Usually I cover the properties that are on the market, and compare them with similar properties in Irvine. But today, I wanted to list the properties that will be ‘coming soon’ to the Irvine Housing Market, all of them foreclosed already.

Here are ten Irvine properties that will be on the market soon:

1. 80 Topaz, Irvine CA 92602

Auction Date: Thursday, September 13, 2012

Auction Price: $425,063

Buyer: AURORA BK FSB

Filing Date: Friday, August 31, 2012

Previous sale price: $345,000 in June 2002.

2. 206 Terra Bella, Irvine CA 92602

Auction Date: Thursday, February 10, 2011

Auction Price: $313,390

Buyer: MORGAN STANLEY 2006-3

Filing Date: Wednesday, January 26, 2011

Previous sale price: $226,000 in June 2000.

3. 1205 Terra Bella, Irvine CA 92602

Auction Date: Friday, March 2, 2012

Auction Price: $304,000

Buyer: CALIFORNIA UNITED FUND INC

Filing Date: Friday, February 17, 2012

Previous sale price: $427,000 in March 2009.

4. 16 Goldenbush, Irvine CA 92604

Auction Date: Friday, April 9, 2010

Auction Price: $430,000

Buyer: WELLS FARGO ASSET SECS 2007-1

Filing Date: Thursday, April 1, 2010

Previous Sale Price: $170,000 in April, 1998

5. 2 Mill Creek, Irvine CA 92603

Auction Date: Friday, July 9, 2010

Auction Price: $604,350

Buyer: JP MORGAN CHASE BANK NA

Filing Date: Friday, July 2, 2010

Previous Sale Price: $368,000 in November 1999

6. 35 Night Shade, Irvine CA 92603

Auction Date: Monday, February 1, 2010

Auction Price: $475,000

Buyer: STRUCTURED ASSET MTG 2005-4

Filing Date: Friday, January 22, 2010

Previous Sale: $650,000 in February 2005

7. 2253 Martin Apt 406, Irvine CA 92612

Auction Date: Friday, October 8, 2010

Auction Price: $528,930

Buyer: LEX SPECIAL ASSETS LLC

Filing Date: Thursday, September 30, 2010

Previous Sale: $528,000 in October 2010.

8. 209 Springview, Irvine CA 92620

Auction Date: Wednesday, February 2, 2011

Auction Price: $144,472

Buyer: DEUTSCHE BK NATL TRUST CO 2007-A

Filing Date: Tuesday, January 18, 2011

Previous Sale: $129,000 in June 2001.

9. 103 Nature, Irvine CA 92620

Auction Date: Wednesday, November 30, 2011

Auction Price: $346,500

Buyer: JP MORGAN ALTERNATI TRUST 2006-A7

Filing Date: Thursday, November 17, 2011

Previous Sale: $346,500 in November 2011.

10. 187 Cherrybrook Lane, Irvine CA 92618

Auction Date: Thursday, January 12, 2012

Auction Price: $423,768

Buyer: BANK OF AMERICA

Filing Date: Wednesday, January 4, 2012

Previous Sale: No public records

What do you think?

Will the controlled release of this inventory add to the banks' profit?

Will it affect the regular inventory due to move-ups and move-outs?

Considering how much of the population believes in luck, would you buy a foreclosed house?

Comment below, or discuss on Talk Irvine.

The North Park guard-gated community boasts of properties ranging from $300s to $1.5 Million. It’s the area between Bryan, Portola Parkway, Culver and 261 Toll Road. The lower end listings talk about the proximity to the freeway, and the ease of access to the main streets. The higher end talks about the proximity to the Peter’s Canyon Trail, part of the Mountain to Sea trail. Today we will look at the high and the low in this area, and the monthly cost of owning them.

