This week, I decided to check out an older house with lots of upgrades to see how it compared to the newer homes I have seen recently. I went to 6 Urbino in the Windstream neighborhood in Northwood. The homes in Windstream are among the biggest and nicest in the older part of Northwood.

The basics:

Asking Price: $948,888

Bedrooms: 4 + Large Bonus Room

Bathrooms: 2.5

Square Footage: 3,268

Lot Size: 5,500

$/Sq Ft: $290

Property Type: Single Family Home

Year Built: 1979

Community: Northwood, Windstream

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

Leading up to the home is a pretty walkway with bright flowers and a nice overhang. I entered the house and was met with dark wood floors and a larger than expected living room. This model originally had a small retreat area within the living room that was a few steps lower than the rest of the room. In 6 Urbino, the area was filled in to create one large room. The house flows much better this way and I think it creates more uses for the space. They also filled in a garden area under the stairs to create additional storage and a small nook (big enough for a table but not for a sitting area). I really liked these changes and think they make the space feel much more modern.

The dining room is adjacent to the living room and has French doors leading out to the backyard. The backyard is fully hardscaped, with an in-ground jacuzzi, built-in BBQ and an island with seating for six.

The kitchen is behind the dining room and was beautifully remodeled in 2002. It has a small island, with room to seat two, stainless steel appliances and lots of counter space. A garden window looks out to the backyard and brings in a lot of light. It is an eat-in kitchen with room for a table of six. Beside the table are additional built-in cupboards with counter space and a wine rack. This is a great use of the space.

As I moved through to the family room, I saw that they had created a space for a built in desk. I really liked this feature, as I always wish I had a good place downstairs to collect mail, bills, and more. The family room has tile floors, a fireplace, and a built-in unit with cabinets on the bottom and shelving with glass doors on top.

Upstairs, all the rooms come off one long hallway. At one end is a bonus room; at the other is the master bedroom. The bonus room is a big, square room that can be used for pretty much anything. It is just a big open space with hardwood floors, a high ceiling, and several windows.

The master bedroom has a small retreat in it, just a few steps down from the main part of the room. It is the perfect set up for a small office, reading nook, or even a fitness area. The master bath was nicely redone with two sinks separated by a vanity, a large tub, and an average-sized shower. There are two mirrored closets, one with three doors and the other with two.

All three secondary bedrooms are a good size. None has a private bath, but they share a nice bathroom with two sinks and a shower/tub combo separated by a door. Each bedroom has a standard closet.

The home features three fireplaces, downstairs laundry room (with a laundry chute upstairs), recessed lighting and ceiling fans in most rooms.

Overall, I really liked the upgrades on the home. Everything seems to be very well maintained and the rooms are all very spacious. While it lacks some of the special touches of newer homes like arched doorways and rounded corners on the walls, it does have crown molding, granite counters and hardwood floors. It also comes with a lower price tag and no Mello Roos.

Discuss below or on Talk Irvine.

A Winning Viewpoint: 10 Windflower, $1,350,000

In my last two Open House Reviews, I visited million dollar Turtle Rock properties and I wondered how a third property might compare. I found an intriguing answer at 10 Windflower.

Last week I saw the possibilities of 11 Bethany with a 90% remodel and quality upgrades. The week before I saw the potential in 18762 Via San Marco with a 10,000 sq. foot lot and multi bay window views of a private green hillside.

Now, as I walked up to 10 Windflower, I was looking for a competing viewpoint.

The house has a substantial presence from the street. Inside a bright inviting living room with a custom fireplace is on the right and a formal dining room is off to the left. Continuing through the home, a large kitchen with a butler area is on the left. There’s a breakfast nook in the center and a large family room on the right.

But when you reach the back of the house you really begin to appreciate what this home offers. Positioned on one of the highest points in Turtle Rock, one view after another blends into a panorama overlooking Shady Canyon, Bommer Canyon and Turtle Ridge. Morning light over coffee, afternoon breaks, glowing sunsets, and evenings skies are all part of the package here. A fire pit and Jacuzzi complete the backyard refuge.

The floor plan and the overall finish of the house have a clear, direct feel, but the view confirms the property’s appeal. For the right buyer this is perfect solitude or really great entertaining, made to order.

