Monthly Archives: August 2012

Closed Sales from 8/2/2012 to 8/8/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
8/3/12 3421 Watermarke 92612 Watermarke $400,000 2 1250
8/6/12 3131 Michelson Dr 1405 92612 Marquee at Park Place $399,000 2 1347
8/7/12 3365 Watermarke Pl 92612 Watermarke $431,000 2 1482
El Camino Real
8/3/12 5062 Dutcher Ave 92604 El Camino Glen $490,000 3 1620
Northpark
8/2/12 42 Idyllwild 55 92602 Monticello $420,000 2 1500
8/2/12 7 Malibu 92602 Brentwood $1,098,800 4 3029
8/3/12 1002 Terra Bella 92602 Terra Bella $435,000 3 1614
8/8/12 8 Evensen 18 92602 Bella Rosa $560,000 3 1858
Northwood
8/7/12 294 Monroe 107 92620 Timberline $419,500 3 1360
8/7/12 44 Monticello 92620 Peppermill Run $778,000 3 2405
8/7/12 1 Shelby 92620 Courtside $635,000 3 1841
8/7/12 31 Lindberg 92620 Shady Hollow $483,000 2 1471
8/8/12 13742 Onkayha Cir 92620 Racquet Club $649,800 5 2600
8/8/12 13 Whitney 92620 0 $635,000 3 2100
Oak Creek
8/3/12 3406 Orangewood 92618 Oak Park $340,000 2 1031
8/3/12 104 Danbury Ln 92618 Cobblestone $530,000 3 1500
8/8/12 27 Sonata St 92618 Aldea $535,000 3 1550
Portola Springs
8/2/12 39 Silverado 92618 San Carlos COURT $345,000 1 1220
8/6/12 54 Land Grant 92618 Other $695,000 3 2044
8/8/12 48 Cactus Bloom 92618 Primrose $601,603 3 1873
Quail Hill
8/2/12 135 Stepping Stone 92603 Casalon $530,000 3 1749
8/8/12 76 Duet 92603 Sage $449,000 2 1145
Stonegate East
8/7/12 25 Wheatberry 92618 Los Altos $535,000 3 1708
Turtle Ridge
8/6/12 27 Climbing Vine 92603 Fiore $1,650,000 5 3300
Turtle Rock
8/3/12 18762 Via San Marco 92603 Hills President $1,000,000 4 1925
8/3/12 54 Golden Eagle 92603 Shady Canyon Custom $5,300,000 6 6700
8/3/12 21 Vernal 92603 Sycamore $2,800,000 6 5227
8/6/12 37 ROCKY KNOLL 92612 Vista (Turtle Rock) $740,000 4 2417
8/7/12 19431 SIERRA RATON 92603 Broadmoor $1,182,000 5 2650
8/7/12 5 Sunshine 37 92603 Ridge Townhomes Bren $490,000 2 1412
University Park
8/6/12 4555 Green Tree Ln 92612 Village III (Village Park) $462,000 3 1215
West Irvine
8/7/12 58 Copper Leaf 92602 Glen Willows $616,000 3 1700
Westpark
8/6/12 12 Avanzare 92606 Trovata $630,000 3 1890
Woodbridge
8/2/12 96 GREENMOOR 92614 Stonegate $325,000 2 1142
8/3/12 8 Lakeside 34 92604 Crossing $412,500 2 1477
8/7/12 6 Windsong 92614 Willow Creek (WB) $475,000 2 1241
8/7/12 97 SUMMERSTONE 92614 Summerfield $705,000 4 1900
8/7/12 22 Tanglewood Dr 92604 Park Homes $585,000 3 1850
Woodbury
8/2/12 220 Vintage 92620 Rosemoor $980,000 5 2850

Discuss below or on Talk Irvine.

Open House Review: 18 Deerwood

In stark contrast to the overpriced house I saw last week at 71 Festivo in Westpark, I found a house today that is by far the lowest price per square foot I have seen. 18 Deerwood East comes in at a surprising $251 per square foot. This remodeled home is 3300 square feet (700 more than 71 Festivo) and priced at only $829,777. While it isn’t as nicely upgraded as the Westpark home, this Deerfield house has some improvements and is in move-in condition.

