Is it enough if a school has a API rank of 10, or do growth scores govern the home prices of the school’s boundaries? Today we look at two properties in two different villages of Irvine. Both have API 10 schools, but one has better growth rate than the other. Both properties have a good walk score to the assigned schools. But for the same listing price, one of them has listed a single family home with four bedrooms and the other one is a detached condominium with three bedrooms.

10 MINERAL KING, IRVINE CA 92602

Listing Price: $699,800

Beds: 4

Baths: 2.5

Sq. Ft.: 2,477

$/Sq. Ft.: $283

Property Type: Residential, Single Family

Style: Two Level, Other

Year Built: 2000

Community: North Park

Builders Tract Name: Evergreen

Builders Tract Code: EVRG

Builders Model Code: 4

Monthly expenses:

HOA Dues: $328/month ($183+$145)

Property Tax ( 1.0595%): $ 7,414 Annually

Mello Roos: $1,631 Annually

Monthly Property Tax+ Mello Roos: $754

Monthly Mortgage (30 YR Fixed, 3.625%): $2,553

Pricing History:

Jun 04, 2012 Price Changed $699,800

Feb 21, 2008 Sold (Public Records) $700,000

Feb 27, 2006 Sold (Public Records) $875,000

Mar 13, 2002 Sold (Public Records) $472,000

Jun 30, 2000 Sold (Public Records) $406,500

Monthly Fixed Expenses: $3,635

In the North Park area, there were 53 homes for sale in May 2012, with a median list price of $799,000 ($321/SF). The most expensive property on the market in North Park is 39 Vacaville at $1,499,000. The least expensive property on the market is 305 Terra Bella at $315,000. Even though the house comes under Tustin Unified School District, it has excellent schools.

Assigned schools:

Hicks Canyon Elementary (K-5)

API rank 10

API Score of 942

Orchard Hills (Middle School 5-7 for 2011, K-8 planned)

API rank 10

API score of 952

Arnold Beckman High School (9-12)

API rank 10

API score of 866

154 KINGSWOOD #117, IRVINE CA 92620

Listing Price: $685,000

Beds: 3

Baths: 2.5

Sq. Ft.: 1700

$/Sq. Ft.: $403

Property Type: Residential, Condominium

Style: Two Level, Other

Year Built: 2001

Community: Northwood

Builders Tract Name: Arden Square

Builders Tract Code: ARDS

Builders Model Code: 1

Monthly expenses:

HOA Dues: $118/month ($78+$40)

Property Tax ( 1.0595%): $ 7,258 Annually

Mello Roos: $2,481 Annually

Monthly Property Tax+ Mello Roos: $812

Monthly Mortgage (30 YR Fixed, 3.625%): $2,499

Pricing History:

Apr 19, 2012 Listed (Active) $685,000

Nov 12, 2004 Sold (Public Records) $620,000

Monthly Fixed Expenses: $3,429

In the Northwood area, there were 103 homes for sale with a median list price of $739,000 ($333/SF). The most expensive property for sale in this zip code is 75 New Dawn at $1,829,000, and the least expensive property is 2118 Timberwood at $265,000. Northwood homes also have the best Irvine schools. Irvine School District recommends calling the district office to confirm the schools, but these are the tentatively assigned schools for the property.

Canyon View Elementary

API Rank: 10

API Growth: 966

Sierra Vista Middle School

API Rank: 10

API Growth: 948

Northwood High School

API Rank: 10

API Growth: 908

Which one would you buy?

If both the houses are built around the same time, and both are in safe/ non-hazardous areas, would a ‘better’ school force you to buy a smaller detached condo vs. a single family home?

Is $400+/SF price justified for the Northwood condos?

Discuss below or on Talk Irvine.

Once you decide to cross Culver and give a chance to the Irvine schools of Tustin Unified School District, the question is, West Irvine or Northpark? Both have very good schools. Both have a mix of condominiums and single family residences. Northpark is a guard gated community where as West Irvine isn’t. Whether or not anyone needs a guard and a gate when they live in the safest city of America is another debate, but a general opinion is that Northpark condos cost more than the others in area because of the ‘guard gate’. Is the tax of the guard gate true? Let’s compare two properties today, one in West Irvine and one in Northpark, and see if it’s true.

