Monthly Archives: July 2013

Irvine Housing Overview: June 2013

According to Altos Research, the Market Action Index (MAI) for Irvine’s single-family housing market is 42.57. As defined by Altos, this put the Irvine single-family housing market in the seller’s market category. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) However, after a steady upward climb since the beginning of the year, Irvine’s MAI has started trending down. We will see if this holds true for next month.

Altos also states that the average single-family home in Irvine has been on the market for about 79 days as of July 5, 2013.

Following is Irvine’s June 2013 housing market data provided by Redfin.

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses
13-Jun $1,112K/186 $855K/99 $462 $414 16%
13-May $1,030/167 $890/113 $457 $411 21.60%
13-Apr n/a n/a n/a n/a n/a
13-Mar $1,020K/101 $904K/62 $443 $381 13.40%
13-Feb na/109 na/272 $415 $354 n/a
13-Jan na/113 na/274 $409 $357 n/a
Condos
13-Jun $585K/235 $540K/130 $418 $391 24.90%
13-May $599K/177 $539K/144 $406 $386 30.40%
13-Apr n/a n/a n/a n/a n/a
13-Mar $570K/111 $476K/88 $375 $344 21.60%
13-Feb na/100 na/301 $369 $325 n/a
13-Jan na/106 na/324 $377 $327 n/a
All
13-Jun $734K/456 $638K/249 $422 $395 20.80%
13-May $750K/371 $659K/274 $416 $393 26.80%
13-Apr n/a n/a n/a n/a n/a
13-Mar $703K/219 $588K/151 $392 $359 18.90%
13-Feb na/209 na/573 $389 $334 n/a
13-Jan na/219 na/598 $389 $338 n/a

Open House Review: 6 Woodland Drive

Woodbridge Park Home in Outer Loop

6 Woodland Drive $609,900

From the street this two level home has an inviting presence, and inside there is mixed potential that could be developed. Located in Woodbridge’s outer loop with Culver Street traffic nearby there is some noise here. There is a tree buffer area, and the home does have central air. Also, additional landscaping on the patio could be used to screen the area.

Significant Numbers: Built in 1976, the home is a two level, three bedroom, 2.5 bath condo with 1,655 sq. feet. $/sq. ft. is $368. HOA dues are $332. The lot size is 2,309 sq. ft. The home has been on the market about 45 days. Initially the listing for the home in May was $649,000.

CloseUp: Stepping into the entry of this Redwood model, there is a light filled, good sized open space that blends the living room with fireplace and wet bar, and a formal dining area near the patio with view of the covered patio and nice sized backyard beyond. The ample open space invites interpretation and could work quite well for day to day family living and entertaining.

The kitchen is nice sized, but could use some upgrading in appliances and counter and floor treatments. There is a half bath downstairs and separate laundry next to the kitchen.

All bedrooms are upstairs, plus two baths. The master suite has a walk in closet. There is a two car detached garage with access to the back and side yard.

Specifics:

Two level condominium

Bedrooms, 3

Baths, 2.5

Double garage

Two parking spaces

Two common walls attached

Central air and forced air heating

Irvine Unified School District

Association pool and spa

Inside laundry on ground level

What will be considered here? The price in the current market which has gone from a May listing of $649,000 to $609,900 now will be considered along with the top notch appeal of Woodbridge’s lake recreation facilities, first rate schools and parks, and the overall floor plan and size of the home. Sitting so close to Culver Street’s busy traffic stream will be part of the discussion too.

Who wlll move in? A young family looking for a first home in Irvine with top schools, parks and lakes might be attracted to this home. The home is close to Stonecreek Elementary, Lakeside Middle School and Woodbridge High School. It might also be considered a rental investment property. The realtor indicated there is a flow of new properties coming onto the market now. A couple that wants a convenient location in Irvine close to shops and freeways, might choose to move in and upgrade this property, building on the ample space and workable floor plan.

Recent listings: 41 Songsparrow, $789,000; 3 Wetstone #61, $615,000.