The basics:

Asking Price: $829,777

Bedrooms: 3 + den

Bathrooms: 3

Square Footage: 3,300

Lot Size: 8,050

$/Sq Ft: $251

Property Type: Single Family Home

Year Built: 1976

Community: Deerfield

HOA dues are $225 per month and there are no Mello Roos taxes.

I think this house is a steal and can’t understand why it has been on the market for 67 days (per redfin). At this price, buyers can afford to do additional upgrades and still come in below the asking price of other comparably-sized homes. Upgrades already done to the house include a solar energy system and new windows in 2008, granite countertops in the kitchen, wood floors in some rooms, and the addition of a huge bonus room, loft and full bathroom upstairs (it was originally a one story house).

While I don’t find the front of the house too attractive, I really liked the giant tree (perfect for climbing) and large patio. I entered the house and immediately noticed the large windows in the living and dining rooms which, along with the vaulted ceilings, made the room feel very bright and open. The entryway and dining room have tile floors, while the living room is carpeted. I loved the large window seat in the living room.

Just to the left of the front door is an office that could easily be converted into a bedroom, though it is a tad small. It doesn’t have a closet, but has a cutout designed for one, so it really only requires buying doors.

Beyond the dining room is a kitchen, which was expanded by several feet a few years ago. The room is long, with u-shaped granite counters and black, Kenmore Elite appliances. The layout is a bit awkward, with the fridge and double oven at the entryway to the kitchen and the sink at the far end, but it wouldn’t take long to get used to it. There is one full wall of pantry-height cupboards, plus plenty of additional storage space. The cupboards have not been updated, but there is a newer hardwood floor.

A breakfast bar in the kitchen overlooks the family room and space for a casual dining table. These rooms have the same wood floors and matching crown molding, as well as access to the large backyard. They were also expanded by several feet.

For me, the backyard is the highlight of the house. With wraparound patios, a large grassy area, and a built in bbq, it really is a great space for entertaining, relaxing, and playing. The whole yard is beautifully landscaped and has several kinds of fruit trees. A semi-private patio to one side can also be accessed from the master bedroom.

The master bedroom and two additional bedrooms are downstairs. The master has vaulted ceilings and newer-looking carpet, but definitely looks a little dated. It has two somewhat small standard closets with gold-rimmed sliding doors, flowered wallpaper on one wall and a sky scene painted on the ceiling. The master bath is also fairly small, with two sinks (not upgraded) and a shower/tub combo.

The other two bedrooms downstairs also have standard closets and are average sized. One has a window seat looking out to the backyard and a nice set of built in cabinets and shelves. These rooms share a full bathroom (the only downstairs bath aside from the master). There is also a small laundry room downstairs as well as two storage closets and row of linen cupboards.

Upstairs, the owners added a huge bonus room – the biggest I’ve ever seen – with stained glass windows and a double window seat in one corner. Beyond that is a loft overlooking the living room, complete with multiple skylights and a couple of other small windows. The loft is only accessible by going through the bonus room. A full bath with a shower/tub combo and one sink complete the upstairs addition to the home. They really did a wonderful job with this addition and it adds a lot of versatility to the house. The realtor mentioned that there is an extra four feet of storage space behind the bathroom, though currently there isn’t a door to access it.

I am surprised this house is still on the market. At $829,777 I would certainly make an offer. I would want to remodel the bathrooms and replace the gold fixtures and closet doors with something more modern, but none of this has to be done. New cabinets in the kitchen would also be nice, but again aren’t necessary. The original owners have kept their home in great condition and clearly are looking to sell at a very reasonable price. The realtor said that they are already in escrow on another home, so they are probably eager to sell. A motivated buyer can get in quickly and be settled just in time for the new school year.

Irvine’s Total Real Estate Value is the Highest of all O.C. Cities

According to an article in The Orange County Register, Irvine has a higher total assessed real estate value (this includes commercial and residential) than any other O.C. city. Newport Beach and Anaheim follow right behind with $40.2 billion and $35.9 billion, respectively.

