Monthly Archives: April 2012

Same Floorplan, Same Village, Very Different Price

Today we will compare two homes in the guard gated Northpark community of Irvine. Both the houses have the same floor plan, and same square feet area. But one of them is priced $60,000 more than the other. When you see the MLS pictures of the houses, there isn’t much difference between both in terms of interior upgrades. Both are standard sales. Northpark has about 36 homes for sale now, 12 sold this year.

For the 92602 zip code, inventory is down 27.6% on a year-t0-year basis.

11 homes sold in February. Median sold price has climbed 11.1% to $450,000.

77 Modesto #94

Irvine, CA 92602

43 Meadow Vly

Irvine, CA 92602

Listing Price

$648,800

$588,800

Beds/ bath

3 Beds/ 2.5 Baths

3 Beds/ 2.5 Baths

Area

1650

1650

Price/ SF

$393

$357

Levels

2

2

Year Built

2001

2001

Floor Plan

Tract Name: San Simeon

Tract Code: SANS

Model Code: 3

Type of Sale

Standard 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

$129,760

$117,760

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 4.125%

$2,516

$2283

Home Owner’s Dues

$155+$116 = $271 Monthly

$155+$116 = $271 Monthly

Mello-Roos

$2211 Annually

$185 Monthly

$2211 Annually

$185 Monthly

Property Tax (1.0595%)

$6874 Annually

$573 Monthly

$6238 Annually

$520 Monthly

Fixed Monthly Cost of owning

$3545

$3259

About the Floor-plan:

This is a two level plan. The living areas are downstairs, and the three bedrooms are upstairs. The entry door opens into a mini foyer, and you can access the den/family room on one side, and the great room on another. There is a half bathroom downstairs. Washer and Dryer are in the garage. Upstairs, there are three bedrooms, and two bathrooms. The secondary bedrooms are as big as the Master bedrooms in the new houses of Stonegate. It is a nice floor plan for a family with young kids. Except for the laundry unit in the garage, I like the overall floor plan.

The property is classified as a detached condominium. That means none of the walls of the structure are shared with the neighbors.

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

2006:

91 Talmadge $506/SF

39 Modesto $493/SF

63 Modesto $477/SF

62 Meadow Valley $474/SF

73 Arcata $457/SF

83 Modesto $434/SF

2007:

44 Arcata $477

51 Meadow Valley $459/SF

55 Meadow Valley $453/SF

87 Talmadge $447/SF

49 Modesto $437/SF

97 Talmadge $425/SF

68 Arcata $420/SF

60 Meadow Valley $416/SF

78 Arcata $406/SF

43 Modesto $390/SF

79 Modesto $366/SF

2008:

36 Arcata $403/SF

65 Modesto $394/SF

39 Modesto $393/SF

74 Arcata $389/SF

46 Olivehurst $387/SF

61 Meadow Valley $385/SF

60 Meadow Valley $380/SF

67 Arcata $380/SF

63 Arcata $380/SF

63 Modesto $373/SF

83 Talmadge $373/SF

35 Modesto $368/SF

64 Meadow Valley $364/SF

2009:

73 Modesto $383/SF

59 Arcata $383/SF

95 Talmadge $377/SF

64 Arcata $376/SF

62 Arcata $370/SF

72 Arcata $368/SF

66 Arcata $361/SF

53 Meadow Valley $357/SF

53 Modesto $353/SF

75 Modesto $334/SF

2010:

91 Talmadge $440/SF

67 Modesto $394/SF

71 Meadow Valley $381/SF

41 Modesto $380/SF

48 Olivehurst $368/SF

49 Meadow Valley $351/SF

2011:

66 Meadow Valley $382/SF

54 Arcata $367/SF

35 Meadow Valley $362/SF

2012:

68 Meadow Valley $350/SF.

The price per square foot area for the San Simeon homes in Northpark guard gated community has gone from $506 in 2006 to $350 in 2012. That is $156 down in six years. Coming to think of it, 91 Talmadge is not a good comparable property for the other San Simeon properties. It has a huge driveway, and a front yard which is unusual for a detached condo. But the next sold price is at $493/SF which is not too far off from the $506/SF of 91 Talmadge.

Where do you think these homes are headed to? Will we see a drop below $300/SF this summer, the so called bottom before the rebound? Which house would you buy?

Considering the floor plans are same, they were built in the same year and none of them back busy streets or freeways, I would go with the cheaper option, 43 Meadow Valley.

Discuss below or on Talk Irvine.

