When you ask people what matters most in the house they will buy, they will pick floor plan. If you ask me, there is one more decision to make before you set out to buy. Attached, detached or Single Family Residence. All Irvine villages offer the three choices. Today, we will compare three properties around the same square feet area in the village of Woodbury. One of them is an attached condominium that shares common wall with neighbors, and one of them is a detached condominium that doesn’t have any shared wall, and the other one is a single family residence.
15 Herringbone, Irvine CA 92620
(Attached Condominium)
55 Plantation, Irvine, CA 92620
(Detached Condominium)
28 Rising Sun, Irvine CA 92620
(Single Family Residence)
Here is a side-by-side comparison of the three properties:
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15 Herringbone Irvine, CA 92620 (Attached)
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55 Plantation Irvine, CA 92620 (Detached)
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28 Rising Sun Irvine, CA 92620 (Single Family Residence)
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Listing Price
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$648,800
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$729,000
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$828,888
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Beds/ bath
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3 Beds/ 3 Baths
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3 Beds/2.75 Baths
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3 Beds/ 2.5 Baths
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Area
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2090
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1964
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1949
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Price/ SF
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$310
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$371
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$425
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Levels
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Two
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Two
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Two
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Year Built
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2008
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2005
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2006
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Previous sale
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$680,000 in Jan 2008 Listed for $31,200 less than the last sale
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$669,880 in Dec 2007 Listed for $59,120 more than the last sale
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$986,500 in Jun 2006 Listed for $157,612 less than the last sale
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Floor Plan
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Builders Tract Name: la Casella Builders Tract Code: LACA Builders Model Name: PLAN 2 Builders Model Code: 2
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Builders Tract Name: Stonetree Builders Tract Code: WDST
Builders Model Code: 1
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Builders Tract Name: Portisol Builders Tract Code: WDPT Builders Name: California Pacific Homes Builders Model Code: 2
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Type of Sale
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Standard
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Standard
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Standard
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Elementary School
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Woodbury Elementary School API Rank: 9 API Growth: 918
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Middle School
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Sierra Vista Middle School API Rank: 10 API Growth: 948
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High School
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Northwood High School API Rank: 10 API Growth: 908
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Down payment
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$129,760
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$145,800
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$165,778
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Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 4.0%
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$2,478.00
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$2,784.00
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$3,166
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Home Owner’s Dues
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$105+$220
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$158+$105
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$105
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Mello-Roos
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$3,732 Annually $311 Monthly
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$4053 Annually $338 Monthly
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$4598 Annually $383 Monthly
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Property Tax (1.0595%)
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$6874 Annually $573 Monthly
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$7724 Annually $644 Monthly
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$8782 Annually $732 Monthly
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Fixed Monthly Cost of owning
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$3687.00
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$4029.00
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$4386.00
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Which one would you buy? What are the factors that help you decide? In a village where 62% of homes have offered a price reduction of about 6%, will you buy your house now, or wait for the summer of 2012?
The median sold price of the homes has dropped 29.3% in the past year in Woodbury. Will it drop further this summer? The rate of unemployment is headed south in Irvine. Will that help the housing market? What do you think?
Considering that $828k is actually on the high side of those Portisol homes (there have been a few closes at $750k), I would go for the SFR.
Lower HOA and probably better resale value in the long run.