Monthly Archives: September 2012

Closed Sales from 9/13/2012 to 9/19/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
9/14/12 2214 Watermarke Pl 92612 Watermarke $195,000 1 635
9/17/12 21 Waldorf 92612 Maxfield $519,900 2 1575
9/18/12 8106 Scholarship 92612 The Plaza (5000 & 8000) $1,695,000 3 2685
El Camino Real
9/13/12 30 Helena 92604 Heritage Park $371,000 3 1586
9/14/12 4372 Bridgeway St 92604 Greentree $613,000 4 1782
9/17/12 1 Wildflower 25 92604 – $420,000 3 1561
9/17/12 5051 Barkwood Ave 92604 El Camino Glen $650,000 3 1920
Northpark
9/14/12 73 Burlingame 92602 Brisbane $415,000 2 1500
9/14/12 1704 Terra Bella 92602 Terra Bella $370,000 2 1343
Northwood
9/13/12 7 Bragg 92620 Other $530,000 4 1897
9/13/12 905 Somerville 92620 Greystone Villas $547,500 3 1610
9/14/12 73 Cartier Aisle 92620 Northwood Villas $506,000 3 1800
9/15/12 468 Monroe 57 92620 Timberline $375,000 2 1142
9/18/12 1900 Timberwood 92620 Collage $390,000 2 1300
9/19/12 119 Arden 6 92620 Arden Square $712,500 4 2105
Oak Creek
9/14/12 34 Danbury Ln 92618 Cobblestone $553,000 3 1500
9/17/12 19 Ashford 92618 Ashford Place $940,000 4 3100
Portola Springs
9/13/12 71 HOMELAND 92618 Bougainvillea $750,000 4 2260
9/13/12 47 Silverado 92618 San Carlos COURT $399,000 2 1300
9/14/12 52 Land Grant 92618 Other $612,000 3 1660
Quail Hill
9/13/12 124 Stepping Stone 92603 Casalon $430,000 3 1553
Shady Canyon
9/19/12 22 Blue Grass 92603 Shady Canyon Custom $4,750,000 4 6015
Turtle Rock
9/14/12 29 Rainbow Falls 92603 Glen Garden Homes $650,000 4 2200
9/18/12 18 Southern Wood 92603 Highlands Garden $965,000 3 2436
9/18/12 6 Rustling Wind 6 92612 Vista (Turtle Rock) $800,000 4 2855
University Park
9/17/12 14 Eucalyptus 92612 Terrace $620,000 3 1539
Walnut
9/19/12 3932 Aspen St 92606 College Park $555,000 4 1873
West Irvine
9/13/12 1 Moonstone 92602 Mandeville $475,000 3 1500
Westpark
9/13/12 10 Santa Catalina Asl 92606 Ravenna $690,000 4 1900
9/14/12 3751 Hendrix St 92614 Culverdale $1,010,000 5 3450
Woodbridge
9/13/12 28 Pinewood 55 92604 Crossing $650,000 3 2016
9/14/12 21 Bayside 92614 Bayside $950,000 4 2450
9/17/12 45 E Yale Loop 24 92604 Estates $575,000 3 1886
9/18/12 4 Firebird 80 92604 Woodbridge $375,000 2 998
Woodbury
9/13/12 43 Hallmark 92620 La Casella $635,000 3 2100
9/19/12 30 Nature 92620 Santa Barbara $416,000 2 1165

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3130.0.html

Open House Review: 1 Ticonderoga

Today’s open house search took me to 1 Ticonderoga, a J.M. Peters home in the Woodside II neighborhood. This house is the biggest floor plan in the neighborhood, featuring four bedrooms (one downstairs), three full baths, a large bonus room and a three car garage. It is on a corner lot, so the yard is slightly bigger than average, and the street it borders isn’t too busy.

The basics:

Asking Price: $929,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 3,112

Lot Size: 5,800

$/Sq Ft: $299

Days on Market: 237*

Property Type: Single Family Home

Year Built: 1980

Community: Woodside II

There are no HOA dues or Mello Roos taxes.

*The days on the market number is slightly misleading. It was previously listed and had a buyer, but subsequently fell out of escrow. It was taken off for awhile and upgraded, then put back on approximately six weeks ago.

There is a covered walkway leading up to the house. The entryway has vaulted ceilings and the staircase is right in front of you. The downstairs is a combination of travertine floors and carpet, both put in about a year ago, and the same carpet was installed throughout the entire second floor.