Closed Sales from 3/29/2012 to 4/4/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
3/29/12 2256 Watermarke Pl 92612 Watermarke $370,000 3 1480
3/29/12 3118 Watermarke Pl 92612 Watermarke $202,000 1 635
3/30/12 5044 Scholarship 92612 The Plaza $425,000 1 1175
3/31/12 8125 Scholarship 92612 The Plaza $730,000 2 1675
4/4/12 2115 Watermarke Pl 92612 Watermarke $180,000 1 635
El Camino Real
4/2/12 9 Penny Pines 92604 Deerfield Patio $545,000 3 1900
Northpark
3/29/12 33 Olivehurst 92602 unknown $375,000 3 1588
3/30/12 42 Salton 92602 San Juan Bautista $379,000 2 1400
Northwood
3/30/12 126 Streamwood 92620 Custom $155,000 1 639
4/2/12 30 Runningbrook 92620 Silverado $1,038,000 5 3160
4/4/12 34 Brena 92620 Crestwood Estates $750,000 4 2459
Oak Creek
4/2/12 1404 Elk Grv 92618 Oak Park $335,000 2 1200
Orangetree
4/3/12 165 Tarocco 92618 OG $258,000 2 995
Portola Springs
3/29/12 25 Native Trails 92618 Las Colinas $1,002,075 4 3109
3/30/12 60 Pathway 92618 Vientos $411,500 2 1300
Shady Canyon
3/30/12 53 Boulder View 92603 Shady Canyon Custom $4,800,000 5 8503
Stonegate
3/29/12 45 Mayfair 92618 Santa Clara $346,343 1 1129
3/29/12 37 Bromeliad 92618 Capistrano $620,017 4 1904
Turtle Ridge
3/30/12 30 Hedgerow 92603 Bontanica $1,500,000 5 3800
3/30/12 28 Reserve 92603 La Cima $3,528,000 5 5699
3/30/12 143 Roadrunner 92603 Whispering Glen $532,000 2 1589
3/30/12 115 Canyoncrest 92603 Chantory $500,000 2 1030
Turtle Rock
3/30/12 26 Moonlight 92603 Ridge Townhomes Bren $445,000 2 1400
University Park
3/29/12 116 Sequoia Tree Ln 92612 Garden Homes $472,000 3 1495
University Town Center
3/30/12 170 Stanford Ct 92612 Princeton Townhomes $330,000 2 944
4/1/12 4 Lehigh Aisle 92612 Oxford Court $405,000 2 1682
Walnut
3/29/12 66 Royal Victoria 92606 Parklane $385,000 2 1200
West Irvine
3/29/12 45 Bradford 92602 Sheridan Place $490,000 3 1638
3/30/12 15 Parma 92602 Concord $814,500 4 2900
3/30/12 34 Halifax Pl 92602 Liberty $624,900 4 2000
3/31/12 109 Sapphire 92602 Mandeville $435,000 3 1500
4/3/12 19 Sagamore 92602 Andover $425,000 3 1500
4/4/12 84 Legacy Way 92602 Liberty $545,000 3 1500
Westpark
3/29/12 3612 Baylor St 92614 other $465,000 4 1448
3/29/12 192 Alicante Aisle 92614 Tiempo $244,500 2 858
3/29/12 5 Corriente 92614 Vista West Park $717,200 4 2138
4/2/12 5 Le Vanto 92606 Brindisi $430,000 2 1000
4/3/12 1805 Ladrillo Aisle 92606 Brio $249,900 1 785
Woodbridge
3/29/12 104 Echo Run 92614 Park Vista $285,000 3 1117
3/29/12 20 Woodfern 92614 Other $330,000 3 1165
3/29/12 3 Fallingstar 92614 Laurels $295,000 2 1167
3/30/12 60 Timber Run 92614 Somerset $295,000 3 1240
3/30/12 2 Hickory 92614 Briarglen $650,000 3 1786
3/30/12 69 Briarglen 92614 Laurels $365,000 2 1227
3/30/12 67 Havenwood 92614 Parkview $428,000 3 1578
3/30/12 130 Clearbrook 92614 Park Vista $259,000 2 970
4/2/12 8 Alderberry 92604 Townhomes $465,000 3 1646
4/2/12 33 Weepingwood 92614 Parkview $355,000 3 1399
4/3/12 5 Fallcrest 92614 Seasons $430,000 3 1471
4/4/12 134 Echo Run 92614 Park Vista $185,000 1 750
Woodbury
3/29/12 54 City Stroll 92620 Esplanade $537,490 3 2074
3/29/12 205 Wild Lilac 92620 Garland Park $365,256 2 1357
3/29/12 59 Sanctuary 92620 Mille Fleurs $950,000 5 3500
3/29/12 193 Wild Lilac 92620 Garland Park $458,888 3 1875
3/30/12 101 Towngate 92620 Four Quartets $460,000 3 1706
3/30/12 247 Vintage 92620 Rosemoor $725,000 3 2400
4/4/12 38 Concierto 92620 Lombard Court $416,000 2 1562

Discuss below or on Talk Irvine.

A Change in Trend for Irvine Housing: No New Mello Roos?

