Monthly Archives: March 2012

Closed Sales from 3/15/2012 to 3/21/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
3/19/12 3155 Scholarship 92612 3000 The Plaza $1,500,000 3 2485
3/19/12 3131 Michelson Dr #1402 92612 Marquee at Park Place $400,000 2 1347
El Camino Real
3/16/12 14512 Orange Acres Ln 92604 Willows $425,000 3 1178
3/16/12 4381 Vale St 92604 Greentree $485,000 3 1438
Northpark
3/15/12 56 Chula 92602 Other $338,000 2
3/15/12 7 Three Rivers 92602 Evergreen $660,000 3 2200
3/16/12 2 El Cajon 92602 Monterey $455,000 3 1820
3/20/12 63 Meadow Vly 92602 San Simeon $531,000 3 1500
Northwood
3/15/12 5 Southampton 92620 Glen (NW) $400,000 2 948
3/15/12 28 Jefferson 92620 Glen (NW) $490,000 3 1424
3/16/12 80 New Season 92602 Tamarisk $385,000 3 1498
3/20/12 68 Essex Ln 92620 Carlyle at Lanes End $618,000 3 1900
3/21/12 21 Jefferson 92620 Courtside $740,000 4 2100
Orangetree
3/19/12 120 Orange Blossom 92618 Lake Condos $138,000 1 504
3/20/12 184 Tangelo 92618 Lake Condos $218,500 2 864
Quail Hill
3/19/12 45 Flowerbud 92603 Jasmine $432,000 2 1426
3/21/12 75 Reunion 92603 Ambridge $545,000 3 1843
Rancho San Joaquin
3/16/12 8 Montanas Sud 60 92612 RSJ Townhomes $520,000 2 2100
3/19/12 15 Las Brisas 92612 RSJ Townhomes $480,000 2 1507
Turtle Rock
3/16/12 22 San Ramon Dr 92612 Pointe – Turtle Rock $700,000 2 1830
3/21/12 6192 Sierra Siena Rd 92603 Broadmoor $770,000 3 1880
University Town Center
3/16/12 97 Lehigh Aisle 92612 Oxford Court $540,000 3 1916
West Irvine
3/15/12 56 Boulder Creek Way 92602 Heritage $691,500 5 2300
Westpark
3/15/12 65 Calavera 92606 Cortina $890,000 5 2650
Woodbridge
3/15/12 75 Wildwood 92604 Village Green $250,000 2 921
3/21/12 197 Briarwood 92604 Village Green $177,000 2 928
3/21/12 54 Cedarlake 92614 Lakeside $555,900 2 1568
Woodbury
3/15/12 27 Cassidy 92620 Carmel $1,050,000 4 3122
3/15/12 28 Gentry 92620 Mille Fleurs $1,075,000 4 3320
3/16/12 130 Costa Brava 92620 Four Quartets $480,000 3 1745
3/20/12 31 Shepard 92620 Juliet's Balcony $1,375,000 5 3879

IRWD Helps Customers Save Water and Money

Most of us would like to live and work in pleasant surroundings. Since that includes the outside as well as the inside, landscaping that requires routine maintenance would be part of the picture. Landscaping requires water, and the more water used on the landscape, the higher the water bill will be. With all the rain we’ve had recently, the idea that we need to watch our water use might seem odd. However, we still live in an environment that is semi-desert, and the competition between various stakeholders for available water continues to grow. None of this will change in the short term or long term. With that in mind, the free giveaway and rebate that the Irvine Ranch Water District (IRWD) is currently offering to its customers are worth taking a look at.

First, IRWD residential customers are eligible for up to 25 free, water-efficient El Toro Precision Series Spray Nozzles, and businesses are eligible for up to 100 sprinkler nozzles. This program is in effect through April 30. For information on eligibility and applying, see FreeSprinklerNozzles.com. (Note: Golden State Water Company is also participating in the sprinkler nozzle giveaway.)

Second, IRWD is offering a rebate of $1.50 per square foot when grass is removed and replaced with a water-efficient alternative. The rebate is available to residential and commercial customers. In addition, minimum and maximum requirements exist. The minimum rebate requires at least 250 square feet of lawn removal, and the maximum is limited to 10,000 square feet of lawn removal. However, exceptions to the minimum and maximum exist. For information on these exceptions as well as on eligibility and applying for this program, see the IRWD’s Turf Removal Rebate Program webpage. Applications must be submitted by May 25.

