The impending summer has brought some good homes on the market in Irvine. The inventory as of 21st April is 228, and there might be an uptick, considering the seasonal summer moves, and also the rising prices. Many are testing the market with a listing price that comes to their mind, and getting multiple offers to top that price. So, why not!? Yesterday our neighborhood Realtor told us that it's a very good time to sell. We agree. We already have a very tempting equity in the house. But where does one go in this market? Unless you are thinking of leaving Irvine, chances are we will pay the same amount to buy a similar property, or more to a newer better house. Of course, you can always buy something bigger in West Irvine, but I would rather not compromise the builder and floor plan (and architectural elements) for an extra room that we won't use. So, we will stay put, watching our neighbors sell and move out of their houses wheeling suitcases full of cash.

That's about us, but many of you have been looking for an opportunity to move, and what better time than now! Two North Park properties are on the market this week. Both are around 1500 SF, both have three bedrooms/ two and a half bathrooms. Both have access to all resort style features of the community. One of them is a San Simeon Plan 1, and one of them is a Monterey Plan B.

55 Meadow Valley

102 Chula Vista

	102 Chula Vista	55 Meadow Valley
Bedrooms	3 bedrooms	3 Bedrooms
Bathrooms	2.5 bathrooms	2.5 bathrooms
SF Area	1510 SF	1500 SF
Listing Price	$540,000	$619,800
Price/ SF	$358/SF	$413/SF
Estimated Mortgage	$2719	$3243
Property Tax	$5720	$6565
Mello Roos	1202.79	1217.18
HOA Dues	$352	$271
Estimated Monthly Payment	$3647	$4162

55 Meadow Valley is a two story detached condominium with a backyard. 102 Chula Vista has a small concrete patio at the entry, and has multiple levels. When you drive around the neighborhood, both the properties have nice curb appeal.

Which one would you buy?

Personally, I would prefer a detached condo to an attached condo, and also two levels are more than enough. When it comes to Chula Vista, everything will be a workout. Carrying laundry to the garage and back to the bedrooms, carrying sleeping toddlers from the car to their crib, groceries.. you get the point. While one level brings in some privacy, I am not sure about owning a property with multiple levels. But Irvine has three level properties in every village, and all of them have been selling/ reselling well, so there might be people who prefer those floor plans.

Buyers: Have you altered your needs to meet your budget or budget to meet your needs in this heated market? Are you paying more than 20% down to make sure there are no hiccups in escrow or loan?

Sellers: What are your thoughts when you list your property? Clean it and stage it? Fix it and spruce it? Just list and watch the foot traffic with a content smile? Where are you planning to move next?

Share your views at Talk Irvine.

Woodbury had several open houses this weekend, so I checked out two of them. Today, I will present 67 Great Lawn; next week, I’ll tell you about 87 Long Meadow. While the two properties are only a couple of blocks apart, they are quite different.

The basics:

Asking Price: $945,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 2,100

Lot Size: 1,000

$/Sq Ft: $450

Days on Market: 10

Property Type: Detached Condo

Year Built: 2005

Community: Woodbury (Stonetree, Plan 2)

There are two sets of HOA dues, totaling $268 per month and there are Mello Roos taxes.

The home is located on one of Woodbury’s bigger streets and is close to the intersection of Great Lawn and Sanctuary. So, while the location isn’t particularly quiet, it is a very short walk to the large community park and pools, the Commons and Woodbury Elementary School. There isn’t really a yard, but the house does have a nice front patio area with plenty of space to put a barbecue, table and chairs. I really liked the stonework on the patio, but did notice one very large crack right in the middle.

Inside, there is a large hall closet directly across from the front door. A short hallway leads to the living room on the right and the kitchen and dining room on the left. The living room has several windows and a set of French doors leading to the front patio, so it gets light from three sides. There is a white fireplace in one corner and attractive wood flooring that runs throughout the downstairs. There is a cutout area for the TV that would make a good spot for a nice set of built-ins.

The kitchen is nicely upgraded with granite counters and white cabinets. The stainless steel appliances include a five burner stove and double oven. A large center island offers plenty of room for seating and a small desk at one end of the counter provides a nice work area. While there isn’t a pantry, ample cabinet space should provide enough storage.

The adjacent dining room is quite large and has two sets of French doors leading out to the front patio.

Another hallway leads to the downstairs bath and bedroom, as well as access to the two car garage. The bathroom has a shower and single sink, both done with small, square tiles. The bedroom is carpeted and is fairly small. It has a standard two-door closet and looks out onto the alley of garages. The room is set back from the rest of the downstairs and would offer a lot of privacy.

Upstairs, there are three more bedrooms. The first one is very large, with space for a queen size bed and a sofa. Windows on three sides bring in a lot of light and it has a larger, three-door closet. Like most other rooms in the house, it has attractive plantation shutters.

The other secondary bedroom is smaller, but still a good size. It has just one window facing the back but it also has a large walk-in closet. Like the downstairs bedroom, both upstairs bedrooms are carpeted.

The secondary bedrooms share a bathroom tiled similarly to the one downstairs. It features two sinks and a shower/tub combo separated from the sink area by another door. The laundry room is adjacent to the bathroom.

The master bedroom has hardwood floors. It’s an average size for a master without a separate retreat or sitting area (I disagree with the flier that calls the room “enormous”). However, it connects to a large, covered balcony overlooking the street (balcony access is also available from the hall).

The master bath features an extensive use of stone tiles, including the floor and shower. The stall shower is an average size and sits next to a separate, jetted bathtub. The two sinks are set into a granite counter and, like the other two bathrooms, the cabinets are white. The walk-in closet is quite large and even has a window to let in some natural light.

