Monthly Archives: February 2012

The Neighborhood of University Hills

University Hills is the University of California, Irvine's campus housing community for individuals holding full time employement at UCI. Seeing some of the homes in University HIlls from Bonita Canyon makes me want to get a job at UCI. Part of the appeal is that it's kind of exclusive. It's not like other parts of Irvine where (as long as you have enough money), you can buy or rent in any neighborhood. The other draw is that the homes are so said to be much more affordable than their equivalents down the street in other parts of Irvine.

According to the Irvine Campus Housing Authority website, “University HIlls…is generally regarded as the most successful on-campus housing program of its kind in the country.” It is an academic community in residence to provide affordable housing to eligible full time employees of the University of California, Irvine. University HIlls is located on the South end of campus, and is bordered by Anteater Drive, Los Trancos Drive, Gabrielino Drive, Vista Bonita Drive and California Avenue.

Community Map

Note: Information from http://www.icha.uci.edu/

Within University HIlls there are three apartment communities, two condo associations, townhomes, paired homes, single family detached homes, and even a few custom homes. It has 250 apartments for rent and 940 for-sale homes on over 200 acres of University owned land. There are several recreation areas that include parks, pools, volleyball, basketball, and tennis courts, tot lots, barbeque and picnic areas. The amenities are quite nice; check out the University Hills Community Center:

I took a drive around University HIlls and like many neighborhoods in Irvine, I saw manicured landscaping, lovely parks, nicely kept walking paths that were well lit for evening strolls, young children on the street playing, and of course, seemingly close together homes with little to no yards. There really were some nice paths to walk on, accompanied by sitting areas with vista points providing views of Turtle Ridge, the University, most of Irvine and beyond and the airport area.

Children who live in University Hills can attend University Montessori, Turtle Rock Elementary, Rancho San Joaquin Middle School, and University High School, though only the Montessori is within short walking distance.

FOR SALE HOMES:

As you can imagine, the for-sale homes are highly sought after and a priority system has been put in place to help sort through requests. According to the ICHA website, “on average, approximately 25-35 resale homes are available for sale each year, including new homes.” Full time University employees are entered on a waiting list for homes based on the following priority system:

  • Newly recruited members of the Academic Senate and the Senior Management Group (“newly” is defined as within 1 year)

  • Current members of the Academic Senate and the Senior Management Group

  • Newly recruited members of the University's non-Senate Academic Staff and Management and Senor Professional Group (Examples of these include clinical and adjunct professors, lecturers, post doctoral and profecssional researches, specialists and librarians)

  • Current Academic Staff and Management and Senior Professionals

  • Other University Staff

All homes in University Hills are located on lots OWNED by The Regents of the University of California and are LEASED by the Irvine Campus Housing Authority. Homeowners then essentially SUBLEASE the land upon which their home sits. According to documents on the site, subleases are long term and end in 2082. The ICHA gives three payment plans to pay land leases.

There are three restrictions in reselling University Homes:

  1. You must try to sell to the University, the faculty or staff when you decide to sell. If you can't sell within a specified (?) period of time, and the University doesn't exercise its option, you may sell your home to a member of the general public. That person would be subject to the same terms. My guess is that there's pretty much always faculty or staff that is interested in buying the homes in University HIlls and if by chance a home did not sell, the University would buy it temporarily.

  2. Resale prices of homes are restricted. Ground Sublease indices control pricing in University Hills with the intent to provide affordable housing and to prevent the homes from serving as speculative investment vehicles. Get outta here, flippers!

  3. If the circumstances of employment with the University change, you may no longer be eligible to own in University Hills.

Currently, new homes are under construction off of Gabrielino. Because the homes have been constructed over the last 25 years, it's an interesting mix of homes within the area of a typical village in Irvine. The older ones are much like what you'd see in Woodbridge and as the styles in Irvine changed over the years, so did the styles with University Hills. You can see the various floorplans here. Of course, the homes are somewhat cookie cutter and any exterior changes must be approved by the ICHA.