76 Burlingame Irvine, CA 92602

Listing Price: $475,000

Beds: 2

Baths: 2.5

Sq. Ft.: 1,670

$/Sq. Ft.: $284

Property Type: Residential Condominium

Style: Two Level, Other

Year Built: 2000

Community: Northpark

Builders Tract Name: Brisbane

Builders Tract Code: BRIB

Builders Model Code: B

Monthly expenses:

HOA Dues: $358/month ($203+$155)

Property Tax ( 1.0595%): $5,032 Annually

Mello Roos: $1,388 Annually

Monthly Property Tax+ Mello Roos: $535

Monthly Mortgage (30 YR Fixed, 3.625%): $1,733

Pricing History:

Jun 12, 2012 Price Changed $475,000

May 21, 2012 Price Changed $469,000

May 03, 2012 Listed (Active) $475,000

Dec 07, 2005 Sold (Public Records) $660,000

Monthly Fixed Expenses: $2,626

Monthly Fixed Expense/ SF: $1.57/SF

47 GRANADA, Irvine CA 92602

Listing Price: $499,000

Beds: 2

Baths: 2.5

Sq. Ft.: 1,640

$/Sq. Ft.: $305

Property Type: Residential Condominium

Style: Two Level

Year Built: 2001

Community: West Irvine

Builders Tract Name: Summerplace

Builders Tract Code: SUMP

Builders Model Code: 1

Monthly expenses:

HOA Dues: $350/month ($295+$55)

Property Tax ( 1.0595%): $5,286 Annually

Mello Roos: $1,170 Annually

Monthly Property Tax+ Mello Roos: $538

Monthly Mortgage (30 YR Fixed, 3.625%): $1,824

Pricing History:

May 27, 2012 (Listing price change) $499,900

Apr 21, 2012 (Listing price change) $525,000

Mar 19, 2012 Relisted (Active)

Mar 19, 2012 Listed (Active) $549,000

Mar 14, 2005 Sold (Public Records) $580,000

Monthly Fixed Expenses: $2,712

Monthly Fixed Expense/ SF: $1.65

Condominium home owner’s dues are around $350 per month for both properties. They both fall under the property tax rate of 1.0595%. Price/ SF for the West Irvine condo is more than the Price/SF for the Northpark condo. Since our West Irvine condo’s monthly expenses are more than the Northpark condo’s monthly expenses, it’s clear that there is no guard gate tax, at least for these two properties.

Which one would you buy? Irvine has a lot of areas with exorbitant HOA dues. Would you buy a property with a HOA more than $300 per month? Or would you go for a property that hasn’t seen significant correction from the peak of 2005/2006 prices?

Discuss below or on Talk Irvine.

When we talk about properties in a certain area, macro and micro, we tend to use Price/ SF as a gauge for market conditions. But when a buyer decides to buy, the monthly expenses change from one property to another even though the Price/SF might be almost be the same. All Irvine villages have different property tax rates, Mello Roos and HOA dues. Today, we will compare three 3 Bed-2.5 Bath condominiums in three very different Irvine villages. Let’s see how monthly expenses vary with each village.

9 Ericson Aisle, Irvine CA 92620

Listing Price: $469,900

Beds: 3

Baths: 2

Sq. Ft.: 1,679

$/Sq. Ft.: $280

Property Type: Residential, Condominium

Condominium Style: Two Level, Spanish

Year Built: 1989

Community: Northwood

Builders Tract Name: Northwood Villas

Builders Tract Code: NV

Monthly expenses:

HOA Dues: $159/month

Property Tax ( 1.0595%): $4,978 Annually

Mello Roos: $145 Annually

Monthly Property Tax+ Mello Roos: $427

Monthly Mortgage (30 YR Fixed, 3.75%): $1,741

Monthly Fixed Expenses: $2,327

According to the MLS, the house has been updated. Kitchen and bathroom have new cabinetry, vanities and countertops. There is new carpet and paint throughout. But this property has one-car attanched garage, and the other one is ‘nearby’.

