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

	1900 Timberwood	1300 Timberwood
Listing Price	$399,988	$339,000
Beds/ Bath	2 Beds/ 2 bath	2 beds/ 1 bath
SF Area	1300	1267
Price/ SF	$308	$268
Property Type	Condominium	Condominium
Levels	3+ Levels, Mediterranean	3+ Levels
Year Built	2000	2000
HOA Dues	$290	$282
Property Tax (Annual at 1.0585%)	$4236	$3592
Mello Roos (Annual)	$1386	$1386
Property Tax + Mello Roos (Monthly)	$468	$415
Mortgage (Monthly) 30 YR Fixed, 3.875%	$1505	$1275
Fixed Monthly Expenses	$2263	$1972
Fixed Monthly Expenses/ SF	$1.74	$1.55

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.

Today I visited another home in the Windstream neighborhood of Northwood. This house is located in a gated community and is a short walk to the community swimming pool and tennis courts. While it is a corner lot, offering a larger than average front yard, it is right next to the gate where cars come in and out of the neighborhood.

The basics:

Asking Price: $799,900 – $849,900

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 2452

Lot Size: 5,500

$/Sq Ft: $347

Property Type: Single Family Home

Year Built: 1979

Community: Northwood, Windstream

HOA dues are $174 per month and there are no Mello Roos.

My first question to the realtor was why there was a range rather than a set asking price. She said it was to encourage buyers with different ranges to view the house, but also said it was expected to sell in the higher end of the range. She also predicted three or four offers to come this week, as multiple buyers were seeing the house for the second time.

When you walk in, the living room is immediately on the left, with several windows, a vaulted ceiling and a burnt reddish/orange carpet that is found throughout the house. Immediately behind it, and separated by a railing, is the dining room, which also has vaulted ceilings. I didn’t care much for the carpet color, but the rooms are nice otherwise.

The family room features a small walk-in bar area and, like the living room, a brick fireplace. It has recessed lighting and speakers in the ceiling. Off the family room are a small laundry room (with a sink) and a half bath.

The kitchen has dark red tile countertops that look to be original from 1979, as well as original cabinets. The stovetop is in the peninsula and there is a double oven. Some appliances are stainless steel, but the fridge is black. The ceiling still has the old fluorescent panel-style lighting. There are new porcelain tile floors in the kitchen, matching those in the hallway, bathroom, and laundry room. The kitchen also has a large eat-in area and a sliding door out to the backyard.

The yard is all hardscaped with a nice patio cover over half of it, a small waterfall and a gas fire ring.

Upstairs, there are three bedrooms. The master is right at the top of the stairs. It has vaulted ceilings and a large retreat area. The bathroom also has high ceilings with many windows. There is a sunken tub and small stall shower, both with older red tile and gold fixtures that match the two sinks and vanity. There are two large mirrored closets.

Down the hall are the two secondary bedrooms and another full bathroom. The bath has two sinks and a shower/tub combo, again with older tile (though newer looking floor tiles). The bedrooms are large, with multiple windows and mirrored closets. Even the hallway has multiple windows to keep it bright.

7 Aldea is a great floorplan and Windstream is a wonderful neighborhood. While the house is in good condition and very well maintained, it lacks major upgrades in the kitchen and all bathrooms. I also really dislike the carpet that is found in almost the whole house. Being situated next to the entry gate and backing to Hicks Canyon make the location rather undesirable.

There are other comparable homes on the market with either lower prices or more upgrades (or both). 6 Urbino, just around the corner from this one, is a much bigger model with a lot more upgrades. It sold in July for $922,000. At $282 per square foot, that is a much better deal than the $347 per square foot that 7 Aldea is asking for (based on the $849,900 asking price). Since the realtor mentioned that she expected several offers on the home this week, I don’t think it’s worth trying to get in on this one.

Discuss below or on Talk Irvine.

Woodbridge Hideaway On the Lake

59 Lakeview #22 $899,000

Driving into the Arborlake gated community in Woodbridge, the vibes for this condo were strong. Newly reduced, from $939,000 to $899,000, I wondered what this condo’s story was. The story turned out to be full of appealing details and contrasting figures.

A large private driveway and gated courtyard with cactus garden lead to a double door entry with two story windows. Inside a carpeted wrought iron staircase takes you to a sweeping view of the main level, including the lakefront deck that extends across the back of the property.

This three bedroom, two bath home makes a little over 2,000 square feet seem like much more. There are two impressions. It’s so immaculate it’s party perfect, but it’s also beautifully relaxed.

If you have maintained your share of lawns you might prefer your outside time to come with a soothing view, refreshing breezes, and something cool to sip. And this condo delivers just that. Their deck sits right on the lake, just steps from the sand, fire pit, Jacuzzi, boat docks and pontoons. There is another upper deck view from the master suite with the same panoramic view.

Inside, everything works together. Cathedral vaulted ceilings and recessed lighting accent the space. On the left, off of the tiled entry, there’s a good sized, sunny family room with shutters. Next, there is a sleek remodeled kitchen with mocha glazed cherry cabinets, stainless appliances, built in beverage cooler, travertine back splash and breakfast nook.

A convenient cutout area opens to the dining room, which really becomes a focal point of the main floor, with a dramatic living room below. Elegantly shuttered, using a grand piano and a white brick fireplace to set the tone, the living room opens on to the tiled patio. On the other side of the fireplace an adjoining study/office also opens onto the patio. (This has to be the best way to work at home.)

One suspects this resort flavored condo could be addictive for busy professionals. Morning coffee on the master deck, evening dinners on the patio, weekend entertaining on the sand, and two sleek offices, one up and one down, all fit a busy schedule with a few welcome breaks.

