Monthly Archives: November 2012

Open House Review: 8 Springfield

A slow weekend for open houses brought me to a small condo in El Camino Real today. It is nestled in the middle of a walkway lined with trees and condos on both sides. However, while it looks peaceful, it is very close to Walnut and does get traffic noise.

The basics:

Asking Price: $399,000

Bedrooms: 2

Bathrooms: 1.5

Square Footage: 1,011

Lot Size: n/a

$/Sq Ft: $380

Days on Market: 5

Property Type: Condominium

Year Built: 1977

Community: El Camino Real

HOA dues are $280 per month and there are no Mello Roos taxes.

I walked through the door and was standing in the small living room, a plain square room with only one window. The room felt cramped without any furniture and I found it hard to imagine how it would look furnished. The window doesn’t provide a lot of natural light. A small open area under the stairs could house a bookshelf, a low table, or a small desk.

A short hallway to the kitchen contains a coat closet and a half bath that has some upgrades but still looks dated.

The kitchen was remodeled about three or four years ago. It has stainless steel appliances (no fridge) and oak cabinets. It is in good condition, but it doesn’t look fancy or feel new. There are beige, Formica counters that make it hard to forget that the condo was built in the 1970’s. While the realtor’s flyer advertises a “large dining room,” I’d have to call it a small alcove.

A small laundry room directly off the kitchen has a washer and dryer (can be negotiated with the sale if you want the existing machines), but no sink or counter.

Upstairs, there are two bedrooms and a shared bathroom. Both rooms are a good size; they are bigger than a standard secondary bedroom but not as large as a normal master. One room has a sliding, mirrored closet that spans the length of one wall. Another wall has the room’s only window and a wall heating/cooling unit. It gets more light than the rooms downstairs and it also has a ceiling fan.

The other bedroom has a walk-in closet in one corner of the room, though it doesn’t have a door. It also has a ceiling fan and heating/cooling unit in the wall. The window here is in a bit of an alcove but, due to a large tree directly outside, it doesn’t provide much light.

The shared bathroom has a shower/tub combo and a single sink. Like the downstairs bath, it has been somewhat upgraded with a new vanity and fixtures, but still feels outdated.

Since the condo doesn’t have a garage, a covered, enclosed patio off the kitchen provides space to store items like bikes, but it isn’t fully covered. There is room for a grill back there as well. It has a small storage room (fully covered and with a door that locks) and a shed that could be negotiated into the sale. It leads to the carport, where the condo has one assigned, covered space. Ample unassigned parking offers room for a second car.

The condo has new windows and a new sliding door leading out to the patio. Most rooms have ceiling fans and some have recessed lighting. Downstairs features newer laminate floors and the carpet upstairs is clean and in good condition.

Despite the upgrades to the bathroom vanities and the kitchen, the house feels dated. It gets very little natural light and the lack of a garage and central heat and air will be a turnoff for many buyers. I suggest seeing this one in person, as the realtor’s listing definitely glorifies the unit.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3298.0.html

Irvine Housing by the Numbers – November Update

Here is an updated list of the housing numbers for each of Irvine’s neighborhood. Of note, this month’s median price per square foot for a home in Woodbury is showing a year-over-year increase. Also, University Park homes sold for a higher price per square foot than any other month this year; however, the overall price for University Park homes was not higher than many of the other months of this year.