RENTALS:

There are three unfurnished on-campus apartments available for UCI personnel:

  1. Gabrielino Apartments – the smallest of the three apartment complexes. Gabrielino offers Junior and 1 Bedroom apartments with 1 bathroom. They are 560-750 sq ft and cost $1035-$1205 per month

  2. Las Lomas Apartments – 2-3 bedrooms with 1-2 baths. These units are between 970 and 1200 sq ft and cost $1290-$1590 per month.

  3. Santiago Apartments – 1-3 bedrooms with 1-2 baths. Units here span the greatest range – 632-1254 sq ft and cost $1212-$1844

Priority is given in the same sequence as the home sales above and faculty, academic and University staff are eligible to stay up to 5 years.

Additionally, there are three Furnished Short term apartments for rent:

  1. Sage at Gabielino Apartments – Jr 1 BR, 1 Bath – 560 sq ft – $1575

  2. Willow at Gabrielino – 1 BR, 1 Bath – 650 sq ft – $1788

  3. Amapola at Las Lomas – 2 BR, 1 BA 970 sq ft – $2010

Not cheap! Do any of you live in University Hills? What do you like about living there? Any drawbacks? What's it really like? What do taxes, home owners association dues (or their equavalents), etc add up to? Anyone know how much these homes actually sell for?

Discuss below or at Talk Irvine.

A Review of the San Mateo Tract at Stonegate

Déjà vu! San Mateo at Stonegate is the spitting image of the Siena tract at Laguna Altura. I’m not surprised, but am a little disappointed particularly because my original assessment of Siena at Laguna Altura was overpriced. I stand by my opinion. San Mateo is significantly cheaper than Laguna Altura and if I had to choose between the two locations, Stonegate or Laguna Altura, I’d choose Stonegate. I like the neighborhood better and you’re not surrounded by freeways. San Mateo is close to an on premises soccer field and Hummingbird Park. I was impressed with the park and soccer field. Summertime would be fun in this community.

Estimated Property Taxes and Special Assessments:

Base Property Tax: 1.05% of sales price

AD Tax: $1,694 per year

CFD Tax: $1,700 per year

Other Taxes: $152 per year

Overall Effective Tax Rate: Approximately 1.7%

Siteplan

Revised Exterior Renderings

Floorplans

Pricing

Residence 1

Number of bedrooms: 3 bedrooms

Number of bathrooms: 2.5 baths

Square footage: 1,636 sq. ft.

Garage: 2 cars

Base price: $561,000

Over half a million dollars for this? I don’t think so! I’m comparing the floorplan brochures from San Mateo Residence 1 at Stonegate and Siena Residence 1 at Laguna Altura and they’re identical. Siena Residence 1 started at $590,000 so San Mateo seems more reasonably priced if we were comparing. Rather than cheat and copy my Laguna Altura posts, I’m going to make a few observations about this property and try to rekindle the positives about this floorplan.

After reviewing some of the other models at Stonegate, I really appreciate the use of the great room in the San Mateo tract. Residence 1 has a distinction between the dining space and the kitchen. The living room area is a decent size. I think to further create a distinction between the dining space and kitchen I’d invest in the upgrade and get the hutch. Now that I think about it, the hutch does provide a nice countertop and convenient cabinet space. It’s a necessary design element. Anything else would just look silly.

The kitchen is smaller than the other plans, but I still think that it’s an adequate space. The rule is that bathrooms and kitchens sell houses, and I think this kitchen would suffice. There is no full length pantry, which is kind of a bummer, but you still have plenty of cupboard space to store dry goods. I also enjoy the amount of light the windows in the living and dining areas bring in to the space. The backyard is small, but nice. I could fit everything out in the space that I need: seating and a grill. The model has a very well-manicured backyard, but remember when you buy this place you’re inheriting a lump of dirt. A big dog might be cramped in the backyard, but at least you have a backyard for them to wander out in. Essentially, I can’t complain about the ground floor in this plan. I could easily see myself using this space. The upstairs is a whole other story.

Residence 1 includes the loft option. I’m advising that you keep this space as a loft. It would make an awesome entertainment area, or even an office. You can choose to have the upgraded cabinetry and I think I’d opt to have this feature. I would make it into a nice lounge area. There are plenty of options if you utilize this space as a loft. If you turn it into a bedroom, you’re limiting yourself to an oddly shaped room—and you know the closet will be tiny!