However, when it comes to the city with the biggest gain in total assessed value over the previous year, a different story exists. With a year-over-year increase of 4.8%, Huntington Beach gets the top spot. And with a year-over-year gain of 3.6%, Newport Beach also surpasses Irvine in this category.

Orange County had a 2.1% year-over-year increase in combined assessed property value. And 33 of Orange County’s 34 cities had gains in taxable value. But it’s not all good news: “[T]he market continued to be a mixed bag last year, with more real estate parcels having value drops last year than increases, the assessor’s office said.” Of the 340,000 real estate parcel appraised by the assessor’s office, 101,000 had reduced taxable values, and 82,000 had increased values. New construction and property sales at increased prices are the reasons that the assessor sees as the root of increased property taxes.

Irvine has had increased construction. And when it comes to residential real estate, Redfin stats show that the overall median selling price of Irvine homes in June 2012 is down 7.8% from the previous year. But Irvine’s median sold price per square foot for the same period is up 1.2%. However, the assessor’s numbers are comparing 2011 numbers to 2010 numbers. Redfin’s numbers are comparing 2012 numbers to 2011 numbers.

So what do you think? Is Orange County limping along to an improved economy? And when it comes to the highest total assessed property values, what are the factors that give Irvine the top spot over cities like Newport Beach and Anaheim? And the last question: What factors are contributing to Huntington Beach and Anaheim’s higher percentage gains?

Note:

Here is more food for thought to consider when deciding what is going on with our economy: On a Marketplace report, Nigel Gault, chief U.S. economist at IHS Global Insight, stated that we are now back to making the same amount of goods that we made before the recession. However, 5 million less American’s are making that stuff. The reason given was an increase in productivity technology.

But a counter reason was also given. Gary Burtless of the Brookings Institute stated that we were overbuilding in our recent past, and these construction jobs are not coming back. “At the moment, our shortfall is not a technology-driven, productivity-driven phenomenon. It is a shortfall in the demand for what American workers can produce.” If either of these is true, where will the new jobs come from?

Open House Review: 18 Foxglove

Polished Single Family University Park Home – Price Reduced

18 Foxglove $749,000

Driving into the cul-de-sac for this open house felt very familiar. Not too long ago I visited two University Park open houses, and I was drawn to the parks that surrounded them. This time I found the same appealing cul-de-sac with mature trees and mild breezes.

I was curious about the specifics of this single family home at 18 Foxglove. This 2852 sq ft home with 4 bedrooms and 2.5 bath seems to generate questions.

The home has been on the market for 163 days and has just been reduced from $765,000 to $749,000. The realtor describes it as “the largest model in the tract with $100,000 in upgrades since 2009, including 180 square feet added to the master bedroom, and a brand new 40 year roof.”

Inside I found more to consider. The floors are the first thing that you notice. Hand scraped wood floors paired with carpet and stone tile provide an attractive stage for the house. Throughout the home there is a sense of pride and involvement.

The living room with good-sized brick fireplace, dining room and family room are all nicely positioned. But the kitchen is the real standout. This may be the hub for this busy household.

Ultra Craft cabinets with soft close hinges, granite counters, a 48 bottle temperature regulated wine cooler and all new stainless appliances including a convection oven, double oven and microwave, give the kitchen a lot of ‘can do’ energy. Stationed between the dining room and the family room, everything probably starts here, from having guests in for dinner, to whipping up snacks for an evening of movie watching.

All of the bedrooms are upstairs, and the master suite is a unit unto itself, large enough to encompass a complete entertainment area with no effort. There is a fireplace, skylights, dressing room and bath.

The home has dual paned energy efficient windows, full copper plumbing, inside laundry, a double garage, and whole house fans and ceiling fans.

Specifics for this two-level, contemporary:

Beds: 4

Baths: 2.5

Sq. Ft.: 2,852

$/Sq.Ft.: $262

HOA Dues: $179 month

2 Common Walls

Lot Size: 3,200 sq. ft.

Year Built: 1967

Community: University Park

Association Pool and Spa

No Mello Roos Tax

Considerations and comparisons: How this property will play out with the recent price reduction is the question. The ample floor plan with 2852 square feet of upgraded living space and a location near a regional park in a valued community looks promising. On the down side, there are no bedrooms downstairs for older family members or guests.

