Three Bel-Aire properties with similar floor plans are for sale in the Northpark Square area. Northpark Square is the tiny area between Irvine Boulevard and Bryan, and Culver and toll-way 261. They are a walking distance from Beckman High School and Hicks Canyon Elementary School, and around a mile from Orchard Hills Middle School. Not to be confused with Northpark which is a guard gated community, Northpark square is partially gated, and none of the Bel-Aire homes are gated.

8 Rosenblum, Irvine CA 92602

Listing Price: $988,000

Previous sale: $714,000 in 2003

Beds/ baths: 5 beds/ 3.5 baths

SF Area: 3,511

Price/ SF: $281

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3605

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10,468

Monthly expenses: $4,821

49 Pacific Crest, Irvine CA 92602

Listing Price: $949,000

Previous sale: $623,000 in 2002

Beds/ baths: 6 beds/ 4.5 baths

SF Area: 3,511

Price/ SF: $271

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3466

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10054

Monthly expenses: $4,648

11 Ravendale, Irvine C A 92602

Listing Price: $998,000

Previous sale: $597,500 in 2002

Beds/ baths: 5 beds/ 4 baths

SF Area: 3,537

Price/ SF: $282

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3641

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10574

Monthly expenses: $4,866

Recent comparative summer sales:

21 Amargosa

Sold for $836,000 in June 2012 for $238/SF.

28 Thorn Hill

Sold for $935,000 in August 2012 for $266/SF.

12 Ravendale

Sold for $945,000 in August 2012 for $319/SF.

Which one would you buy?

None of them back high traffic streets, all of them were built around the same time, all of them were owned by the same owner for the last decade, and all are maintained and upgraded to keep with the current trends. Recent sales trend shows a wide Price/SF range, but all three properties are priced within the highs and lows of the summer.

Discuss on Talk Irvine.

Summer of 2012 was supposed to be the legendary bottom of Irvine Real Estate prices. But thanks to low inventory, Irvine home owners can breathe easy and continue to list their properties for exorbitant prices. The safest city just got voted as the sixth best place to live in the country! That might add a premium to the premium we are already paying to live in the safest city with the best school district. Currently there are only 399 homes in Irvine for sale, not including shadow inventory. That’s a huge drop from the 1200+ in July 2007, and the lowest in the past five years.

Every village in Irvine saw its bottom at a different time since 2008, and so far all the markets that crashed since the “Great Housing Depression” have rebound. Woodbury was another hard hit market in Irvine, many houses still under construction, some sold for buyers with creative financing, at risk of being foreclosed or sold short. The Great Park that was supposed to be the crowning glory of Irvine became an illusion, so much so that the surveys asked “do you think Great Park will be built in your lifetime”.

Today we will see if Woodbury has rebound from its lows, or has reached a new bottom.

76 Spanish Lace, Irvine CA 92620

Previous Sale: November 18, 2005 for $805,500.

(Most of these homes were sold in that range when they were offered by the builder)

Here is a brief sales history of Cachette homes with similar floor plan since 2006.

2007: 168 Vintage $766,000 – Highest

2007: 187 Rhapsody $738,000

2008: 79 Rinaldi $674,000

2008: 80 Spanish Lace $665,000

2009: 81 Sanctuary $738,000

2010: 106 Alhambra $675,000

2010: 199 Rhapsody $697,000

2010: 161 Rhapsody $700,000

2011: 187 Sanctuary $700,000

2011: 119 Sanctuary $675,000 (Foreclosed, and sold by the bank)

2011: 41 Lamplighter $639,00 (Short Sale) – Lowest

No property has sold after the short sale of 41 Lamplighter and the foreclosure – sale by the bank of 119 Sanctuary. 76 Spanish Lace is a regular sale, and according to the listing the owner has remodeled and upgraded extensively. In short, the owner is taking a loss from his purchase price, and willing to lose his remodeling dollars. Overall market says the inventory is low and prices will be inflated, but may be they are not inflated enough to pay a little less than a million for a detached condominium, just yet.

