Category Archives: Real Estate Analysis

Open House Review: 9 Carriage Drive

Prior to today, I had never been in the West Irvine community at all. I hadn’t driven down the streets or gone into any of the homes. I decided to take a look and was somewhat surprised by what I found. The biggest surprise was a lack of HOA, since every other new community in Irvine has a community pool and other amenities typical of a homeowner’s association. Also, the area felt a little cramped, like the houses were too close to the street or too close to each other. It just didn’t feel as open as many of the other neighborhoods in Irvine.

On the bright side, I did like the house itself – 9 Carriage Drive.

The basics:

Asking Price: $749,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,237

Lot Size: 3,740

$/Sq Ft: $335

Property Type: Single Family Home

Year Built: 1999

Community: West Irvine

There are no HOA dues but there are Mello Roos taxes.

Downstairs, there are dark hardwood floors in the living/dining room and family room. The kitchen has tile floors. The home doesn’t have an entryway or foyer; rather, you enter directly into the living room. It has big windows and crown molding. It flows directly into the dining room without any break between the two. As you walk toward the back of the house, you pass the stairs and a small half bath before entering the family room, which has a fireplace and big windows facing the backyard. The walls are painted mustard yellow, which doesn’t go well with the bricks in the fireplace, but that can easily be changed.

The kitchen has a small eat-in area and an island, plus doors to the backyard. There are tile floor and tile countertops, white appliances, and maple cupboards. There is plenty of counter and cabinet space, plus a huge walk-in pantry just off the kitchen. The laundry room is also off the kitchen; you pass through it to get to the garage. It is a fairly small space without a sink or counters

The backyard is pretty small and mostly hardscaped. There are some plants and flowers but they are currently overgrown and need to be tended. It has the potential to be very attractive if cared for properly.

Upstairs, there are four bedrooms. The master is on the right and the other three are on the left. Two of the three secondary bedrooms are a good size with small walk-in closets. The third is a little smaller and has a sliding door closet. None of them have any special features. They share a bathroom with two sinks and a shower/tub combo. There is also a huge walk-in linen/storage closet in the upstairs hallway.

The master is a pretty big room with two windows facing the backyard. It doesn’t have a retreat, but one corner seems big enough to put in a comfy chair or a small desk. The bathroom features two sinks and a separate tub and shower. There is also a very large walk-in closet.

Overall, there is nothing particularly special about this house. However, it is well-maintained and needs very little work (probably just interior paint and tending the backyard). The rooms are well-sized and the layout is nice. The lot is fairly small, but otherwise, it’s a great move-in ready home.

Discuss below or on Talk Irvine.

Open House Review: 10 Monterey

Condo Questions in Turtle Rock Pointe

10 Monterey: $775,000

Driving on Ridgeline Drive in Turtle Rock with open fields and views all around, and then entering the gated community of Turtle Rock Pointe, my first question was how this 10 Monterey condo fits into today’s market. Next question: how does it compare with the 33 Valley View condo that I saw last week?

Nicely situated in an elevated area in a quiet cul-de-sac, 10 Monterey has a strong curbside presence backed up with a polished, put together interior. This 3 bedroom, 2.75 bath condo makes the most of 2,104 square feet in a functional and appealing home.

Nicely situated in an elevated area in a quiet cul-de-sac, 10 Monterey has a strong curbside presence backed up with a polished, put together interior. This 3 bedroom, 2.75 bath condo makes the most of 2,104 square feet in a functional and appealing home.

As you enter, there is a sunny open living room with cathedral vaulted ceiling, formal dining room and patio beyond. To the left of the entryway, a plantation shuttered window highlights a small guest bedroom/office that is nearby, but neatly tucked away. There is a bath down the hall.

Next to the dining room, the family room with fireplace and marble floors opens onto a tiled patio and wrap around yard. The raised location turns this area into a private retreat and entertainment asset.

The kitchen pairs with the family room, compact but functional, with recessed lighting, updated granite counters, newer stainless appliances, and a good sized breakfast counter bar. Entertaining here would be easy with the flow of the party moving back and forth from the living room to the family room, and on to the patio.

Upstairs, there are two ensuite bedrooms. Both have good sized walk in closets, and baths with double vanity, shower and tub. The closet in the master bedroom has an opening for a future studio or office addition.

