If somebody had offered me to give me more than double of my investment in seven years, or at least double it in twelve years, recession notwithstanding, I would have scoffed at the idea. But that’s exactly what two real estate investments have paid off in Northwood. From their initial price of around $600k in 1999/2000, both have managed to climb steadily to their offered price around $1.4 million today.

14 ARBORWOOD, IRVINE CA 92602

Beds: 5

Baths: 3.5

Area: 3,700 SF

Price/SF: $378

Lot Size: 7,172 Sq. Ft.

Year Built: 2000

Builders Tract Name: Somerton

Builders Tract Code: SOMT

Builders Model Code: 3

Property Type:Residential, Single Family

Style:Two Level, Mediterranean

View:Orchard/Grove, Pasture, Trees/Woods

Community: Northwood County

Sales History:

Jul 09, 2012 Listed (Active) $1,399,900

Jan 29, 2007 Sold (Public Records) $1,450,000

Sep 29, 2000 Sold (Public Records) $601,000

Monthly expenses:

Mortgage: $5029

Home Owner’s Association: $150

Property Tax + Mello Roos: $1265 Monthly ($15,178 Annually)

Fixed Monthly Expenses: $6444

9 GARNET, IRVINE CA 92602

Beds: 4

Baths: 3.75

Area: 3,700 SF

Price/SF: $386

HOA Dues: $156/month

Lot Size: 6,200 Sq. Ft.

Year Built: 1999

Builders Tract Name: Somerton

Builders Tract Code: SOMT

Builders Model Code: 4

Property Type:Residential, Single Family

Style:Two Level, Mediterranean

Community: Northwood

Sales history:

Jul 25, 2012 Listed (Active) $1,429,000

Jun 01, 2007 Sold (Public Records) $1,650,000

Sep 10, 1999 Sold (Public Records) $600,000

Monthly expenses:

Mortgage: $5,133

Home Owner’s Association: $156

Property Tax + Mello Roos: $1288 Monthly ($15,450 Annually)

Fixed Monthly Expense: $6577

My view:

A few hundred here, and a few hundred in monthly expenses do not make a difference for a buyer of these properties, but the floor plan does. Both the houses are beautifully upgraded and maintained. But 9 Garnet with it’s grand staircase steals the show.

Which one would you buy?

Do you look for elements of grandeur when you spend more than a million on the house?

Discuss below or on Talk Irvine.

Two West Irvine detached condominiums on the market have the same floor plan, and same listing price of $609,900. But, around their listing price is a single family residence with wood flooring, crown molding and other upgrades. At $639,000, it might end up working cheaper to own a single family residence than a condominium. What compels people to buy the overpriced condominiums when the single family residences are listed for a better price? The community is still the same, and the schools are the same.

71 GLEN ARBOR #126

Listing Price: $609,900

Beds: 4

Baths: 2.75

Sq. Ft.: 1,730

$/Sq. Ft.: $353

Property Type: Residential, Condominium

Style: Two Level, Mediterranean

Year Built: 2001

Community: West Irvine

Builders Tract Name: Wisteria

Builders Tract Code: WIST

Builders Model Code: Cabrillo, 4

Monthly expenses:

HOA Dues: $174/month ($119+$55)

Property Tax ( 1.0595%): $6462 Annually

Mello Roos: $1383 Annually

Monthly Property Tax+ Mello Roos: $654

Monthly Mortgage (30 YR Fixed, 3.5%): $2,191

Monthly Fixed Expenses: $3,019

165 CHURCH PL, IRVINE CA 92602

Listing Price: $639,900

Beds: 4

Baths: 2.5

Sq. Ft.: 1,755

$/Sq. Ft.: $364

Property Type: Residential, Single Family

Style: Two Level, Traditional

Year Built: 1998

Community: West Irvine

Builders Tract Name: Liberty

Builders Tract Code: LIBT

Builders Model Code: C

Monthly expenses:

Property Tax ( 1.0595%): $6780 Annually

Mello Roos: $1147 Annually

Monthly Property Tax+ Mello Roos: $660

Monthly Mortgage (30 YR Fixed, 3.5%): $2,296

Monthly Fixed Expenses: $2,956

Owning a single family residence with its own lot is cheaper than owning a condominium in West Irvine. Which one would you? What justifies your decision? Do you think an HOA will keep the community in a better shape than a community without one? If given a choice, I would pick the Single Family residence over the condominium in this case.

Discuss below or on Talk Irvine.