To the left, there is a sunken living room with several windows. The dining room is behind the living room, but two steps higher. Both rooms are a good size. To the right of the entry, there is a closet, a full bathroom with new granite counters (but old cabinets), and a small laundry room (no sink or counters) that leads to the garage.

The downstairs bedroom has a small closet and a set of built in shelves. It would work well as a bedroom but, with the darker wood used for the built-ins, I like it better as an office.

Past the bedroom is the family room, featuring two side-by-side fireplaces and a wetbar. I don’t really see the point of the dual fireplaces and, apparently neither does the current owner, because the couches are set up in front of them. The family room has travertine floors, which always feel cold and impersonal to me, but is a popular look these days. The family room can be accessed from the hallway in two different places – one near the downstairs bedroom and another around the back of the stairs – as well as through the kitchen. Like the living room, the family room is two steps lower than the other rooms.

The kitchen overlooks the family room. It has a breakfast nook surrounded by windows and new granite counters. The appliances are a mixture of black and stainless steel and a variety of brands. The cabinets are painted white and haven’t been updated, creating a strange contrast with the new counters and new backsplash, so a buyer might want to upgrade the cabinets as well.

The backyard has a saltwater pool and spa, with patios on each side providing space for lounge chairs, a bbq and a casual dining table. The side yard is grassy and slightly wider than in most houses, so it could be used as a small play area for young kids.

Upstairs, there are three bedrooms and a huge bonus room. The two secondary bedrooms have mirrored closets and are an average size. They share a bathroom that is covered in tiles and looks very outdated.

The master bedroom has vaulted ceilings, a fireplace and many windows. There are two closets with mirrored doors, but they are actually walk-ins (one larger than the other). The bathroom has been partially remodeled, with new granite counters and new tile in the shower and bathtub, but the cabinets are still old. I thought the shower was a little too small and didn’t like the wide tile ledge in front of it.

The bonus room stretches the length of the three car garage. It has vaulted ceilings and two ceiling fans (most rooms in the house have at least one fan). The room can easily be divided into different areas and used for multiple purposes.

Overall, I like the general layout of the house, but I dislike how the downstairs has all the different levels. I also don’t like the travertine floors, but I did like the carpet in the rest of the house. There is a big open area under the stairs that could be closed in to create storage and to give the house a more modern feel. All of the windows have attractive plantation shutters and the ceiling fans throughout are a nice touch. I wish that the cabinets had been upgraded along with the counters to give the rooms a more uniform feel, instead of the contrast of old and new.

At $929,000, the price sounds high but it is in line with recent sales for comparable homes.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3122.0.html

Irvine by the Numbers – September 2012 Update

Here is an updated list of the housing numbers for each of Irvine’s neighborhood. As they did last month, Northpark and Westpark had year-over-year decreases in the price per square foot in all but one month this year. However, Oakcreek had an increase in the price per square foot in August (Last month Oakcreek was similar to Northpark and Westpark in that it had year-over-year decreases in all but one month this year.). Woodbury is still notable for having mostly year-over-year decreases this year. Turtle Rock still has year-over-year increases in all but one month this year. Irvine’s other neighborhoods have various combinations of up and down fluctuations in the price per square.