Upstairs, one of the bedrooms is being used as a study/office, and the master has a balcony with a view of the lake and the hills beyond. The Tuscan style master bath has antique styled cabinetry and custom stonework. There is also a separate staircase entrance to the front bedroom, perfect for guests.

Specifics for this Two Level Contemporary:

Beds: 3

Baths: 2.25

Sq. Ft.: 2,044

$/Sq. Ft: $440

HOA Dues: $497/month

Double Garage, epoxy floor

Community pool, spa

Central air, forced air heating

One attached wall

Property type: Condominium

Year built: 1997

Irvine School System

Community: Woodbridge, Arborlake

No Mello Roos tax.

Considerations and Comparisons: With 174 days on the market, this condo could be an opportunity for someone with an eye for the assets. In 2007 it sold for $945,000. In February it was listed at $999,000. Now in today’s changing market it is $899,000. All bedrooms are upstairs, but the office/study on the main floor could be converted to a bedroom. The prime lakeside location in a gated community and the well maintained, upscale finish definitely add points.

Who will move into this lakeside hideaway? Busy professionals who want everything to be easy might unpack and start operating here. A couple who treasure a relaxed beachside existence, but also wants extra room for guests and grandchildren, will find this condo very workable. A small family seeking Woodbridge’s excellent schools, and a prime lakeside location might be drawn to this home

Recent listings sold nearby: In June 63 Lakefront sold for $735,000 and 3 Lakefront sold for $710,000. In current listings, 55 Lakeview is $999,000 and 53 Lakeview is listed at $1,290,000.

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.

In stark contrast to the overpriced house I saw last week at 71 Festivo in Westpark, I found a house today that is by far the lowest price per square foot I have seen. 18 Deerwood East comes in at a surprising $251 per square foot. This remodeled home is 3300 square feet (700 more than 71 Festivo) and priced at only $829,777. While it isn’t as nicely upgraded as the Westpark home, this Deerfield house has some improvements and is in move-in condition.

The basics:

Asking Price: $829,777

Bedrooms: 3 + den

Bathrooms: 3

Square Footage: 3,300

Lot Size: 8,050

$/Sq Ft: $251

Property Type: Single Family Home

Year Built: 1976

Community: Deerfield

HOA dues are $225 per month and there are no Mello Roos taxes.

I think this house is a steal and can’t understand why it has been on the market for 67 days (per redfin). At this price, buyers can afford to do additional upgrades and still come in below the asking price of other comparably-sized homes. Upgrades already done to the house include a solar energy system and new windows in 2008, granite countertops in the kitchen, wood floors in some rooms, and the addition of a huge bonus room, loft and full bathroom upstairs (it was originally a one story house).

While I don’t find the front of the house too attractive, I really liked the giant tree (perfect for climbing) and large patio. I entered the house and immediately noticed the large windows in the living and dining rooms which, along with the vaulted ceilings, made the room feel very bright and open. The entryway and dining room have tile floors, while the living room is carpeted. I loved the large window seat in the living room.

Just to the left of the front door is an office that could easily be converted into a bedroom, though it is a tad small. It doesn’t have a closet, but has a cutout designed for one, so it really only requires buying doors.

Beyond the dining room is a kitchen, which was expanded by several feet a few years ago. The room is long, with u-shaped granite counters and black, Kenmore Elite appliances. The layout is a bit awkward, with the fridge and double oven at the entryway to the kitchen and the sink at the far end, but it wouldn’t take long to get used to it. There is one full wall of pantry-height cupboards, plus plenty of additional storage space. The cupboards have not been updated, but there is a newer hardwood floor.

A breakfast bar in the kitchen overlooks the family room and space for a casual dining table. These rooms have the same wood floors and matching crown molding, as well as access to the large backyard. They were also expanded by several feet.

For me, the backyard is the highlight of the house. With wraparound patios, a large grassy area, and a built in bbq, it really is a great space for entertaining, relaxing, and playing. The whole yard is beautifully landscaped and has several kinds of fruit trees. A semi-private patio to one side can also be accessed from the master bedroom.

The master bedroom and two additional bedrooms are downstairs. The master has vaulted ceilings and newer-looking carpet, but definitely looks a little dated. It has two somewhat small standard closets with gold-rimmed sliding doors, flowered wallpaper on one wall and a sky scene painted on the ceiling. The master bath is also fairly small, with two sinks (not upgraded) and a shower/tub combo.

The other two bedrooms downstairs also have standard closets and are average sized. One has a window seat looking out to the backyard and a nice set of built in cabinets and shelves. These rooms share a full bathroom (the only downstairs bath aside from the master). There is also a small laundry room downstairs as well as two storage closets and row of linen cupboards.

Upstairs, the owners added a huge bonus room – the biggest I’ve ever seen – with stained glass windows and a double window seat in one corner. Beyond that is a loft overlooking the living room, complete with multiple skylights and a couple of other small windows. The loft is only accessible by going through the bonus room. A full bath with a shower/tub combo and one sink complete the upstairs addition to the home. They really did a wonderful job with this addition and it adds a lot of versatility to the house. The realtor mentioned that there is an extra four feet of storage space behind the bathroom, though currently there isn’t a door to access it.

I am surprised this house is still on the market. At $829,777 I would certainly make an offer. I would want to remodel the bathrooms and replace the gold fixtures and closet doors with something more modern, but none of this has to be done. New cabinets in the kitchen would also be nice, but again aren’t necessary. The original owners have kept their home in great condition and clearly are looking to sell at a very reasonable price. The realtor said that they are already in escrow on another home, so they are probably eager to sell. A motivated buyer can get in quickly and be settled just in time for the new school year.