Recent sales: 12 Woodland Drive, $550,000; 3 Woodland Drive, $540,000

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,4114.0.html

A Review of the La Cresta Tract at Woodbury – Residence Three

Residence Three

4,098 Sq Ft

5 Bedrooms, 4.5 Bathrooms, Downstairs Bedroom Suite with options for a Private Entrance and Kitchenette, Optional Bedroom 6 at Family Retreat, Optional Home Management or Enclosed Kitchen at Garage Storage

Starting from $1,513,800

Residence Three is the biggest home La Cresta has to offer. At over 4,000 square feet, it has five or six bedrooms and, depending on your options, as many as five kitchens! Yes, five! More on that later.

This home has a more reasonably sized foyer than in Residence Two and looks nicer upon entry. Immediately off to one side is the downstairs bedroom suite. Larger than in the other two homes, this one truly has the option of being a completely separate residence. The bedroom itself is a nice size and an attractive archway leads to a second living space. The standard home has it as a sitting area, but buyers can opt to include a kitchenette, as seen in the model. It has a small fridge, microwave, sink, and storage, as well as space for a table and chairs. Opting for the kitchenette also gives this room its own private entrance from outside, including a small porch area. The en-suite bathroom has a single sink and a shower. There is a walk-in closet, but its curved walls limit its versatility.

Before opening fully to the dining and living rooms, the foyer extends a bit further and offers space for a small table and chairs, a piano, or a buffet. It’s a bit of an odd space, but definitely more usable than its Residence Two counterpart. There is also a powder room and a small closet off the foyer near the stairs.

The dining room has a fireplace and, like the others, is quite large. It differs from the other two homes in that it lacks a window. It flows directly into the living room which, like Residence Two, has a good layout and many windows. This is the only model in which neither the living nor dining room has access to the backyard. There is also more separation from the kitchen.

The kitchen, like the other homes, has a huge island with seating for at least four. It’s more similar to Residence Two, in that it has the majority of its storage in the main kitchen. Oddly, the oven and microwave are located in the prep kitchen, about as far from the main kitchen as they could be. The pantry is located past the prep kitchen and is nowhere near the main kitchen at all.

The home comes standard with a drop zone that includes space for a built-in desk. This is through a doorway between the prep kitchen and the pantry. If you keep the standard model, it would be directly off the garage storage. However, if you opt to include an Enclosed Kitchen in your home, it is past the drop zone and adjacent to the garage. To paint a picture, if you cooked your food in the Enclosed Kitchen, you would have to walk through the drop zone, back through the prep kitchen, around to the main kitchen, then through the living room before reaching your dining room table. It’s a good thing the Enclosed Kitchen has its own fridge, because you’d have to walk almost as far to get to the fridge in the main kitchen.

The main kitchen opens up to the Outdoor Living Room. In the model, they show it with a complete outdoor kitchen, including a sink, stove, grill, hood and wine fridge. Even with the kitchen, you can easily fit a table for eight. This model didn’t really have any grass in the back but does have a second patio area. The lot size seems comparable to the other homes, but because the house is bigger, the yard definitely feels smaller. It’s also not landscaped as nicely as the other two models.

Upstairs, the Family Retreat is a lot smaller and more enclosed than in the other two homes. It doesn’t fully open up to the stairs or hallway, and it has fewer and smaller windows. The space isn’t nearly as nice as in Residences One and Two.

This is the only model that comes standard with four bedrooms upstairs. While none of the secondary bedrooms actually share walls (a bathroom or closet helps divide each), they are grouped more closely together than in the other models. The one at the front of the house has an en-suite bathroom (single sink, shower/tub combo), a walk-in closet, and is bigger than the other two. It’s kind of divided into two sections and also has French doors leading to a small balcony.

The other two bedrooms also have walk-in closets, but share a bathroom with access only from the hall. The bathroom only has one sink and has a shower/tub combo. Of the two rooms, one is definitely larger than the other, though neither is small. They both face the side of the house and have windows on only one wall. Every other bedroom in every model has windows on at least two walls.

