Wisteria or Liberty

Two West Irvine detached condominiums on the market have the same floor plan, and same listing price of $609,900. But, around their listing price is a single family residence with wood flooring, crown molding and other upgrades. At $639,000, it might end up working cheaper to own a single family residence than a condominium. What compels people to buy the overpriced condominiums when the single family residences are listed for a better price? The community is still the same, and the schools are the same.

71 GLEN ARBOR #126

Listing Price: $609,900

Beds: 4

Baths: 2.75

Sq. Ft.: 1,730

$/Sq. Ft.: $353

Property Type: Residential, Condominium

Style: Two Level, Mediterranean

Year Built: 2001

Community: West Irvine

Builders Tract Name: Wisteria

Builders Tract Code: WIST

Builders Model Code: Cabrillo, 4

Monthly expenses:

HOA Dues: $174/month ($119+$55)

Property Tax ( 1.0595%): $6462 Annually

Mello Roos: $1383 Annually

Monthly Property Tax+ Mello Roos: $654

Monthly Mortgage (30 YR Fixed, 3.5%): $2,191

Monthly Fixed Expenses: $3,019

165 CHURCH PL, IRVINE CA 92602

Listing Price: $639,900

Beds: 4

Baths: 2.5

Sq. Ft.: 1,755

$/Sq. Ft.: $364

Property Type: Residential, Single Family

Style: Two Level, Traditional

Year Built: 1998

Community: West Irvine

Builders Tract Name: Liberty

Builders Tract Code: LIBT

Builders Model Code: C

Monthly expenses:

Property Tax ( 1.0595%): $6780 Annually

Mello Roos: $1147 Annually

Monthly Property Tax+ Mello Roos: $660

Monthly Mortgage (30 YR Fixed, 3.5%): $2,296

Monthly Fixed Expenses: $2,956

Owning a single family residence with its own lot is cheaper than owning a condominium in West Irvine. Which one would you? What justifies your decision? Do you think an HOA will keep the community in a better shape than a community without one? If given a choice, I would pick the Single Family residence over the condominium in this case.

Discuss below or on Talk Irvine.

1 thought on “Wisteria or Liberty

  1. Swiller

    “You’ve got the green light!” …..2.75% fixed. Just heard this on the radio this morning. P.R. should drop a visit here and remind everyone who thought he was full of sh1t about mortgages dropping to the 2’s. Well, at least I remember.

    On to my NEW modified mortgage. Yes indeed, this will be my 2nd modification. This one comes from Chase as I do not qualify for the fed. gov. program. Somehow, someway, on a $335,000 loan, my payments WITH taxes is showing at $1109/month. I havven’t seen the terms yet as I’m on the trial plan, but I will post when I get the final loan mod.

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