When you set out to buy a house, an important question that comes to mind is, old or new? An old house might need repairs, upgrades, and maintenance, but a new house comes with its own set of issues. You might have to pay significantly more for a new house than an old house. You will end up buying a cookie cutter beige box mostly when opt for new, but an older single family house will be unique. What do you prefer?

Today we will look at two properties, one in Northwood, and one in Woodbury. One of them is thirty-three years old, and the other is around four years old. One of them is a single family residence with its own pool in the backyard, and other is a detached condominium.

88 Twin Gables, Irvine CA 92620

Listing Price: $739,000

Beds: 3

Baths: 2.75

Sq. Ft.: 1,964

$/Sq. Ft.: $376

Property Type: Residential

Condominium Style: Two Level, Other

Year Built: 2008

Community: Woodbury

Builders Tract Name: Stonetree

Builders Tract Code: WDST

Builders Name: John Laing Homes

Builders Model Code: 1

Monthly expenses:

HOA Dues: $263/month ($158+$105)

Property Tax ( 1.0595%): $7,830 Annually

Mello Roos: $4,052 Annually

Monthly Property Tax+ Mello Roos: $990

Monthly Mortgage (30 YR Fixed, 3.75%): $2,738

Monthly Fixed Expenses: $3,991

16 Bragg, Irvine, CA 92620

Listing Price: $750,000

Beds: 4

Baths: 2

Sq. Ft.: 1,897

$/Sq. Ft.: $395

Lot Size: 7,480 Sq. Ft.

Property Type: Residential, Single Family

Style: One Level, Cottage

View: Pool, Trees/Woods

Year Built: 1978

Community: Northwood

Builders Tract Name: Shadow Run

Builders Tract Code: SR

Builders Model Code: B

Monthly expenses:

HOA Dues: $0 (No HOA)

Property Tax ( 1.0038%): $7528 Annually

Mello Roos: $172 Annually

Monthly Property Tax+ Mello Roos: $642

Monthly Mortgage (30 YR Fixed, 3.75%): $2,779

Monthly Fixed Expenses: $3,421

My opinion:

Both the properties have good Irvine schools. Both the properties have the required granite and wood upgrades. Both floor plans are without any major flaws. But 16 Bragg is a Single Family Residence with a 7500 SF lot. 88 Twin Gables is a Detached Condominium with a tiny backyard. 16 Bragg has a pool in the backyard, but 88 Twin Gables uses a community pool. 16 Bragg has no HOA dues, but 88 Twin Gables has $263/ month in dues. 16 Bragg has very low Mello Roos, but 88 Twin Gables has significantly higher Mello Roos.

By buying a single family home with all the upgrades to match a newer Irvine home, I will be saving roughly $570 per month. If I add that as an extra principal payment per month, I will be paying off my mortgage earlier than the scheduled thirty year term.

But by buying an older house in an older community, I might spend more on repairs. Also, since there is no HOA, my neighbor might not color his house the shade of beige I am comfortable with. The community is aging, and if not all homeowners are not proactive about maintaining the exterior of their properties, it affects all home prices in the neighborhood.

Which one would you buy?

Will the Mello Roos and HOA dues impact your decision?

Does the size of a backyard matter if there are enough parks in the neighborhood within walking distance?

Is it more work to maintain a pool in the backyard than visit the well maintained community pool?

Share your views below or on our Talk Irvine thread.

A Super Sized Find in Turtle Rock Hills

18762 Via San Marco, Irvine CA

The minute you step into this home you are caught by the light. It is everywhere, streaming through the bay windows, bouncing off the burnished wood floors, flooding the kitchen and the family room.

The light leads the way through a spacious open floor plan flowing around the huge living room that is perfectly positioned in the center of the house to capture the best view of a very private, very large backyard with a steep green hillside.

The French doors and bay windows frame the many views.

Situated on an oversized 10,000 sq. ft. lot, this in many ways, is a super sized property, made even better by its secluded location on the quiet streets of Turtle Rock Hills.

Off to the right, a formal dining area competes with the living room for attention, positioned near French doors opening onto the backyard. Beyond there is the kitchen, an informal dining area, and the family room, all nicely done and linked with tile and hardwood floors.

Off to the left, down the hall, the four bedrooms and two baths all fit together, each providing another big helping of natural light. They offer big bay windows and window seat views of the backyard. The home has new carpets and paint throughout.

The owners have lived here over thirty years and clearly enjoyed their home. The house is being shown with some furnishings to set the stage. With the bedrooms, family room and adjoining eating area all open, the viewer can pencil in a variety of options.

That openness leads to ‘what if’s.’ What if the family room grew bigger? Or that very private backyard acquired a pool or added patio accessories? What if the bedroom with the wonderful view of the backyard became a library with built in bookcases, or a home office?