The laundry room in this home is different than in the others. Instead of a linen closet, this one has a craft area with a long counter and seating, plus options for cabinets. It still has a lot of storage, but all enclosed in cupboards. Also, the sink is farther away from the washing machine, which is not ideal.

The master suite occupies the entire back of the house. From the doorway, the bedroom is to the left and the bathroom and closet are to the right. The bedroom is spacious and bright. The bathroom is bigger than in the other two homes. There are two sinks, but no vanity, and a large soaking tub. The shower is very large and the space also includes a small dressing area. A hallway leading to the oversized closet has an option for a big, built-in dresser.

Sometimes bigger isn’t better. Residence Three has some flaws, most noticeably the layout of the three primary kitchens (main, prep and enclosed) and their locations in relation to the pantry and dining room. The layout of the second floor is the worst of the three, with closer rooms offering less privacy, a smaller family room, and bedrooms with fewer windows. On the plus side, the separate residence downstairs is a nice feature and I liked the upstairs bedroom at the front of the house.

While overall these houses are all very nice, I would have a hard time choosing between the three models, as each one has key things wrong with it. Residence One has issues with the main kitchen, in the lack of cabinets or storage of any kind. Otherwise though, this is my favorite of the plans. I like the music room up front and the layout of the upstairs the best. Residence Two has the best kitchen but the most wasted space, in the downstairs foyer and the foyer in the master bedroom. Residence Three also has a poorly laid out kitchen, plus the smallest upstairs family retreat.

I have seen a lot of comparisons with Lambert Ranch, as these homes are similar in size and price point. Both communities have their pros and cons and there is some debate over which will hold better resale value. I definitely felt more of a “wow” factor in Lambert Ranch. While there are many nice features in each of La Cresta’s three homes, if I was spending $1.5 million on a house, I don’t think La Cresta is the community for me.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,4113.0.html

A Review of the La Cresta Tract at Woodbury – Residence Two

Residence Two

3,770 Sq Ft

4 Bedrooms, 4.5 Bathrooms, Optional Garage Loft plus Home Management or Loft plus Enclosed Kitchen at Garage Storage, Optional Bedroom 5 at Upstairs Family Retreat

Starting from $1,424,500

Residence Two has a huge foyer that, quite frankly, is a big waste of space. While it’s big enough for a sitting room, its awkward shape and location make it very difficult to actually use as one. As you can see, they placed a piano and a chair there in the model. If you don’t have a piano though, it’s hard to say how you would actually furnish and use this area.

Off the foyer, you will find a half bath and small coat closet. The downstairs bedroom is also located off the foyer, with a huge window facing the street. This bedroom has a fairly small closet and a full bathroom with one sink and a shower. There is a nice sitting area by the window, with an archway helping to define the space.

As you walk through the foyer, you enter the dining room. As in Residence One, there is plenty of room for a big table. It also has a fireplace centered along one wall and, in the model, you can see built-ins along side it. The dining room offers access to the Outdoor Living Room.

The kitchen is just beyond the dining room. Like Residence One, it has a large island with seating for four. The setup here is much better than in the first home, with numerous cabinets and drawers in the main kitchen, much more counter space, and a better overall layout. There is still a second prep kitchen, though this model shows a much smaller one than in Residence One. This one has just one counter with cabinets and is more like a butler’s pantry, as it has no appliances or sinks. The pantry is directly across from it, making it more accessible from both the main and prep kitchens. While the standard for the house is an enlarged garage with storage, the model shows the option with the Enclosed Kitchen. This is located past the prep kitchen, and has a sink, fridge, stove, and plenty of cabinets and counter space.

If you don’t opt for the enclosed kitchen, you could instead have a home management center. Both options take away some of the garage storage, but still leave a “loft” area (meaning it is one step higher than the main garage floor) with extra storage space. If you don’t add either feature and keep the basic garage as planned, it changes the layout of the prep kitchen and pantry. It enlarges the prep kitchen, but unfortunately, moves the pantry behind it and farther away from the main kitchen.

The living room is at the back of the house, directly behind the kitchen and still quite open to the dining room. As in Residence One, it’s a very big room with lots of windows. It is a great space for entertaining.

