Today, I came across an open house at 2 Tiempo in the Windstream neighborhood of Northwood and decided to check it out. The home is not currently listed for sale on Redfin or Zillow and neither of the two listing agents have the property mentioned anywhere on their websites. That said, the home is definitely on the market. The current owners tried to sell in July 2011 at $879,000. After three months and a $10,000 price drop, the listing was removed. Here’s where it stands today:

Asking Price: $839,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 2,562

Lot Size: 6,969

$/Sq Ft: $327

Property Type: Single Family Home

Year Built: 1981

Community: Northwood – Windstream

HOA dues are $175 per month and there are no Mello Roos taxes.

The house sits on a corner lot of a small cul-de-sac within the gated community of Windstream. Just one house separates it from the greenbelt and views of the Hicks Canyon Trail, though there isn’t direct access to the trail. It’s also a very short walk to Santiago Hills Elementary School. It does sit very close to one of the main gates into the community, so there may be some traffic going down the adjacent street, but overall it is still a pretty quiet location.

From the front gate, you can walk directly through to the backyard; there aren’t any fences or gates dividing the front from the back. A swimming pool sits right in the corner of lot, visible from the front, and without a fence around it. Owners with children will probably need to better protect the pool since it is so easily accessible from the street (there is a gate to enter the property but it doesn’t lock or automatically latch closed). The fully hardscaped backyard also has a jacuzzi, a built in barbecue with bar seating, and plenty of additional space.

The living room is just off the main entryway and a couple of steps down. It has vaulted ceilings, new wood floors, and a brick fireplace in the middle of own wall. The white mantle doesn’t fit in with the dark wood floors but could be refinished to match.

The dining room is behind the living room, but not sunken down. It also has vaulted ceilings and new wood floors, plus a large window facing the backyard.

The dining room flows into the kitchen, which mostly reflects the original 1981 design. The floors and counters are both white tile and the counters are white too. The black fridge and dishwasher are a bit newer, but the double ovens are original. There is a built in stove with four regular and two grill burners. The cupboards definitely show their age, with some of them not hanging perfectly straight and several with paint chipping. They are in decent, but not perfect, condition. When I opened the wide pantry doors, I was surprised to find very narrow shelves inside. A large breakfast nook has sliding doors to the backyard and a set of built-ins with cupboards and shelving.

The family room has a large rock fireplace on one wall and a niche for the TV on another. There are nice plantation shutters on the windows and the same wood floors as in the living and dining rooms.

Beyond the family room are the laundry room, with a sink, and half bath that hasn’t been remodeled but appears to be in good condition.

Upstairs, there are three bedrooms. The two secondary rooms are pretty big and bright. One has wood floors, two windows, and a large, mirrored closet. Crown molding and a niche in one corner give it a nice touch. The other room is carpeted and has smaller windows, but still has a large, mirrored closet. It also has a niche in one corner, but much smaller than the one in the first bedroom.

Like its downstairs counterpart, the upstairs bathroom is in good condition but hasn’t been remodeled. It has white tiled floors and counters, two sinks, and a shower/tub combo.

The master is a big room with vaulted ceilings and several windows. Its layout offers space for numerous pieces of furniture without feeling crowded. It has a nice sitting area at one end. There is also a fancy chandelier hanging over the bed, similar to one normally seen in a dining room.

The master bath is very large, with two sinks, a big soaking tub, and a good-sized stall shower. There are two mirrored closets. The vaulted ceilings have a skylight which, along with other windows, makes the bathroom very bright.

The house has a new roof and a three-car garage. The wood floors are all new and the carpet, though older, is in great shape. It’s in a safe, quiet neighborhood and on a large lot. Most 2,500 square foot homes have at least four bedrooms; with only three in this house, you know you’re getting rooms that are bigger than average. Despite the original kitchen and bathrooms, the house has a lot going for it and it is priced to sell. I’m not sure why the listing is so hard to find, but I think it’s worth tracking down.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3604.0.html

Primo Single Family Woodbridge Home

23 Sunriver $985,000

As the market picks up speed, open houses for upscale single family homes in the same area of Woodbridge have been turning up every weekend with heavy traffic and warp speed sales. Two in this same South Lake area, 5 Rainstar and 20 Rainstar, spun through the market very quickly. Both are now sale pending.

Now 23 Sunriver’s open house followed suit as a new to the market, remodeled single family home in a cul de sac in this same South Lake area, inside the loop and built by J.M. Peters.

