walking distance to parks, Woodbury’s Commons, Shopping center, new elementary school.”

Personally, I would not like the porte cochere driveway. Every day I would be worried that either me or my wife was going to smash into the house while backing out. Although, it does make for a nicer front elevation when the house isn’t rear loaded (most of Woodbury is).

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It would appear the price will need to fall before it will generate any buyer interest. Another 5 bedroom in the neighborhood at 11 Ingleside is asking $427 SF or $1,325,000. A nearby 3 bedroom at 105 Mission is asking $370 SF or $724,800, and it has been on the market for 85 days, so it is probably priced too high as well. If our flipper reduces the price to $370 SF, we are back to his purchase price. Will he do it? I guess it depends on whether or not he really wants to sell it.