Monthly Archives: August 2012

Closed Sales from 8/16/2012 to 8/22/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
8/16/12 99 Lennox 92612 Chelsea $740,000 3 1702
El Camino Real
8/16/12 14581 Highcrest CIR 92604 EL CAMINO REAL $588,000 4 1700
8/17/12 27 Golden Glen St 68 92604 Walnut Square $242,000 2 864
8/21/12 15305 Cherbourg Ave 92604 Other $520,000 3 1423
Northpark
8/16/12 8 hallwood 92602 Santa Venetia $835,000 4 2265
8/17/12 11 Upland 92602 Miramar $885,000 4 2671
8/22/12 65 Olivehurst 92602 Auburn $380,000 2
Northwood
8/17/12 161 Streamwood 92620 Irvine Springs $210,000 2 808
8/17/12 8 Brena 92620 Woodside $925,000 6 2955
8/17/12 40 Parkcrest 92620 Bainbridge $940,000 4 2500
8/17/12 73 Trailwood 92620 Fairmont $1,140,000 5 3156
8/20/12 19 Jefferson 92620 Courtside $590,000 4 2146
8/20/12 8 Champlain 92620 Woodcrest $800,000 4 2718
8/20/12 11 Ramada 92620 Canyon Creek $830,000 4 3000
8/21/12 6 Brisa 92620 Amberwood (N.W.) $564,900 3 1377
8/21/12 1206 Timberwood 0 92620 Collage $535,000 3 1625
8/22/12 5 Bellezza 92620 Woodside $800,000 4 2392
Orangetree
8/20/12 37 Tarocco 92618 Orchard Glen OT $228,000 2 997
Quail Hill
8/16/12 29 Momento 92603 Vicara $1,670,000 4 4171
8/21/12 47 DUET 92603 Ambridge $435,000 2 1447
Rancho San Joaquin
8/17/12 76 Navarre 106 92612 RSJ Villas $460,000 2 1493
Turtle Ridge
8/21/12 68 Greenhouse 92603 Chantory $705,000 3 1495
Turtle Rock
8/16/12 93 Canyon Crk 92603 Shady Canyon Custom $3,448,000 5 8300
8/21/12 10 Los Gatos 15 92612 Pointe – Turtle Rock $830,000 3 2104
University Park
8/16/12 34 Acacia Tree Ln 92612 Village III (Village Park) $510,000 3 1560
8/16/12 1 Cypress Tree Lane 92612 $445,000 3 1714
8/17/12 75 Acacia Tree Ln 92612 Village III (Village Park) $575,000 3 2050
8/21/12 12 Redwood Tree Ln 92612 Village III (Village Park) $529,000 3 1560
University Town Center
8/20/12 83 S Exeter 42 92612 Columbia Square $404,000 2 1200
Walnut
8/21/12 36 Nebraska 92606 Revere $580,000 3 1723
8/21/12 3932 ACACIA 92606 College Park $570,000 3 1420
8/22/12 4512 Wyngate Cir 92604 0 $425,000 3 1200
Westpark
8/16/12 35 Alexandria 92614 Tierra $585,000 3 1560
8/17/12 22 Aprilla 92614 Tierra $740,000 4 2068
8/17/12 34 Water Lily 92606 Custom $816,000 4 2800
8/20/12 25 Alcoba 92614 Las Palmas $440,000 3 1610
Woodbridge
8/16/12 3 Fernbank 56 92604 Townhomes $475,000 2 1296
8/17/12 56 Claret 28 92614 Chateaux $396,000 2 1296
8/17/12 4 Mallard 92604 Place $1,195,000 5 3100
8/20/12 45 Willowgrove 92604 Grove $615,000 3 1840
8/21/12 10 Lakeview 79 92604 Arborlake $350,000 3 1659
8/22/12 5 Weepingwood 92614 Parkview $439,000 3 1422
Woodbury
8/17/12 127 Calypso 92618 Santa Rosa $417,000 2 1188
8/20/12 65 Mission Bell 92620 Esplanade $480,000 2 1530

Discuss below or on Talk Irvine.

Open House Review: 31 Entrada West

Last week, I reviewed 7 Aldea, a three bedroom home in Northwood’s Windstream community. Today, I will review 31 Entrada West, another three bedroom home in Northwood. This one is in the Park Paseo neighborhood, about half a mile away from 7 Aldea, and zoned for all the same schools.

The basics:

Asking Price: $649,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1910

Lot Size: 3,645

$/Sq Ft: $340

Property Type: Single Family Home

Year Built: 1979

Community: Northwood, Park Paseo

HOA dues are $83 per month and there are no Mello Roos.