Area List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Airport/IBC
12-Aug $520K/23 $431K/23 $382 $328 13.50%
12-Jul $594K/27 $468K/18 $406 $312 1%
12-Jun $511K/32 $328K/30 $380 $312 -3.40%
12-May $459K/41 $514K/19 $356 $325 5.90%
12-Apr $442K/48 $340K/25 $350 $304 -5.90%
12-Mar $415K/45 $412K/16 $348 $346 11.60%
12-Feb $392K/48 $330K/15 $337 $288 -11.70%
12-Jan $374K/52 $327K/18 $332 $317 -17%
Columbus Grove n/a
El Camino
12-Aug $600K/21 $490/21 $359 $334 -7%
12-Jul $624K/10 $455K/9 $408 $359 16.6%
12-Jun $579K/24 $504K/13 $392 $327 16%
12-May $555K/19 $435K/19 $365 $280 -17.20%
12-Apr $572K/22 $458K/12 $329 $239 -22.10%
12-Mar $546K/22 $468K/10 $329 $327 3.80%
12-Feb $467K/26 $340K/5 $339 $281 -6.60%
12-Jan $462K/28 $389K/6 $322 $267 -28.40%
Northpark
12-Aug $809K/48 $488K/40 $333 $289 -2.70%
12-Jul $844K/48 $540K/31 $348 $289 -10%
12-Jun $774K/50 $460K/35 $351 $297 1.40%
12-May $700K/59 $438K/35 $329 $278 -7.3%
12-Apr $649K/51 $390K/29 $339 $283 -10.04
12-Mar $674K/50 $465K/36 $341 $281 -8.80%
12-Feb $459K/74 $415K/13 $301 $280 -9.40%
12-Jan $465K/91 $412K/19 $290 $277 -20.90%
Northwood
12-Aug $735K/51 $612K/38 $322 $317 7.10%
12-Jul $727K/52 $650K/22 $323 $340 9%
12-Jun $692K/62 $525K/27 $316 $295 -8.10%
12-May $697K/52 $584K/32 $314 $267 -13%
12-Apr $599K/59 $579K/30 $312 $310 5.10%
12-Mar $519K/61 $518K/20 $316 $301 -1.60%
12-Feb $504K/66 $292K/13 $300 $287 -7.10%
12-Jan $489K/78 $518K/17 $286 $292 -7.60%
Oak Creek
12-Aug $644K/16 $433K/16 $328 $327 -3.50%
12-Jul $576K/12 $338K/12 $330 $288 -10.60%
12-Jun $720K/19 $216K/10 $330 $216 -21.10%
12-May $579K/17 $240K/8 $333 $281 -1.7%
12-Apr $530K/19 $628K/14 $303 $315 5.90%
12-Mar $425K/27 $284K/14 $309 $292 -1.40%
12-Feb $487K/26 $267K/13 $317 $267 -15.80%
12-Jan $350K/33 $249K/9 $308 $261 -20.40%
Orange Tree
12-Aug $320K/3 $184K/2 $289 $214 -41.50%
12-Jul $257K/2 $279K/4 $311 $265 -23%
12-Jun $250K/3 $181K/6 $307 $251 -10%
12-May $280K/3 $145K/2 $307 $261 6.1%
12-Apr $278K/6 $165K/1 $256 $203 -31.90%
12-Mar $245K/9 $189K/6 $253 $279 4.10%
12-Feb $242K/6 $200K/6 $249 $230 -33.50%
12-Jan $216K/12 $205K/5 $252 $249 -13.50%
Portola Springs
12-Aug $640K/26 $571K/11 $324 $283 -5.40%
12-Jul $639K/33 $631K/12 $325 $317 1%
12-Jun $622K/31 $724K/8 $321 $308 -4%
12-May $660K/23 $582K/13 $335 $284 -4.10%
12-Apr $693K/30 $596K/11 $330 $299 -11%
12-Mar $639K/25 $950K/5 $325 $320 11.90%
12-Feb $641K/31 $510K/1 $317 $249 -12%
12-Jan $623K/43 $570K/7 $321 $293 1.40%
Quail Hill
12-Aug $630K/15 $600K/12 $392 $392 11.40%
12-Jul $625K/13 $885K/8 $361 $389 21.60%
12-Jun $647K/14 $586K/12 $373 $375 8.1%
12-May $714K/18 $465K/13 $376 $347 -13.00%