Oak flooring, new sisal like carpet, strategic skylights, the butler service area off the dining room, a good sized computer area near the kitchen, and three custom fireplaces round out the house’s appeal.

A custom staircase leads to four bedrooms and 2 baths upstairs. All are well done, but the master bedroom is a stand out. That same view so nicely framed downstairs has been reframed in the master bedroom with a sitting area, dual walk in closets, French doors, fireplace and master bath.

According to the agent, there was a fire at this property in 1993 which resulted in the new custom four bedroom, 3.5 bath floor plan and complete rebuild in just under 3,000 square feet. Now the home is new to the market and is being sold with or without furnishings.

Specifics for this Two Level Traditional:

• Bedrooms(s): 4
• Bathroom(s): 3.5
• Square Ft: 2,956
• $/Sq. Ft: $457
• Lot Size: 5,046
• Property Type: Single Family Home
• Year Built: 1978. Complete rebuild: 1993
• HOA Dues: $99 month
• Central Air
• Two Car Garage
• Price Per SqFt: $437
• Irvine School System
• No Mello Roos Tax

Who will opt for this property? A family who enjoys backyard space and entertaining will be attracted to the prime hilltop location with its panoramic view. A couple who frequently entertains and often has overnight guests might choose this home. Other families will be attracted to the very functional floor plan, and outstanding Turtle Rock schools and parks.

Considerations and Comparisons: All bedrooms are upstairs, which might be a problem for buyers with older family members. Some buyers might be looking for more kitchen upgrades and additional patio accessories for entertaining. In comparisons with the other two properties, the wood floors in 11 Bethany excel and the multiple bay windows and French doors score at 18762 Via San Marco. But in the final vote, I would choose 10 Windflower with its sublime hilltop views. That, of course, is a very subjective choice. As individual buyers pencil out the costs of assets versus final price, they will have to decide what it costs and what really counts for them. Nearby, 14 Elderberry is pending at $1,050,000 with 3 bedrooms and 2.5 baths and canyon views. And 24 Southern Wood is listed at $1,198,000 with 4 bedrooms and 3 baths and canyon views.

Discuss below or on Talk Irvine.

Once you decide to cross Culver and give a chance to the Irvine schools of Tustin Unified School District, the question is, West Irvine or Northpark? Both have very good schools. Both have a mix of condominiums and single family residences. Northpark is a guard gated community where as West Irvine isn’t. Whether or not anyone needs a guard and a gate when they live in the safest city of America is another debate, but a general opinion is that Northpark condos cost more than the others in area because of the ‘guard gate’. Is the tax of the guard gate true? Let’s compare two properties today, one in West Irvine and one in Northpark, and see if it’s true.

76 Burlingame Irvine, CA 92602

Listing Price: $475,000

Beds: 2

Baths: 2.5

Sq. Ft.: 1,670

$/Sq. Ft.: $284

Property Type: Residential Condominium

Style: Two Level, Other

Year Built: 2000

Community: Northpark

Builders Tract Name: Brisbane

Builders Tract Code: BRIB

Builders Model Code: B

Monthly expenses:

HOA Dues: $358/month ($203+$155)

Property Tax ( 1.0595%): $5,032 Annually

Mello Roos: $1,388 Annually

Monthly Property Tax+ Mello Roos: $535

Monthly Mortgage (30 YR Fixed, 3.625%): $1,733

Pricing History:

Jun 12, 2012 Price Changed $475,000

May 21, 2012 Price Changed $469,000

May 03, 2012 Listed (Active) $475,000

Dec 07, 2005 Sold (Public Records) $660,000

Monthly Fixed Expenses: $2,626

Monthly Fixed Expense/ SF: $1.57/SF

47 GRANADA, Irvine CA 92602

Listing Price: $499,000

Beds: 2

Baths: 2.5

Sq. Ft.: 1,640

$/Sq. Ft.: $305

Property Type: Residential Condominium

Style: Two Level

Year Built: 2001

Community: West Irvine

Builders Tract Name: Summerplace

Builders Tract Code: SUMP

Builders Model Code: 1

Monthly expenses:

HOA Dues: $350/month ($295+$55)

Property Tax ( 1.0595%): $5,286 Annually

Mello Roos: $1,170 Annually

Monthly Property Tax+ Mello Roos: $538

Monthly Mortgage (30 YR Fixed, 3.625%): $1,824

Pricing History:

