Monthly Archives: October 2012

Irvine House vs Condo Numbers: October 2012

According to Altos Research, Irvine’s single-family housing market is nearly the same as it was the previous month. Altos gives Irvine’s single-family homes a Market Action Index of 22.58, 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 112 days as of October 12, 2012.

Altos Market Action Index for Single-family Homes in Irvine

Altos Research

Following is data from Redfin, on Irvine’s September 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-Sep $958K/205 $690K/91 $375 $346 0.90%
12-Aug $960K/221 $710K/125 $380 $345 -0.30%
12-Jul $949K/226 $760K/95 $382 $368 7.90%
12-Jun $890K/251 $735K/103 $384 $356 5%
Condos
12-Sep $542K/174 $430K/118 $352 $307 1.70%
12-Aug $525K/168 $427K/141 $338 $306 0%
12-Jul $509K/181 $425K/115 $342 $306 -1.60%
12-Jun $498K/202 $430K/152 $336 $313 -1.30%
All
12-Sep $750K/381 $530K/210 $365 $323 1.90%
12-Aug $736K/390 $536K/267 $362 $328 3.50%
12-Jul $744K/408 $545K/211 $363 $322 0.30%
12-Jun $720K/456 $515K/257 $363 $327 0.90%

Note:

· The September 2012 overall median selling price was up 6% from the previous year.

· The August 2012 overall median selling price was down 0.6% from the previous year.

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

Redfin

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

Open House Review: 59 Eagle Run

Woodbridge Single Family Home Formula

59 Eagle Run $619,000

Having seen two striking single family homes in Woodbridge that were similar to this one, I was wondering how this one would compare. The two homes, both in the Park Homes area were at 22 Tanglewood and 3 Woodland Drive. Both were beautifully detailed, attracted sizeable crowds and sold quickly.

Checking out 59 Eagle Run, I found many similarities and some contrasts. Once again this was a snug single family home in Woodbridge, priced for the current market.

Significant Numbers: This two level single family home has three bedrooms and 2.5 baths in 1,571 square feet with a 3,240 square foot lot. Built in 1979, the HOA dues are $140 and the $/sq. ft. is $394.00

CloseUp: Pulling up to this home the view from the street was inviting, and stepping inside that message was repeated. But there were a few differences. The other homes majored in pride in ownership. This home was not occupied, but the main floor has been staged to show the possibilities. At a glance the same fluid floor plan, and open airy feeling comes through, with a little less snap, crackle and pop. But it still works.

As in the other two, the question of tight space comes up. The easy floor plan and effective staging make the home feel open and comfortable. Outside the side patio area is snug, but has possibilities with more foliage, and patio accessories.

The entry opens into a light filled living room with fireplace, cathedral ceiling and wood floors. Carpeted stairs lead to the home’s three bedrooms. Straight ahead there is a dining room overlooking the side patio, followed by a sleek kitchen paired with a good sized family room that has access to the double garage in the back of the home. The kitchen has granite counters and a tumbled marble backsplash.

Overall, this home is a more bare bones version of the other two. But it was easy to picture the space working for an active family carrying out daily routines, and relaxing here on the weekends.

Specifics of this two level:

Bedrooms, 3

Baths, 2.5

Square footage, 1,571

Lot size, 3,240

$/sq.ft. $394

Built in 1979

HOA, $140

Double garage

Central furnace, central air

Association pool and spa

On the market, 62 days

What should be considered here? The Woodbridge community with its small town atmosphere, lakeside recreational areas, and exceptional schools will come into play as buyers weigh space and price. With three bedrooms and two and a half baths, plus a spacious family room and living room, a lot is accomplished in a compact floor plan. Woodbridge’s thriving place in the Irvine community will be part of the attraction.

Who will choose 59 Eagle Run? A young family with school age children will be a good fit for this home. A couple who travels a lot, or or have frequent out of town guests might make this their Woodbridge headquarters.

Recent Sales: 13 Soaring Hawk sold for $625,000 in April; 27 Sweetrain sold for $568,200 in May. Recent Listings: 25 Racing Wind was recently listed for $565,000 and 8 Sparta was listed at $658,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3226.0.html

Inventory is Dwindling in Irvine

There are 314 properties listed in Irvine by the MLS now – that is 10.1% below last month’s inventory, and 57.5% below last year’s. The median listing price is $750,000 – that is 3.2% above last month’s median list price, and 36.8% above last year’s. The median sold price has also increased by 6% over last year. Going by the statistics, we have hit the bottom of the Irvine housing market sometimes between late 2011 and early 2012. If inventory continues to slow down like this, and The Irvine Company doesn’t build too many of the new houses, and the job market improves, we might begin the slow recovery process also.

Here is the inventory level zipcode-by-zipcode in Irvine, with median price/sf.