12-Apr $749K/17 $863K/6 $373 $374 7.50%
12-Mar $500K/21 $505K/9 $360 $317 -3.10%
12-Feb $515K/21 $470k/6 $364 $307 -10.80%
12-Jan $560K/20 $512K/8 $324 $326 -13.30%
Rancho San Joaquin
12-Aug $449K/4 $460K/3 $339 $307 -9.70%
12-Jul $509K/3 $433K/2 $320 $269 -6.30%
12-Jun n/a
12-May $475K/5 $410K/2 $313 $306 -2%
12-Apr n/a
12-Mar $465K/5 $500K/2 $246 $296 n/a
12-Feb $492K/6 $360K/1 $297 $336 n/a
12-Jan n/a
Shady Canyon
12-Aug $6,922K/26 $3,124K/4 $770 $561 -3.90%
12-Jul $6,000K/27 $4,555K/3 $760 $586 15.40%
12-Jun $5,998K/26 $3,700K/3 $761 $552 -10%
12-May $6,000K/25 $4,019K/6 $705 $673 30.70%
12-Apr $5,995K/23 $4,875K/4 $720 $512 -6.10%
12-Mar $5,980K/21 $4,436K/4 $720 $657 28.80%
12-Feb $5,995K/23 $3,200K/3 $725 $603 7.50%
12-Jan $5,980K/23 $2,670K/5 $720 $534 24.20%
Turtle Ridge
12-Aug $1,825K/21 $1,950K/9 $567 $504 22%
12-Jul $1,848K/25 $1,440K/12 $571 $510 14.90%
12-Jun $1,875K/27 $1,360K/11 $570 $467 4.70%
12-May $1,749K/31 $1,044K/8 $545 $459 0.10%
12-Apr $1,724K/28 na/8 $533 $421 5.20%
12-Mar $1,899K/28 $1,500K/7 $550 $485 -8.30%
12-Feb $1,899K/27 $955K/4 $527 $441 18.90%
12-Jan $1,672K/32 $532K/4 $493 $355 -25.30%
Turtle Rock
12-Aug $825K/27 $932K/14 $399 $465 14.80%
12-Jul $837K/32 $975K/10 $421 $451 19.30%
12-Jun $865K/37 $915K/20 $457 $446 3.20%
12-May $939K/37 $730K/9 $454 $410 3.30%
12-Apr $986K/43 $1,050K/5 $457 $461 10.30%
12-Mar $967K/40 $690K/11 $448 $381 17.60%
12-Feb $1,024K/38 $1,422K/4 $457 $559 14.30%
12-Jan $974K/40 $545K/8 $458 $295 -14.20%
University Park
12-Aug $631K/8 $520K/12 $359 $333 6.10%
12-Jul $699K/7 $560K/5 $331 $312 -9%
12-Jun $599K/12 $540K/10 $345 $333 6.40%
12-May $602K/12 $539K/8 $346 $291 6.20%
12-Apr $609K/11 $538K/7 $352 $272 -15%
12-Mar $552K/14 $431K/6 $288 $305 -5.60%
12-Feb $578K/14 $555K/4 $297 $286 9.60%
12-Jan $595K/14 $420K/7 $289 $281 -10.80%
University Town Center
12-Aug $355K/3 $411K/4 $399 $333 9.90%
12-Jul $435K/10 $430K/6 $368 $316 -10%
12-Jun $440K/7 $295K/2 $384 $322 17.10%
12-May $440K/5 $450K/5 $371 $311 6.90%
12-Apr $340K/3 $375K/5 $338 $326 6.90%
12-Mar $455K/7 $478K/4 $298 $321 1.90%
12-Feb $347K/6 $384K/1 $342 $265 -19.50%
12-Jan $467K/10 $480K/1 $330 $315 n/a
Walnut
12-Aug $630K/8 $575K/4 $330 $303 -1.30%
12-Jul $626K/14 $528K/1 $330 $321 -4.20%
12-Jun $659K/5 $540K/5 $307 $280 -9.40%
12-May $628K/5 $595K/5 $309 $314 14.6%
12-Apr $532K/3 $580K/5 $313 $306 -1%
12-Mar $619K/5 $635K/3 $327 $300 3.40%
12-Feb $600K/5 $509K/3 $316 $310 -9.40%
12-Jan $600K/11 $596K/4 $298 $259 -12.80%
West Irvine n/a
Westpark
12-Aug $558K/12 $740K/5 $357 $345 6.20%
12-Jul $615K/11 $480K/3 $329 $291 -20.30%
12-Jun $823K/13 $670K/4 $360 $318 -10.40%