The master bedroom is not as big as I’d like it to be. If you choose to upgrade, you can have some nice crown moulding and a ceiling fan. It gives the space a more comforting touch, but I’d need to see the price tag before I sign off on it. I still wish that the master bathroom was larger with a stand-alone shower. Disappointing bathrooms are becoming the theme, or common thread within these tracts. The master bath has a shower/tub combo and the toilet is in a separate room. At least they hit one of my requirements.

The second bedroom is large enough for a child, with no room to grow. The closet is small—no surprise there. I think the size of the second bedroom is what kills this deal for me. It just feels cramped. I’m sure plenty of families will choose this home to raise their kids in, but I personally would want to have my child in a larger room for when they hit the teenager years. I suppose you could make it work.

My biggest complaint about the Siena tract at Laguna Altura was that the bedrooms and closets were too small. Since San Mateo is the exact same floorplan, my opinions haven’t changed. It’s too bad—a little extra square footage would make a huge difference.

Residence 2

Number of bedrooms: 3 bedrooms

Number of bathrooms: 2.5 baths

Square footage: 1,660 sq. ft.

Garage: 2 cars

Base price: $571,473

San Mateo Residence 2 compares to the Siena tract Residence 2 at Laguna Altura, except the space is flipped. Residence 2 is my favorite floorplan because it feels more inviting. The entry way is larger and it makes a difference in the look and feel of the place. The powder room off the entry way offers a great storage space underneath the stairs. There’s a surprisingly large coat closet located off the stairs.

As I said in the Residence 1 overview, San Mateo maximizes the great room concept and Residence 2 is a reflection of Residence 1. One of the reasons this floorplan is my favorite is because of the optional breakfast banquette in the dining area. This is the only unique feature to the house and it would be on my upgrade list. I like that the kitchen is smaller than some of the other floorplans in Stonegate. Residence 2 doesn’t have the cabinetry that canvasses the entire wall of the kitchen and sometimes this opens the space up. The hutch option is replaced by the banquette in this floorplan. I much prefer not to have seemingly endless amounts of cupboard space. The kitchen offers a pantry as an optional feature. I could take it or leave it.

The second bedroom is actually a nice size. I could probably live in this space. The closet would be a challenge, but I don’t think this size of this space was unreasonable. It’s probably similar to the size of my current bedroom. I don’t think I would have an issue putting my furniture in here. The master bedroom is a nice space as well. I think that the master bedroom and master bathroom have an apartment feel to them. You have the option to choose a shower/tub combo or just a stand-alone shower. The toilet is in a separate room. I liked the walk-in closet. I’d opt to have the mirrors built into the door.

The second bathroom was great. It didn’t feel like a hallway, which is probably why I liked it. The toilet isn’t separate from the shower/tub area, but it wasn’t a deal breaker. The one thing I started to notice in these models is that the shower/tub combos have high ceilings, so you’ll have to find a long shower curtain!

Although this is my favorite plan, I still wouldn’t buy it.

Residence 3

Number of bedrooms: 3 bedrooms

Number of bathrooms: 2.5 baths

Square footage: 1,804 sq. ft.

Garage: 2 cars

Base price: $597,000 SOLD

There’s really not much to say about San Mateo Residence 3, mainly because it’s sold out. It’s significantly cheaper than the Laguna Altura Siena Residence 3, which started at $630,000. The San Mateo Residence 3 is larger than Residence 3 at Laguna Altura and the difference can be felt in the bedroom size. It has all the downstairs amenities as the other two San Mateo models and the upstairs is a major improvement. If I had a family I would consider this property.

The master bedroom was big—or bigger than most of the other tracts in Stonegate. I would really enjoy the space. The icing on the cake was finding a stand-alone shower and tub in the bathroom that didn’t feel like a hallway. I almost didn’t know what to do with myself! A bathroom that felt like a bathroom! The walk-in closet was acceptable. Finally!

The other bedrooms were livable. Bedroom 2 had some nice sliding glass closet door mirrors. I don’t like things that slide, but I’d make an exception in this bedroom. The larger bedroom make this space more family oriented and if you purchased this property it is somewhere you could stay for a while to raise your family. Well done Residence 3.

Overall, this floorplan left a great impression on me. No wonder it’s sold out!