424 MLS listings in Irvine, and the Talk Irvine board is buzzing about the decreasing inventory, and increasing multiple offers. While I am not in the market for a primary home anymore, we looked at a couple of Mandeville investment properties in West Irvine. Within the few minutes that we spent in the property, three other parties walked in and viewed the condominium, and as expected, the property went into escrow the next morning. Summer of 2012 was supposed to bring the market to its knees, but it looks like things aren’t as bad as they were projected to be, mostly thanks to the slowing unemployment rate in Orange County (dropped from 8.5% to 7.5% in a year), and low interest rates (3.5% on 30 Year Fixed and still dropping).

This week, we will look at two condominiums in the Village of Woodbridge with views of the Lake. One is slightly below a million dollars and one slightly above.

55 Lakeview, Irvine CA 92604

Listing Price: $999,000

Beds: 3 (+Den)

Baths: 2.25

Sq. Ft.: 2,400

$/Sq. Ft.: $416

Property Type: Residential, Condominium

Style: Two Level, Cape Cod

View: Hills, Lake front, Lake mountain, Water front, Panoramic

Year Built: 1977

Community: Woodbridge

Builders Tract Name: Arborlake

Builders Tract Code: AL

Builders Model Code: Glenwood, E

Monthly expenses:

HOA Dues: $497/month ($415+$82)

Property Tax ( 1.00371%): $ 10,027 Annually

Mello Roos: $93.32 Annually

Monthly Property Tax+ Mello Roos: $843

Monthly Mortgage (30 YR Fixed, 3.5%): $3,589

Pricing History:

Jun 05, 2012 Price changed $999,000

May 22, 2012 Listed (Active) $1,029,000

Jul 15, 1999 Sold (Public Records) $420,000

Monthly Fixed Expenses: $4,929

53 Lakeview, Irvine CA 92604

Listing Price: $1,129,000

Beds: 4 (3 Bedroom +Den)

Baths: 2.5

Sq. Ft.: 2,404

$/Sq. Ft.: $470

Property Type: Residential, Condominium

Style: Two Level, Contemporary

View: Lake

Year Built: 1977

Community: Woodbridge

Builders Tract Name: Arborlake

Builders Tract Code: AL

Builders Model Code: Glenwood, E

Monthly expenses:

HOA Dues: $497/month ($415+$82)

Property Tax ( 1.00371%): $ 11,331 Annually

Mello Roos: $93.32 Annually

Monthly Property Tax+ Mello Roos: $951

Monthly Mortgage (30 YR Fixed, 3.5%): $4,056

Pricing History:

Apr 03, 2012 Price changed $1,129,000

Apr 03, 2012 Listed (Active) $1,029,000

Apr 22, 1988 Sold (Public Records) $282,000

Monthly Fixed Expenses: $5,504

Even though the condominiums are in the same neighborhood, have identical floor plans, and built in the same year, they are on the market at different prices. The monthly cost of owning one is $575 more than the other. But when you are buying a million dollar condo, I don’t think a few hundred dollars a month would make any difference.

Which one would you buy?

What factor would guide your decision?

Monthly cost of owning? Number of views/balconies?

Personally I would go with the house with the best views.

Another Arborlake condominium with excellent views, on the market at $1,300,000

For those who wouldn’t mind taking two steps out of the door to see the lake, here is a cheaper option at $589,000

Discuss below or on Talk Irvine.

A four bedroom, 2.5 or 3 bath room house is a necessity for a middle-class family of four with an occasionally working from home parent. For a city with a median income of $107,546, and excellent school district, Irvine offers a lot of properties in that price range. Today, we will compare two such properties priced at $699,000.

16 SANTA CATALINA AISLE, IRVINE CA 92606

Listing Price: $699,000

Beds: 4

Baths: 2.5

Sq. Ft.: 1,900

$/Sq. Ft.: $368

Lot Size: 2,928 SF

Property Type: Residential, Single Family

Style: Two Level, Contemporary

Year Built: 1996

Community: Westpark

Builders Tract Name: Ravenna

Builders Tract Code: RAVE

Builders Model Code: B

Monthly expenses:

HOA Dues: $155/month ($47+$108)

Monthly Mortgage (30 YR Fixed, 3.625%): $2,550

Pricing History:

June 08, 2012 Listed (Active) $699,000

Dec 23, 1996 Sold (Public Records) $241,000

Monthly Fixed Expenses: $2,705

Schools assigned:

