If you are on the lookout for a four bedroom + bonus room home, take a look at 19 Fortuna West. This home has a great layout and a lot of space.

The basics:

Asking Price: $770,000

Bedrooms: 4 + bonus room

Bathrooms: 2.5

Square Footage: 2,673

Lot Size: 5,671

$/Sq Ft: $288

Days on Market: 42

Property Type: Single Family Residence

Year Built: 1977

Community: Northwood – Park Paseo

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

With price per square foot on the rise throughout most of Irvine, Northwood has actually seen a decline this year. This house is even lower per square foot than Northwood homes sold for in November.

Why the low price? This 1977 home still sports its original bathrooms (less new fixtures) and has a kitchen remodel that isn’t on par with other new kitchens. Carpet and flooring throughout the house is about 7-10 years old (per the seller) and both the interior and exterior need to be repainted. The ceilings haven’t been scraped and it backs to a non-residential street.

On the plus side, it boasts a huge bonus room, new windows, indoor laundry (uncommon in many Northwood homes), and a nice backyard. The house is directly across from a greenbelt and is an easy walk to the community pool, elementary school, and middle school.

Upon entry, the stairs are directly in front of you and the living room is to the left. It is one step down from the hallway and has several windows that let in a lot of light. The living room flows directly into an average-sized dining room.

The kitchen and family room are at the back of the house. The kitchen was remodeled with new cabinets and granite counters. The old panel lighting was removed and recessed lighting was installed, partially raising the ceiling. A large garden window looks out to the backyard. However, the kitchen still has a dated look to it. The cabinets and drawers don’t have handles and the oven and microwave are very old. With new appliances, cabinet handles and drawer pulls, the kitchen would look much more modern. While it lacks a pantry, a wetbar in the adjacent family room could probably be converted into a pantry pretty easily. There are bar stools on the family room side of the large counter.

The family room is pretty standard, with a fireplace at one end and a sliding door out to the backyard. There is room for a casual dining table in the family room as well, if the buyer chose not to use the bar stools.

The backyard is a nice size, with a large patio and a grassy area at the back.

The half bath downstairs has new fixtures, but is original otherwise. It is clean and well maintained. The laundry room is inside, and has a large linen/storage cupboard. A big hall closet under the stairs provides plenty of storage space as well.

Upstairs, there are four bedrooms and a huge bonus room. The master is at the top of the stairs. It’s a big room, with one full wall taken up by a three-door, mirrored closet. The bathroom has two sinks and a set of linen cabinets at the back. It has a big shower but no tub.

The other three bedrooms are average in size. One has a smaller window that is fairly high on the wall and a sliding door closet. The other two each have one window, but at a normal height, and walk-in closets (one much bigger than the other). All three bedrooms share a bathroom with two sinks and a shower/tub combo. Like the other two bathrooms, everything is original except the fixtures.

The bonus room is quite large and can be used for pretty much anything. It’s just one big, open space, so it provides a lot of flexibility. It has a wetbar in one corner and two windows facing the street.

This is a great home for a family. There are plenty of things that could be done to make it more modern, but the owners have really taken great care of it, so there isn’t too much work that is truly necessary.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3411.0.html

Contrasting Homes in Woodbridge

21 Soaring Hawk $664,500

In the last two weeks I have visited two open homes near the lakes in Woodbridge. Both have been remodeled. One is 1700 sq. ft., the other 1750. One is a two level condo and the other is a single level, single family home. First I saw the condo at 5 Pinewood #3, just two blocks from North Lake. The realtor described it as a “total customization.” The property has been on the market 27 days and now it is listed as a pending sale.

This week I found myself near South Lake at 21 Soaring Hawk in a single family home with 1,700 sq. ft. that had also been remodeled and expanded. The property has been on the market 12 days.

Significant Numbers:

	5 Pinewood #3	21 Soaring Hawk
Bedrooms	2 plus den	3 plus den
Baths	2.5	1.76
Sq. Ft	1750	1700
$/sq. ft.	$360	$391
Type	Condo	Single Family
HOA	$456	$82
Year Built	1977	1984
Remodeled	Yes	Yes
Mello Roos	No	No
Price	$629,900	$664,500

CloseUp: 21 Soaring Hawk is on a quiet street in the North Lake area. Inside, there is an entry with limestone tile that blends perfectly with a pale thickly carpeted living room with tiled fireplace, followed by a patio, and a dining room to the right. The kitchen completes the circle leading from the dining room back to the front hall.