Both homes have a lot in common. They were both built in 1979 and neither has remodeled the kitchen or bathrooms. They have similar prices per square foot and both have associations with pools and tennis courts. 7 Aldea is a bigger house on a bigger lot, and is in a gated community. 31 Entrada West offers a much lower HOA ($83/month vs. $174/month) and the lower asking price makes it more affordable for many families. While 7 Aldea is located on a corner, 31 Entrada West is near the end of a quiet Cul de Sac.

When I entered this home, the living room was immediately to my right, down one step, and the dining room was to my left. Both rooms have hardwood floors and vaulted ceilings.

The family room has a small wet bar at one end and a brick fireplace in the middle. It’s somewhat dark, since it only has windows on one side and it only has one small set of old track lighting. It is long and narrow and doesn’t really flow into any other rooms, so it feels very closed in.

The kitchen is also long and narrow. One half has several pantry-height cupboards, a large window and breakfast nook. The rest of the kitchen is pretty small, with one long tile counter and one smaller one. There are newer stainless steel appliances but original counters, cabinets, and fluorescent panel lighting. While it is in good condition, overall it feels outdated and small.

Upstairs, there are three bedrooms and two baths. The two secondary bedrooms are on the smaller side, both with windows facing the front of the house and standard closets. Their shared bathroom only has one sink, despite having a counter long enough to fit two.

The master bedroom’s nicest feature is vaulted ceilings. Otherwise, there is nothing remarkable about the room. The bathroom has a stall shower and double sinks with newer fixtures, but everything else is original.

Overall, 31 Entrada has a lot of room for improvement. However, it is smaller than most homes in the neighborhood, resulting in a lower asking price (though its price per square foot is comparable to others). For a family with a lower budget, this may be their chance to get a more affordable house in a great neighborhood. Upgrades can come later, if desired.

Discuss below or on Talk Irvine.

Irvine House vs Condo Numbers: August 2012

According to Altos Research, Irvine’s single-family housing market is similar to what it was the previous month. Altos gives Irvine’s single-family homes a Market Action Index of 21.61, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home has been on the market for about 121 days as of August 10, 2012.

Altos Market Action Index for Single-family Homes in Irvine

Altos Research

According to Redfin, 226 houses were on the Irvine market in June, and 181 condos were on the market. Following is more data from Redfin on Irvine’s July 2012 housing market:

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses
12-Jul $949K/226 $760K/95 $382 $368 7.90%
12-Jun $890K/251 $735K/103 $384 $356 5%
Condos
12-Jul $509K/181 $425K/115 $342 $306 -1.60%
12-Jun $498K/202 $430K/152 $336 $313 -1.30%
All
12-Jul $744K/408 $545K/211 $363 $322 0.30%
12-Jun $720K/456 $515K/257 $363 $327 0.9%*

*The May price per square foot was down 4.6%.

The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.

Redfin

There are fewer houses and condos on the market this month than last month, as well as fewer sales. In addition, houses seem to be faring better than condos in Irvine’s housing market.

If you would like to see some housing numbers for each of Irvine’s neighborhoods, see my previous post “Irvine Housing by the Numbers – August 2012 Update.”

Discuss below or on Talk Irvine.

Open House Review: 17 Heron

Custom Woodbridge Entertainer’s Coup

17 Heron Irvine, CA 92604 $975,000

As I drove through Woodbridge to see this single family home, I was anticipating questions. Billed as an entertainer’s dream, this home brings up the two questions that people who entertain always ask: How many are there for dinner, and what’s the budget? I was interested to see how the cost versus space budget would play out at 17 Heron.

I had seen the floor plan and was looking forward to seeing the ‘great room.’ But seeing is believing, and that turned out to be pure fun. Stepping into a sunlit foyer and heading into a very together ‘great room,’ I could picture holidays flourishing here with friends and family, followed by one party after another.

Off to the right of the foyer there is a nicely finished living room with fireplace that will easily handle extra party traffic.

Soaring cathedral vaulted ceilings with lots of natural light accent the individual islands of color as the family area with fireplace, dining area, large counter bar, and kitchen all blend together. This is what open space always intends to be.

After seeing the space, a review of the figures shows this home as new to the market, with 2,450 square feet, at a $/Sq. Ft. cost of $398, with HOA dues of $82 a month, and a lot size of 5,000 square feet. The finished product has 4 bedrooms, 3 baths and 3 garages.

