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.

For several weeks, I have seen numerous open house signs around Northwood pointing to 7 Windsor. The signs really stood out, so today, I decided to see what all the fuss is about. Nestled at the end of a cul-de-sac in the Northwood Meadows neighborhood (across from Brywood Elementary), I found a move-in ready home.

The basics:

Asking Price: $849,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,411

Lot Size: 6,392

$/Sq Ft: $352

Property Type: Single Family Home

Year Built: 1982

Community: Northwood Meadows

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

Over the past few years, the owners have made significant upgrades to the home, including new interior and exterior paint, wood floors, carpet, granite countertops, and recessed lights and refurbished cabinetry in the kitchen. The house has a new roof and garage door, the large backyard pool was replastered, and there is new pool equipment. The windows have not been replaced and the bathrooms, while well maintained, have not been remodeled.

I entered the home in the living room and saw the dining room behind it. Both have vaulted ceilings and neutral carpet, and the dining room has space for a very big table.

The refurbished cabinets and granite countertops give the kitchen a more modern look, and the breakfast nook is a nice touch. There is ample counter space and a large pantry. While the kitchen has older, white appliances, the sellers are offering a $5,000 credit towards new appliances or a $5,000 reduction in price.

The family room is next to the kitchen, with hidden mounting for a 60” flat screen TV. Otherwise, it is a pretty generic room. Off a small downstairs hallway, there is a half bath and a laundry room.

The backyard is the highlight of the home. With a large pool and spa, plus a huge patio area, there is plenty of space to entertain or relax. The patio cover creates a great deal of both privacy and shade. A sloped area in the back provides space for a garden.

At the top of the stairs, I found the master bedroom. Like the downstairs, there is nothing special about this room, but it is in good condition and the newer carpet gives it a fresher feel. It has both a 3-door mirrored closet and a walk-in closet. The bathroom features an oval tub and a separate shower, plus a long vanity with separate sinks and a makeup area in the middle.

Two of the secondary bedrooms are pretty small, with the third one being average in size. All three have mirrored closets. They share a bathroom with just one sink and a shower/tub combo.

Outside the master bedroom, there is an open area currently housing an upright piano and a small bench. This area could also be used as an office, with space for a small desk.

Overall, 7 Windsor is a nice home on a larger-than-average lot for the Northwood area. While the house doesn’t have any special features and feels very generic, it is in good condition with many recent upgrades. It has been on the market for about 110 days and they are doing open houses every week, leading me to believe they are very eager to sell. The realtor even suggested an additional $10,000 price reduction for a buyer who isn’t using their own realtor. I felt the house seemed somewhat overpriced and, after finding a lower price per square foot on recent sales and other listings in the area, those feelings were confirmed. The right buyer should be able to negotiate a great deal on this home.

Discuss below or on Talk Irvine.

Woodbridge Gem on the Market 8 Days

22 Tanglewood – $545,000 (Sale Pending)

After looking at condos in my last two open house reviews, 243 Terra Cotta, and 47 Duet, I wanted to look at a single family home as a change of pace. I chose 22 Tanglewood Drive, a single family attached home in the Park Homes Tract in Woodbridge.

That turned out to be a live wire choice.

This three bedroom, 2.5 bath home just went on the market, and judging by the traffic, I thought it could go fast. The 1,850 square foot home is an equity sale with lots of upgrades. The realtor said she had 70 people show up for the first open house and when I was there the house was buzzing with lookers. After the weekend I checked the listing, and it had become a “sale pending.”

Ingredients for Success: From the curb, 22 Tanglewood has a strong presence. Inside, two upgrades, in particular, look like really good investments. The honey colored wood floors that run throughout the main floor and the double set of French doors are definite hits. Light streams through the French doors onto gleaming wood floors in the living room, dining room, family room and kitchen.

As you enter, a sunny living room is on the right. There’s a cathedral vaulted ceiling, built-in bookcase, fireplace and French doors opening onto a private backyard full of greenery and barbecue accessories. The formal dining room is next, on the left, also overlooking the back yard. Moving through the house, there is a bar with wet sink across from the dining room, and then the family room opens onto the back yard.

The kitchen blends perfectly with the same wood floors, new granite counters , upgraded appliances, and breakfast bar. The “Kim’s Kitchen” sign posted above the stove says it all. The owners obviously enjoy their home and take pride in it.

The grouping of stools around the breakfast bar, and the comfy family room suggest this is a great place for congregating.

Upstairs, the master bedroom and bath, have also been upgraded with granite counters, double sinks, ceramic tile and a special soaking tub. Another bedroom of moderate size is across the hall from the second bath, and the third bedroom is being used as an office.

Specifics for this Two Level Single Family Home:

Beds: 3

Baths: 2.5

Finished Sq. Ft.: 1,850

Lot Size: 2,645 sq. ft.

Sq.Ft Cost: $294/sq.ft.