Throughout the home the limestone flooring is contrasted with the carpeting. Recessed lighting, custom boxed shutters, skylights and window treatments accent the pale color scheme of the floors.

The kitchen could use the spark of new stainless appliances, but the cabinetry, flooring and tile backsplash with bright inserts work well with the rest of the home.

Off to the right of the entry, there is a den/office that was originally a bedroom. The door has been widened and the closet removed. Continuing down this hallway to the left there is a master bedroom and bath with double vanity, skylights, shower and tub, and another bath. Two more adjoining bedrooms to the right could easily become a master retreat. This was achieved as an expansion using former patio space.

The laundry is in the double garage that is completely finished with storage cabinets. It may be one of the most immaculate garages that I have ever seen.

Specifics for this one level Cape Cod:

Bedrooms, 3

Baths, 1.75

Sq. Ft. 1,700

$/sq.ft. $391

Double paned windows

Forced air heating, central air

Ceiling fans, skylights

Community, Woodbridge

Association pool and spa

Irvine Unified School System

What should be considered here? The choice of single family or condo, the size versus price, and the appeal of the Woodbridge lake area, along with top schools will all be considered. This location is not as near the lake as the condo was and it is closer to the Culver Street traffic. And in the final evaluation, as always, when you know it’s right that’s it. The condo on Pinewood and the single family home on Soaring Hawk each had a distinct appeal.

Who will be the next residents of 21 Soaring Hawk? An active family would fit right in enjoying key recreation facilities and top schools. With three bedrooms, and den, all on one level, this home might also have added appeal for mature buyers with visiting grandchildren, or families with mixed ages.

Recent sales: 3812 Beaver St. sold for $650,000 in December; 97 Summerstone sold for $705,000 in August.

Recent listings: 59 Eagle Run is listed at $619,000; 59 Seton Rd. is listed at $519,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3407.0.html

Inventory on Dec 16th, 2012: 226.

12/12/12 passed and the world didn’t come to an end. But inventory in Irvine seems to be coming to an end. If things continue at the same pace, we might soon see Irvine go below 200 by 2013. The new construction is selling out too, irrespective of the air quality due to highways in vicinity, or landfills with potential health risks. A bubble city in the bubble county, we are different people, immune to such things, as long as we live in the safest and most desirable city in America. The Great Housing Depression didn’t drag us down much, and what the fiscal cliff can do will be seen in the future. Right now, it’s a seller’s market. Even though we might never see the Kool Aid prices of 2006-2007, we have recovered better than projected, and luckily we didn’t hit the projected bottom.

60 Reunion, Irvine CA 92603

Listing Price: $509,000

Beds/ Baths: 2 Beds/ 2.5 baths

Year Built: 2004

Property Type: Condominium

Style: Two level, Santa Barbara

Area: 1145 SF

Price/ SF: $445/ SF

Monthly Expenses:

Property Tax at 1.04938: $5342

Mello Roos: $2,291

Monthly mortgage at 3.25%: $1,763

HOA Dues: $190/ Month

Monthly Tax + Mello Roos: $636

Fixed Monthly Expenses: $2,589 ($2.26/SF)

Buy now or be priced out forever? Let’s see how the “Sage- Reunion” condominiums in Quail Hill have performed in the past two years.

46 Reunion $406/SF

28 Reunion $401/SF

106 Reunion $436/SF

54 Reunion $350/SF

44 Reunion $420/SF

Inventory has diminished considerably (January 2011: around 700, January 2013 projected around 200). The sellers are taking advantage of the inventory and adding a premium.

In 2008, when we were in the market for a condominium, we looked at one of the Reunion condos. 110 Reunion. It was listed at $560,000, and sold at $558,000 ($429/SF, down from $557/SF in 2007). Still, we didn’t think it was discounted enough. We were looking at the projected Case-Shiller Index, and the shadow inventory and many such data that pointed at a much lower justified Price/SF. In 2009, these properties sold for $360/SF. But the expected doom and gloom spared Irvine, much like 12.12.12.

Premium to be the safest city, best school district, diverse neighborhood, fashion capital is fine. All it takes is one buyer to change the statistics of the neighborhood, but where do we draw a line?

When does justified premium turn into Kool Aid?

Will these condominiums see the exorbitant prices of $500+/SF?

What is the right price for Irvine condos in your opinion?

Comment below, or discuss at Talk Irvine.