Listing Price: $739,900

Beds/ Bath: 3 Beds/ 2.75 Bath

Area: 1959 SF

Property type: Residential, Condominium

Year Built: 2005

Community: Woodbury

Price/ SF: $378

HOA Dues: $202/Month

Monthly mortgage: $2,699

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $4258

Property Tax (1.0595%): $7840

Monthly Mello Roos + Tax = $1008

Fixed monthly expenses: $3,909

An attached corner unit with similar square feet area is not a fair comparison, but here is what an attached wall will bring down the monthly cost of owning to:

70 Costa Brave #114, Irvine CA 92620

Listing Price: $588,000

Beds/ Bath: 3 Beds/ 3.5 Bath

Area: 1865 SF

Property type: Residential, Condominium

Year Built: 2010

Community: Woodbury

Price/ SF: $315

HOA Dues: $300/Month

Monthly mortgage: $2,145

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $3311

Property Tax (1.0595%): $6230

Monthly Mello Roos + Tax = $795

Fixed monthly expenses: $3240

Would you buy now in Woodbury?

Now we know Summer of 2012 didn’t turn out as legendary and bearish as it was touted to be, but those of you who waited, are you buying now, or waiting for a further drop that shadow inventory influx ‘might’ bring?

Share your thoughts below or on Talk Irvine.

Like the Sapphire condominiums of West Irvine, Timberwood condominiums of Northwood have seen a lot of action too. When they were built in 2000, they sold in the $225,000-$250,000 range. Later as the Kool-Aid was passed around in 2006, they doubled in their value, selling in the range of $500,000-$530,000. Then came the drop, and the race to the bottom, they are in the $350,000 range now, and we don’t know if most of the inventory has dried up, or there will be more dragging the prices further. Today, we will compare two Timberwood properties currently for sale, and go over the 2012 sale data.

1300 Timberwood, Irvine CA 92620

1900 Timberwood, Irvine CA 92620

Here is a look at the sales history for Timberwood homes:

2011:

1008 Timberwood $316.67/SF

1200 Timberwood $269.23/SF

2212 Timberwood $320.51/SF

2100 Timberwood $255.91/SF

2110 Timberwood $307.09/SF

610 Timberwood $289.29/SF

308 Timberwood $289.29/SF

2012:

1410 Timberwood $286.74/SF

518 Timberwood $298.34/SF

820 Timberwood $261.74/SF

And the properties on the market now are listed for $268/SF and $308/SF.

What do you think? The prices will go down further for these condominiums, or the worst was over in 2012 and lack of inventory will stabilize the sales?

The area has excellent schools in Irvine School District. The condos are not new, but they are all maintained as new. Three levels might be a bit of an issue for families with young children, or seniors, but almost every Irvine village has a set of three level condominiums.

Would you buy now?

Would you wait for prices to go down a bit more?

One of the listings mentions that the rents are in the $2200-$2400 range in this area. Would you buy an investment property here?

Discuss below or on Talk Irvine.

A detached condominium with compartmentalized living and dining spaces, and spacious kitchen, three bedrooms, and a two car garage- that is standard definition of a San Simeon. Today we will look at the San Simeon homes of Mericort. Even though it is classified as a ‘Northwood’ home, it is still on the other side of the Culver, and fall under Tustin School District schools with Irvine addresses (Hicks Canyon Elementary, Orchard Hills Middle School and Beckman High School).

67 Night Bloom, Irvine CA 92602

Listing Price: $559,000

Beds/ Bath: 3 Beds/ 2.5 Bath

Area: 1430 SF

Price/ SF: $391

Year Built: 2005

Community: Northwood

Style: Two level, Tuscan

Builder Tract Name: Tamarisk

Builder Tract Code: TAMR (MLS listing says so, but I think it’s MERC Plan 1)

Previous Sale Price: $580,000 on Dec 13, 2005 (First owner)

Monthly expenses:

Mortgage at 3.625% 30 YR Fixed: $2,039

Home Owner’s Association Dues: $156

Property Tax (1.0595%): $5922 Annually

Mello Roos: $2452 Annually

Property tax+ Mello Roos Monthly: $698

Fixed Monthly Expenses: $2893

This property was foreclosed a month ago at $473,500. Here is a history of the past foreclosures in the neighborhood, with the foreclosure price and subsequent selling price.