The High: 39 Vacaville, Irvine CA 92602

Listing Price: $1,449,000

Sales History:

09/29/2004: $1,100,000

08/31/2001: $652,000

Estimated Monthly Payment: $6,758

Mortgage at 3.25%: $5,048

Property Tax at 1.0595%: 15,352 Annually

Mello Roos: $3,247 Annually

Tax + Mello Roos Monthly: $1,550

HOA Monthly: $160

Property Details:

Builders Tract Code: Brentwood/ BRTW-2

Beds/ Bath: 6 Beds/ 3 Baths

Area: 3,500 SF/ Lot Size 7,500 SF

Price/ SF: $414

The low: 305 Terra Bella, Irvine CA 92602

Listing Price: $315,000

Sales History:

12/29/1999: $231,000

Estimated Monthly Payment: $1,954

Mortgage at 3.25%: $1,162

Property Tax at 1.0595%: $3,338 Annually

Mello Roos: $1,246 Annually

Tax + Mello Roos Monthly: $382

HOA Monthly: $410

Property Details:

Builders Tract Code: Terra Bella

Beds/ Bath: 2 Beds/ 2.5 Baths

Area: 1,167 SF

Price/ SF: $270

So those were our highs and lows. The lowest prices condominium’s Mortgage, Property Tax and Mello Roos are almost equal to the highest priced Single Family Residence’s Property Tax and Mello Roos. But, the lower priced condominium pays almost two and half times the HOA dues as the higher priced home. Of course the HOA dues cover a lot of maintenance costs for the condominium as opposed to the single family residence.

What are your thoughts?

Why are the lower priced properties lining up as short sales while the higher priced properties just take a loss and move on?

Comment below, or share your thoughts on Talk Irvine.

As we end the Summer of 2012, we all noticed that things didn’t turn as sour as predicted for Irvine. Inventory is at its lowest, hitting new lows with every passing month. Mortgage rates have followed the same trend, hitting the lowest of the lows and promising to stay so for a while to aid recovery. What will this mean to Irvine market in future, we are not sure.

Kool-aid again?

Here is the Condos Price/ SF chart for the past year in the zip code 92602:

Here is a relisted property in West Irvine, one of the few areas in Irvine that saw a huge swing in listing and sale prices in the past year.

117 Sapphire, Irvine CA 92602

Listing Price: $470,000

Beds/ Bath: 3 Bedrooms/ 2.5 Baths

Area: 1500 SF

Previous Sale Price: $313,000 in March 2002

Previous List Price: $495,000 in Summer of 2012

Monthly Expenses:

HOA Dues: $225/month

Property tax: $415/month

Mello Roos: $70

Mortgage at 3.25 per month: $1636

Fixed Monthly Expenses: $2346

Here is a brief sales history for Mandeville houses in 2012:

01/19 163 Topaz $274/SF

02/17 97 Sapphire $244/SF

03/31 109 Sapphire $290/SF

04/05 103 Sapphire $255/SF

04/13 161 Topaz $260/SF

04/13 65 Sapphire $258/SF

04/25 92 Topaz $233/SF – Lowest

05/16 33 Moonstone $286/SF

06/04 63 Sapphire $260/SF

08/31 19 Moonstone $253/SF

09/13 1 Moonstone $317/SF – Highest

06/27 56 Sapphire $303/SF

07/17 149 Topaz $271/SF

Now sales pending:

9 Moonstone with the list price of $317/SF

75 Sapphire with a list price of $260/SF

Comparable condominium from the Village of Northwood in Irvine:

Here is the Listing Price/ Sold Price graph for Northwood condos (92620):

425 Ridgeway, Irvine CA 92620:

Listing Price: $499,000

Bedrooms/ Bathrooms: 3 Beds/ 2.5 Baths

Area: 1481 SF

Price/ SF: $337

Monthly expenses:

HOA Dues: $284/Month

Property Tax: $440/ Month

Mello Roos: $117/Month

Mortgage (3.25): $1736

Fixed Monthly Expenses: $2577

Would you buy now, or wait for the temporary low interest rate frenzy to subside?

Do these houses make a good investment property?

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3133.0.html

Super investment in Irvine!

Four bedrooms and three bathrooms!

Low HOA Dues! Low Mello Roos!

Cul-de-sac location! Single Family Residence with high ceilings and double doors!

That covers the listing description.

It’s a tri-level old and dated property in need of incredible amounts of TLC. Some people actually like buying properties with character and a little bit of history rather than invest in yet another sparkling new perigraniteel dream sold by The Irvine Company.

It backs to the busy Culver Drive. According to some veteran Irvine residents, homes close to Culver Drive are blessed with the white noise of a smoothly flowing river.

That covers the initial analysis based on MLS pictures.

What’s the reality?