Neighborhood

Median Price/SF

Inventory

92602

$355

24

92603

$633

61

92604

$365

23

92606

$347

12

92610

$304

12

92612

$397

50

92614

$371

26

92618

$343

44

92620

$347

58

The zip code with the most inventories is 92603 with 61 properties listed for sale. 92603 is also home of the Turtle Ridge and Turtle Rock communities. Month to month inventory is down by 11% and year to year inventory is down 45%.

The most expensive property listed is 50 Blue Heron at $17,750,000.

The estimated monthly expenses are around $70,574.

The least expensive property listed is 260 Dewdrop at $319,000.

The estimated monthly expenses are around $1,345.

The zip code with the least inventories is 92606 with 12 properties for sale. It is also home for Walnut, West Park and Columbus Grove villages. Inventory is up by 22% on month to month basis, and down 44% on year to year basis.

The most expensive property listed is 12 Santa Eulalia at $1,099,000.

The estimated monthly expenses are around 4,443.

The least expensive property listed is 1007 Solvay Aisle at $298,000.

The estimated monthly expenses are around $1,265.

If those are the statistics of the least and most expensive homes of the villages with least and most inventory, what is most popular in Irvine? Here is one of the popular, in Columbus Grove.

30 Honey Locust Irvine, CA 92606

Listing Price: $899,00

Price/SF: $314/SF

Bedrooms/Bathrooms: 4 Bedrooms/ 3 Bathrooms

Area: 2,862 SF

Lot Size: 4,892 SF

Builders Tract Name: Alexandria

Builders Tract Code: ALEX

Builders Model Code: 2

Last Sale: August 2006 at $1,000,000

Monthly Expenses:

HOA Dues: $183 Monthly

Monthly Mortgage: $3,143 Monthly

Property tax (1.1501%): $10,340 Annually

Mello Roos: $6,245 Annually

Estimated total: $4,708 Monthly

What do you think?

Will the low inventories push the prices higher in Irvine?

Did you buy already, or are you planning to buy soon?

Comment below, or discuss at Talk Irvine.

Closed Sales from 10/11/2012 to 10/17/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
10/11/12 2354 Watermarke Pl 92612 Watermarke $250,000 1 842
10/15/12 2357 Watermarke Place 92612 $269,000 1 844
10/17/12 21 Gramercy 92612 Belvedere $675,759 2 1770
El Camino Real
10/11/12 6 Santa Fe 92604 Heritage Park $425,000 3 1639
10/11/12 5042 Kron 92604 Ranch $645,000 4 2500
Northpark
10/11/12 35 Bella Rosa 92602 Rutherford $870,000 3 2600
10/11/12 36 Malibu 92602 Huntington Collection $1,315,000 4 3500
10/15/12 76 Burlingame 92602 Brisbane $450,000 2 1670
10/15/12 14 Evensen 92602 Vintners Reserve $630,000 3 1858
10/15/12 8 Del Mar 92602 Tiburon $575,000 3 1601
10/17/12 10 Zuma 9 92602 Vintners Reserve $690,000 3 2400
Northwood
10/11/12 95 Huntington 92620 Horizon $258,000 2 1016
10/12/12 29 Wedgewood 92620 Lexington I $950,000 5 2680
10/15/12 19 Colonial 92620 Woodside II $660,000 3 1884
10/15/12 8 Buchanan 92620 Courtside $660,000 4 2200
10/15/12 127 Cartier Aisle 92620 Northwood Villas $388,800 2 1279
10/16/12 29 Rossano 92620 Vista Filare $499,000 2 1425
10/17/12 6 E Trenton 92620 Woodcrest $908,000 4 2965
10/17/12 15 Columbus 92620 Northwood Place $640,000 3 1780
Oak Creek
10/11/12 3508 Aspen Grv 92618 Oak Park $228,000 1 900
10/15/12 6 Medlar 92618 Kenwood $930,000 4 3150
10/17/12 10 Lavender 92618 Cypress $752,000 4 2050
Portola Springs
10/16/12 33 Canoe 92618 Ironwood $570,000 3 2092
Quail Hill
10/12/12 258 Dewdrop 92603 Jasmine $410,000 2 1330
Rancho San Joaquin
10/15/12 8 Viejo 92612 RSJ Townhomes $514,000 3 1819
Turtle Ridge
10/11/12 17 SHADE TREE 92603 Canyon's Edge $840,000 2 2000
10/15/12 35 Tall Hedge 92603 Ledges $1,750,000 4 2825
Turtle Rock
10/12/12 31 Morning Glory 92603 Ridge Townhomes Peters $1,040,000 3 2700
10/12/12 5 Starlight 92603 Ridge – Irvine Pacific $869,900 3 1973
10/12/12 24 Morning Breeze 92603 Ridge Garden Homes $655,000 2 1568
10/15/12 23 Highland Vw 15 92603 Highlands Townhomes $515,000 2 1600
University Park
10/12/12 16 Tahoe 92612 Park Crest $531,000 2 1540
10/15/12 21 Chicory Way 92612 Hanover $541,000 3 1493
10/15/12 29 Acacia Tree Ln 92612 Village III (Village Park) $540,000 3 1560
10/15/12 20 Gillman St 92612 Chancellor $625,000 3 1684
Walnut
10/11/12 27 NEW JERSEY 92606 Revere $710,000 5 2200
10/12/12 213 Kensington Park 22 92606 0 $430,000 3 1700
10/15/12 7 Georgia 92606 Harvard Square $689,000 5 2185
West Irvine
10/11/12 7 Calais 92602 Concord $850,000 5 3103
10/11/12 60 Autumn 92602 Summerplace $552,000 3 1905
Westpark
10/11/12 19 Las Cruces 92614 Vista West Park $690,000 3 1821
10/15/12 403 Tropea Aisle 92606 Brio $358,900 2 1028
Woodbridge
10/11/12 59 Lakeview 22 92604 Arborlake $860,000 3 2044
10/12/12 388 E Yale Loop 1 92614 Garden Estates $430,000 2 1323
10/17/12 73 Weepingwood 40 92614 Parkview $365,000 2 1132
Woodbury
10/16/12 50 TALISMAN 92620 Santa Barbara $415,000 2 1165
10/15/12 106 Peony 92618 Monterey $600,000 3 1878

