Author Archives: Cubic Zirconia

Uncovering the History of the Secret Garden

A million dollar dream of 2005 turned into a trap for many buyers in 2009 with the properties in that area selling for a discount of around $200,000. With the chatter of the possible bottom in the ‘Summer of 2012’, the Camelia tract of Northwood II saw a lot of activity despite of good location, and excellent schools. Now that ‘Summer of 2012’ is almost here, I wanted to go back in history and see if those that bought in the frenzy of 2009 made a good decision. So, instead of comparing two identical properties for sale in the same village, I will compare a property on the market now with a property that sold in 2009.

The property I have picked is 52 Secret Garden in Northwood. Karen covered the open house in her blog post last week. Also, a discussion on Talk Irvine validates interest in the property.

Here is the sales history of six years for identical properties in the same tract. The selling price seems to be stable around $300/SF. The peak was in 2006, at $381/SF. The bottom so far was at $275 in 2009.

Year Sold

Address

Sale Price

Price/ SF

2006

25 Grape Arbor

$1,180,000

$381 – Highest

2008

26 Teak Bridge

26 Grape Arbor

42 Secret Garden

61 Secret Garden

$1,075,000

$939,000

$942,000

$950,000

$350

$306

$301

$301

2009

59 Fire Thorn

71 Secret Garden

25 Grape Arbor

62 East Bamboo

64 Secret Garden

27 Secret Garden

$940,000

$843,000

$855,000

$915,000

$865,000

$949,000

$306

$275

$276 – Lowest

$291

$279

$309

2010

27 Torrey Pine

60 Corn Flower

$900,000

$939,000

$290

$300

2011

56 Fire Thorn

61 Crab Apple

$921,500

$905,000

$297

$292

2012

32 Torrey Pine

30 Secret Garden

61 Secret Garden

$957,000

$965,000

$979,000

$309

$301

$306

For comparison I chose 71 Secret Garden sold in 2009. It defines the bottom for the Camelia tract so far at $275/SF.

Address

52 Secret Garden

71 Secret Garden

Listing Price

$969,000

$843,000 (Sold)

Original purchase price

$1,008,000 Sept, 2005

$1,018,000 Nov, 2008

$1,130,000 April, 2005

Price/ SF

$313

$275

HOA Dues

$142

$142

Monthly Mortgage

$3649

(30 YR Fixed, 3.875%)

$3724

(30 YR Fixed, 5.25%)

Source: CNN money

Down Payment

$193,980

$168,600

Property Tax (1.0595%)

$10266

$8674

Mello Roos

$3336

$3336

Annual Tax + Mello Roos

$13602

$12011

Monthly expenses

$4924

$4866

52 Secret Garden

71 Secret Garden

Similar homes in the area have rented for $4200-$4300. In my opinion, it hasn’t made much difference considering the plunge in mortgage rates.What do you think? Was the worst over in 2009, or is it yet to come? Will the Camelia tract go below $290/SF again?

Discuss below or on the Talk Irvine thread.

Beige Ruth Sisters

This week we will look at two houses in North Park Square, the sister of the guard gated North Park community without the gates and guards. They have the same floor plan, they are on the same street, and none of them back major streets like Bryan or Culver. Both are standard sales, and both are in great condition. They are walk-able from Beckman High School, and Hicks Canyon Elementary. Orchard Hills Middle School would probably call for a bike though. The Market Place is within a mile.

Both are “Rutherford” homes, in a different shades of beige.

35 Bella Rosa, Irvine CA 92602

41 Bella Rosa, Irvine CA 92602

I love the main entrance via Porch. As you enter, the office is on your left, followed by the powder room. The living room comes next, and on your right is the entry to the garage, laundry room and staircase to the bedrooms. The Dining room has access to the courtyard as well. Then comes the kitchen and breakfast nook, followed by the Family room. The Master Bedroom is the last room, and on the second floor we have the other two bedrooms with a small desk area. Personally, the layout is a long and boring to me. The powder room opens in the entry area. The laundry room and dining room share a wall. The breakfast nook and shower share a wall. So, unless you are one of those people who don’t like the thud-thud of jeans load while you eat, or the white noise of a shower on the other side of the wall, it will be hard to eat in peace.

Here is a quick comparison of the fixed monthly costs of owning one of the Ruth homes:

Address

35 Bella Rosa

41 Bella Rosa

Listing Price

$979,800

$919,000

Beds/Bath

4 Beds/2.5 bath

(3 bed rooms and office)

Area

2600 SF

Price/ SF

$377

$353

Year Built

2003

2002

Builder Information

Tract Code: RUTH

Builder Name: Shea Homes

Elementary School

Hicks Canyon Elementary (K-5)

Address: 3817 Viewpark, Irvine CA 92602

API rank 10, and API Score of 942 for 2011.