May 27, 2012 (Listing price change) $499,900

Apr 21, 2012 (Listing price change) $525,000

Mar 19, 2012 Relisted (Active)

Mar 19, 2012 Listed (Active) $549,000

Mar 14, 2005 Sold (Public Records) $580,000

Monthly Fixed Expenses: $2,712

Monthly Fixed Expense/ SF: $1.65

Condominium home owner’s dues are around $350 per month for both properties. They both fall under the property tax rate of 1.0595%. Price/ SF for the West Irvine condo is more than the Price/SF for the Northpark condo. Since our West Irvine condo’s monthly expenses are more than the Northpark condo’s monthly expenses, it’s clear that there is no guard gate tax, at least for these two properties.

Which one would you buy? Irvine has a lot of areas with exorbitant HOA dues. Would you buy a property with a HOA more than $300 per month? Or would you go for a property that hasn’t seen significant correction from the peak of 2005/2006 prices?

Discuss below or on Talk Irvine.

90% Remodel in Turtle Rock

11 Bethany, $1,399,000

Walking through double mahogany doors and gazing up at the 24 ft. high ceiling inside, it was apparent this house has an interesting story.

The sellers are quick to point out the home was remodeled 90% from top to bottom in 2006. This five bedroom, four bath home started with a secluded location in Turtle Rock Hills, and added a healthy measure of time and materials to create the current home.

How that translates in today’s market is a very good question. Last Sunday I toured another million dollar property in Turtle Rock, at 18762 Via San Marco, listed at $1,099,900.

In the house on Bethany there is a grand sweep with a dramatic entrance and 5 bedrooms and 4 baths on 2 levels, but the other property manages to compete with an oversized lot that is almost twice as large, multi-views of a large private backyard, and a strong potential for upgrading.

In both cases, the buyer will have to carefully weigh assets and prices. Will the five bedrooms and four baths developed with many upgrades make this property a win?

The thoughtful overall floor plan completed with Travertine tile, marble, granite, custom distressed hardwood floors and Berber carpet adds points. The double mahogany doors, soaring living room ceiling, and lush atrium with soft gurgling fountain make the home seem poised and functional. The atrium overflowing with greenery is an especially inviting accent right in the middle of this large home.

Obviously the home has been lived in and enjoyed, carefully remodeled and gradually shaped. Attention to details, like an added speaker in the living room, recessed lighting, and a skylight in the spacious formal dining room all count.

The gourmet kitchen fits in perfectly with a center island and bar sink, granite counters, cherrywood cabinets and stainless appliances, double oven, and a custom Italian tile backsplash.

Tucked to the side on the main floor there are 3 bedrooms, and 2 baths. Upstairs there are 2 more bedrooms and 2 baths, plus an office/library/bonus room. There is a nice separate quality to the upstairs area, suggesting this house would work well for a good sized, or extended family.

A newer Jacuzzi bath tub has custom frameless shower doors. There are dual paned windows throughout and full copper plumbing.

Outside, there is extensive paving, a built in barbeque, lovely mature floral plantings, and a good sized private backyard. The lush greenery is a natural for entertaining leading out from the dining room.

Specifics for this Two Level, Contemporary

Beds: 5

Baths: 4

Sq. Ft.: 3,400

$/Sq. Ft.: $411

HOA Dues: $80/month

Lot Size: 5,887 Sq. Ft.

Double Garage

Central Air

No Mello Roos Tax

Property Type: Residential,

Single Family Style

View: City Lights, Peek-A-Boo

Year Built: 1969

Community: Turtle Rock

Considerations and Comparisons: This property was purchased in 04 for $646,000 and completely remodeled in 06. The big remodel and big price jump will now be tested. How does this translate in the current market? Five bedrooms, four baths and quality upgrades in a prime location are up for the buyer’s evaluation. Overall price comparisons shows another property on this street, 20 Bethany, is pending at $1,198,000 offering four bedrooms, three baths and a panoramic city and sunset view. Nearby, 5 Harvey Court is listed at $1,395,000 with canyon and city light views and 4 bedrooms, 2.5 baths.