Summary

I think Residences 1 & 2 are overpriced for the quality of space. Residence 3 impressed me and I would consider spending the money if I lived in a household with dual incomes. Remember, Stonegate pre-qualifies through Wells Fargo, and if you compare the income calculations sheet I snagged at Santa Clara, the mortgage payments were still over-the-top. The payments seemed hard to stomach at Santa Clara, so I can only imagine how much they’d be at San Mateo which is around $200K more than Santa Clara.

Discuss below or at Talk Irvine.

2500 Sq Ft in 92602

There are 22 homes for sale currently. The median sold price is $810,000 and the median sold price per square foot is $319. With inventory down by 2% on a month-to-month basis, and down 30% on a year-to-year basis, and sale-to-list price at 97%, is it time to buy in the 92602 zip code of Irvine?

Maybe, or maybe not, depending on where you want to buy in the zip code. It covers houses of West Irvine, North Park and North Park Square. Part of West Irvine and North Park Square are gated, some of North Park is guard gated. All of them have Tustin Unified School District Schools with Irvine addresses. All of them are close to Marketplace shopping. All of them have trails and parks in the neighborhood.

But still, there is as much as $75/SF price difference based on their location within 92602.

Today we will see what we pay for a 2500 SF single family residence in these three areas.

North Park:

Property Address: 14 Oroville Sts, Irvine CA 92602

Listing Price: $895,000

Property Type: Single Family Residence

Area/ Lot Size: 2500/4709 SF

Price/ SF Area: $358

Bedrooms/ Bathrooms: 4 Bedrooms/ 2.25 Bathrooms

Down payment (20%): $179,000

Mello Roos and Special Assessments: $3167.38 annually

Mortgage assuming 20% Down payment, 30 Year Fixed @ 3.75%: $3316.00 monthly

Property Tax: $9397.50 annually (@1.05% Purchase Price)

HOA: $155

Monthly Fixed Costs: $4518

This house has been on the market for 30 days. The house is in the guard gated community, and it is within bike-able/walk-able distance to Hicks Canyon Elementary School, Orchard Hills Middle School and Arnold Beckman High School. All schools have a perfect 10 API, and great test scores. Even though the listing says the address falls under Irvine Unified School District, the schools for this area fall under Tustin Unified School District.

More information about these schools can be read here: Irvine addresses served by Tustin and Santa Ana.

The floor plan (Mendocino North, Plan C) is nice, downstairs the garage-kitchen-nook-family room-pantry are all tied in, and in all possibilities this area will be the most used area of the house. The formal dining room and living room might find very little use, ending up only as spaces for entertaining. Upstairs, the secondary bedrooms/optional loft are tied in together, and Master bedroom is private. Coming to the Master bathroom, I have a strong feeling that the architect didn’t believe in gender equality. There are two walk-in closets, one bigger than the other. There are two sinks, one with a longer counter than the other. The owner has put in a lot of work in choosing unique colors and wall papers for the walls. That might or might not appeal to an average buyer. If I want to sell a house in near future, I would choose neutral shades and finishes just to be on the safe side.

The lowest price for this house was in 2001 when it was built: $514,000.

West Irvine:

Property Address: 18 Hidden Brook, Irvine, CA 92602

Listing Price: $735,000

Property Type: Single Family Residence

Area/ Lot Size: 2478/3957 SF

Price/ SF Area: $297

Bedrooms/ Bathrooms: 4 Bedrooms/ 2.25 Bathrooms

Down payment (20%): $147,000

Mello Roos and Special Assessments: $1312.48 annually

Mortgage assuming 20% Down payment, 30 Year Fixed @ 3.75%: $2723.00 monthly

Property Tax: $7717.50 annually (@1.05% Purchase Price)

HOA: $78

Monthly Fixed Costs: $3553

This house has been on the market for 92 days. The house is not in a gated community. It is within walk-able distance to Myford Elementary School, bike-able distance to Pioneer Middle School. Arnold Beckman High School will be at a driving distance. All schools have a 10 API, and they are comparable to Irvine Schools in test scores. Once again the listing agent says that it has “Irvine Schools”. Two schools have Irvine addresses, but all of them fall under Tustin Unified School District.