For more information: http://hickscanyon.org/

Middle School

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

Address: 11555 Culver Dr, Irvine CA 92602

API rank not available (new school), API score of 952 for 2011.

For more information: http://ohhawks.org

High School

Arnold Beckman High School (9-12)

Address: 3588 Bryan Ave, Irvine CA 92602

API rank 10, API score of 866 for 2011.

For more information: http://beckman.tustin.k12.ca.us/

SAT Scores for 2011: Critical Reading 548 Math 588 Writing 571

HOA Dues

$217 Monthly

$217 Monthly

Down Payment

$195,960

$183,800

Monthly Mortgage

(30 Yr Fixed at 3.875%)

$3,686 Monthly

$3,457 Monthly

Property Tax (1.0595%)

$ 10380 Annually

$ 865 Monthly

$9736 Annually

$ 812 Monthly

Mello Roos

$3018.94 Annually

$ 251 Monthly

$ 3018.94 Annually

$ 251 Monthly

Monthly Fixed Costs

$5019 Monthly

$4737 Monthly

Which house would you buy?

What are your views about the floor plan?

Is the $60,000 price difference justified?

If the lower priced property sells first, will the buyer for the other house have a hard time acquiring a good loan?

Share your views below or on the Talk Irvine Forums.

Tustin, but Irvine Schools

Beginning of the year, I wrote an article about Irvine homes that fall under Tustin School District, or sometimes under Santa Ana School District. But, there are homes in Tustin that are served by Irvine School District too. The area is Tustin Field.

Tustin Field is a community in the 92782 zip code of Tustin. 61.1% of the housing inventory is owned, 34.8% is rented. Annual residential turnover is 57% and 12% of the community is in more than five years of residency. About 80% of the community has college education. 77% is white collared, and 23% is blue collared workforce. Median income is $108,431. Overall crime rate is 0.8, below the national average of 1. The nearest shopping center for Tustin Field is The District.

Today, we will look at two properties around 3000 SF in Tustin Field.

16603 Sonora St, Tustin CA 92782:

1334 Sun Dial Drive Tustin, CA 92782

Floor Plan available here

Address

16603 Sonora St

Tustin, CA 92782

1334 Sun Dial Dr

Tustin, CA 92982

Listing Price

$1,050,000

$869,000

Beds/ Bath

5 Beds/ 4 Bath

4 Beds/ 3.5 Bath

SF Area

2975 SF

2945 SF

Price/ SF

$353 /SF

$295 /SF

Year Built

2006

2005

Schools

Elementary School: Stone Creek Elementary,

2 Stone Creek So, Irvine

Middle School: Lakeside Middle School,

3 Lemon Grass, Irvine

High School: Woodbridge High School,

2 Meadow Brook, Irvine

Previous Sale

Jul, 2006: $1,367,000

Oct, 2008: $845,000

Aug, 2005: $1,034,500

Jan, 2010: $830,000

Building Information

Tract Name: Westborne

Tract Code: WEST, 1

Tract Name: Bennetts Place

Tract Code: BENP, B

HOA Dues

$185

$150

Down Payment (20%)

$210,000

$173,800

Monthly Mortgage

(30 YR Fixed, 3.875%)

$3,950

$3,269

Mello Roos

$7,652 Annually

$8,323 Annually

Property Tax

$9,640 Annually

$3,595 Annually

Monthly Mello-Roos+Tax

$1,441 Monthly

$993

Fixed monthly cost of Owning

$5,576

$4,412

Would you buy in Tustin Field?

The area is surrounded by major streets like Jamboree and Harvard. Marine Corps Air Station is in the vicinity and it was in use until 1999. The train passes through the area. The potential effects of air pollution and ground pollution in the area have been discussed in the media and Talk Irvine before. Would these factors affect your decision?

Share your thoughts with us. Discuss below or on Talk Irvine.

$450,000 in 92602

Like the first child, buying the first house is also an emotional experience. Every penny in that down payment has a little back story. Every tour of the home has the buyer’s imagine their life in that house. Today, we will look at the inventory of starter homes in 92602, keeping the budget from $400,000 to $425,000. One is a short sale, and other two are standard sales.