The Saturday open house was brimming with people and the realtor said she recognized many from the previous 20 Rainstar open house. Seven days later, as of Wednesday, the property was listed as sale pending with backup offers accepted.

Significant Numbers: Built in 1982, this 4 bedroom, 3 bath single family detached home is 2,547 sq. ft. at $387/sq. ft. The lot size is 5,100 sq. ft. HOA is $82 and there is no Mello Roos.

CloseUp: Stepping into the ceramic tile entry, you have a straight shot view of the step down living room with cathedral ceiling and French doors opening onto an entertainer’s patio. On the right of the entry, stairs lead up to an open view balcony and 3 bedrooms including the master suite. Immediately to the left from the entry there is a bedroom and full bath.

Moving on from the living room, to the right there is a built-in wine cooler, bar, and large family room with rock fireplace, shutters and French doors leading to the patio.

The remodeled kitchen that opens to the family room has granite counters, stainless appliances, recessed lighting and a built-in work area. There is a formal dining room and a casual eating area.

Throughout the main floor the floor to ceiling windows, skylights, hardwood floors, and attention to detail work beautifully. Sleek ebony fixtures and accent paint, punctuated with shots of vibrant red are used effectively throughout the home.

The private patio with custom in ground spa fits beautifully with the light airy windowed views from the living room and family room.

Upstairs three bedrooms with two baths include a luxe master suite with fireplace, walk-in closet, private bath with double sinks and soaking tub.

There is a double garage and interior laundry room.

Specifics:

Single family

Two level contemporary

Bedrooms, 4

Baths, 3

Central furnace, central air

Detached, no common walls

Irvine Unified School System

Double Garage, 2 parking spaces

Association pool, community spa

Who will be moving in? The home is within walking distance of elementary, middle and high schools, all top rated, perfect for a good sized active family. With a main floor bedroom and full bath, the home would also work for an active couple who wanted to be based in Irvine and needed room for guests or senior family members.

What was considered here? As a Woodbridge JM Peters single family home on a quiet cul de sac in this South Lake area, in an accelerating market, this home attracted traffic and got immediate results.

Recent Listings nearby: 8 Rainstar, $885,950; 10 Woodflower, $1,200,000.

Recent sales: 15 Daybreak, $880,000; 21 Bayside, $950,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3596.0.html

Inventory on March 2nd, 2013: 201 Homes

On my blog “See spot buy or sell“, I wrote about 95 Waterman #155 listed for $619,000:

“Given the market conditions, it might sell quickly also, at the listing price or even more. There are already talks about how all cash offers are pushing others away from the market. Remember those fairy tales where princes came from a land far away? I can imagine Realtors telling the story of the client coming from land far away with briefcases filled with dollars to make an all cash offer!”

The detached condominium sold for $630,000.

But two other comparative Wisteria homes sold within last six months didn't manage to reach the $600,000 mark. Low inventory has added the premium to all already overpriced Irvine homes. This is Irvine, this too shall sell, as long as there is someone ready to give an all cash offer. All along Irvine Boulevard, there is a lot of building activity. There will be a lot of new homes in the market soon. At this point, it's hard to state the effect of the influx of new inventory. New schools, new apartments in the neighborhood to help increase diversity or resale homes that have schools with proven track record?

Wisterias climb. It doesn't matter if they are climbing clockwise or counter clockwise- they just climb. Like the Wisteria homes in West Irvine.

85 Waterman, Irvine CA 92602

Listing Price: $519,888

Bedrooms: 2 bedrooms

Bathrooms: 2.5 Bathrooms

Area: 1220 SF

Price/SF: $426

Year Built: 2002

Builder Tract name: Wisteria

I was in awe that the Wisterias went from $329/SF in October 2012 to $364/SF in February 2013.

Speechless as I note that it's listed for $426/SF. Low Inventory Fairy and her magic wand! As an Irvine homeowner myself, I am happy at the renewed irrational exuberance, but as a potential buyer, I feel priced out of this market. It's hard not to remember the Price/SF last year, and the four digit inventory in 2007.

Monthly Expenses:

Mortgage @ 3.625% : $1897

HOA Dues: $174

Property Tax: (1.0593%)$458

Mello Roos: $110

Fixed Monthly Expenses: $2639

What would you do?

Will you buy before you are priced out?

Will you buy a new construction around the same price?

Discuss at Talk Irvine.