Style: Single Family Residential

1 Common Wall, Attached

Stucco with Concrete Roof

Year Built: 1976

County: Orange

Double Attached Garage

Laundry in Garage

Central Furnace

Central Air:

HOA: $82 plus $250

No Mello Roos Tax

Considerations and Comparisons: Overall, this Woodbridge home has a very comfortable floor plan. The only snugness is in the backyard. The space has been effectively used, and it is clearly a playground/entertainment retreat for the whole family, but more foliage screening, if possible, would make the spot even better. Of course, 10 more feet in depth wouldn’t hurt either. Also, all of the bedrooms are upstairs, and for some families with older members or guests that can be an issue.

Who will the next owners be? Better to ask, how soon will the new owners move in? There was a lot of buzz over the weekend, and now the home is listed as sale pending with back-up offers accepted. Not surprising. Price and presentation were aligned and traffic showed up. In the midst of this busy open house, I saw a sign posted, “Please don’t let the cat out.” The cat was nowhere to be seen. I am pretty sure that cat was way in the back of a closet, waiting for the crowds to clear!

Examples of other nearby 3 bedroom, 2 bath properties for sale: 17 Woodrush, $515,000, and 36 Nebraska, $595,000. Recently sold properties in the area: In June 26 Tanglewood sold for $505,000 and 25 Woodland Drive sold for $527,000.

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.

Last week, I reviewed 8 Brena, an older home in Northwood that was converted to a six bedroom house. This week, I saw 22 Maywood, a newer home in Northpark that was also converted to six bedrooms (originally it was five plus a bonus room).

The basics:

Asking Price: $1,150,000

Bedrooms: 6

Bathrooms: 4

Square Footage: 3,220

Lot Size: 6,068

$/Sq Ft: $357

Property Type: Single Family Home

Year Built: 2000

Community: Northpark

HOA dues are $156 per month and it has Mello Roos.

22 Maywood has all of the beautiful touches of a new home that older homes lack: crown molding, numerous windows in every room, rounded edges on the walls, arched doorways, higher ceilings, and just generally the feeling of being newer and nicer.

The home has a large entryway with high ceilings and a gorgeous, espresso-colored staircase. To the right is a big room with white built-ins along one wall that really could be used for anything. It would work as a formal living room, an office, a casual sitting room, or a playroom. It doesn’t have doors or a closet, so it can’t be a bedroom. To the left of the entryway is the dining room. The current owners have a fairly narrow table and chairs with seating for six, so it’s a little hard to tell whether or not you could easily fit a table that seats eight to twelve guests.

The kitchen is through the dining room. As in most new homes, it is part of a large great room and features lots of cabinet and counter space, a big island, and stainless steel appliances. The side-by-side refrigerator is huge. The island connects to a built-in granite-topped dining table with seating for four or five. It flows into a family room with one wall covered in white built-in cupboards and another wall featuring a white fireplace. All rooms downstairs have dark hardwood floors that provide a nice contrast to the white cabinets and white wood blinds on the windows.

The backyard features a wooden deck with a built-in bench and a raised area that houses a table and a built-in barbecue. The raised area is partially covered by a pergola. There is also a small grassy portion surrounded by plants and flowers.

The last room downstairs is a small bedroom, currently being used as an office.

The stairs split into two directions at the top, with a bonus room to one side and the rest of the rooms to the other. The bonus has been converted to a bedroom, with the addition of a closet and blinds on the three windows that look to the inside of the home (it also has windows to the outside). Because it was originally a bonus room, it is much larger than the other bedrooms.

There are three additional bedrooms upstairs. Two are connected by a Jack and Jill style bathroom with two sinks and a shower/tub combo. One of these rooms is fairly small, but the other is a good size, as is the last upstairs bedroom. There is an additional full bath upstairs used by the other rooms. All of the bedrooms have standard sliding door closets.

The master has a retreat when you first walk in, with the bedroom area to the left and the bathroom and closet to the right. There is a fireplace between the retreat and the bedroom. Because of its location, I would be more likely to use the retreat as a sitting area than an office or an exercise room, but it is big enough to work as any of these. The current owners actually have a twin bed and large TV in there. The bedroom is on the smaller side, as far as master bedrooms go, and there isn’t really a lot of room for much furniture besides the bed and nightstands. The walk-in closet is big though and has room for a dresser or two.

The master bath features separate sinks, a large tub and separate shower, plus a vanity area. The tub is really pretty, with a dark bamboo-style siding and step. The only thing I dislike about it is how close the shower is to the retreat; I always prefer more separation between the bedroom and the bathroom.

In general, this home is exquisite. There is very little to dislike about it, as everything is superbly maintained, well designed, and really beautiful. When comparing it to 8 Brena, everything about 22 Maywood is newer and nicer. Nothing about this home needs updating or remodeling, and nothing about it felt tired or old. This house is about 200 square feet bigger and the lot is 1000 square feet bigger. Northpark is a gated community whereas Woodside, where 8 Brena is located, is not. For some, this may be a bonus; for others, it might not matter. While 8 Brena has a lower asking price, the quality of the home definitely reflects the difference. 8 Brena does have two things in its favor: a lack of Mello Roos tax and an address in the Irvine Unified School District. Otherwise, 22 Maywood wins hands down.

Discuss below or on Talk Irvine.