5 Cabazon #19, Irvine CA 92602

Listing Price

$400,000

Beds/ bath

2 Beds/ 2 bath

Area

1663 SF

Price/ SF

$241

Down payment

$80,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1505 Monthly

Home Owner’s Dues

$225

Mello-Roos

$1284 Annually

Property Tax (1.0595%)

$4238 Annually

Monthly Property tax +Mello Roos

$460 Monthly

Fixed Cost of owning

$2190 Monthly

40 Chula Vista #107, Irvine CA 92602

Listing Price

$415,000

Beds/ bath

3 Beds/ 2.5 Baths

Area

1510 SF

Price/ SF

$275

Down payment

$83,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1561

Home Owner’s Dues

$352

Mello-Roos

$1311

Property Tax (1.0595 %)

$4397

Monthly Property tax +Mello Roos

$475

Fixed Cost of owning

$2388

41 Burlingame, Irvine CA 92602

Listing Price

$425,600

Beds/ bath

2 Beds/ 2.5 Bath

Area

1475 SF

Price/ SF

$289

Down payment

$85,120

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1601

Home Owner’s Dues

$358

Mello-Roos

$1388

Property Tax (1.0595%)

$4509

Monthly Property tax +Mello Roos

$491

Fixed Cost of owning

$2450 monthly

Here is how the monthly fixed costs of owning stack up:

5 Cabazon $2190

41 Chula Vista $2388

41 Burlingame $2450

Even though the listing price is around the same price, the mortgage is around the same amount, the property tax and home owner’s association dues vary. If you were to buy a starter home, or an investment property, which one would you buy? Of course floor plan comes first, but would a price difference in Mello Roos, Property tax and HOA dues impact your decision?

Also, a couple of months ago, there was a huge influx of $375,000-$450,000 condos in the West Irvine area. The inventory seems dry as of now. Does that mean the market has picked up for the condos in that area?

In April, 2012:

92 Topaz was sold for $350,000

163 Topaz was sold for $403,000

161 Topaz was sold for $390,000

103 Sapphire was sold for $375,000

But a quick listing scan on redfin shows no more ‘gems’ from the West Irvine area. What do you think? We will see them racing to the bottom again in the ‘Summer of 2012’?

Discuss below or on Talk Irvine.

What Would $750,000 buy in Irvine?

Five different villages, five different floor plans. But all of the properties I am comparing today are within the price range of $740,000 to $760,000. Without analyzing each micro-market’s performance over the decade, or the age of the home and school districts, lets’ see how much house can we afford in each village. All of them are standard sales.

Quail HIll:

91 Canopy Irvine, CA 92603

Listing Price

$749,000

Beds/ bath

3 Beds/ 2.5 bath

Area

2000 SF

Price/ SF

$374

Down payment

$149,800

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2818 Monthly

Home Owner’s Dues

$214

Mello-Roos

$2662 Annually

Property Tax (1.20782%)

$9046 Annually

Monthly Property tax +Mello Roos

$975 Monthly

Fixed Cost of owning

$4007 Monthly

Airport Area

5071 Scholarship #503 Irvine, CA 92612

Listing Price

$749,500

Beds/ bath

2 Beds/ 2 Baths

Area

1675 SF

Price/ SF

$447

Down payment

$149,900

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2820

Home Owner’s Dues

$975

Mello-Roos

$14.77

Property Tax (1.10663%)

$8294

Monthly Property tax +Mello Roos

$692

Portola Springs:

54 Land Grant Irvine, CA 92618

Listing Price

$749,990

Beds/ bath

3 Beds/ 2.5 Bath

Area

2044 SF

Price/ SF

$367

Down payment

$149,998

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2821

Home Owner’s Dues

$247

Mello-Roos

$3680

Property Tax (1.0595%)

$7946

Monthly Property tax +Mello Roos

$969

Fixed Cost of owning

$4037

Turtle Rock:

12 Mirador #5 Irvine, CA 92612

Listing Price

$750,000

Beds/ bath

2 Beds/ 2.5 Bath

Area

1839 SF

Price/ SF

$408

Down payment

$150,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2821

Home Owner’s Dues

$487

Mello-Roos

$145

Property Tax (1.0496%)

$7872

Monthly Property tax +Mello Roos

$668

Fixed Cost of owning

$3976

Woodbridge:

63 Lakefront Irvine, CA 92604

Listing Price

$759,000

Beds/ bath

3 Beds/ 2 baths

Area

2077 SF

Price/ SF

$365

Down payment

$151,800

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2855

Home Owner’s Dues

$489

Mello-Roos

$145

Property Tax (1.034%)

$7848

Monthly Property tax +Mello Roos

$666

Fixed Cost of owning

$4010

Which condo would you buy?

Do the Mello Roos and Property Tax rate affect your decision?

Would you rather pay more for the house than the big HOA dues?

How do you pick your village in Irvine?

Discuss below or on Talk Irvine.