More information about these schools can be read here: Irvine addresses served by Tustin and Santa Ana.

This is a custom built house. There is no tract or builder information on the MLS. But a quick look at the pictures will tell you that it might need some upgrades. Also, the house is on a “sale-pending” status.

The lowest price for this house was in 1999 when it was built: $360,000

The highest price for this house was in 2005 during the housing bubble: $770,000

The house was foreclosed in 2011 for $614,000.

It is almost close to its bubble price even though the houses in West Irvine are depreciating faster than the houses in North Park.

North Park Square:

Property Address: 36 Whitford, Irvine CA 92602

Listing Price: $938,000 (Listing removed on 02/07/2012)

Property Type: Single Family Residence

Area/ Lot Size: 2450/6634 SF

Price/ SF Area: $376

Bedrooms/ Bathrooms: 3 Bedrooms/ 2 Bathrooms

Down payment (20%): $187,600

Mello Roos and Special Assessments: $3508.00 annually

Mortgage assuming 20% Down payment, 30 Year Fixed @ 3.75%: $3473.00 monthly

Property Tax: $9849 annually (@1.05% Purchase Price)

HOA: $140 + $74

Monthly Fixed Costs: $4800

This house has been taken off the market on 02/07/2012. The house is in a gated community, and it is within bike-able/walk-able distance to Hicks Canyon Elementary School, Orchard Hills Middle School and Arnold Beckman High School. All schools have a perfect 10 API, and great test scores. Even though the listing says the address falls under Irvine Unified School District, the schools for this area fall under Tustin Unified School District.

More information about these schools can be read here: Irvine addresses served by Tustin and Santa Ana.

The floor plan (Triana Plan A) is a single story house. Master Bedroom is private, and has a view of the backyard too. But the secondary bedroom layout leaves a lot to be desired. One of the bedrooms has a bathroom close by, but the optional third bedroom/ office space has a foyer between the bedroom and bathroom. The house backs to Bryan Avenue. It might not be the busiest street in Irvine, but it definitely gets busy around school time. Arnold Beckman High School is on the other side of the street.

The lowest price for this house was in 2003 when it was built: $527,500.

The highest price for this house was in 2009 during the housing bubble: $920,000.

Which one of these three houses would you buy?

Which floor plan appeals the most to you?

Would you buy a house with “statement” finishes on the wall and floor?

Discuss below or in the Talk Irvine thread.

Closed Sales from 2/09/2012 to 2/15/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
2/10/2012 2241 Watermarke Pl 92612 Watermarke $360,000 2 1250
2/10/2012 2233 Martin #302 92612 Metropolitan $332,000 2 1326
2/14/2012 3126 Watermarke Pl 92612 Watermarke $220,000 1 818
Northpark
2/10/2012 12 Millbrae 92602 Evergreen $576,000 3 1966
Northwood
2/12/2012 9 Muir 92620 Shady Hollow $450,000 2 1479
2/15/2012 17 Rosslyn 92620 Georgetown $739,000 4 2200
Oak Creek
2/10/2012 23 Carnation 92618 Montilla $487,000 3 1525
2/14/2012 402 Falcon Creek 92618 Oak Park $230,000 1 900
2/15/2012 10 Medlar 92618 Kenwood $1,100,000 5 3340
Orangetree
2/13/2012 2301 Apricot Dr 92618 Terrace (Stacked) $220,000 2 1000
2/15/2012 4114 Apricot Dr 92618 Terrace (Stacked) $169,000 1 900
Quail Hill
2/14/2012 124 Vermillion 92603 Sandalwood $530,000 4 1900
Turtle Ridge
2/10/2012 231 Danbrook 92603 Ashton Green $380,000 2 1181
University Park
2/14/2012 24 Meadowsweet Way 92612 Village II $545,000 3 1493
West Irvine
2/10/2012 53 Bradford 92602 Sheridan Place $435,000 3 1569
Westpark
2/14/2012 22 Alcira 92614 Tierra $820,000 4 2086
Woodbridge
2/9/2012 31 Flaxwood 92614 Briarglen $650,000 3 1786
2/10/2012 154 Clearbrook 92614 Park Vista $265,000 2 921
2/10/2012 34 W Yale Loop 92604 Estates $529,000 4 2156
2/10/2012 20 Blackswan 92604 Patio Homes (WB) $535,900 2 1520
2/14/2012 34 Timber Run 92614 Somerset $350,000 3 1325
2/14/2012 42 Silkberry 92614 Briarglen $495,000 3 1244
Woodbury
2/10/2012 104 Great Lawn 92620 Cortile $431,000 3 1275
2/10/2012 189 Wild Lilac 92620 Garland Park $413,000 2 1357
2/10/2012 227 Mantle 92618 Santa Cruz $650,000 3 2296
2/14/2012 48 Serenity 92618 Santa Rosa $320,000 1 1060