The backyard has the Outdoor Living Room, a grassy area, and a patio with room for seating and a fountain.

Upstairs, the hallway wraps all the way around before opening up to the Family Retreat. Again, this is a large, open and casual sitting area. I really like the room and think it makes a great addition to the home, especially since there is only one living space downstairs.

The three upstairs bedrooms are separated from each other; they don’t share walls with each other or with the retreat. It creates a great feeling of privacy and quiet in each room. Both secondary rooms are a good size and have nice layouts. The one at the front of the house has a walk-in closet. The bath is located just outside the bedroom, with a single sink and a shower/tub combo. The other bedroom is at the side of the house. It has a standard closet and a spacious en-suite bathroom, also with a single sink and shower/tub combo.

The laundry room is located between the two bedrooms. As in the other home, it has a sink, side by side machines, and a huge linen closet.

The master suite is at the back of the house. It has a long foyer that, like the foyer downstairs, is a complete waste of space. It is basically an enclosed hallway leading to the bedroom, but is too narrow to use for anything. The bedroom has windows on three sides, including a very large one overlooking the backyard.

The master bath is huge, as is the walk-in closet behind it. There are two sinks, separated by a vanity, a good-sized shower (dubbed “oversized” by the builders) and a large bathtub.

I had an almost completely opposite opinion of Residence Two than I did of Residence One. While Two has a much better layout for the kitchen, I think it has a lot more wasted space and doesn’t flow quite as nicely from room to room. I do like the generous size of all rooms, closets, and bathrooms, but would not choose this model over Residence One.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,4108.0.html

A Review of the La Cresta Tract at Woodbury – Residence One

Woodbury’s final neighborhood, La Cresta is now open and selling. The Brookfield Residential homes feature three basic residences with various options for each floor plan. All homes have a minimum of four bedrooms, including a downstairs suite, and range from 3,622 – 4,098 square feet. La Cresta is located in the southeast corner of Woodbury, near Trabuco and Sand Canyon, adjacent to the San Marino tract. The nearest schools are Woodbury Elementary, Jeffrey Trail Middle School, and Irvine High School. Residents will have access to Woodbury’s 16 neighborhood parks and gardens, a neighborhood swimming pool, The Commons – a 30-acre central gathering place with athletic fields, a playground, a recreation center, and swimming pools, and easy access to the Jeffrey Open Space Trail.

All of the models have an upstairs family room – a large loft area at the top of the stairs – with the option to create an additional bedroom and bathroom instead. Each home also has a two-car garage with additional storage space but not room to park a third car. They also all have prep kitchens and optional enclosed kitchens (known in some neighborhoods as “wok kitchens”). There is an outdoor living room in all of the backyards.

Some of the home features included in the base price are Wolf stainless steel professional appliance package; white, raised-panel European cabinetry and pull-out drawers; expanded prep kitchen and large walk-in pantry; 12 x 12 ceramic tile in kitchen, entry, nook, butler’s pantry, powder room and master bath; solid surface matte white countertops in all baths; oversized walk-in showers and 6’ tubs in master baths; indoor laundry rooms with extensive linen storage; and tankless water heaters. A complete list of standard features can be found on Brookfield’s website.

Basic Neighborhood Financial Information

Base Property Tax: 1.0035%

CFD/Special Assessments: $7,005/year

Homeowners Dues: $110 per month (approximately)

Residence One

3,622 Sq Ft

4 Bedrooms, 4.5 Bathrooms, Music Room/Library, Optional Home Management or Optional Enclosed Kitchen at Garage Storage, Optional Bedroom 5 at Upstairs Family Retreat

Starting from $1,358,000

Though it isn’t small by any means, this is La Cresta’s smallest model. Just inside the entry is a “Music Room.” It has a huge, arched window facing the street and is a perfect size – not too small but still cozy enough to feel intimate.

Beyond the music room, a hallway takes you past an elegant stairway, a walk-in coat closet (bigger than those in residences 2 and 3), and a powder room. The hall ends at the main living area, which consists of a formal dining room, a “grand” living room, and the kitchen. The dining area is very large, with a built-in buffet and plenty of space for a large table.