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-Oct $685K/41 $310K/19 $397 $338 13%
12-Sep $787K/42 $370K/16 $399 $326 2.20%
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-Oct $549K/15 $438K/12 $393 $314 -1.90%
12-Sep $540K/18 $399K/19 $380 $272 -21.40%
12-Aug $600K/21 $490K/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-Oct $862K/28 $585K/24 $348 $327 8.60%
12-Sep $870K/37 $460K/25 $333 $298 2.10%
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-Oct $823K/34 $640K/27 $341 $325 14%
12-Sep $777K/44 $518K/26 $341 $314 4.70%
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-Oct $502K/10 $488K/20 $337 $310 17%
12-Sep $542K/16 $476K/8 $351 $310 -0.60%
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-Oct $295K/4 $280K/8 $351 $288 24.10%
12-Sep $280K/6 0 $356 n/a n/a
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-Oct $683K/15 $626K/7 $333 $302 6.30%
12-Sep $639K/22 $621K/13 $319 $322 1.3%s
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-Oct $594K/14 $862K/6 $373 $390 14.70%
12-Sep $625K/15 $450K/7 $384 $325 -3.80%
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-Oct $407K/2 $388K/5 $320 $308 n/a
12-Sep $485K/3 $495K/2 $346 $336 13.90%
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-Oct $6,295K/24 $2,600K/2 $742 $636 n/a
12-Sep $6,142K/24 $4,390K/2 $752 $748 19.70%
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-Oct $2,240K/16 $891K/10 $596 $412 -7.40%
12-Sep $1,750K/19 $1,875K/8 $589 $525 9.10%
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-Oct $819K/12 $822K/15 $412 $425 6.50%
12-Sep $812K/24 $790K/10 $396 $406 -19%
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-Oct $702K/8 $560K/6 $349 $363 18.20%
12-Sep $660K/11 $594K/10 $324 $323 -5%
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-Oct $460K/2 $402K/2 $406 $359 17.30%
12-Sep $489K/2 $365K/5 $393 $344 13.90%
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-Oct $698K/6 $689K/9 $316 $319 13.10%
12-Sep $582K/8 $597K/6 $340 $298 2.40%
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-Oct $799K/9 $690K/5 $368 $366 5.20%
12-Sep $690K/13 $662K/8 $352 $334 11%
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%
12-May $628K/5 $595K/5 $309 $314 14.60%
12-Apr $624K/14 $651K/8 $360 $304 -10.30%
12-Mar $565K/17 $615K/10 $319 $331 -2.50%
12-Feb $649K/21 $506K/6 $319 $361 21.50%
12-Jan $552K/20 $695K/2 $331 $356 -11.20%
Woodbridge
12-Oct $659K/29 $430K/23 $342 $327 13.10%
12-Sep $660K/37 $518K/26 $348 $309 3.70%
12-Aug $678K/34 $475K/30 $352 $310 -3.10%
12-Jul $625K/37 $500K/33 $350 $318 3.20%
12-Jun $570K/39 $508K/36 $357 $340 8.60%
12-May $586K/50 $430K/25 $350 $307 -6.40%
12-Apr $554K/68 $422K/29 $347 $289 -8%
12-Mar $494K/68 $345K/31 $339 $283 -9.30%
12-Feb $459K/83 $399K/23 $328 $312 -4.90%
12-Jan $435K/93 $402K/15 $317 $273 -6.20%
Woodbury
12-Oct $919K/13 $592K/10 $354 $321 7.70%
12-Sep $915K/18 $535K/11 $353 $328 -1.20%
12-Aug $732K/27 $480K/9 $326 $305 0%
12-Jul $845K/25 $452K/9 $353 $295 3.50%
12-Jun $823K/30 $470K/15 $359 $316 -5.40%
12-May $872K/24 $650K/11 $363 $310 -3.40%
12-Apr $784K/30 $475K/14 $357 $291 -9.30%
12-Mar $680K/35 $678K/21 $334 $289 0%
12-Feb $650K/33 $419K/8 $330 $298 -4.70%
12-Jan $611K/44 $460K/8 $314 $292 -16.80%

Source: Redfin.com

Open House Review: 1 La Ronda

Petite Package in Westpark

1 La Ronda $575,000

An inviting grassy lawn with small trees nicely frames this single family home at 1 La Ronda in Westpark. Then when you step inside, the story has a new twist. This time it is all about space, as this home makes the most of 1,085 square feet.

Significant Numbers: This single family home in Westpark is a single level home with 1,085 sq. ft. on a 3,320 square foot lot. Built in 1995, the home has been on the market 9 days. HOA dues are $150. The $/sq. ft. is $530.