Open House Review: 14 Butternut Lane

Weighing Options in University Park

14 Butternut Lane $899,000

Butternut is a private lane in University Park. And 14 Butternut sits near the end of the lane. From the street this home has a park-like landscape with a rose bordered brick walk leading to a tiled entry.

Space is a focus here. This 3,200 square foot single family home sits on a 6,313 square foot lot. Five bedrooms and 2.75 baths make room for guests, grandchildren, and hobbies too. High ceilings and good sized rooms give the whole house a light, airy feeling. Built in 1974 and completely remodeled, the home has been reduced from $970,000 to $899,000.

If you have a stash of antiques and dreams of extra rooms for a library, art studio or other projects, this home could provide answers.

The tiled entry leads to a large living room with a handsome fireplace and wood floors. The living room is really a hub for the house with vaulted ceiling, and stairway with balcony-like view above. A formal dining room is off to the left with a patio to the right. Beyond the living room, a roomy family room sits opposite the country kitchen and overlooks a wrap-around park-like yard with spa and garden.

The kitchen has a garden window and brick framed cooking top. Granite counters, breakfast bar, stainless appliances and custom cabinets have all been added.

Upstairs, there is a light filled, large master bedroom and bath and three other bedrooms and a bath, available for guests or to become a home office or hobby center. There is also a main floor bedroom and bath with sitting area and walk in closet. The home has custom vanities, dual paned windows, central air, newer exterior and interior paint, and a double garage.

Specifics for this two level home:

Beds: 5

Baths: 2.75

Sq. Ft: 3,200

$/Sq.Ft.: $291

HOA Dues: #$168/month

Lot size: 6313 sq. ft.

Association Pool

Private Spa

Forced air, central air, ceiling fans

Property: Residential

Type: Single Family

No Mello Roos Tax

Year Built: 1974

Community: University Park

County: Orange

On the Market: 64 days

Considerations and Comparisons: Weighing the options here involves the age, size, upgrades and price for this home. This home was built in 1974 and sold in 2006 for $1,085,000. In 1992 it sold for $445,000. Now it has has been reduced from $970,000 to $899,000, and it has been on the market 64 days. Completely remodeled, the home’s classic looks have been enhanced with quality upgrades. The lot and home size on a secluded private lane in the desirable University Park community make this home an interesting competitor in the Irvine market. On the minus side, there is some noise out front on the street from University Street traffic and other homes with 5 bedrooms might include another bath.

Who will be the next one to welcome guests to 14 Butternut Lane? A good sized family with active kids will benefit from the space and the excellent schools and parks. A couple who entertain, travel and act as frequent hosts to guests or grandkids will see the potential here. People who work in Irvine, or who are involved with the University of California Irvine, might find this home to be a natural.

Recent Sales and Listings nearby: 18 Charity sold for $1,300,000 in July; 16 Wondering Rill sold for $1,390,000 in July. Nearby current listings: 2 Angell is listed at $1,495,000 and 8 Rainstar is $889,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3114.0.html

Culver Calling

Super investment in Irvine!

Four bedrooms and three bathrooms!

Low HOA Dues! Low Mello Roos!

Cul-de-sac location! Single Family Residence with high ceilings and double doors!

That covers the listing description.

It’s a tri-level old and dated property in need of incredible amounts of TLC. Some people actually like buying properties with character and a little bit of history rather than invest in yet another sparkling new perigraniteel dream sold by The Irvine Company.

It backs to the busy Culver Drive. According to some veteran Irvine residents, homes close to Culver Drive are blessed with the white noise of a smoothly flowing river.

That covers the initial analysis based on MLS pictures.

What’s the reality?

Reality is a property can be listed at any price the seller and his agent deem appropriate, and it sells for any price the buyer and his agent deem appropriate.

So what have buyers paid for a similar property in the same village in 2011?

14502 Larch Ave $230/SF

3641 Myrtle St $271/SF

14581 Fir Ave $307/SF

14592 Oak Ave $326/SF

3531 Pecan St $253/SF

3832 Magnolia St $259/SF

3501 Pecan St $309/SF

14647 Beach Ave $326/SF

3932 Banyan St $313/SF

14561 Mango Ave $316/SF

What’s the property in question listed at?

At $283/SF, it might very well sell within the listed range.

3932 Banyan St, Irvine CA 92602

Listing price: $624,500

Beds/ Bath: 4 Beds/ 2.75 Baths

Area: 2210 SF

Year Built: 1972

Lot Size: 5400 SF

Village: Walnut

Price/ SF: $283

HOA Dues: $40 Monthly

Property Tax: (1.00381%) $6268 Annually

Mello Roos: $172 Annually

Mortgage (3.5%): $2243

Fixed Monthly Expenses: $2820

A newer house with similar monthly fixed expenses would be most probably a detached condominium, with a much smaller backyard and higher Mello Roos and HOA dues.

Similar river noises are offered at a newer house on the other side of 5 with TUSD schools with Irvine addresses. It went into escrow within days of being listed (lower listing price as well). This detached condominium has all the bells and whistles associated with a newer property , but it’s smaller, and has higher HOA dues and Mello Roos.

44 Night Bloom, Irvine CA 92602

Monthly cost of owning this detached condo:

HOA Dues: $156 Monthly

Property Tax: (1.0595%) $5878 Annually

Mello Roos: $2492 Annually

Mortgage (3.5%): Monthly

Fixed Monthly Expenses: $2844

What would you do?

Would you invest in an older property like this in need of work?

Would you buy a newer property that will be move-in ready?

Comment below, or discuss at Talk Irvine.