60 Chardonnay #43, Irvine CA 92614

Listing Price: $454,900

Beds: 2 Bedroom/ 1 Den

Baths: 2.5

Sq. Ft.: 1,600

$/Sq. Ft.: $284

Property Type: Residential, Condominium

Condominium Style: Two Level

Year Built: 1980

Community: Woodbridge

Builders Tract Name: Chateaux

Builders Tract Code: CT

Builder Model Code: D

Monthly expenses:

HOA Dues: $284/month

Property Tax ( 1.03383%): $4,702 Annually

Mello Roos: $93 Annually

Monthly Property Tax+ Mello Roos: $399

Monthly Mortgage (30 YR Fixed, 3.75%): $1,685

Monthly Fixed Expenses: $2,368

The kitchen is updated with new appliances, but going by the MLS pictures, this house might need some updating.

1002 Terra Bella, Irvine CA 92602

Listing Price: $445,000

Beds: 3

Baths: 2.5

Sq. Ft.: 1,614

$/Sq. Ft.: $276

Property Type: Residential, Condominium

Condominium Style: Two Level

Year Built: 2000

Community: Northpark

Builders Tract Name: Terra Bella

Builders Tract Code: TERB

Builder Model Code: E

Monthly expenses:

HOA Dues: $405/month

Property Tax ( 1.0595 %): $4,714 Annually

Mello Roos: $1246 Annually

Monthly Property Tax+ Mello Roos: $496

Monthly Mortgage (30 YR Fixed, 3.75%): $1,649

Monthly Fixed Expenses: $2,550

Granite countertops, stainless steel appliances, maple cabinetry, fire place and media cabinetry. This condo has it all, but the two car garage access is through common stairs.

Our lowest priced property, 1002 Terra Bella at $445,000 has the biggest monthly expense of $2,550.

Our highest priced property, 9 Ericson Aisle at $469,900 has the lowest monthly expenses of $2,337.

When you buy a property, do you do the necessary background check for Mello Roos, Property Tax rate and Home Owner’s Association dues? Do your buying choices depend on any of those factors, or it’s just the price/sf that dictates the choice? Would you buy an older property if it has less/no Mello Roos?

While comparing these properties, I checked another in West Irvine that sold recently.

44 Copper Leaf, Irvine CA 92602

Purchase Price: $575,000

Price/ SF: $303

Monthly Mortgage: 2,065

Property Tax + Mello Roos: $617

HOA Dues: $0

Fixed Monthly Expenses: $2,682.

For $132 more per month than 1002 Terra Bella, you can own a Single Family Residence in West Irvine.

If there isn’t much price difference after you factor in Mello Roos, Property Tax, HOA Dues, why do people still buy the overpriced condos?

Discuss below or on Talk Irvine

When you set out to buy a house, an important question that comes to mind is, old or new? An old house might need repairs, upgrades, and maintenance, but a new house comes with its own set of issues. You might have to pay significantly more for a new house than an old house. You will end up buying a cookie cutter beige box mostly when opt for new, but an older single family house will be unique. What do you prefer?

Today we will look at two properties, one in Northwood, and one in Woodbury. One of them is thirty-three years old, and the other is around four years old. One of them is a single family residence with its own pool in the backyard, and other is a detached condominium.

88 Twin Gables, Irvine CA 92620

Listing Price: $739,000

Beds: 3

Baths: 2.75

Sq. Ft.: 1,964

$/Sq. Ft.: $376

Property Type: Residential

Condominium Style: Two Level, Other

Year Built: 2008

Community: Woodbury

Builders Tract Name: Stonetree

Builders Tract Code: WDST

Builders Name: John Laing Homes

Builders Model Code: 1

Monthly expenses:

HOA Dues: $263/month ($158+$105)

Property Tax ( 1.0595%): $7,830 Annually

Mello Roos: $4,052 Annually

Monthly Property Tax+ Mello Roos: $990

Monthly Mortgage (30 YR Fixed, 3.75%): $2,738

Monthly Fixed Expenses: $3,991

16 Bragg, Irvine, CA 92620

Listing Price: $750,000

Beds: 4

Baths: 2

Sq. Ft.: 1,897

$/Sq. Ft.: $395

Lot Size: 7,480 Sq. Ft.