Who will settle here? Someone who appreciates the detail, enjoys the indoor/outdoor link with flowers and foliage, and wants 5 bedrooms might choose this property. Someone else might be drawn to the prime schools. Turtle Rock Elementary is within walking distance. Finally, a family with more than one generation needing bedrooms on the main floor, and separate private space upstairs might be drawn to this home.

Discuss below or on Talk Irvine

When we talk about properties in a certain area, macro and micro, we tend to use Price/ SF as a gauge for market conditions. But when a buyer decides to buy, the monthly expenses change from one property to another even though the Price/SF might be almost be the same. All Irvine villages have different property tax rates, Mello Roos and HOA dues. Today, we will compare three 3 Bed-2.5 Bath condominiums in three very different Irvine villages. Let’s see how monthly expenses vary with each village.

9 Ericson Aisle, Irvine CA 92620

Listing Price: $469,900

Beds: 3

Baths: 2

Sq. Ft.: 1,679

$/Sq. Ft.: $280

Property Type: Residential, Condominium

Condominium Style: Two Level, Spanish

Year Built: 1989

Community: Northwood

Builders Tract Name: Northwood Villas

Builders Tract Code: NV

Monthly expenses:

HOA Dues: $159/month

Property Tax ( 1.0595%): $4,978 Annually

Mello Roos: $145 Annually

Monthly Property Tax+ Mello Roos: $427

Monthly Mortgage (30 YR Fixed, 3.75%): $1,741

Monthly Fixed Expenses: $2,327

According to the MLS, the house has been updated. Kitchen and bathroom have new cabinetry, vanities and countertops. There is new carpet and paint throughout. But this property has one-car attanched garage, and the other one is ‘nearby’.

60 Chardonnay #43, Irvine CA 92614

Listing Price: $454,900

Beds: 2 Bedroom/ 1 Den

Baths: 2.5

Sq. Ft.: 1,600

$/Sq. Ft.: $284

Property Type: Residential, Condominium

Condominium Style: Two Level

Year Built: 1980

Community: Woodbridge

Builders Tract Name: Chateaux

Builders Tract Code: CT

Builder Model Code: D

Monthly expenses:

HOA Dues: $284/month

Property Tax ( 1.03383%): $4,702 Annually

Mello Roos: $93 Annually

Monthly Property Tax+ Mello Roos: $399

Monthly Mortgage (30 YR Fixed, 3.75%): $1,685

Monthly Fixed Expenses: $2,368

The kitchen is updated with new appliances, but going by the MLS pictures, this house might need some updating.

1002 Terra Bella, Irvine CA 92602

Listing Price: $445,000

Beds: 3

Baths: 2.5

Sq. Ft.: 1,614

$/Sq. Ft.: $276

Property Type: Residential, Condominium

Condominium Style: Two Level

Year Built: 2000

Community: Northpark

Builders Tract Name: Terra Bella

Builders Tract Code: TERB

Builder Model Code: E

Monthly expenses:

HOA Dues: $405/month

Property Tax ( 1.0595 %): $4,714 Annually

Mello Roos: $1246 Annually

Monthly Property Tax+ Mello Roos: $496

Monthly Mortgage (30 YR Fixed, 3.75%): $1,649

Monthly Fixed Expenses: $2,550

Granite countertops, stainless steel appliances, maple cabinetry, fire place and media cabinetry. This condo has it all, but the two car garage access is through common stairs.

Our lowest priced property, 1002 Terra Bella at $445,000 has the biggest monthly expense of $2,550.

Our highest priced property, 9 Ericson Aisle at $469,900 has the lowest monthly expenses of $2,337.

When you buy a property, do you do the necessary background check for Mello Roos, Property Tax rate and Home Owner’s Association dues? Do your buying choices depend on any of those factors, or it’s just the price/sf that dictates the choice? Would you buy an older property if it has less/no Mello Roos?

While comparing these properties, I checked another in West Irvine that sold recently.

44 Copper Leaf, Irvine CA 92602

Purchase Price: $575,000

Price/ SF: $303

Monthly Mortgage: 2,065

Property Tax + Mello Roos: $617

HOA Dues: $0

Fixed Monthly Expenses: $2,682.

For $132 more per month than 1002 Terra Bella, you can own a Single Family Residence in West Irvine.

If there isn’t much price difference after you factor in Mello Roos, Property Tax, HOA Dues, why do people still buy the overpriced condos?

Discuss below or on Talk Irvine