Since I haven’t had much opportunity to explore homes in the small community of Northwood II, I decided to visit a townhouse today at 20 Shadowplay. This corner unit is currently for sale, but the owners will also consider leasing the property. It is already vacant and in move-in condition.

The basics:

Asking Price: $749,000

Bedrooms: 3

Bathrooms: 3

Square Footage: 2100

Lot Size: N/A

$/Sq Ft: $347

Days on Market: 6

Property Type: Attached Townhome (one common wall)

Year Built: 2004

Community: Northwood II

HOA dues are $291 ($142 + $149) per month and there are Mello Roos taxes.

When you enter the house, you walk right into the living room, without having any true entryway space. The room is cut at an angle with a fireplace in one corner and has a cutout space for a TV. The dark hardwood floors offer a nice contrast to the white fireplace and light-colored walls.

Beyond the living room is a large dining room that includes a full wall of cabinets. These will come in very handy, as the kitchen is fairly small and doesn’t have a lot of storage. The dining room is wide, with space for a large table, and also has access to the side patio.

The kitchen is next to the dining room. It has granite countertops, dark wood cabinets and stainless steel appliances. It doesn’t offer a lot of storage space and has limited counter space available for prep work. It does have a large pantry and lesser-used items can be stored in the dining room.

There are two bedrooms downstairs – one at the front of the house and another at the back. The room at the front is a basic room, with dark brown carpeting, two windows, and a small closet. It is adjacent to a full bathroom that has a shower (no tub) and doubles as the downstairs powder room.

At the back of the house is the downstairs master bedroom. It has hardwood flooring and access to the side patio. It’s kind of an odd shape that doesn’t lead to many options in furniture placement, though built-ins in the walk-in closet may eliminate the need for a dresser. The bathroom is nice, with split sinks separated by a vanity, a large tub, and a good-sized shower. The counters and shower are tiled in basic white, but are clean and well-maintained.

Also downstairs are a laundry room (no sink) with access to the garage and a small coat closet.

At the top of the stairs is a large loft area with access to a balcony overlooking the street. It’s among the largest lofts I’ve seen and could probably be divided into a couple of different spaces. It has a built-in desk with two small work stations off to one side.

Beyond the loft is the upstairs master bedroom. It is long and rectangular and feels a little bit bigger than the one downstairs. However, it has a smaller closet and bathroom. The closet is still a walk-in with built-ins, but offers less hanging space than the one downstairs. The bathroom has two sinks, but no vanity, and a shower but no tub. The room is more private than its downstairs counterpart, but less elegant.

Overall, I felt like the living room and kitchen leave much to be desired. They are both small and the living room doesn’t really open up to the kitchen, so you are more secluded than in the wide open great rooms that are common in most new construction. Also, while I like having two master bedrooms, I wish the more elegant one was upstairs. I loved the large loft and thought it was a great added living space. Because it’s a townhouse, there are two sets of HOA dues, and both are higher than in many other communities. It is pretty big for a townhouse, but the high fees and overall layout would deter me from making an offer.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3475.0.html

Expanded Condo in University Town Center

31 Vassar Aisle #18

$649,000

The story is intriguing in this three story, three bedroom, three bath condo in University Town Center. Billed as an expanded condo, it is tucked into a secluded area of the gated Oxford Court community across from UC Irvine.

As you enter you get the feeling there are surprises ahead, which turns out to be true. From the main entry sweep of space on the first floor all the way up to the third floor hideaway, space has been thoughtfully used and elegantly detailed.

Significant Numbers: This three bedroom, 3 bath condo is 2,300 sq. ft. with HOA of $434 and $/sq. ft., $282. There is no Mello Roos. The home was built in 1988 and has been on the market 89 days.

Stepping into the ceramic tile entry, there is a shuttered den/bedroom with bath to the left, along with a stairway to the upper levels. On the right the kitchen has been opened up and remodeled with granite counters and seating that offers a view of the rest of the main floor. On the left there is a good sized living room with fireplace; on the right a formal dining room, and off of it French doors leading to a large patio with built in fountain and barbecue.

The high ceilings and good sized windows fill the area with natural light and the overall floor plan lends itself to small parties, and dinners. There is a built-in media center and TV above the fireplace and surround sound throughout the three stories.

