Kings of their domain

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.