This home could be sold as the starting point for a whole new round of innovations or as a welcoming site ready for a new family to move in. The huge private backyard could acquire a spa, chill pool, barbeque, and added patio accessories, becoming a great entertaining area, flowing perfectly from the line of French doors in the living room.

Up front a new great room could be created from some of the extra driveway space, or be developed from the existing garage with a new garage added.

Either way, there are supersized assets here. Situated in a quiet spot in Turtle Rock Hills with the oversized lot and a private hill in the back, this house has a great presence

Where it goes from here is the question.

Specifics:

Beds: 4

Baths: 2

Sq. Ft.: 1,925

$/Sq. Ft.: $571

HOA Dues: $140/month

Lot Size: 10,725 Sq. Ft.

Single Family Style:

One Level, Ranch

Central Air

Two Car Garage

Irvine Unified School District

Year Built: 1968

No Mello Roos Tax

Community: Turtle Rock

Limitations: Competition in this price range might find buyers looking for extra features. Right next door there is a similar home for sale that offers a salt system pool and spa. In this price range, a buyer might be looking for more kitchen upgrades, or an enlarged family room. This might lead to an evaluation of the home, with the buyer’s requirements, and the development potential and cost involved, making the final call. In April this home was listed for a hundred thousand more.

Who will make this property their home? A family needing bedrooms, yard space and excellent schools could opt for this home. A family seeking a floorplan with all of the bedrooms on the main floor might choose this home. Or, a couple who like to entertain and want to develop the property with even more supersized assets might select this home.

In Comparison – The house next door at 18782 Via San Marcos is pending at $1,299,000, offering 4 bedrooms and three baths, a salt pool and spa and waterfall. Also in Turtle Rock, 5 Morning Glory is listed at $1,199,000. It is a two level Craftsman with three bedrooms, two baths, and a view.

Discuss below or on Talk Irvine.

This week, I toured a home in the Arden Square community of Northwood Pointe. Though technically categorized as a condo, this is a fully detached home with no shared walls and a private backyard.

The basics:

95 Shadywood Irvine, CA 92620

Asking Price: $689,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1,800

Lot Size: 4,200

$/Sq Ft: $383

Property Type: Detached Condo

Year Built: 2002

Community: Northwood Pointe, Arden Square

There are two sets of HOA dues, for a total of $120 per month, plus Mello Roos.

The realtor mentioned that they did a fair amount of work to get the home ready for showing, but somehow my first impression was still that it felt a little tired. It doesn’t have any major flaws and it is move-in ready; however, if I was buying it, I would definitely repaint and possibly change the carpet to give the home a fresher, cleaner feel.

Upon entering, the first thing you see is the formal living room, a somewhat small, square room. While it isn’t large, it is a nice extra space that could be used as a living room, office, or playroom. The only downfall with using it for something other than a living room is the need to keep it clean if company comes over, since it is right in the open when you enter the home. Beyond the living room is the great room, with a kitchen, dining area, and family room. The family room has a fireplace, a small alcove for a TV where you could install built-in cabinets, as well as many windows and doors to the backyard. It is a good sized room with lots of light, and it is totally open to the kitchen.

The kitchen has granite countertops and an average-sized island with room for two barstools. The appliances are stainless steel and the cabinets are white. It doesn’t have a lot of cabinet space and, aside from the island, there isn’t much counter space either. Because it is open to the family room and dining area, it feels bigger than it actually is. If you’re someone who cooks or entertains a lot, it’s probably going to feel a little too small for you. On the bright side, there isn’t room to accumulate clutter! The adjacent dining area has room for a large table and can work as either a formal or casual space.

Moving upstairs, there are three bedrooms and a laundry room, all off the same hallway. The first bedroom is average sized with lots of windows and a two-door sliding closet. The other secondary bedroom is much smaller. Both rooms are pretty ordinary with nothing remarkable about them. Likewise, their shared bathroom is fairly small, with only one sink and a shower/tub combo.

The master bedroom has four windows, so it gets a lot of light. It is a large, square room, again without any interesting or notable features. The master bath features two sinks, a bathtub, and a separate, somewhat small, shower. It has tile countertops and white cabinets. The walk-in closet is at the back of the bathroom and, while it will have plenty of room to store your clothes, it is pretty narrow and would definitely benefit from more shelving.

The backyard is surprisingly large. About half is grass and half is the patio area. It also has a wide side yard on one side of the house. After seeing many tiny yards in other homes, it was nice to see a yard that you can actually use for entertaining, playing, or simply relaxing.