Close Up: Effectively using an open floor plan with lots of light, this three bedroom, 2 bath single family home manages to handle everything without seeming crowded or close.

Choosing furnishings to fit and using a custom entertainment center with fireplace in the living room works to make the home feel functional and comfortable.

It is easy to see a young family going through their day here, moving through the living room, dining area, kitchen and patio. From breakfast on through dinner, with a movie later, this home could make it all work.

New to the market, and nicely remodeled, the home has ceramic tile and gleaming hardwood floors with crown molding, and granite countertops and newer stainless appliances in the kitchen.

The patio is a private enclosed area that could be a play spot for younger children with activities easily supervised from the kitchen.

There is the master and bath, plus two additional bedrooms, with one being used as an office.

Specifics:

Beds. 3

Baths, 2

Sq. ft., 1,085

Lot size, 3,320 sq. ft.

Type, Single Family

Year Built, 1995

Double Garage

Detached/No common walls

Forced Air Heating and Air Conditioning

Community: Westpark

Irvine Unified School System

Association: Barbecue, Sport Court, Tennis Courts

What will be considered here? The compact size of the house and lot will be factors to consider along with the price and a good location in Westpark. Convenience, great schools and an appealing park system will weigh in as positives. A young family looking to buy a first home in Irvine might find this to be a good choice.

Who will be the next residents of 1 La Ronda? A young family seeking good schools and nearby parks might be quick to settle in here. The compact space would be workable for a couple or a small family. This home might also appeal to a more mature couple seeking a single level home with space for guests.

Recent sales: 25 La Ronda sold for $500,000; 10 Marsala sold for $450,500.

Recent listings: 17 Woodrush is listed for $550,000; 25 Laconia is listed for $675,000.

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3291.0.html

Premium, Not Yet!

The inventory is dropping steadily and as of Sunday morning, it’s at 277. The pundits are dishing out article after article on how it’s a seller and a buyer’s market thanks to low inventory and low interest rates. I get at least two calls a week from Realtors representing foreign buyers who are willing to pay more than the market price for my detached condominium. Does that mean anything and everything will be cleared off the market under reasonable greed?

34 Olivehurst, Irvine CA 92602

(Open House review by Karen on Irvine Housing Blog)

Listing price: $559,000

HOA Dues, monthly: $271

Mello Roos +Property Tax: $656 Monthly

Mortgage, 3.23%: $1,937

Monthly Fixed Expenses: $2,864

Property Details as per MLS:

Bedrooms/ Baths: 3 Bedrooms/ 2.5 Baths

Area: 1500 SF

Builders Tract Name: San Simeon

Builders Tract Code: SANS

Builders Name: California Pacific Homes

Builders Model Code: 1

This is a San Simeon detached condominium in the gated community of Northpark. The house doesn’t have granite countertops or steel appliances, but it has combination wood and carpet flooring. The location isn’t close to any major street. The floor plan allows for ample daylight and air circulation in the house. It’s walkable to Hicks Canyon Elementary, Orchard Hills Middle School and Beckman High School. The MLS listing says in bold that “no children or pets have ever lived in this home”. So I think there won’t be stinky carpet, abstract art on the walls, or even braced dressers in the closet leaving holes in the wall when removed.

But this property has been on the market for 77 days. The asking price is $373/SF.

Here is a list of San Simeon sales in the gated community, and their price/ SF for the year 2012:

02/21/2012 68 Meadow Valley $350/SF

03/20/2012 63 Meadow Valley $354/SF

03/22/2012 40 Arcata $333/SF

06/26/2012 43 Meadow Valley $337/SF

There are no more similar properties listed for sale in the gated community.

The asking price is clearly adding a premium for the low inventory, and the fact that it hasn’t sold yet shows that buyers aren’t that desperate yet. Also, the property does not have three bedrooms as listed, it has a loft that can be converted into a bedroom.

