Polished Single Family University Park Home – Price Reduced

18 Foxglove $749,000

Driving into the cul-de-sac for this open house felt very familiar. Not too long ago I visited two University Park open houses, and I was drawn to the parks that surrounded them. This time I found the same appealing cul-de-sac with mature trees and mild breezes.

I was curious about the specifics of this single family home at 18 Foxglove. This 2852 sq ft home with 4 bedrooms and 2.5 bath seems to generate questions.

The home has been on the market for 163 days and has just been reduced from $765,000 to $749,000. The realtor describes it as “the largest model in the tract with $100,000 in upgrades since 2009, including 180 square feet added to the master bedroom, and a brand new 40 year roof.”

Inside I found more to consider. The floors are the first thing that you notice. Hand scraped wood floors paired with carpet and stone tile provide an attractive stage for the house. Throughout the home there is a sense of pride and involvement.

The living room with good-sized brick fireplace, dining room and family room are all nicely positioned. But the kitchen is the real standout. This may be the hub for this busy household.

Ultra Craft cabinets with soft close hinges, granite counters, a 48 bottle temperature regulated wine cooler and all new stainless appliances including a convection oven, double oven and microwave, give the kitchen a lot of ‘can do’ energy. Stationed between the dining room and the family room, everything probably starts here, from having guests in for dinner, to whipping up snacks for an evening of movie watching.

All of the bedrooms are upstairs, and the master suite is a unit unto itself, large enough to encompass a complete entertainment area with no effort. There is a fireplace, skylights, dressing room and bath.

The home has dual paned energy efficient windows, full copper plumbing, inside laundry, a double garage, and whole house fans and ceiling fans.

Specifics for this two-level, contemporary:

Beds: 4

Baths: 2.5

Sq. Ft.: 2,852

$/Sq.Ft.: $262

HOA Dues: $179 month

2 Common Walls

Lot Size: 3,200 sq. ft.

Year Built: 1967

Community: University Park

Association Pool and Spa

No Mello Roos Tax

Considerations and comparisons: How this property will play out with the recent price reduction is the question. The ample floor plan with 2852 square feet of upgraded living space and a location near a regional park in a valued community looks promising. On the down side, there are no bedrooms downstairs for older family members or guests.

Some potential buyers might wish that they could redistribute some of the 180 square footage added to the master, but others might find the master to be just right. The sparkling kitchen and comfortable living room, family and dining room all work well. Outdoor space is inviting, but a little tight. Perhaps the University Parks, pools and tennis courts offer a good counterbalance.

Who will settle at 18 Foxglove? Someone who is attracted to the University Park community, with UCI and many urban attractions just around the corner, will see this property as an opportunity. Families with active children will welcome the nearby parks as a family centered resource and will be drawn to the excellent school system. Professionals who work in or near Irvine might choose this house for its ample size and many upgrades.

Recent sales of similar nearby properties: 21 Cypress Tree Lane sold in May for $700,000; 4501 Pinyon Tree sold for $735,000 in March. Current listings of similar properties: 42 Gillman is listed for $715,000; 8 Rainstar is listed at $889,000.

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.

I ventured out to a new neighborhood again today and toured a house in Westpark. While Westpark itself is about 15-20 years old, it was the first time I had been inside a home there. I visited 71 Festivo, a corner lot directly across the street from Plaza Vista School, a K-8 facility.

The basics:

Asking Price: $975,000

Bedrooms: 4 + office (listed as 5 bedrooms)

Bathrooms: 3

Square Footage: 2,616

Lot Size: 5,116

$/Sq Ft: $373

Property Type: Single Family Home

Year Built: 1995 (per redfin) 1997 (per realtor)

Community: Westpark

HOA dues are $47 per month and Mello Roos taxes are about $3,200 per year (expected to end in 11 years).

Let me start by talking about the asking price. It has been on the market for about three months and was recently lowered from $999,800 to $975,000. While there were several offers at the original asking price, the owners didn’t feel any were high enough. The price has since been lowered, but is still much higher per square foot than many comparable homes in Irvine. The house was remodeled beautifully about a year ago, but I don’t know that it warrants the price.

When I entered the home, I was greeted by an attractive spiral staircase with iron railings and wood accents. I also saw the living room/dining room combo, which has lots of tall windows, making great use of the vaulted ceilings. The floors downstairs are all tile, which isn’t really my style, but is something I see a lot.

To the left of the entryway is an office. While the listings call it a fifth bedroom, it lacks both a closet and a door. It is a nice room though and is a perfect space for an office or playroom. Also, while there is a full bath downstairs (with very nice tile work), it isn’t adjacent to the room, as bathrooms usually are when the room is intended to be a bedroom. There is a laundry room next to the bathroom; both are off the family room.

The family room is one of the biggest I’ve seen, with enough space to actually divide it into two separate living areas if you desired. The way it’s set up now, the couches seem awfully far from the TV. Rather, they are situated across the room in front of the fireplace in a cozier setting. There is also a cutout space in the wall for a small display area.

The kitchen has been fully remodeled with granite countertops, stainless steel Kitchenaid appliances, and espresso-colored cabinets. There is a five burner stove and plenty of storage. There is an eating area between the kitchen and family room with room for a six person table.