Overall, the house strikes me as very plain and it seems smaller than its 1800 square feet. With a couple of exceptions, it lacks the nicer design elements of many other houses built around the same time, such as arched doorways, built-in cabinets, and extra large kitchens. On the positive side, it is close to both the elementary and high schools and it has access to its own community pool in addition to the Northwood Pointe community pool. It didn’t make a strong impression on me, but I’m sure it will be the right place for someone out there.

Discuss below or on Talk Irvine.

Today we’ll take a look at Irvine’s University Park neighborhood. First, the numbers:

University Park—April 2012:

Area	List Price/ # Homes Listed	Sold Price/ #Homes Sold	Median List/SF	Median Sold/SF	% Chg Y-O-Y Sold Price/SF
Houses	$624K/12	$538K/7	$346	$301	-15%
Condos	None listed
All Uni Park	$624K/12	$538K/7	$346	$272	-15%
All Irvine	$650K/575	$502K/266	$349	$305	-4.70%

The following graphs show the change in the number of University Park homes on the market, the price per square foot of University Park houses, and the price per square foot of University Park condos, respectively.

To give more meaning to these numbers and graphs, I am listing some homes that are near the top, bottom, and middle of the price range for homes in the University Park real estate market.

4882 Rain Tree Lane

• Single-family built in 1974

• Beds/Baths: 5/2.75

• HOA Dues: $131/month

• Mello Roos Tax: No

• Price: $769,000/$306 per square foot

The Zestimate for this home is $741,100. The Zestimate estimated mortgage is $2,809 per month.

6 Cherry South

Note: According to Redfin, this is the least expensive University Park home that is not listed as “sale pending.”

• Single-family built in 1975

• Beds/Baths: 2/1.75

• HOA Dues: $218/month

• Mello Roos Tax: No

• Price: $445,000/$364 per square foot

The Zestimate for this home is $414,400. The Zestimate estimated mortgage is $1,625 per month.

71 Oak Tree Lane

• Single-family built in 1969

• Beds/Baths: 2/1.75

• HOA Dues: $222/month

• Mello Roos Tax: No

• Price: $585,000/$390 per square foot

The Zestimate for this home is $509,700. The Zestimate estimated mortgage is $2,137 per month.

Source: Redfin

Discuss below or on Talk Irvine.

The House is a Jewel. The Park is a Gem.

71 Oak Tree Lane Irvine, CA 62612 $585,000

As I entered the cul de sac to see this home there was a flash back to the home that I saw last week at 34 Redwood Tree Lane. That home was also just steps away from the rolling green fields of University Park.

Having a private park in your back yard that’s completely free of urban traffic and noise has to be a daily pleasure.

This cul de sac has the same quiet, well planted look and there is a short walk running up to the park right next to this home.

Inside I found a different, but equally intriguing home. This property is a smaller slice of space, very striking, but more contained. Newly remodeled, it is finely finished and nicely executed. Surfaces of tumbled stone, wood, marble, and granite have all been used to advantage. The polished surfaces, crown moldings, recessed lighting, and high ceilings give the home a distinctive look.

The soaring spiral stairway to the loft and French doors complete the effect. This home has obviously been enjoyed by its owner. Perhaps, as a place to listen to music, sit and talk with friends, and work on weekend projects.

From the kitchen on through the dining area, into the living room and out onto the covered patio, the space is all open and functional.

The upstairs loft is small, but dramatic. I had the feeling that you could be working on a project up there, somewhat apart, but still enjoying the overall space.

The master bedroom is tucked away off the entryway, and across from the second bedroom, which could easily become a small office or library. There is also a murphy bed.

The kitchen, and baths have all been redone. There is new AC, newer furnace and plumbing, and double paned windows throughout.

Property Specifics:

Beds: 2

Baths: 1.75

Sq. Ft.: 1,500

$/Sq. Ft.: $390

HOA Dues: $222/month

No Mello Roos Tax

Lot Size: 3,300 Sq. Ft.

Single Family

Single Garage

Style: One Level, Traditional

View: Trees/Woods

Year Built: 1969

Community: University Park

Schools: Irvine Unified School District

Drawbacks: A potential buyer will have to weigh the desirable location and the overall size of the home. What the buyer values most might determine if this is the right space for the money. It is very nicely finished, but compact. If the size fits, then the surrounding community with a private park may tip the balance.

Who will call this spot home? An individual or couple that is drawn to University Park’s established community and excellent facilities might settle in here. Busy professionals who work, travel, and entertain casually would be happy here. Young families needing bedrooms and play space probably will not fit.

Comparisons: If you like the University Park area, you might also check 12 Redwood Lane (pending) at $549,000 with three bedrooms and 2 baths.

Discuss below or on Talk Irvine.