In addition to saving on your individual water bill, reducing your water use can have indirect positive effects on your bank balance. The water you use inside your home or office flows into the local sewer system where it is treated before ending up in the ocean. However, the water used on your lawn and sidewalk flows into a storm drain and then flows into the ocean without treatment. That means fertilizers and pesticides as well as oil and debris that is on the lawn and sidewalk will end up in the ocean. The resulting pollution, which is costly to clean up, can bring about unsightly beaches and negative health effects. This discourages tourists from visiting our beaches, which means less business for hotels, restaurants and other local companies. In other words, a hit to our economy. These direct and indirect costs to each water user are some of the reasons to reduce water use whenever possible.

Note: IRWD serves homes and businesses that are located in Irvine, portions of the cities of Lake Forest, Portola Hills, Foothill Ranch, Newport Coast, Tustin Ranch, Newport Beach, Costa Mesa, Orange and portions of unincorporated Orange County

Attached or Detached?

Today we will review two identical properties in the Guard-gated village of North Park. Both of them have the same floor plan, same HOA dues, and same schools. But one of them is classified as an attached condo, and one of them is detached. One of them is a regular sale, and the other is a short sale by Bank of America. Which one would you buy? Let’s compare the properties side-by-side.

41 BURLINGAME

Irvine, CA 92602

73 BURLINGAME

Irvine, CA 92602

Listing Price

$425,600

$425,000

Beds/ bath

2 Beds + 2.5 Baths

2 Beds + 2.5 Baths

Area

1475

1500 SF

Price/ SF

$289

$283

Levels

Two Levels

Two Levels

Year Built

2000

2000

Previous sale

$339,000 in May 2002

$545,000 in 2005

$257,000 in 2000

Floor Plan

Builders Tract Name: Brisbane

Builders Tract Code: BRIB

Builders Name: Greystone

Builders Model Code: A

DETACHED CONDO

Builders Tract Name: Brisbane

Builders Tract Code: BRIB

Builders Name: Greystone

Builders Model Code: A

ATTACHED CONDO

Type of Sale

Bank of America Short 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

$85,120

$85,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1601.00 Monthly

$1599.00 Monthly

Home Owner’s Dues

$155 + $203 = $358

$155 + $203 = $358

Mello-Roos

$1388.49 Annually

$115.70 Monthly

$1388.49 Annually

$115.70 Monthly

Property Tax (1.03383%)

$4505.82 Annually

$375.48 Monthly

$4499.48 Annually

$374.95 Monthly

Fixed Monthly Cost of owning

$2450.18

$2447.65

About the Floor-plan:

This is a two level plan. Each level has a full-size bedroom with an attached bathroom and a walk-in closet. The entry door opens into the foyer, and from the foyer you can access the independent bedroom, laundry room, porch, garage, and the staircase to the living spaces and the other bedroom upstairs. Upstairs, there is a combined living/ dining room, kitchen, and Master bedroom.

41 Burlingame is a Bank of America Short sale. I have dealt with Bank of America + Countrywide before, and it was a mess. At least it used to be. Every email gave us a hope that we would close the deal in a week, but it took almost four months to close the deal. Past four years of foreclosure experiences must have translated into better management, I hope.

The property is classified as a detached condominium. That means none of the walls of the structure are shared with the neighbors. The pictures on the MLS listing show that the fixtures, counters, flooring and cabinets need to be updated.

73 Burlingame is a standard sale, and it is an attached condominium. It shares walls with neighbors. The pictures on the MLS listing show that the house is in a move-in condition with Euro cabinetry, wood flooring and updated fixtures.

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

23 Burlingame was sold in May 2006 for $625,000.

53 Burlingame was sold in March 2006 for $600,000.

63 Burlingame was sold in March 2007 for $645,000.

7 Burlingame was sold in June 2008 for 510,000.

63 Burlingame was sold in May 2008 for $500,000.

1 Burlingame was sold in October 2009 for $460,000.

15 Burlingame was sold in May 2011 for $505,000.

25 Burlingame was sold in November 2011 for $450,000.

30 Burlingame was sold in December 2011 for $450,000.

2012 has brought the prices down by $25,000. Over the period of six years, this floor plan has dropped by a whopping $175,000. What is next? Will the “Foreign Cash Buyers” save the condominiums of Irvine? What would you do?

Discuss below or at Talk Irvine.