Remodeled in 2001, there are updates everywhere. The kitchen is a match for the great room with black granite counters, a large counter bar, under counter lighting, custom ceiling soffit with pendant lighting, top of the line appliances, ash cabinets and a tumbled marble backsplash, the party continues outside in the yard and on the patio with a gas barbecue island and a mini putting green.

There is one bedroom and a full bath downstairs. Upstairs the master bedroom and bath have been remodeled with custom jacuzzi tub, skylights, a huge walk in closet, and cathedral ceilings. There are two more bedrooms and a full bath upstairs.

The home has dual paned windows throughout, a larger capacity HVAC system, surround sound and woven blinds.

Specifics for this two level contemporary:

Bedrooms: 4

Baths: 3

Sq. Ft.: 2450 sq.ft.

$/Sq.Ft.: $398

HOA Dues: $82/month

Lot size: 5,000 sq. ft.

Property: Residential

Type: Single Family

Views: Tree Tops

Community: Woodbridge

Built: 1977

Schools: Irvine School System

Laundry in the garage

Association pool and spa

Listed: 19 days

Considerations and Comparisons: New to the market in a prime Woodbridge location near the lake, gives this home impetus. Sold in 2001 for $628,000 and also remodeled in 2001 with a strong floor plan, the question will be how the home fits the current market. Homes with similar prices and square footage have recently sold in Woodbridge and more are currently listed.

Who will be having parties at 8 Heron? Seasoned entertainers who love to plan big parties, and whip up instant get-togethers will be attracted to this home. There’s a lot of space and it all works. Families attracted to the school system and the parks and lake will consider this home. Having one bedroom downstairs will appeal to professionals who want a home office, or families with older members. The ready-to-move-in, polished space will appeal to professionals who want to unpack and maintain their schedule.

Recent Sales Nearby: 1 Vetrina sold for $998,000 in May; 27 Blue Jay sold for $912,000 in July; and 18 Mandarin sold for $925,000 in June. New listings nearby: 21 Bayside is currently listed at $958,000 and 26 Emerald is listed at $1,045,000.

Discuss below or on Talk Irvine.

Timberwoods of Northwood

Like the Sapphire condominiums of West Irvine, Timberwood condominiums of Northwood have seen a lot of action too. When they were built in 2000, they sold in the $225,000-$250,000 range. Later as the Kool-Aid was passed around in 2006, they doubled in their value, selling in the range of $500,000-$530,000. Then came the drop, and the race to the bottom, they are in the $350,000 range now, and we don’t know if most of the inventory has dried up, or there will be more dragging the prices further. Today, we will compare two Timberwood properties currently for sale, and go over the 2012 sale data.

1300 Timberwood, Irvine CA 92620

1900 Timberwood, Irvine CA 92620

1900 Timberwood

1300 Timberwood

Listing Price

$399,988

$339,000

Beds/ Bath

2 Beds/ 2 bath

2 beds/ 1 bath

SF Area

1300

1267

Price/ SF

$308

$268

Property Type

Condominium

Condominium

Levels

3+ Levels, Mediterranean

3+ Levels

Year Built

2000

2000

HOA Dues

$290

$282

Property Tax (Annual at 1.0585%)

$4236

$3592

Mello Roos (Annual)

$1386

$1386

Property Tax + Mello Roos (Monthly)

$468

$415

Mortgage (Monthly)

30 YR Fixed, 3.875%

$1505

$1275

Fixed Monthly Expenses

$2263

$1972

Fixed Monthly Expenses/ SF

$1.74

$1.55

Here is a look at the sales history for Timberwood homes:

2011:

1008 Timberwood $316.67/SF

1200 Timberwood $269.23/SF

2212 Timberwood $320.51/SF

2100 Timberwood $255.91/SF

2110 Timberwood $307.09/SF

610 Timberwood $289.29/SF

308 Timberwood $289.29/SF

2012:

1410 Timberwood $286.74/SF

518 Timberwood $298.34/SF

820 Timberwood $261.74/SF

And the properties on the market now are listed for $268/SF and $308/SF.

What do you think? The prices will go down further for these condominiums, or the worst was over in 2012 and lack of inventory will stabilize the sales?

The area has excellent schools in Irvine School District. The condos are not new, but they are all maintained as new. Three levels might be a bit of an issue for families with young children, or seniors, but almost every Irvine village has a set of three level condominiums.

Would you buy now?

Would you wait for prices to go down a bit more?

One of the listings mentions that the rents are in the $2200-$2400 range in this area. Would you buy an investment property here?

Discuss below or on Talk Irvine.