An IHB post from last week was about one of Irvine’s most recent housing development, Lambert Ranch. As Zovall stated in that post, a sneak preview of the homes in this new development occurred recently. Some TalkIrvine participants attended the preview and gave some interesting and differing opinions. You might want to take a look at their comments.

Today's post is another twist on this new housing development in Irvine.

Lambert Ranch might start a new trend in the financing and marketing of new homes in Irvine. Mello-Roos taxes on homes in new Irvine developments has been a given for some time now. And this given usually means a big increase in the homeowner’s property tax bill.

However, the Lambert Ranch developer, The New Home Company (TNHC), “has announced there will be no Mello-Roos taxes at Lambert Ranch, making the development the only new home community in Irvine to offer no additional tax assessment.” Partner and CEO Larry Webb goes on to say, “Families have a hard enough time paying normal real property taxes, let alone the special taxes imposed by Mello-Roos.”

Many of you know about Mello-Roos taxes, but for those who don’t, here is a brief history:

With the passage of Proposition 13 in 1978, the property tax money that had been available to build infrastructure and provide services (for example, schools, roads, and libraries as well as police and fire protection) was reduced. One of the results was that cities and local governments required that developers bear more of the burden in providing the infrastructure and services that would be needed in new communities. Passage of California’s Mello-Roos Community Facilities District Act in 1982, which lets developers obtain the funds needed to pay for the infrastructure and services through the sale of bonds, was seen as a partial solution to this problem. The obligation to repay the bonds is usually transferred from the developer to the homebuyer and shows up as an additional fee on the homeowner’s property tax bill.

So will TNHC recoup the cost of providing the needed services without the aid of Mello-Roos taxes by charging higher housing prices? CEO Webb commented on this:

“Some of the cost may be passed to the homebuyer. However, this does not significantly impact the cost of the home. In fact, our prices will be comparable per square foot with projects in Irvine that are subject to Mello-Roos fees. And buyers in those communities will have to pay these fees every year.”

This seems like doublespeak to me. First he seems to say that the overall cost will be higher, and then he seems to say that the overall price will be comparable to new developments in Irvine that have Mello-Roos fees. I’ll let you compare overall costs between Lambert Ranch homes and homes in other recent Irvine developments. After you factor in the costs with and without Mello-Roos taxes, you can come to your own conclusion. And for those of you who make this comparison, please let me know what your conclusion is.

TNHC describes their Lambert Ranch development as “private family residences in the hills of Irvine.” The development, which will include three neighborhoods (The Field, The Grove, The Hill) as well as three pocket parks, the Ranch House recreational center, and the .75 acre Children’s Adventure Park, goes on sale this month.

For some history on Lambert Ranch, which includes Ray Lambert’s purchase of the land in 1915, see an Orange County Register article.

Lambert Ranch then…

Lambert Ranch Now…

Photos courtesy The New Home Company and the Sapetto Group via The Orange County Register

Discuss below or at Talk Irvine.

Attached, Detached, or Single Family Residence

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:

15 Herringbone

Irvine, CA 92620

(Attached)

55 Plantation

Irvine, CA 92620

(Detached)

28 Rising Sun

Irvine, CA 92620

(Single Family Residence)

Listing Price

$648,800

$729,000

$828,888

Beds/ bath

3 Beds/ 3 Baths

3 Beds/2.75 Baths

3 Beds/ 2.5 Baths

Area

2090

1964

1949

Price/ SF

$310

$371

$425

Levels

Two

Two

Two

Year Built

2008

2005

2006

Previous sale

$680,000 in Jan 2008

Listed for $31,200 less than the last sale

$669,880 in Dec 2007

Listed for $59,120 more than the last sale

$986,500 in Jun 2006

Listed for $157,612 less than the last sale

Floor Plan

Builders Tract Name:

la Casella

Builders Tract Code: LACA

Builders Model Name:

PLAN 2

Builders Model Code: 2

Builders Tract Name: Stonetree

Builders Tract Code: WDST

Builders Model Code: 1

Builders Tract Name:

Portisol

Builders Tract Code: WDPT

Builders Name: California Pacific Homes

Builders Model Code: 2

Type of Sale

Standard

Standard

Standard

Elementary School

Woodbury Elementary School

API Rank: 9

API Growth: 918

Middle School

Sierra Vista Middle School

API Rank: 10

API Growth: 948

High School

Northwood High School

API Rank: 10

API Growth: 908

Down payment

$129,760

$145,800

$165,778

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 4.0%

$2,478.00

$2,784.00

$3,166

Home Owner’s Dues

$105+$220

$158+$105

$105

Mello-Roos

$3,732 Annually

$311 Monthly

$4053 Annually

$338 Monthly

$4598 Annually

$383 Monthly

Property Tax (1.0595%)

$6874 Annually

$573 Monthly

$7724 Annually

$644 Monthly

$8782 Annually

$732 Monthly

Fixed Monthly Cost of owning

$3687.00

$4029.00

$4386.00

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?