Upstairs, there are four bedrooms. The master is at the top of the stairs and is quite large. While it doesn’t have a retreat, it does have room for a comfy chair. It also has slightly elevated ceilings, making it feel even bigger. The master bath has a separate tub and nice-sized shower, as well as separate sinks, one of which has an attached vanity area. The bathroom has two large windows and a smaller window in the shower, so it’s very bright. There is a walk-in closet as well.

On the other side of the stairs, there is a full bathroom with two sinks and a tub/shower combo, plus three bedrooms all clustered together. I generally prefer a little more space between the rooms so there aren’t noise issues and so many shared walls. All three bedrooms have standard closets with two sliding doors and high quality beige carpet (the master has the same carpet). Each room is a good size, not huge but certainly not too small, with plenty of room to arrange the furniture.

I thought the home was beautiful. It is in wonderful condition and doesn’t need much, if any, work done to it. It has a nice backyard with a patio and large grassy area, as well as a big front yard since it is on the corner. My concern is with the price, since it doesn’t sound like the owners are willing to consider offers much lower than the asking price. There are plenty of other 4-5 bedroom houses in Irvine with similar upgrades for a much lower price. While I liked the house a lot, I wouldn’t make an offer on it at this price.

Discuss below or on Talk Irvine.

Best Priced Single Family Home in Turtle Rock Hills

18 Southern Wood: $980,000

As I turned off Turtle Rock Drive onto Southern Wood, I remembered seeing another open house in this neighborhood at 10 Windflower. This single family 3 bedroom, 2.5 bath home is one street up from the Windflower home.

And as it turns out, the similarities and differences in the two homes generate some good questions. New to the market, and in the realtor’s words, “the best priced single family home in Turtle Rock Hills,” 18 Southern Wood is situated on a 10,000 sq. ft. lot with a panoramic canyon and mountain view, and a back yard that is really one big beautiful garden.

As you enter a tiled entry, with a small garden court, there is a large airy living room with fireplace on the right, and a sunny formal dining room on the left.

Making the most of 2,436 sq. ft., the floor plan creates a nice circular flow through the house, from living room to family room, dining room to kitchen and on to the patio and garden. Overall the feeling is inviting and relaxed. This is a house that the owners have obviously enjoyed.

In the back of the home, the view and the garden shine. Just right for fresh produce and flowers from the garden, and the preparation of festive meals, this is clearly the place for the family to hang out. There is a family room with fireplace, comfortable breakfast nook with built in cabinets, and 2 patios, a covered one, and a bricked one below. Beyond the patios the garden is filled with flowers and a gorgeous view stretches off into the distance.

The adjacent kitchen has been remodeled with sleek cabinetry and granite counters.

There are 3 bedrooms and two baths upstairs. The master suite has a new deck with a sublime view, just right for morning stretches, and evening views of the sky. The master also has a walk in closet, dual vanities and a soaking tub. One of the other bedrooms is being used as a computer room/office.

There is an attached double garage with two parking spaces and the laundry is inside.

Specifics for the two properties:

	18 Southern Wood, $980,000	10 Windflower, $1,350,000
Type	Residential, Single Family	Residential, Single Family
Beds	3	4
Baths	2.5	3.5
Lot Size	10,000 Sq Ft	5046
Square Footage	2436	2956
$/Sq. Ft	$402	$457
Views	Canyon Hills, Mountain, Panoramic	Canyon Hills, Turtle Ridge
School System	IUSD	IUSD
Attached?	Yes; 1 common wall	Yes; 1 common wall
Mello Roos	No	No
Assocation Fees:	$99	$99
Year Built:	1979	1978
Days Listed	7	52
Community	Turtle Rock Hills	Turtle Rock Hills

Considerations and Comparisons: Starting with the same basic floor plan, but totally different lot sizes, on quiet cul de sac streets, these two homes offer great schools, great views and ultimately, great choices. 18 Southern Wood has a 10,000 square foot lot, 2,436 square ft. interior, remodeled kitchen, panoramic canyon and mountain view, new deck off of the master suite, bricked patio, lavish garden, and some nice upgrades.

10 Windflower, has a 5,046 sq. ft lot with 2,956 sq. ft. home that was completely remodeled in 1993. Now there’s a fourth bedroom, a fireplace and view window in the master suite, oak floors, butler area next to the dining room, French doors, window treatments, window seat and custom fireplace in the living room, and custom staircase. The home’s enlarged windows make the most of the view and a fire pit and jacuzzi complete the backyard refuge.

Essentially, the question is all about the buyer’s choice. Is a turnkey extensively remodeled gem just the ticket, or would it be better to start with a lower price and some beautiful assets and decide what’s next?

Who will choose 18 Southern Wood? Someone looking for a great spot in Turtle Rock Hills with a first class view, excellent schools, and great parks and services, will see this as a perfect fit. Someone weighing price and assets and considering expansions may see this as opportunity. And would be gardeners, or old hands, will want a second look at this one.

Nearby locations recently sold: 14 Southern Wood with 3 bedrooms, 2.5 baths sold for $970,000 in June; 31 Sycamore Creek with 3 bedrooms, 2 baths sold for $925,000 in April. Nearby properties currently listed: 24 Southern Wood with 4 bedrooms, 3 baths is listed at $1,198,000; 31 Morning Glory with 3 bedrooms, 2 baths is listed at $1,150, 000.

Discuss below or on Talk Irvine.

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.