The living room is directly beyond the dining room. It has several large windows facing the back and side of the house to bring in a lot of light. It is a great space for entertaining, as it is completely open to the kitchen and dining room, as well as offering easy access to the backyard.

The kitchen, as in most new homes, is enormous. La Cresta’s basic kitchen package has high end, Wolf stainless steel appliances, including a 48” gas range top with six burners plus griddle, high powered 1200 cfm ventilation hood, 30” electric oven with built-in microwave and Asko multi-cycle dishwasher. The island is huge and can easily seat four, while still accommodating the sink and plenty of prep space. The main kitchen has drawers beside the stove and in the island, but overall doesn’t have a ton of storage space. However, the adjacent prep kitchen is lined with cabinets along the top and bottom, has two very long counters, and also has an additional sink. Beyond that is a gigantic walk-in pantry. While the kitchen looks gorgeous, the layout is actually quite awkward. The pantry is buried behind the prep kitchen. Even worse, the dishwasher is on the far side of the island from the prep kitchen, though most dishes and glassware would need to be stored in the prep area.

The model shows a garage with an extra storage area. This area could be an enclosed kitchen, which would include a fridge, sink, stove, and plenty of additional cabinets. Alternately, it could be a home management area with a desk and a “drop zone” for people entering the home through the garage.

Also downstairs is a bedroom that could easily function as a master suite. The room is average size, with sliders out to the backyard. The model includes a built-in desk/dresser along one wall. I was shocked to turn a corner and see a huge bathroom with a vanity, dual sinks set in a very long counter, a big shower, and a generous walk-in closet. In viewing the floor plan, I realized that this is the upgraded “deluxe bedroom suite.” The standard bedroom has a walk-in closet (but smaller), one sink, and a shower.

As a side note, if the home is set up with the standard bedroom, it does put the pantry in a better location relative to the rest of the kitchen. Also, opting for the deluxe bedroom suite eliminates the extra storage area in the garage. Even without the storage, the garage still has a few feet of additional space with room for shelving.

The backyard, as in all models, has a large outdoor living room, meaning it is covered by a solid stucco ceiling and shares at least one wall with the house, but open on two or three sides to the rest of the yard. This one has a built-in fireplace. The yard also has a grassy area and an additional patio deck for a peaceful seating area. The lots in La Cresta are relatively large for Irvine, coming in around 5,000 – 7,000 square feet, so the yard is a good size even with the large homes.

Upstairs, the Family Retreat is a great living space. It is comparable in size to the grand living room downstairs, but has a more casual feel. It serves as a central point for the second floor, with the bedrooms all coming off of it from different sides. Immediately at the top of the stairs is an optional work station with a built-in desk.

The master suite is off the back of the family room and stretches the full width of the house. The room is big and windows on two sides let in a lot of light, though the light will probably diminish some when the surrounding lots are developed. A cutout in one wall provides space for a large dresser or would be a nice area for a built-in dresser or shelving unit.

The master bath is about as large as the room itself. It has dual sinks set in a very long counter with numerous cupboards and drawers. There is an oversized shower and a separate soaking tub. The walk-in closet is very big and is accessed through the bathroom.

There are two additional bedrooms upstairs. Both rooms are a really good size for a secondary room with plenty of options for arranging the furniture. They easily hold a full size bed while still having space for a dresser, desk, and/or bookcase. The one at the side of the house has a walk-in closet and big en-suite bathroom (one sink, shower/tub combo). The other one is at the front of the house and it has a standard, sliding closet and a full bath across the hall with a single sink and shower/tub combo.

The laundry room is massive and includes a sink, several cupboards and a huge linen closet.

Aside from the kitchen, I really like the layout of the home and the way the rooms flow from one to the next. I felt like each room was big enough so that it never felt cramped but not too big to feel warm and cozy. I like that the bedrooms are all separated from each other and that each is big enough to furnish comfortably. While I didn’t like the layout of the kitchen, I do like how open it is to the living and dining rooms.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,4100.0.html