The most expensive house on the market in the Irvine today is 36 Boulder View at $14,999,000($1531/SF). On the other end of the spectrum is 205 Springview at $130,000 ($274/SF). The five-hundred odd properties that are on the market serve every taste, every price range. Usually I pick properties in the $500,000-$900,000 range, but today I have two properties under $350,000. Both properties are served by excellent Irvine schools, and have the same amenities as the rest of the village they are associated with. Both have the potential to be good starter homes, or investment properties.

192 Alicante Aisle #210 Irvine CA 92614

10 Monroe #27, Irvine CA 92620

Address	192 Alicante Aisle #210	10 Monroe #27
Village	Westpark	Northwood
Area	858 SF	984 SF
Price/ SF	$384/SF	$355/SF
Beds/ Baths	2 Beds/ 2 Baths	2 Beds/ 2 Baths
Listing Price	$329,900	$349,500
Down payment	$65,980	$69,900
HOA Dues	$209	$198
Monthly mortgage, assuming an interest rate of 3.875% for 30 YR Fixed	$1241	$1315
Property Tax +Mello Roos	$3997 Annually $333 Monthly	$3832 Annually $320 Monthly
Fixed cost of owning	$1783 Monthly	$1833 Monthly
Comparable Rental	2 Two bedroom units have rented at $1.81/SF in 2012. Projected rent: $1552 to Monthly	3 Two bedroom units have rented between $1.66/SF to 2.10/SF in 2012. Projected rent: $1633 to $2066 Monthly

Personally, I would buy 192 Alicante Aisle. Comparable properties have sold in the range of $300,000. This property is updated, and since it’s being sold within two months of the last sale, I am assuming it’s being flipped for a quick profit. It was sold for $244,000 in March 2012. 10 Monroe will need some work.

What do you think? Have Irvine homes reached rental parity, or will the prices go down further before that is achieved? Would you buy an investment property this summer?

Would you buy a newer and updated property, or anything in a good locality would do?

Also, when you rent a property in an area you like to buy, do you rent a condominium, or do you rent a property similar to the one you are planning to buy?

Discuss below or on Talk Irvine.

A private park and a personalized home in University Park:

34 Redwood Tree Lane, Irvine

$659,000; Sale Pending

The minute I entered the Redwood Tree Lane cul de sac to see this property, I felt the difference. Beyond the cul de sac there is a glimpse of the private park that sits in the middle of the University Park community.

Just a few steps from their homes, private green fields roll through the neighborhood, completely free of urban traffic. I walked up the short sidewalk to the park to find kids playing in the sand, people walking their dogs, more playgrounds to the left, and a volleyball court and recreation center to the right. As a parent, a park like this has to be a reassuring plus, and perhaps the best selling point.

After scouting the park and entering this home, I found that this home is worthy of its location. The 26 year resident (who is an artist) has spent time, effort and an estimated $150,000 to develop this home, creating a base of operations for family, friends and colleagues. And as it turned out that was a winning combination. Two days after this open house there was a pending sale listed for the property.

Throughout the home the mood is dramatic, but the effect is casual and elegant. Art, plants, custom paint and lighting and marble and tile define each area and complement the open floor plan and cathedral ceilings.

The elegant dining room, equally sleek kitchen, plant filled patio, and art studded living room all flow together. Then upstairs, a huge working studio is a work place and meeting spot with room to improvise. It could also become two rooms.

Built in 1969 this park view property has been upgraded with Italian cabinetry and granite counters in the kitchen. There’s a built in grill, double oven and microwave. All wiring has been hidden behind the counters. Marble floors have a continuous pattern and custom interior paint with updated rounded edges has been used throughout. All windows are double paned and there is a garden window. A subtle textured treatment has also been used on the staircase handrail. The master suite has a cathedral ceiling and European imported dual grey glass closets.

Specifics on this Two-Level Modern:

• Four bedroom

• 2.5 baths

• 2200 sq. ft.

• $/ sq.ft: $300

• HOA dues: $227

• TV: Cable

• Roof: Spanish Clay Tile

• Cooling: Central Air

• Garage two cars

• Two reserved parking spaces

• Lot size: 3000 sq. ft.

• No Mello Roos

• Award winning Irvine schools

Limitations: This property sold quickly and appears fairly trouble free. But some buyers might be looking for a floor plan with a downstairs bedroom for older family members or guests. Or they might want a bit more outdoor space. The plant filled patio off of the living room with the park just steps away makes the outdoor space quite palatable.

What makes this property irresistible? Families with young, active children will welcome the interior park with no traffic as a safe, family centered resource. Professionals who work in or near Irvine will also choose this house with its open flow, and inviting layout. Individuals who need a great space like the one upstairs for a home office, studio, or group meetings will gravitate to this home.

Added notes and comparisons: This property went on the market nine days ago and two days after Sunday’s open house it was a ‘sale pending.’ If this property and the University Park system intrigues you, you might check other listings in this area. An example is 12 Redwood Tree Lane listed at $549,000 with three bedrooms, one and three quarter baths, and 1560 square feet. This home has many of the other property’s features, on a slightly smaller scale.

Discuss below or on Talk Irvine.

A million dollar dream of 2005 turned into a trap for many buyers in 2009 with the properties in that area selling for a discount of around $200,000. With the chatter of the possible bottom in the ‘Summer of 2012’, the Camelia tract of Northwood II saw a lot of activity despite of good location, and excellent schools. Now that ‘Summer of 2012’ is almost here, I wanted to go back in history and see if those that bought in the frenzy of 2009 made a good decision. So, instead of comparing two identical properties for sale in the same village, I will compare a property on the market now with a property that sold in 2009.