Property Type: Residential, Single Family

Style: One Level, Cottage

View: Pool, Trees/Woods

Year Built: 1978

Community: Northwood

Builders Tract Name: Shadow Run

Builders Tract Code: SR

Builders Model Code: B

Monthly expenses:

HOA Dues: $0 (No HOA)

Property Tax ( 1.0038%): $7528 Annually

Mello Roos: $172 Annually

Monthly Property Tax+ Mello Roos: $642

Monthly Mortgage (30 YR Fixed, 3.75%): $2,779

Monthly Fixed Expenses: $3,421

My opinion:

Both the properties have good Irvine schools. Both the properties have the required granite and wood upgrades. Both floor plans are without any major flaws. But 16 Bragg is a Single Family Residence with a 7500 SF lot. 88 Twin Gables is a Detached Condominium with a tiny backyard. 16 Bragg has a pool in the backyard, but 88 Twin Gables uses a community pool. 16 Bragg has no HOA dues, but 88 Twin Gables has $263/ month in dues. 16 Bragg has very low Mello Roos, but 88 Twin Gables has significantly higher Mello Roos.

By buying a single family home with all the upgrades to match a newer Irvine home, I will be saving roughly $570 per month. If I add that as an extra principal payment per month, I will be paying off my mortgage earlier than the scheduled thirty year term.

But by buying an older house in an older community, I might spend more on repairs. Also, since there is no HOA, my neighbor might not color his house the shade of beige I am comfortable with. The community is aging, and if not all homeowners are not proactive about maintaining the exterior of their properties, it affects all home prices in the neighborhood.

Which one would you buy?

Will the Mello Roos and HOA dues impact your decision?

Does the size of a backyard matter if there are enough parks in the neighborhood within walking distance?

Is it more work to maintain a pool in the backyard than visit the well maintained community pool?

Share your views below or on our Talk Irvine thread.

The most expensive house on the market in the Irvine today is 36 Boulder View at $14,999,000($1531/SF). On the other end of the spectrum is 205 Springview at $130,000 ($274/SF). The five-hundred odd properties that are on the market serve every taste, every price range. Usually I pick properties in the $500,000-$900,000 range, but today I have two properties under $350,000. Both properties are served by excellent Irvine schools, and have the same amenities as the rest of the village they are associated with. Both have the potential to be good starter homes, or investment properties.

192 Alicante Aisle #210 Irvine CA 92614

10 Monroe #27, Irvine CA 92620

Address	192 Alicante Aisle #210	10 Monroe #27
Village	Westpark	Northwood
Area	858 SF	984 SF
Price/ SF	$384/SF	$355/SF
Beds/ Baths	2 Beds/ 2 Baths	2 Beds/ 2 Baths
Listing Price	$329,900	$349,500
Down payment	$65,980	$69,900
HOA Dues	$209	$198
Monthly mortgage, assuming an interest rate of 3.875% for 30 YR Fixed	$1241	$1315
Property Tax +Mello Roos	$3997 Annually $333 Monthly	$3832 Annually $320 Monthly
Fixed cost of owning	$1783 Monthly	$1833 Monthly
Comparable Rental	2 Two bedroom units have rented at $1.81/SF in 2012. Projected rent: $1552 to Monthly	3 Two bedroom units have rented between $1.66/SF to 2.10/SF in 2012. Projected rent: $1633 to $2066 Monthly

Personally, I would buy 192 Alicante Aisle. Comparable properties have sold in the range of $300,000. This property is updated, and since it’s being sold within two months of the last sale, I am assuming it’s being flipped for a quick profit. It was sold for $244,000 in March 2012. 10 Monroe will need some work.

What do you think? Have Irvine homes reached rental parity, or will the prices go down further before that is achieved? Would you buy an investment property this summer?

Would you buy a newer and updated property, or anything in a good locality would do?

Also, when you rent a property in an area you like to buy, do you rent a condominium, or do you rent a property similar to the one you are planning to buy?

Discuss below or on Talk Irvine.