University Park House of Light and Glass

4256 Sandburg Way $769,000

This large single family home on Sandburg Way is tucked into a quiet spot in the University Park community. From the large parking area in front, all the way to the back where there is a good sized patio and yard, there are some welcome surprises in this end unit.

Significant Numbers: New to the market, this two level, four bedroom, 2.5 bath single family home is 2,700 sq. ft. on a 3,680 sq. ft. lot. at $/287 sq.ft. HOA dues are $185 a month. The home was built in 1968 and there is no Mello Roos tax.

Close-Up: The home seems to have two personalities, one for entertaining and one for the family. A third appeal might be for someone who loves to grow things. This two story glassed home is filled with light, atriums and plants.

Nicely divided with a glassed atrium to the right and a large space for kitchen, breakfast nook and family room to the left, the high ceilings, abundant light and laminate wood floors give the home a smooth relaxed presence.

A bank of bookcases and cabinets house games and collector pieces in the family room, with the eating area and gallery kitchen rounding out a comfortable family retreat. The kitchen has recessed lighting, built-ins, and a convection oven.

The living room with wood burning fireplace sits between the atrium and the patio, with a formal dining room on the left. Perfect for evening parties, with candles in the atrium, a barbecue on the patio and a buffet in the dining room. The home has new double paned windows and sliding doors and custom window coverings. In a few areas cabinet repainting could be done.

The four bedrooms are upstairs with storage cabinets running the length of the upstairs balcony. The master suite with fireplace and bath is good sized. There are three more bedrooms and an indoor laundry room.

Specifics for this two level home:

Bedrooms, 4

Baths, 2.5

Double Garage

Association park, community pool

Attached 2+ common walls

4 parking spaces

2 carport spaces

Irvine Unified School District

What is important here? The established University Park community offers top flight schools, a close in well connected location, and a regional park close by. Evaluating the price versus the assets of ample square footage, a workable floor plan, appealing design, and 4 bedrooms, and 2.5 baths, makes this an interesting option in the market.

Who will move in? A family with teens who need a comfortable family living area, top schools, enough bedrooms, backyard space, and ample parking out front will see the possibilities here. Someone else choosing the University Park location might welcome the space and design options as they develop the greenhouse appeal of the home and make good use of its entertaining potential.

Nearby recent listings: 4432 Sandburg Way, $820,000; 16 Yellowwood Way, $768,000.

Recent sales: 17 Foxglove, $715,000; 42 Gillman, $665,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3682.0.html

In the tiny pocket of land tucked between the Mericort homes and Freeway 5 are the Tamarisk condominiums. All of them share walls with their neighbors and patio at the entrance (no backyards). Affiliated schools have great ratings even though they are technically in Tustin Unified School District. Of late, these homes are catching up with the market and moving up, up and away.

The current property to hit the market is priced above $500,000.

46 Trailing Vine, Irvine CA 92602

Listing Price: $525,000

Beds/ Bath: 3 Beds/ 2.5 Bath

Area: 1395 SF

Price/ SF: $376

HOA Dues: $290

Builders Tract Name: Tamarisk

Builders Tract Code: TAMR

In 2006, this house sold for $595,000. We haven't hit the 2006 prices yet, but here is a neat little tool that calculates inflation adjustment. (http://www.usinflationcalculator.com/) According to this website, if this property was sold at $595,000, the same item would cost $685,212.15 based on cumulative rate of inflation at 15.2%. So, technically we are not at the 2006 bubble level. But salaries haven't increased, unemployment hasn't decreased.

Here is a brief history of Tamarisk homes in the past three years:

2013:

33 Trailing Vine $329/SF

38 League $354/SF

81 Trailing Vine $330/SF

2012:

16 New Season $274/SF

80 New Season $257/SF

94 New Season $295/SF

74 Trailing Vine $267/SF

2011:

62 New Season $297/SF

37 Trailing Vine $306/SF

Going by the sales history from the time these homes were built in 2005, they have bottomed in 2012, and 2013 brought in a miraculous recovery of $100~ /SF. While we salaried people with the down payment + mortgage combination will gasp in shock and awe at the trend of the market in 2013, a foreign cash buyer will probably pick up the property as an investment and rent it out within a month. In Irvine, in current market conditions where inventory is struggling to reach the two hundred mark, anything and everything will sell. This too shall!

Here is what $525,000 can also buy in Irvine:

146 Hedge Bloom in Woodbury

Listed at $519,000 ($440/SF)

6 Stanford Ct #3 in University Park

Listed at $519,000 ($433/SF)

80 Deermont in West Irvine

Listed at $529,800 ($434/SF)

At $376/SF, 46 Trailing Vine is the cheapest option currently in Irvine, at this price range. Still not very affordable, or not a fair deal for those who have kept a tab on prices since 2007 waiting for the right market to make their move.

What would you do?

Would you buy an attached condominium for $500,000+?

Would you put in as much as cash you can in down payment?

Share your thoughts at Talk Irvine.