Plaza Vista Elementary School

API Rank: 10

API Growth: 958

Lakeside Middle School

API Rank: 10

API Growth: 933

Woodbridge High School

API Rank: 10

API Growth: 877

11 RED COAT PLACE, IRVINE CA 92620

Listing Price: $699,000

Beds: 4

Baths: 2.5

Sq. Ft.: 2,000

$/Sq. Ft.: $350

Lot Size: 3,866 SF

Property Type: Residential, Single Family

Style: Two Level, Mediterranean

Year Built: 1998

Community: West Irvine

Builders Tract Name: LIBERTY

Builders Tract Code: LIBT

Builders Model Name/Code: Rushmore/5

Monthly expenses:

HOA Dues: $0

Monthly Mortgage (30 YR Fixed, 3.625%): $2,550

Pricing History:

July 06, 2012 Listed (Active) $699,000

Nov 13, 2002 Sold (Public Records) $465,000

June 03, 1999 Sold (Public Records) $318,000

Nov 21, 1997 Sold (Public Records) $224,000 — Public Records

Monthly Fixed Expenses: $2,550

Schools assigned:

Myford Elementary

API Rank: 10

API Growth: 951

Pioneer Middle School

API Rank: 10

API Growth: 939

Arnold Beckman Middle School

API Rank: 10

API Growth: 866

Which one would you buy?

(Since the County Tax website is updating the information, and the property tax/Mello roos information wasn’t available, I didn’t include that in my calculation. Both the properties have a property tax rate slightly above 1%, and both have Mello Roos)

Both properties are nicely upgraded.

West Irvine property has a larger lot size than the Westpark property.

Westpark has two HOA dues, but West Irvine doesn’t have HOA dues.

The schools for West Irvine property are under Tustin Unified School District, and even though the API rank is 10, the growth score is a little lower than Westpark schools.

I would go for the West Irvine property in a heartbeat. Which one would you buy?

Discuss below or on Talk Irvine.

Of all the Irvine villages, West Irvine real estate can boast the reputation of having seen it all during the Housing Depression of our times. Prices appraised more than twice the original purchase price during the bubble, and then came sliding down. The houses are getting a little old, and the school district is Tustin Unified even though they have Irvine physical addresses. But the schools are excellent, shopping district is close by, and major freeways are easily accessible. Then why the price drop?

Today we will look at two single family homes on Proclamation Way in West Irvine. Both have the same square feet area, but one of them has a bigger lot size than the others. The property with the smaller lot size has a bigger price tag though. Let’s see if the price tag is justified.

12 PROCLAMATION WAY, IRVINE CA 92602

Listing Price: $799,000

Beds: 5

Baths: 3

Sq. Ft.: 2,268

$/Sq. Ft.: $352

Lot Size: 3,332 SF

Property Type: Residential, Single Family

Style: Two Level, Mediterranean

Year Built: 1999

Community: West Irvine

Builders Tract Name: Heritage

Builders Tract Code: HERI

Builders Model Code: D

Monthly expenses:

HOA Dues: $0/month

Property Tax ( 1.0595%): $ 8,465 Annually

Mello Roos: $1,147 Annually

Monthly Property Tax+ Mello Roos: $801

Monthly Mortgage (30 YR Fixed, 3.625%): $2,915

Pricing History:

Apr 20, 2011 Listed (Active) $799,000

Jul 08, 2004 Sold (Public Records) $814,500

Jan 27, 1999 Sold (Public Records) $319,000

Monthly Fixed Expenses: $3,761

17 PROCLAMATION WAY, IRVINE CA 92620

Listing Price: $738,000

Beds: 5

Baths: 3

Sq. Ft.: 2,300

$/Sq. Ft.: $321

Lot Size: 4,494 SF

Property Type: Residential, Single Family

Style: Two Level, Mediterranean

Year Built: 1998

Community: Northwood

Builders Tract Name: Heritage

Builders Tract Code: HERI

Monthly expenses:

HOA Dues: $0

Property Tax ( 1.0595%): $ 7,820 Annually

Mello Roos: $1,147 Annually

Monthly Property Tax+ Mello Roos: $747

Monthly Mortgage (30 YR Fixed, 3.625%): $2,693

Pricing History:

Jun 28, 2012 Listed (Active) $738,000

Jun 28, 2005 Sold (Public Records) $785,000

Apr 19, 2001 Sold (Public Records) $425,000

Jan 27, 1999 Sold (Public Records) $322,000 — Public Records

Monthly Fixed Expenses: $3,440

Which one would you buy?

When you scan through the MLS pictures, you will notice that 12 Proclamation is upgraded to suit today’s homes, but 17 Proclamation could use some upgrades. Would you rather buy a house with a bigger lot size for cheaper and upgrade it yourself, or buy a house that is already done?

Discuss below or on Talk Irvine.