Inventory on 06/01/2013: 348.

This January, when the market started bubbling up, the inventory flirted with 200s. We wondered if the inventory will go to 150s, and then calculated the real inventory with the new homes The Irvine Company released. It was a confusing market. People are buying new houses and lapping up the resales for all cash deals as soon as they debuted on the market. I still remember the open house in the neighborhood that felt like Korean culture festival. There were so many people, it created a traffic jam of sorts for the residents in this little cul-de-sac.

But with inventory at 348 and rising, will the summer bring in a change? Have people realized that this is a short burst of unusual appreciation that will settle down? Here is West Irvine, making the most of the changing economic scenery. During the downturn, West Irvine prices suffered a lot, and being one of the neighborhoods bordering Tustin the prices ended up being confused like the teenage of the house- they didn't know where they could fit in, Irvine prices or Tustin regular prices or Tustin Ranch. Many got great deals, one of the Talk Irvine Realtors and a family close to us included.

Usually when I see West Irvine pictures on Redfin, the only thing exciting about them is the presence of a backyard and the prices. The design details, the floor plans, the exterior design- the condominiums of West Irvine have an edge on the Single Family Residences. But the price is right and the village is almost right for two thousand square feet home with a backyard. Here is 35 Boulder Creek, the house with the owner's touch, and 7900 SF of backyard.

35 Boulder Creek Way, Irvine CA 92602

Listing Price: $779,900

Beds/ bath: 4 Bedrooms/ 2.5 baths

Year Built: 1998

Lot Size: 7900 SF

Price/ SF: $390

HOA Dues: $0

Estimated mortgage: $3631/ month

Builder's Tract Code: Heritage – Rushmore A

Compared to other properties in the market in West Irvine, this is a good deal. A backyard that size is something un-Irvine. Price/SF is in line with the rest of the listings. The property has posted a $20,000 drop in listing price since it was listed- was it because the owners want to get a competitive edge and sell faster, or is it the changing market- it's hard to tell at this point. Many people are holding back their buying plans given the sudden market surge. Many are moving to surrounding areas feeling outpriced in Irvine. Million dollar homes with views and vistas, and almost good school district are luring new buyers. But Irvine still is the unicorn, almost mythical-magical with fairy dust sprinkled even at its borders. Bragging rights do come with a price tag.

Speaking of bragging rights, how many people have tried to convince you that their detached condo is in fact a Single Family Residence, and their Realtor told them so? My count is two. Both were in North Park, both owners of San Simeons.

Here is one listing I very much suspect is a detached condo like other San Simeons.

59 Meadow Valley, Irvine CA 92602

But 55 Meadow Valley (sold $10,000 above list price) was also listed by the same realtor, and was listed as a single family residence. Recently in one of the Talk Irvine discussions, people were questioning the ethical aspect of listing wrong schools and telling buyers that the kids can be sent to IUSD schools even though the schools for the property are TUSD with open enrollment. In my opinion listing a detached condominium as a single family residence is also unethical. I haven't verified if the San Simeons on Meadow Valley are single family residences are not, but usually two HOA dues are for condominiums.

We will discuss that on Talk Irvine!

The stock market and Irvine Housing Market are scaling new heights, setting a new normal each week. A year ago, I wrote about half-a-million dollar condominiums of Irvine, and today, I will list three condominiums that are almost a million dollars.

37 Canopy, Irvine CA 92603

Listing Price: $999,888

HOA: $207/ Monthly

Price/ SF: $476

Tract: Laurel, Quail Hill

This is a two level property. The main entry to the house is via formal living room. It leads to the dining room, which is attached to the kitchen and family room. The three garage opens to the family room. The staircase in the dining area leads to the four bedrooms upstairs. SMS covered the property in this blog post. Plus points are many for this property- the city lights, tight floor plan, nice community that is aging well (and three car garage too!) But the only drawback is lack of a bedroom downstairs. For a million dollars, I would want a bedroom with attached bathroom downstairs.

163 Great Lawn, Irvine CA 92620

Listing Price: $975,000

HOA Dues: $268/ Monthly

Price/ SF: $424

Tract: Stonetree

A small entry room leads you to a great room- the kitchen leads to the fourth bedroom and garage on side, and patio on the other. Dining room also has an entry to the patio. The stairs lead to a very tightly laid our upper floor with three bedrooms. Overall, it's a nice floor plan trying to cover each and every need of the potential home owner. The house is very airy and bright also. Drawback..great room! Many love the great room concept, for close to a million dollars, I would love to see a formal living room in addition to the great room.

8036 Scholarship, Irvine CA 92612

Listing Price: $910,000

Price/ SF: $636

HOA Dues: $931 Monthly

Tract: The Plaza (5000 to 8000)

What can I say about the floor plan of an almost million dollar two bedroom condominium? Let's begin with “it's so UN-Irvine”. It's not your typical Mediterranean looking floor plan laid out with due consideration to Feng Shui elements. It's our own little New York, close to the airport, a very spacious and upscale two bedroom single level attached condominium with HOA taking care of everything other than your grocery bill. Suitable more to a jet-setting executive.

What are your thoughts?

