Turtle Rock Condo in the Treetops

33 Valley View $766,000

As I drove along Valley View looking for this open house, I was amazed at the open space in this condo neighborhood. A short drive from Turtle Rock Park, and the Association pool, this area is quiet and uncrowded with condos stair stepping down the hillside.

Stepping into the gated paved courtyard of 33 Valley View, there is a growing suspicion. This could be the condo all of the other condos want to be!

That suspicion is confirmed inside. Double doors open into an elegant entryway, with a sleek formal dining room, soaring beamed cathedral ceiling, and a large elevated living room. I could picture the party invitations now. Entertaining would be a breeze.

Across the back of the living room, the wide windowed area with sliders opens onto a deck with a view of the treetops and city lights. An impressive fireplace, hardwood floors, and recessed lighting add the finishing touches.

The kitchen opens off of the dining room. The kitchen has been remodeled with granite counters, custom cabinets and skylights.

Maximizing the Space: This 4 bedroom, 2.5 bath condo makes the most of an ample 2,400 sq. ft space with a relaxed split level floor plan that feels even bigger than it is. The upper level includes the master bedroom, deck, bath, and a second bedroom that works as a convenient home office.

Everywhere you look there are treetop views and inviting decks.

The lower level has a family/entertainment suite with one bedroom on each side of the family room, plus bar sink, bath and laundry room. One of the downstairs bedrooms works as an exercise area. The good sized deck is accessible from the family room and both bedrooms. There is a two car attached garage.

Just minutes from the University of California Irvine campus, this property offers the Irvine School System with University High and Turtle Rock Elementary schools, the Association pool and 2 tennis courts.

Specifics for this split level condo:

Beds: 4

Baths: 2.5

Sq. Ft.: 2,400

$/Sq. Ft.: $319

HOA Dues: $450/month

Lot Size: –

Property Type: Residential,

Condominium Style: Split-Level, Contemporary

View: City Lights, Tree Top, Trees/Woods

Year Built: 1978

Community: Turtle Rock

No Mello Roos Tax

On the Market: 23 days

Considerations and comparisons: Built in 1978, this place definitely has good bones. New owners might add more upgrades, but the existing assets are solid. Recently I visited 243 Terra Cotta in Quail Hill, and found a sleek condo next to rolling green fields. But, this Turtle Rock condo with its surrounding trees, and views, expansive floor plan, and up front drama is a very competitive alternative. For me it was all about breathing room and Turtle Rock easily wins.

Plants have been used to define the drop off between the elevated living room and dining room. The owners removed a divider, and new owners might want to reinstate it, if there are children or older guests.

Who will choose this property: Someone who relishes quiet moments on a private deck among the trees might seek solitude here. Someone who enjoys having friends over, and entertains a lot will be pleased too. A family who fits the space and values the Turtle Rock schools might settle here. Or a family with varying age groups might choose this one, using the upstairs/downstairs space to advantage.

Similar nearby properties recently sold: 14 Rustling Wind with 2900 sq. ft. was sold in June for $760,000. And 15 Misty Meadows with 2147 sq. ft. sold for $714,000 in April. Additional properties nearby listed for sale: 35 Cool Brk. #43 is listed at $769,000 and 759 Tidewind is listed at $759,000.

Discuss below or on Talk Irvine.

424 MLS listings in Irvine, and the Talk Irvine board is buzzing about the decreasing inventory, and increasing multiple offers. While I am not in the market for a primary home anymore, we looked at a couple of Mandeville investment properties in West Irvine. Within the few minutes that we spent in the property, three other parties walked in and viewed the condominium, and as expected, the property went into escrow the next morning. Summer of 2012 was supposed to bring the market to its knees, but it looks like things aren’t as bad as they were projected to be, mostly thanks to the slowing unemployment rate in Orange County (dropped from 8.5% to 7.5% in a year), and low interest rates (3.5% on 30 Year Fixed and still dropping).

This week, we will look at two condominiums in the Village of Woodbridge with views of the Lake. One is slightly below a million dollars and one slightly above.

55 Lakeview, Irvine CA 92604

Listing Price: $999,000

Beds: 3 (+Den)

Baths: 2.25

Sq. Ft.: 2,400

$/Sq. Ft.: $416

Property Type: Residential, Condominium

Style: Two Level, Cape Cod

View: Hills, Lake front, Lake mountain, Water front, Panoramic

Year Built: 1977

Community: Woodbridge

Builders Tract Name: Arborlake

Builders Tract Code: AL

Builders Model Code: Glenwood, E

Monthly expenses:

HOA Dues: $497/month ($415+$82)

Property Tax ( 1.00371%): $ 10,027 Annually

Mello Roos: $93.32 Annually

Monthly Property Tax+ Mello Roos: $843

Monthly Mortgage (30 YR Fixed, 3.5%): $3,589

Pricing History:

Jun 05, 2012 Price changed $999,000

May 22, 2012 Listed (Active) $1,029,000

Jul 15, 1999 Sold (Public Records) $420,000

Monthly Fixed Expenses: $4,929

53 Lakeview, Irvine CA 92604

Listing Price: $1,129,000

Beds: 4 (3 Bedroom +Den)

Baths: 2.5

Sq. Ft.: 2,404

$/Sq. Ft.: $470

Property Type: Residential, Condominium

Style: Two Level, Contemporary

View: Lake

Year Built: 1977

Community: Woodbridge

Builders Tract Name: Arborlake

Builders Tract Code: AL

Builders Model Code: Glenwood, E

Monthly expenses:

HOA Dues: $497/month ($415+$82)

Property Tax ( 1.00371%): $ 11,331 Annually

Mello Roos: $93.32 Annually

Monthly Property Tax+ Mello Roos: $951

Monthly Mortgage (30 YR Fixed, 3.5%): $4,056

Pricing History:

Apr 03, 2012 Price changed $1,129,000

Apr 03, 2012 Listed (Active) $1,029,000

Apr 22, 1988 Sold (Public Records) $282,000

Monthly Fixed Expenses: $5,504

Even though the condominiums are in the same neighborhood, have identical floor plans, and built in the same year, they are on the market at different prices. The monthly cost of owning one is $575 more than the other. But when you are buying a million dollar condo, I don’t think a few hundred dollars a month would make any difference.

Which one would you buy?

What factor would guide your decision?

Monthly cost of owning? Number of views/balconies?

Personally I would go with the house with the best views.

Another Arborlake condominium with excellent views, on the market at $1,300,000

For those who wouldn’t mind taking two steps out of the door to see the lake, here is a cheaper option at $589,000

Discuss below or on Talk Irvine.

For several weeks, I have seen numerous open house signs around Northwood pointing to 7 Windsor. The signs really stood out, so today, I decided to see what all the fuss is about. Nestled at the end of a cul-de-sac in the Northwood Meadows neighborhood (across from Brywood Elementary), I found a move-in ready home.

The basics:

Asking Price: $849,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,411

Lot Size: 6,392

$/Sq Ft: $352

Property Type: Single Family Home

Year Built: 1982

Community: Northwood Meadows

This home has no HOA dues and no Mello Roos Tax.

Over the past few years, the owners have made significant upgrades to the home, including new interior and exterior paint, wood floors, carpet, granite countertops, and recessed lights and refurbished cabinetry in the kitchen. The house has a new roof and garage door, the large backyard pool was replastered, and there is new pool equipment. The windows have not been replaced and the bathrooms, while well maintained, have not been remodeled.

I entered the home in the living room and saw the dining room behind it. Both have vaulted ceilings and neutral carpet, and the dining room has space for a very big table.

The refurbished cabinets and granite countertops give the kitchen a more modern look, and the breakfast nook is a nice touch. There is ample counter space and a large pantry. While the kitchen has older, white appliances, the sellers are offering a $5,000 credit towards new appliances or a $5,000 reduction in price.

The family room is next to the kitchen, with hidden mounting for a 60” flat screen TV. Otherwise, it is a pretty generic room. Off a small downstairs hallway, there is a half bath and a laundry room.

The backyard is the highlight of the home. With a large pool and spa, plus a huge patio area, there is plenty of space to entertain or relax. The patio cover creates a great deal of both privacy and shade. A sloped area in the back provides space for a garden.

At the top of the stairs, I found the master bedroom. Like the downstairs, there is nothing special about this room, but it is in good condition and the newer carpet gives it a fresher feel. It has both a 3-door mirrored closet and a walk-in closet. The bathroom features an oval tub and a separate shower, plus a long vanity with separate sinks and a makeup area in the middle.

Two of the secondary bedrooms are pretty small, with the third one being average in size. All three have mirrored closets. They share a bathroom with just one sink and a shower/tub combo.

Outside the master bedroom, there is an open area currently housing an upright piano and a small bench. This area could also be used as an office, with space for a small desk.

Overall, 7 Windsor is a nice home on a larger-than-average lot for the Northwood area. While the house doesn’t have any special features and feels very generic, it is in good condition with many recent upgrades. It has been on the market for about 110 days and they are doing open houses every week, leading me to believe they are very eager to sell. The realtor even suggested an additional $10,000 price reduction for a buyer who isn’t using their own realtor. I felt the house seemed somewhat overpriced and, after finding a lower price per square foot on recent sales and other listings in the area, those feelings were confirmed. The right buyer should be able to negotiate a great deal on this home.

Discuss below or on Talk Irvine.