54 Night Bloom (Identical Floor Plan)

Foreclosed on Feb 27, 2012 for $467,500

Sold on June 24,2012 for $536,000

Previous Sale: $571,500 on November 23, 2005

57 Night Bloom

Foreclosed on Mar 17, 2010 for $527,000

Sold on July 06, 2010 for $608,000

Previous Sale: $648,000 on Dec 5, 2005

72 Night Bloom

Foreclosed on October 28, 2011 for $552,125

Sold on May 25, 2011 for $545,000

Previous Sale: $677,500 on Dec 16, 2005

Here is the standard sale of 2012:

14 Night Bloom

Sold on July 03, 2012 for $560,000

Previous Sale: $691,000 on April 21, 2006

Here is the same floor plan for lease:

59 Night Bloom

Monthly Rent: $2700 (List Price)

3 Night Bloom

Monthly Rent: $2850 (List Price)

What do you think?

Would you be willing to pay $23,000 more than the identical/ comparable sale for the upgrades?

Would you rather do the cosmetic enhancements yourself than pay someone for doing the job before the sale?

Do staged homes appeal better than the empty homes?

Discuss below or on Talk Irvine.

Mandeville houses in West Irvine have probably seen it all when it comes to the swings in Irvine real estate market. They doubled from their initial offering price of around $300,000 in 2001 to around $653,000 during 2007, and slid back to around $366,000 in 2012.

Prices seem to have stabilized again, with two properties with this area listed close to $500,000. Whether they will sell for the listing price is a different story, but here is a quick comparison of the two Sapphire properties – one on the market now, and the other sold four months ago, and then a six year history of the “Sapphire” homes of Mandeville.

117 SAPPHIRE, IRVINE CA 92602

Listing Price: $495,000

Beds/ Bath : 3 Beds/ 2.5 Bath

Area: 1500 SF

Price/ SF: $330

Monthly Fixed Expenses:

Mortgage, at 3.5% 30 YR Fixed: $1778

Home Owner’s Association Dues: $225

Property Taxes + Mello Roos: $507

Monthly Fixed Expenses: $2510

97 SAPPHIRE, IRVINE CA 92602

SalePrice: $366,000

Beds/ Bath : 3 Beds/ 2.5 Bath

Area: 1500 SF

Price/ SF: $244

Monthly Fixed Expenses:

Mortgage, at 4.1% 30 YR Fixed: $1415

Home Owner’s Association Dues: $225

Property Taxes + Mello Roos: $470

Monthly Fixed Expenses: $2105

Here is a six year history of the “Sapphire” properties:

2006:

02/2006 107 Sapphire $653,000 (Higest)

02/2006 113 Sapphire $599,000

04/2006 48 Sapphire $610,000

07/2006 43 Sapphire $630,000

07/2006 91 Sapphire $575,000

2007:

03/2007 50 Sapphire $600,000

04/2007 103 Sapphire $564,000

04/2007 111 Sapphire $589,000

06/2007 61 Sapphire $589,000

07/2007 53 Sapphire $632,000

2008:

05/2008 73 Sapphire $480,000

07/2008 59 Sapphire $510,000

08/2008 91 Sapphire $450,000

2009:

02/2009 131 Sapphire $485,000

04/2009 53 Sapphire $445,000

11/2009 54 Sapphire $514,000

2010:

01/2010 67 Sapphire $608,000

12/2010 36 Sapphire $490,000

2011:

09/2011 51 Sapphire $440,000

2012:

02/17/2012 97 Sapphire $366,000 (Lowest)

03/31/2012 109 Sapphire $435,000

04/13/2012 65 Sapphire $388,000

It does seem like the market is on a rebound in West Irvine going by the recent sales trends, and also the listing prices. A similar townhouse on 9 Moonstone is listed at $476,000.

Would you buy in this area with confidence now?

Do you think this rebound is temporary, and we will see more properties below the $400,000 range?

What are your thoughts about the floor plan? When I went to see one of these properties, I felt like I was playing hop-scotch, with each hop I was landing into a different living space of the great room. The bedrooms are tiny too, but still livable if you have very young children.

What are your thoughts about the price fluctuations in this area? West Irvine has bled a lot in the past year, but with so many new properties being built in Irvine, many more permitted to build, will these slightly older properties see a permanent uptick, or is it just temporary?

Discuss below or on Talk Irvine.