Reality is a property can be listed at any price the seller and his agent deem appropriate, and it sells for any price the buyer and his agent deem appropriate.

So what have buyers paid for a similar property in the same village in 2011?

14502 Larch Ave $230/SF

3641 Myrtle St $271/SF

14581 Fir Ave $307/SF

14592 Oak Ave $326/SF

3531 Pecan St $253/SF

3832 Magnolia St $259/SF

3501 Pecan St $309/SF

14647 Beach Ave $326/SF

3932 Banyan St $313/SF

14561 Mango Ave $316/SF

What’s the property in question listed at?

At $283/SF, it might very well sell within the listed range.

3932 Banyan St, Irvine CA 92602

Listing price: $624,500

Beds/ Bath: 4 Beds/ 2.75 Baths

Area: 2210 SF

Year Built: 1972

Lot Size: 5400 SF

Village: Walnut

Price/ SF: $283

HOA Dues: $40 Monthly

Property Tax: (1.00381%) $6268 Annually

Mello Roos: $172 Annually

Mortgage (3.5%): $2243

Fixed Monthly Expenses: $2820

A newer house with similar monthly fixed expenses would be most probably a detached condominium, with a much smaller backyard and higher Mello Roos and HOA dues.

Similar river noises are offered at a newer house on the other side of 5 with TUSD schools with Irvine addresses. It went into escrow within days of being listed (lower listing price as well). This detached condominium has all the bells and whistles associated with a newer property , but it’s smaller, and has higher HOA dues and Mello Roos.

44 Night Bloom, Irvine CA 92602

Monthly cost of owning this detached condo:

HOA Dues: $156 Monthly

Property Tax: (1.0595%) $5878 Annually

Mello Roos: $2492 Annually

Mortgage (3.5%): Monthly

Fixed Monthly Expenses: $2844

What would you do?

Would you invest in an older property like this in need of work?

Would you buy a newer property that will be move-in ready?

Comment below, or discuss at Talk Irvine.

You know you want to buy in Irvine, and you know how big of a house you want. But what you pay for the property, and what kind of property it will be depends on the village you will buy in. Today, I searched for a Single Family Residence between 2000 SF and 2250 SF in Irvine, on the other side of Freeway 5, away from the beach.

Here are the results:

North Park: 15 River Oaks, Irvine CA 92602

Listing price: $859,000

Beds/ Bath: 3 Beds/ 2.5 Bath

Area: 2,200 SF

Lot Size: 5,076

Price/ SF: $390

Mortgage(3.625%): $3,134

HOA Dues: $217

Tax + Mello Roos: $12,119 Annually

Tax+ Mello Roos Monthly: $1010

Monthly Cost of Owning in North Park: $4,361

Northwood: 34 Mount Vernon, Irvine CA 92620

Listing price: $815,000

Beds/ Bath: 4 Beds/ 2.5 Bath

Area: 2,173 SF

Lot Size: 3,000

Price/ SF: $375

Mortgage(3.625%): $2,973

HOA Dues: $133

Tax + Mello Roos: $10,706 Annually

Tax+ Mello Roos Monthly: $892

Monthly Cost of Owning in Northwood: $3,998

Portola Springs: 95 Keepsake, Irvine CA 92618

Listing price: $625,000

Beds/ Bath: 4 Beds/ 3 Bath

Area: 2,056 SF

Lot Size: Not listed

Price/ SF: $304

Mortgage(3.625%): $2,280

HOA Dues: $232

Tax + Mello Roos: $10,871 Annually

Tax+ Mello Roos Monthly: $906

Monthly Cost of Owning in Portola Springs: $3,418

(I have a feeling this is a detached condominium, but the MLS says it’s a Single Family Residence)

West Irvine: 9 Carriage Dr, Irvine CA 92602

Listing price: $735,000

Beds/ Bath: 4 Beds/ 2.5 Bath

Area: 2,237 SF

Lot Size: 3,740 SF

Price/ SF: $329

Mortgage(3.625%): $2,682

HOA Dues: $0

Tax + Mello Roos: $9096 Annually

Tax+ Mello Roos Monthly: $758

Monthly Cost of Owning in West Irvine: $3,440

Which one would you buy?

Will the age of the home matter more, or the real estate conditions in the area?

Do HOA Dues and Mello Roos influence your decision?

Discuss on Talk Irvine.