What’s Happening with Shady Canyon Real Estate?

Since I am most interested in helping those in the market for the low- to mid-level priced housing, those are the Irvine homes that I will take the closest look at in my posts. However, now and then, a look at how the other half (Or is that the one percent?) live is interesting. So it’s on to a look at housing in Shady Canyon.

Any of you who are familiar with Irvine real estate know that Shady Canyon is Irvine’s most expensive neighborhood. According to Redin, 25 Shady Canyon homes are currently on the market (however, a savvy real estate agent might know of some others that are available but not listed). The median list price of these homes is $5,980,000 or $725 per square foot. Redfin stats show that no Shady Canyon homes sold in December 2011, but 5 homes sold in January 2012. The median selling price for these 5 homes was $2,670,000 or $534 per square foot.

Shady Canyon Price/SF courtesy Redfin

All the homes in Shady Canyon are single family, and not just single-family but mega single-family abodes. The 5-bedroom, 7.5 home at 66 Golden Eagle with 10,500 square feet is an example. It’s listed for $7,945,000 or $757 per square foot.

The most expensive of Redfin’s Shady Canyon listings is the 6-bedroom, 10-bath home at 36 Boulder View. It’s listed for $14,999,000 or $1,531 per square foot. Redfin stats also show that this home was listed for $15,499,000 on March 4, 2010 as well as $13,995,000 on May 3, 2010. According to Zestimate, the value for this home has not increased or decreased during the last 30 days. However, Zestimate lists the current value of this home at $12,748,200.

If that is too expensive for you, then you might be interested in Shady Canyon’s least expensive home. The 6-bedroom, 6.5-bath home at 26 Vernal Spring is listed at only $2,988,000 or $572 per square foot. What a steal! According to Redfin, this home was listed for $3,088,000 on November 16, 2011, and according to Zestimate, the value of 26 Vernal Spring has decreased by $32,700 in the last 30 days. The current Zestimate is $2,500,600.

If you want to take a look at some of this Shady Canyon real estate, the following homes will be hosting open houses in the near future:

  • 55 Vernal Spring: Saturdays and Sundays, February 18, February 19, February 25, February 26; 1-4 pm

  • 25 Needle Grass: Saturday and Sunday, February 18, February 19; 1-4 pm

  • 53 Boulder: Saturday and Sunday, February 25, February 26; 1-4 pm

Before we leave the high-end housing market, let’s take a look at how the wider Orange County high-end market is faring.

According to Jon Lansner and colleagues:

“Just four of the 83 Orange County ZIP codes had median sales prices above $1 million in the 22 business days ending Jan.11. That’s quite a drop from 11 ZIP codes that had median sales prices above $1 million when the county median price peaked in June 2007. Since that pricing pinnacle, there’s been a 38 percent drop in the countywide median price.”—ZIPs above $1 million mark drop, The Orange County Register

Note: Since Irvine’s ZIP codes contain many different neighborhoods with different pricing levels, I focused on the Shady Canyon neighborhood instead of its ZIP code (92603).The 92603 ZIP code contains the Quail Hill, Turtle Rock, Turtle Ridge, and Shady Canyon neighborhoods. According to DataQuick Information Systems, the median price for homes in the 92603 ZIP code was $650,000 for the last 22 days ending in January 26, 2012. This is a 42.3% decrease from the 2010 price.

Well, looking at another slice of life was fun, but now it’s back to reality. In a future post, I will look at the other side of the equation by focusing on the Orange Tree neighborhood. Orange Tree contains some of Irvine’s least expensive homes.