The kitchen has granite counters, oak cabinets, recessed lighting and a built-in wine bar/pantry.

Upstairs there are two masters. One master has a built-in in gas fireplace and French doors opening onto a view balcony. The remodeled master bath has dual vanities and an oval soaking tub. An Italian made spiral staircase leads to a third floor retreat. The second master bedroom has triple mirrored wardrobes and private bath.

Specifics:

Bedrooms, 3

Baths, 3

Association pool and spa

Concrete tile roof

Forced air, air conditioning, ceiling fans

Inside laundry

Double garage

2 plus common walls attached

Full copper plumbing

Irvine Unified School District

What will be considered? The overall size, expansion with a third floor, convenient location in a gated community, and price and upgrades will all be part of the discussion here. For the right buyer the home offers a lot of options and a comfortable setting.

Who will be the next owners? People working with UCI, or professional couples looking for a convenient Irvine base, might welcome the amount of space and detailing in this condo. With three bedrooms, including two masters, the owner options are flexible. A family with an older member would value the downstairs bedroom. A couple with frequent out-of-town guests would appreciate the convenient location and extra bedroom downstairs.

Recent listings: 7 Rocky, $775,000: 6 Whitewater, $630,000. Recent Sales: 30 Rainbow Falls sold for $610,000; 49 Rocky Knoll #37 sold for $635,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3471.0.html

Inventory: 214 homes.

Two hundred seems to be the new normal for the Truman World. We go up a few properties, down a few properties, but for the past two months, we have been around that number. Realtors are talking about multiple offers, listings flying off the shelves, and very soon they will say “Buy now or you will be priced out forever” without even feeling guilty about it. Average list prices are trending higher with each passing month, and as of now we are entering a seller’s market. But before we declare a mini bubble in Irvine due to low inventory, let’s see if inventory is really as low as the numbers we see. I am not talking shadow inventory from the foreclosures. New homes. Last week, I came across an article on OC Register about new home sales by The Irvine Company. According to the article, 1346 new homes were sold in 2012. That’s right, more than a thousand homes. 774 homes were sold in 2011.

1346 New Homes + 600 Regular Sales = Around 1946 homes were on the market in January, 2012.

774 New Homes + 710 Regular Sales = Around 1484 homes were on the market in January 2011.

What do you think? Will the influx of more new homes bring the market down? We have five thousand homes approved near the El Toro-Great Park neighborhood within the next ten years.

402 Rockefeller #210, Irvine CA 92612

This is one of the elite airport area condominiums built last year. It comes with concierge service.

Listing Price: $751,000

Beds/ Baths: 2 Bedrooms/ 2.5 Bathrooms

Area: 1841 SF

Year Built: 2011

Property Type: Condominium

Builder Tract Name: Lennox

Builder Tract Code: CPWLX

Monthly Mortgage: $2638

HOA Dues: $719

Property Tax: $530

Mello Roos: $93

Fixed Monthly Expenses: $ 3980

This is not the only property on the market in this tract. Here is the list of other listed properties:

402 South Rockefeller #102 $378/SF

402 South Rockefeller #105 $397/SF

402 South Rockefeller #108 $346/SF

402 South Rockefeller #109 $443/SF

402 South Rockefeller #201 $401/SF

402 South Rockefeller #204 $366/SF

402 South Rockefeller #209 $444/SF

402 South Rockefeller #205 $359/SF

402 Rockefeller #113 $363/SF

402 Rockefeller #116 $357/SF

402 Rockefeller #210 $408/SF

402 Rockefeller #212 $371/SF

402 Rockefeller #214 $337/SF

402 Rockefeller #215 $376/SF

Does that feel like an influx of inventory in the airport area?

This property has been on the market for more than one hundred days and so have a few similar ones. If the real inventory is around two hundred, and every buyer is desperate, and things are flying off the shelves, why haven’t the airport condos flown yet? Agreed there is a huge price tag for HOA Dues, but I am sure the Company did demographics and requirements study before proposing the community, and City of Irvine did its own study and projections before approving it.

Comment below, or share your thoughts at Talk Irvine.