What about the San Simeons on Night Bloom, which is not a gated community, but has the same schools as North Park? Here is a sale history for those properties in 2012:

44 Night Bloom $354/SF

54 Night Bloom $362/SF

20 Night Bloom $343/SF

14 Night Bloom $362/SF

All these properties were true three bedroom detached condominiums, and also newer than the North Park gated community San Simeon properties.

Does that mean the Kool-aid isn’t being passed around yet? No matter what the inventory may look like, and how low the interest rates might be, buyers don’t seem to be ready to pay above the market price. It is completely justified, given the new houses that are being built in Irvine.

What are your thoughts?

Would you be willing to pay a premium for a not-so-premium property?

Do you fear being priced out of the Irvine market?

Comment below, or share your thoughts at Talk Irvine.

Closed Sales from 11/1/2012 to 11/7/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
11/6/12 21 Gramercy 415 92612 Belvedere $525,000 1 1594
Columbus Grove
11/7/12 723 Silk Tree 92606 Savannah $400,000 3 1469
El Camino Real
11/5/12 4692 Abbotswood 92604 willows $640,000 3 2160
11/5/12 7 Argent Cir 92604 Ranch $665,000 3 1729
Northpark
11/1/12 12 Bella Rosa 92602 Triana $912,000 3 2850
11/1/12 18 Cabazon 5 92602 Monticello $400,000 2 1400
11/2/12 1603 Terra Bella 92602 Terra Bella $375,000 2 1343
11/2/12 30 El Cajon 32 92602 Monterey $495,000 3 1510
11/2/12 25 Visalia 92602 Brisbane $524,000 3 1802
11/6/12 59 Burlingame 92602 Brisbane $485,000 2 1638
Northwood
11/2/12 40 Monroe #42 92620 Other $330,299 2 1142
11/5/12 3 Trovita 92620 Canyon Creek $858,000 4 2794
11/5/12 260 Monroe 52 92620 Timberline $366,000 2 1142
11/5/12 4 QUEBRADA 92620 Windstream $980,000 5 3275
11/5/12 31 Bunker Hl 92620 Bryanwood $725,000 4 2156
Oak Creek
11/6/12 7 Highfield Gln 92618 Cricket Club $867,500 4 2800
11/7/12 2 Commonwealth 92618 Autumn Glen $1,190,000 4 3400
Orangetree
11/5/12 28 Tangerine 92618 Patio Homes (OT) $400,000 2 1202
Portola Springs
11/1/12 95 Keepsake 92618 Primrose $610,000 4 2056
11/2/12 48 Full Moon 92618 San Carlos COURT $345,000 1 1220
Quail Hill
11/1/12 34 Paperwhite 92603 Soltice $680,000 3 1840
Turtle Rock
11/1/12 10 Monterey 92612 Pointe – Turtle Rock $740,000 3 2104
11/7/12 95 Canyon Creek 92603 Shady Canyon Custom $5,330,000 6 7678
University Park
11/3/12 4922 Basswood Ln 92612 Parkside – Deane $675,000 4 2229
Walnut
11/7/12 14862 Laurelgrove Cir 92604 Colony $365,000 2 976
West Irvine
11/7/12 49 Cliffwood 92602 Ivywood $740,000 4 2106
Westpark
11/4/12 2201 Ladrillo Aisle 70 92606 Brio $292,000 1 785
11/5/12 166 Almador 92614 Las Palmas $520,000 3 1610
Woodbridge
11/1/12 27 Shearwater 92604 Creekside $627,000 3 1538
11/2/12 85 Briarglen 92614 Laurels $365,000 2 1080
11/5/12 27 Waterway 92614 Woodbridge $932,000 3 2669
11/5/12 11 Firestone 92614 Windsor Estates $675,000 4 2255
11/5/12 24 Shooting Star 92604 Creekside $875,000 4 2400
11/5/12 16 Claret 92614 Chateaux $399,000 2 1362

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3277.0.html