Overall, the house is in excellent condition. The floors are in great shape and I didn’t notice scuff marks or blemishes in the paint at all. The upgrades were done very well and provide a clean look throughout the home. I liked the size of the upstairs bedrooms a lot.

There are a couple of downfalls to the house. As I already mentioned, while I love the proximity to the heart of Woodbury’s common areas, the street is much too busy. Also, I didn’t like that the living room – the only communal living space – is so secluded from the rest of the downstairs. I prefer more of a great room, where the living (or family) room opens to the kitchen.

This is a gorgeous home, but the cons outweigh the pros in my opinion. If you were in the market for a four bedroom house, is this the one you would choose? Why or why not?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3741.0.html

University Park Single Family Market Tester

2 Norton $679,000

Two weeks ago I visited the Open House for 4256 Sandburg Way in University Park. That open house was jammed with visitors and the 4 bedroom, 2.5 bath home was listed at $769,000.

Now, another open house in the same area at 2 Norton was also loaded with visitors busily quizzing the realtor. This home is a 3 bedroom, 2 full bath, single family detached home on a large lot listed at $679,000. Records indicate the property sold for $739,000 in 2005.

The homes are different but the buzz of the market and the accelerating prices are similar.

Significant Numbers: This 1,594 sq. ft., single family detached home sits on a 7,800 sq. ft. corner lot at the end of a quiet University Park street, across from the park. New to the market, it was built in 1965. HOA dues are $123 and $/sq. ft is $426. There is no Mello Roos tax.

CloseUp: Walking up to the home, the dramatic design and plant lined courtyard provide a nice setting for the double door tiled entry. Inside there are bedrooms tucked off to the left and the right. Continuing on to the back of the home, the open kitchen with breakfast bar sits across from the dining room and living room creating a large open family living space.

The open beamed high ceilings, fireplace, and expanse of glass overlooking the back yard make this space work. The home has obviously been a comfortable retreat for a busy family.

Outside, the patio leads to a lush backyard with ample space for a pool, barbecue, or fountain. Inside, the high ceilings, travertine tile, wood floors and custom paints make the most of the space, but several open house visitors were busy speculating on what might be done to expand and upgrade the property.

The kitchen has granite counters with a breakfast bar, and a convection oven. The master suite with bath has sliding doors open to the front courtyard. There are two additional bedrooms, a full bath and inside laundry.

Specifics:

Bedrooms, 3

Baths, 2 full

Double garage

Two parking spaces

Irvine Unified School System

Detached, no common walls

Association pool and spa

Forced air heating, no cooling

What will the focus be here? Starting with the largest lot available in University Park, adding award winning schools in a well established neighborhood, and then factoring in a rising market, gives this property some impetus. The home sits on the corner of a quiet street right off of Michelson, which is a busy street leading to local shops on Culver. University Park offers an exceptional park system, including a regional park, and a convenient Orange County location near the University of California Irvine campus.

Who will move in? A young family looking for top schools and a network of great parks will be attracted to this home. Someone interested in moving with the market and considering an expansion might pick this property utilizing the basic footprint and taking advantage of the large lot.

Recent nearby listings: 100 Seton Rd. at $629,000; 32 Iron Bark Way at $625,000.

Recent sales: 20 Gillman sold for $625,000 last October.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3732.0.html

Inventory as of 13th April 2013: 208

Since the beginning of 2013, Irvine inventory has stayed close to the 200 range. We go up, and we go down, adjusting seasonally. As the sun shines more, and summer moving season begins, this might get heated up a bit, with everyone trying to test the market, listing their house at whatever price they deem is appropriate. There is always a foreign cash buyer with an all cash offer- if the house is in a desirable neighborhood, and not built by a second rate builder.

Here is a Single Family Residence, in Irvine, in a prestigious neighborhood, and still under $400/SF (thought the asking price is close to a million) which has become a bench mark for condominiums these days. It's very close to Beckman High School, and walk-able distance to Hicks Canyon Elementary school. The floor plan is nice, and the house is maintained well. It's only a decade old. Why the discount?

Of course there is a catch: It backs to Bryan. A couple of years ago, I didn't mind the street much and really bought into my Realtor's “this is Irvine, there is a 20' feet buffer to the street”. But after seeing how the buffer got pushed in Culver widening, I would put a thought or two before buying a house backing a street, even though there is a buffer in place now. Especially if I am putting a million dollars, in cash.

36 Whitford, Irvine CA 92602

Listing Price: $978,000

HOA Dues: $214/ Month

Mello Roos: $3,169

Property tax rate: 1.0593

Estimated Property tax: $10,360

Estimated Monthly Mortgage: $4,814

Estimated Monthly Expenses

(Mortgage + Mello Roos + Property Tax +HOA) = $6,146

Beds/ Bath: 3 Bedrooms/ 2 Bathrooms

Area: 2450 SF

Price/ SF: $399

Year Built: 2003

Lot Size: 6634 SF

Community: Northpark Square

Builder's Tract Name: TRIANA

Builder's Tract Code: TRIA

Would you buy this property?

Does it bother you that the property backs to a busy street?

Since this property already falls under Tustin Unified school district, why not take a look at Tustin Ranch? The schools are almost the same, and the area is much quieter and nicer. Of course the house is a bit dated in comparison, but it's only $304/ SF, and the listing price is $899,999, HOA dues are only $38 per month, 5 beds and 3 baths. And 3-Car-garage too!

13282 Presidio Place, Tustin CA 92782

What do you think? Is it a fair comparison?

(About the title: These are the common words used by folks at Talk Irvine to describe the communities. North Park Square is the Step Sister of North Park, and Second Class Citizenship can be earned with a Tustin Ranch Home, all in jest! Both are beautiful communities, and have great schools)

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3723.0.html