Heating and air have been recently replaced, and there are dual paned windows. There is a double garage and two parking spaces.

Upgrades and Special Details add elegance here. Marble floors and partial carpeting, crown moldings, plantation shutters and recessed lighting blend well with built in cabinets near the dining room, the shuttered interior window for the downstairs bedroom, and built in bedroom bookcases.

Considerations and Comparisons: The specifics show this property has been listed for 114 days and the price was recently lowered $20,000. The location off of Ridgeline Drive in a private gated community in a quiet, elevated cul-de-sac could add long range value. The immaculate condition and quality upgrades count too.

Contrasted with the Turtle Rock condo at 33 Valley View, both properties have secluded locations with city lights, and treetop or tree views, different but equally appealing floor plans, and nice individual helpings of drama. After checking the numbers, the final choice comes down to the buyer’s priorities on age, upgrades, location, floor plan, and that ultimate “when you know it’s right feeling.”

Specifics for these Turtle Rock condos:

10 Monterey $775,000 33 Valley View $766,000
Built: 1984 1978
Bedrooms 3 4
Baths 2.75 2.5
Square footage 2,104 2,400
$/Sq. Foot $368 $319
Dues $487 $450
Views: Trees/woods City lights/treetops/woods
Mello Roos No No
Schools Irvine School System Irvine School System
Location Turtle Rock Pointe Turtle Rock

Nearby properties recently sold: 7 San Ramon sold in June for 857,500. 22 San Ramon #72 sold in March for $700,000. Similar listings on the market now: 12 Mirador #5 is listed at $725,000. 12 Monterey #2 is listed at $799,000.

Who will choose this condo? Someone who is drawn to a private location in a gated community will be pleased with this home. Buyers with a need for a home office, or convenient downstairs bedroom for older relatives or frequent guests might choose this home. And someone who wants to move in and start entertaining will do just that.

Discuss below or on Talk Irvine.

Wisteria or Liberty

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.

Open House Review: 12 Crosskey

Today I visited 12 Crosskey, a five bedroom home with two bonus rooms, both additions to the original house.

The basics:

Asking Price: $959,000

Bedrooms: 5

Bathrooms: 3

Square Footage: 3,100

Lot Size: 4,550

$/Sq Ft: $309

Property Type: Single Family Home

Year Built: 1977

Community: Woodcrest

This home has no HOA dues and no Mello Ross Tax.

The house is in great condition, with many recent upgrades, including new wood floors downstairs and new carpet upstairs, new vinyl windows, and new tile floors and showers in the bathrooms. Other upgrades include new mirrored closet doors, recessed lighting, new fixtures, and a new wood patio.

The first rooms I saw when I walked into the house were the living room and dining room, both on the left. Oddly, the living room still had furniture in it, though the rest of the house is completely vacant. It is nice and bright, with an attractive fireplace and high ceiling. The living room is two steps down from the hallway and one step below the dining room, so there are several different levels within the downstairs of the home.

Continuing down the hallway, I passed a large, wide staircase and entered the great room – a family room and a fully remodeled kitchen. The great room is very spacious, with a fireplace in one corner, a bay window in the breakfast nook and pretty wood floors. It has a walk-in bar and an open storage area under the stairs.

The kitchen has brand new stainless steel appliances (no fridge), new granite countertops, maple cabinets, and a large breakfast bar with bookshelves on one side. It’s a fairly small kitchen in terms of floor space, but it does seem to have ample counter and cabinet space, including a pantry.

A bonus room was added on downstairs, behind the dining room. It’s a triangular shaped room, fairly narrow at one end, with doors to close it off from the dining room if desired. It also has sliding doors to the backyard. This would make a great playroom for little kids and could also be used as an office or exercise room. Its size, shape and lack of closet wouldn’t make it ideal for a bedroom.

There is also a full bedroom downstairs with mirrored closets and a ceiling fan. The full bath downstairs has two sinks and a shower.

Upstairs, I found three more secondary bedrooms. Each has mirrored closets and they share a bathroom featuring two sinks and a tub/shower combo. One has a ceiling fan. They are average size and don’t have any special details.