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3214.0.html

Open House Review: 27 Ensueno West

Today, I stumbled upon 27 Ensueno West, an older but remodeled home not too far from where I live.

The basics:

Asking Price: $849,900

Bedrooms: 4 + loft

Bathrooms: 2.5

Square Footage: 2500

Lot Size: 5,050

$/Sq Ft: $340

Days on Market: 14

Property Type: Single Family Home

Year Built: 1978

Community: Northwood – Park Place

HOA dues are $85 per month and there are no Mello Roos taxes.

I have been inside other houses of this same model many times, so I already knew the layout and was curious to see what upgrades had been made. The first thing I noticed was attractive wood flooring throughout most of the house. The living room is immediately to the right upon entry and, oddly, is the only room in the house with carpet. It is new, but it’s Berber, which I don’t like and it seemed out of place since no other rooms are carpeted. The living room has vaulted ceilings and is painted a nice shade of yellow. The room is also sunken one step from the hallway and dining room, which is immediately behind it. The dining room is painted dark red and is more spacious than other dining rooms in the same tract.

At the back of the house, the kitchen is to the right and the family room to the left. The kitchen has been fully remodeled with high end, stainless steel appliances and granite countertops. A huge island in the middle doubles as a breakfast bar/dining table, though it only has seating on one side. All of the wall space is covered in various shades of small bluish-gray tiles. The cupboards are white, providing a nice contrast to the dark granite, tiles and steel. With ample counter, cupboard and drawer space, the only thing missing is a large pantry.

Down one step from the kitchen is the family room. It has a white brick fireplace and white mantel, with a sliding door out to the backyard.

Also downstairs is a half bath that has new fixtures, paint and wainscoting, but original counter and cabinets. A small laundry room (no sink) sits between the bathroom and the two-car garage.

Upstairs, there are four bedrooms and a loft. All of the rooms share the same wood flooring as downstairs. The three secondary bedrooms line up along the back of the house. One room is slightly larger than the other two and has bigger closet, but they are all pretty comparable. One has a large curtain instead of closet doors. The rooms all share a bathroom that hasn’t been remodeled at all. It has one sink and a tub/shower combo with older tile. While it is in good condition, the gold fixtures and outdated tile definitely show their age.

The loft overlooks the living room. It has two ceiling fans and a dark blue accent wall (the rest is painted beige like the upstairs hallway). The current owners have it set up as a gorgeous office, though I have seen it used as a playroom in other homes of the same model.

The master bedroom is fairly large with space for a small sitting area in addition to the bedroom furniture. It has three windows facing the front of the house, a ceiling fan, and a mirrored walk-in closet. The bathroom has been partially remodeled. The espresso colored vanity is new, with two sinks, brushed nickel fixtures, and lighted mirrors. The surrounding walls are covered in small gray tiles. However, the shower (which is in a separate room), hasn’t been remodeled at all. It has the original white tiles and old metal doors.

The backyard is a good size for the neighborhood, with a large grassy area and a patio. The house is near the end of a quiet cul-de-sac. A walk two blocks down a quiet greenbelt takes you to the large community swimming pool, clubhouse, and Santiago Hills Elementary School.

The biggest drawbacks to the house are that the windows are original and the bathrooms are mostly not remodeled. I also don’t like the step down into the living room and family room. Otherwise, it’s been beautifully updated and is in a good location. I think it’s a little overpriced. The sellers are looking to move quickly and would prefer a short escrow, so I would think a lower offer might be accepted.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3211.0.html