Closed Sales from 3/8/2012 to 3/14/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
3/9/12 1114 Scholarship 92612 Avenue One $215,000 1 725
3/12/12 2415 Watermarke Pl 92612 Watermarke $220,000 1 635
3/13/12 5071 Scholarship 92612 The Plaza $650,000 2 1675
Northwood
3/9/12 25 Bamboo 92620 Camellia $790,000 3 2460
3/12/12 35 Wonderland 92620 Serissa $579,000 3 2145
3/12/12 304 Monroe 92620 Timberline $368,000 2 1142
3/14/12 2 Mcclennan 92620 Show Case $659,000 3 2055
Portola Springs
3/12/12 52 Scarlet Bloom 92618 Vientos $508,000 3 1405
Turtle Ridge
3/8/12 38 Woodcrest 92603 Chaumont $1,600,000 3 3100
Turtle Rock
3/9/12 5021 Paseo Dali 92603 Campus View $659,000 3 1500
Walnut
3/14/12 3531 Pecan St 92606 College Park $635,000 4 2505
West Irvine
3/8/12 98 Briar 92602 Briarwood $785,500 5 2900
Westpark
3/9/12 25 Del Perlatto 92614 Borgatta $470,000 2 1352
3/13/12 3661 Bates St 92614 Culverdale $572,000 4 1650
3/13/12 2 Altezza 92606 Trovata $661,000 4 1876
3/13/12 52 Almador 92614 Las Palmas $429,500 2 1307
Woodbridge
3/8/12 14 Seawind 92614 Seaport $439,900 2 1100
3/8/12 8 Rockwood 92614 Parkview $425,000 3 1600
3/8/12 12 Rainbow Lake 92614 Lakeside $675,000 3 2320
3/9/12 46 Oakdale 92604 Custom $650,000 4 2260
3/9/12 21 Southwind 92614 Lakeshore $1,200,000 4 2760
3/14/12 10 Ashbrook 92604 Parkside $365,000 3 1383
Woodbury
3/8/12 85 Costa Brava 92620 Bowen Court $290,000 1 975
3/12/12 21 Breezes 92620 Mille Fleurs $1,088,000 5 3531
3/14/12 86 Mapleton 92620 La Casella $547,000 3 2090

Discuss below or at Talk Irvine.

New Home Demand in OC Driven by Asian Buyers

A reader sent in this interesting article at Bloomberg:

Asian Buyers Buoy New-Home Demand in California’s Orange

By Nadja Brandt – Mar 13, 2012

Connie Wang paid about $960,000 last June for a new four-bedroom, four-bath house in a sprawling swath of Southern California that’s home to Disneyland and Pimco. Now she may buy a second as an investment.

“You know why Orange County is doing better?” said Wang, a native of Taiwan who splits her time between Shenzhen in southern China, where she oversees a toy-manufacturing business, and Irvine, California, where she raised her three children. “It’s because all my neighbors are from China and Taiwan, and they all bought their homes in cash.”

….

To accommodate the increase in demand from Asian buyers, closely held New Home is building dedicated wok kitchens at some homes at another of its developments, Lambert Ranch, in Irvine. The small room is adjacent to the standard kitchen, and has a stove and high-powered vent. Most of the properties also have separate living quarters for extended family, according to Marcus-Colvin.

“After our last focus group, we really wanted to accommodate these changing demands,” she said. “A lot of our Asian buyers have asked for these features and the feedback from those we’ve shown the new properties to has been, ‘You really listened to us.’”

….

Standard Pacific Corp. (SPF), based in Irvine, has begun to cater to culturally specific preferences, including building wok kitchens and incorporating feng shui and numerology rules, such as leaving out unlucky numbers from street addresses, according to Ted McKibbin, president of the builder’s Southern California coastal division.

Under the Chinese system of feng shui, buildings are oriented in a favorable manner, often determined by the location of bodies of water, stars or compass directions.

Feng Shui

“Good feng shui falls under good design principals, the way a cook top and sink are lined up with each other,” McKibbin said. “But with some buyers there’s more focus on that. That’s when things like numerology come into place, which can place challenges in regards to addressing a home and avoiding certain numbers. We do pay attention to that.”

Definitely read the full article at Bloomberg.

I don't think prices are 15-20% above their post peak low of Jan 2009 as the article states. This topic has been discussed plenty on the blog and Talk Irvine. Any thoughts on the article and/or topic? Discuss below or at Talk Irvine.