Would you buy a condominium at a million dollars because you are priced out of single family homes? Or would you move to other better rated cities like Yorba Linda that still offer some bragging rights, if not a list of them? What about cities surrounding Irvine? Would you move there if the foreign cash buyer out prices you?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3884.0.html

Irvine. When you are outside Irvine, just telling people that you live in Irvine is enough – you are already special. But within Irvine, there are some villages better than others, some tracts better than others, some schools better than others and of course some builders better than others. Which side of 405? Which side of 5? Which side of Culver? Northwood or Northwood II? North Park of North Park square? Quail Hill or University Park? Oh.. Walnut- El Camino-West Irvine? No, this is not a philosophical blog about what's enough, and where does one draws a line and defines happiness. This is a real estate blog, and the question here is..

What's hot in the market today, and how much does it cost?

39 Moonstone, Irvine CA 92602 – One of the “most popular listing” on Redfin.

This attached condominium is priced at $539,000. During 2011/2012, the Mandeville homes flooded with the market and slid to $400,000s. No one would have expected them to hit the $500,000s so soon, but suddenly the inventory is low, and end of the day real estate market is all about demand and supply. The plans aren't very spacious, but they are highly functional. There isn't much wasted space. Also, there are only two levels.

Long ago, we went to an open house in bay area. The condo had three levels- and it had steps within the kitchen and dining area to separate the areas. While it looks good on plans and sections to draw something complex, as an architect, I know that end of the day it's not about how good a building looks on paper. How does it translate in reality? Will the end user be happy with the product? Who lives in a condominium? A newly married couple.. they might have a baby in that house. Empty nesters downsizing.. they might have knee issues.

I understand, it's all about density. Can we, within the constraints of the developer and the dollars design something that becomes a contribution to the society, not something one has to live with because that's all they can afford to buy in Irvine? But then… here we are, three level West Park gym- and “most popular listing” on Redfin, priced $34/SF more than the two level condo in West Irvine. I might be all wrong about my design analysis. There must be a tribe that loves these tri-level houses, fit and fabulous to run up and down the stairs all day, and not get tired of it at all.

A slight digression..a friend of mine lived in a tri-level condominium. When they moved in, they decorated it to suit a young couple. It looked perfect. Then she got pregnant. It was a pain climbing stairs to get a glass of water if she was on the couch. Then she had a baby. It wasn't as pretty as before. The beautifully decorated house got cramped with functional pieces to make living easy on each level. Then she had another baby. One afternoon she came back from a supermarket..unloaded her stuff into the extra fridge they had in the garage (her husband or she would later transfer stuff to their kitchen when they had time). She kept the car running because her baby was sleeping in the car seat, and called from her car.. and says “I don't want to go upstairs and put him in bed because we have to again get down in forty minutes to pick up my older one from preschool”. Oh, OK. Happy mother's day to all you mommies rocking a multiple level house!

5 Palagonia Aisle, Irvine CA 92606

Share your thoughts about the floor plan. Do you see a condo as a step towards a house of your dreams and buy whatever the market offers in a village you want to live in? Do you live, or love multiple level condos? What are your reasons? As a woman in her thirties, and a mother also, I might be overlooking a community that loves living in such condominiums. Enlighten me. They exist in almost every village of Irvine, and they are all priced on Irvine standards (special, I mean). There must be a reason for that.

What is your favorite Irvine village, or your favorite Irvine tract? Please share on this thread at Talk Irvine!

Do you want to make $489,900 in a month? You don't have to be an engineer, or a doctor, or an investment banker, or the President of United States for that! Just buy in Woodbridge and relist it within a month! Rumor has it that the plume is so strong around Irvine, a suitcase buyer will walk in and say “I will take it,” without taking his sunglasses off. Four years ago, the real estate bears were busy forecasting the lows we would hit. Two years ago, some of them retracted their statements, and accepted that Irvine is special. But just how special is Irvine? So special that you can flip for close to half a million dollars within a month?

23 Eastlake Irvine, CA 92604

You think $500/ SF is too much to pay for a 1980's one of kind beauty near the lake?

Think again. 23 Eastlake sounds like a bargain when you compare it with 71 Nighthawk at $578/SF.

Even as The Irvine Company debuts new communities (the latest entrant being Cypress Village homes) and continues to build more, the prices continue to climb. What is so special about Irvine? The first thought is schools, but for anyone willing to pay $489,900 price increase for a property, private school shouldn't be an issue. Irvine police are the best in the country (going by our safe city records), but really, you can hire your own security at that rate. Why?

I think the rightful people to answer that question are those visiting open houses, those writing offers, those willing to pay. I should start interviewing those people, and make a documentary called “Special Irvine”. A few months ago I said it's a recovery, and then I questioned if it was a bubble. At this point, the bubble is inflated so bad, all it needs is a poke from a little needle to burst. Where will that poke come from? Nobody knows for sure. For now, we will continue our shock and awe at the listing prices, and be amazed that someone actually outbid another one to buy that property.

The cheapest on the market today:

705 Maplewood, Irvine CA 92618

Listing Price: $250,000

Beds/ Bath: 1 Bed/ 2 baths

Area: 870 SF

Price/SF: $287/SF

The most expensive:

50 Blue Heron, Irvine CA 92603

Listing Price: $16,750,000

Beds/Bath: 8 Beds/ 9.5 baths

Area: 11000 SF

Price/ SF: $1523

And the most popular!

39 Moonstone, Irvine CA 92602

Listing Price: $539,000

Beds/ bath: 3 Beds/ 2.5 baths

Area: 1500 SF

Price/ SF: $359

What are your thoughts about Irvine Real Estate? Will you buy a newer Irvine house or settle for an older one with better schools? Share your thoughts at Talk Irvine.

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

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.