Some potential buyers might wish that they could redistribute some of the 180 square footage added to the master, but others might find the master to be just right. The sparkling kitchen and comfortable living room, family and dining room all work well. Outdoor space is inviting, but a little tight. Perhaps the University Parks, pools and tennis courts offer a good counterbalance.

Who will settle at 18 Foxglove? Someone who is attracted to the University Park community, with UCI and many urban attractions just around the corner, will see this property as an opportunity. Families with active children will welcome the nearby parks as a family centered resource and will be drawn to the excellent school system. Professionals who work in or near Irvine might choose this house for its ample size and many upgrades.

Recent sales of similar nearby properties: 21 Cypress Tree Lane sold in May for $700,000; 4501 Pinyon Tree sold for $735,000 in March. Current listings of similar properties: 42 Gillman is listed for $715,000; 8 Rainstar is listed at $889,000.

Discuss below or on Talk Irvine.

End to End on Sapphire

Mandeville houses in West Irvine have probably seen it all when it comes to the swings in Irvine real estate market. They doubled from their initial offering price of around $300,000 in 2001 to around $653,000 during 2007, and slid back to around $366,000 in 2012.

Prices seem to have stabilized again, with two properties with this area listed close to $500,000. Whether they will sell for the listing price is a different story, but here is a quick comparison of the two Sapphire properties – one on the market now, and the other sold four months ago, and then a six year history of the “Sapphire” homes of Mandeville.

117 SAPPHIRE, IRVINE CA 92602

Listing Price: $495,000

Beds/ Bath : 3 Beds/ 2.5 Bath

Area: 1500 SF

Price/ SF: $330

Monthly Fixed Expenses:

Mortgage, at 3.5% 30 YR Fixed: $1778

Home Owner’s Association Dues: $225

Property Taxes + Mello Roos: $507

Monthly Fixed Expenses: $2510

97 SAPPHIRE, IRVINE CA 92602

SalePrice: $366,000

Beds/ Bath : 3 Beds/ 2.5 Bath

Area: 1500 SF

Price/ SF: $244

Monthly Fixed Expenses:

Mortgage, at 4.1% 30 YR Fixed: $1415

Home Owner’s Association Dues: $225

Property Taxes + Mello Roos: $470

Monthly Fixed Expenses: $2105

Here is a six year history of the “Sapphire” properties:

2006:

02/2006 107 Sapphire $653,000 (Higest)

02/2006 113 Sapphire $599,000

04/2006 48 Sapphire $610,000

07/2006 43 Sapphire $630,000

07/2006 91 Sapphire $575,000

2007:

03/2007 50 Sapphire $600,000

04/2007 103 Sapphire $564,000

04/2007 111 Sapphire $589,000

06/2007 61 Sapphire $589,000

07/2007 53 Sapphire $632,000

2008:

05/2008 73 Sapphire $480,000

07/2008 59 Sapphire $510,000

08/2008 91 Sapphire $450,000

2009:

02/2009 131 Sapphire $485,000

04/2009 53 Sapphire $445,000

11/2009 54 Sapphire $514,000

2010:

01/2010 67 Sapphire $608,000

12/2010 36 Sapphire $490,000

2011:

09/2011 51 Sapphire $440,000

2012:

02/17/2012 97 Sapphire $366,000 (Lowest)

03/31/2012 109 Sapphire $435,000

04/13/2012 65 Sapphire $388,000

It does seem like the market is on a rebound in West Irvine going by the recent sales trends, and also the listing prices. A similar townhouse on 9 Moonstone is listed at $476,000.

Would you buy in this area with confidence now?

Do you think this rebound is temporary, and we will see more properties below the $400,000 range?

What are your thoughts about the floor plan? When I went to see one of these properties, I felt like I was playing hop-scotch, with each hop I was landing into a different living space of the great room. The bedrooms are tiny too, but still livable if you have very young children.

What are your thoughts about the price fluctuations in this area? West Irvine has bled a lot in the past year, but with so many new properties being built in Irvine, many more permitted to build, will these slightly older properties see a permanent uptick, or is it just temporary?

Discuss below or on Talk Irvine.