The master bedroom is a big room with a ceiling fan and high ceilings. Two tall, narrow windows overlook the backyard. It has two cedar-lined walk-in closets, providing ample storage and a nice aroma. Past the closets is a remodeled bathroom, with a separate tub and shower and two sinks. The floors and shower are beautifully retiled and all of the fixtures are new. The cabinets appear to be original but are in good condition.

The other addition to the house is upstairs through the master bedroom. It is approximately the same size as all of the secondary bedrooms but it lacks a closet. Because it is only accessible through the master bedroom, it somewhat limits what you would use it for, but it would make a nice office, exercise room, or private sitting room. It’s a nice extra space to have.

The home’s biggest downfall is a fairly small backyard, partly due to the downstairs bonus room. However, it does still have a grassy area, a patio, and a fenced-in spa.

I like this house a lot. It is at the end of a quiet cul-de-sac and all of the upgrades are attractive and well done. There is plenty of living space for a large family and it has a three car garage. The house has only been on the market for about a week and I imagine it will sell fairly quickly.

Discuss below or on Talk Irvine.

Open House Review: 33 Valley View

Turtle Rock Condo in the Treetops

33 Valley View $766,000

As I drove along Valley View looking for this open house, I was amazed at the open space in this condo neighborhood. A short drive from Turtle Rock Park, and the Association pool, this area is quiet and uncrowded with condos stair stepping down the hillside.

Stepping into the gated paved courtyard of 33 Valley View, there is a growing suspicion. This could be the condo all of the other condos want to be!

That suspicion is confirmed inside. Double doors open into an elegant entryway, with a sleek formal dining room, soaring beamed cathedral ceiling, and a large elevated living room. I could picture the party invitations now. Entertaining would be a breeze.

Across the back of the living room, the wide windowed area with sliders opens onto a deck with a view of the treetops and city lights. An impressive fireplace, hardwood floors, and recessed lighting add the finishing touches.

The kitchen opens off of the dining room. The kitchen has been remodeled with granite counters, custom cabinets and skylights.

Maximizing the Space: This 4 bedroom, 2.5 bath condo makes the most of an ample 2,400 sq. ft space with a relaxed split level floor plan that feels even bigger than it is. The upper level includes the master bedroom, deck, bath, and a second bedroom that works as a convenient home office.

Everywhere you look there are treetop views and inviting decks.

The lower level has a family/entertainment suite with one bedroom on each side of the family room, plus bar sink, bath and laundry room. One of the downstairs bedrooms works as an exercise area. The good sized deck is accessible from the family room and both bedrooms. There is a two car attached garage.

Just minutes from the University of California Irvine campus, this property offers the Irvine School System with University High and Turtle Rock Elementary schools, the Association pool and 2 tennis courts.

Specifics for this split level condo:

Beds: 4

Baths: 2.5

Sq. Ft.: 2,400

$/Sq. Ft.: $319

HOA Dues: $450/month

Lot Size: –

Property Type: Residential,

Condominium Style: Split-Level, Contemporary

View: City Lights, Tree Top, Trees/Woods

Year Built: 1978

Community: Turtle Rock

No Mello Roos Tax

On the Market: 23 days

Considerations and comparisons: Built in 1978, this place definitely has good bones. New owners might add more upgrades, but the existing assets are solid. Recently I visited 243 Terra Cotta in Quail Hill, and found a sleek condo next to rolling green fields. But, this Turtle Rock condo with its surrounding trees, and views, expansive floor plan, and up front drama is a very competitive alternative. For me it was all about breathing room and Turtle Rock easily wins.

Plants have been used to define the drop off between the elevated living room and dining room. The owners removed a divider, and new owners might want to reinstate it, if there are children or older guests.

Who will choose this property: Someone who relishes quiet moments on a private deck among the trees might seek solitude here. Someone who enjoys having friends over, and entertains a lot will be pleased too. A family who fits the space and values the Turtle Rock schools might settle here. Or a family with varying age groups might choose this one, using the upstairs/downstairs space to advantage.

Similar nearby properties recently sold: 14 Rustling Wind with 2900 sq. ft. was sold in June for $760,000. And 15 Misty Meadows with 2147 sq. ft. sold for $714,000 in April. Additional properties nearby listed for sale: 35 Cool Brk. #43 is listed at $769,000 and 759 Tidewind is listed at $759,000.

Discuss below or on Talk Irvine.