The property I have picked is 52 Secret Garden in Northwood. Karen covered the open house in her blog post last week. Also, a discussion on Talk Irvine validates interest in the property.

Here is the sales history of six years for identical properties in the same tract. The selling price seems to be stable around $300/SF. The peak was in 2006, at $381/SF. The bottom so far was at $275 in 2009.

Year Sold	Address	Sale Price	Price/ SF
2006	25 Grape Arbor	$1,180,000	$381 – Highest
2008	26 Teak Bridge 26 Grape Arbor 42 Secret Garden 61 Secret Garden	$1,075,000 $939,000 $942,000 $950,000	$350 $306 $301 $301
2009	59 Fire Thorn 71 Secret Garden 25 Grape Arbor 62 East Bamboo 64 Secret Garden 27 Secret Garden	$940,000 $843,000 $855,000 $915,000 $865,000 $949,000	$306 $275 $276 – Lowest $291 $279 $309
2010	27 Torrey Pine 60 Corn Flower	$900,000 $939,000	$290 $300
2011	56 Fire Thorn 61 Crab Apple	$921,500 $905,000	$297 $292
2012	32 Torrey Pine 30 Secret Garden 61 Secret Garden	$957,000 $965,000 $979,000	$309 $301 $306

For comparison I chose 71 Secret Garden sold in 2009. It defines the bottom for the Camelia tract so far at $275/SF.

Address	52 Secret Garden	71 Secret Garden
Listing Price	$969,000	$843,000 (Sold)
Original purchase price	$1,008,000 Sept, 2005 $1,018,000 Nov, 2008	$1,130,000 April, 2005
Price/ SF	$313	$275
HOA Dues	$142	$142
Monthly Mortgage	$3649 (30 YR Fixed, 3.875%)	$3724 (30 YR Fixed, 5.25%) Source: CNN money
Down Payment	$193,980	$168,600
Property Tax (1.0595%)	$10266	$8674
Mello Roos	$3336	$3336
Annual Tax + Mello Roos	$13602	$12011
Monthly expenses	$4924	$4866

52 Secret Garden

71 Secret Garden

Similar homes in the area have rented for $4200-$4300. In my opinion, it hasn’t made much difference considering the plunge in mortgage rates.What do you think? Was the worst over in 2009, or is it yet to come? Will the Camelia tract go below $290/SF again?

Discuss below or on the Talk Irvine thread.

Walking into an empty house can make it easier to imagine it as your own than when you see a home filled with someone else’s furniture, photos, and memorabilia. 52 Secret Garden in Northwood II is currently vacant, but I don’t expect that to last very long. Anyone walking into the house will see that the home is beautiful, move-in ready, and perfect for a family.

The basics:

Asking Price: $988,800

Bedrooms: 5

Bathrooms: 4

Square Footage: 3,100

Lot Size: 4,270

$/Sq Ft: $319

Property Type: SFR

Year Built: 2005

Community: Northwood II

HOA Dues are $142 per month and this home has Mello Roos tax.

At only $319 per square foot, it is less than the other homes I’ve seen recently in Woodbury and Northpark Square. This house is in a quiet, small, gated community with beautiful common areas.

The entryway features a large archway and a staircase with pretty white railings. It leads back to a huge, open kitchen that can easily become the heart of the home for any family. It has stainless steel Kitchenaid appliances, with a stove in the island a double oven, and plenty of counter space. There is ample room for a large dining table and seats at the island. The colors of the wood floor, granite countertops, cupboards and tile backsplash all coordinate nicely with each other, giving a warm, homey feeling to the room.

Through the kitchen is the family room, with its built in 65” TV and surround sound speakers (surround sound is also wired in other rooms throughout the house). The room is truly separate from the kitchen, not a great room as is common in many new homes these days, but it is still a large, comfortable room.

The home lacks a formal living room and dining room, but I didn’t even notice this until after I’d left. These rooms are seldom used by many families and can be a waste of square footage. The extra large kitchen and family room in 52 Secret Garden are a much better use of space and the other rooms likely won’t be missed. The only other room downstairs is a guest bedroom, which could also be used as a home office.

Upstairs features two more secondary bedrooms, one with wood floors and one with berber carpet (all other upstairs rooms and hallways are also carpeted). Both rooms have walk-in closets, one has a large balcony, and they share a bathroom. The master bedroom has crown molding, an enormous walk-in closet, and a large master retreat that could be used as a sitting room, fitness room, or office. It opens onto a long balcony that overlooks the home’s inner courtyard.

Also off that balcony is a separate guest room with its own bath. The guest room has a private entrance with a stairway to the backyard. It provides an extra level of privacy for in-laws, a tenant, or a home office.

The backyard is small, but attractive with brick hardscape, a fountain, a built-in barbecue, a refrigerator and an ice chest. There is a large courtyard between the driveway and the detached garage. It is visible from the kitchen and family room, creating a large, safe place for children to play. The garage has several large built-in cupboards and additional storage suspended from the ceiling.

All in all, this is a truly gorgeous home with a great floor plan. Its only downside is that it backs to Trabuco, though there is a wider sidewalk and landscaped area along the road, so it isn’t right up against the house. While Trabuco is quiet now, traffic may pick up as people move into Cypress Village and the new junior high school opens. However, with its competitive pricing and beautiful upgrades, I don’t think this home will be on the market much longer. Take a look before someone else snaps it up!

Discuss below or on the Talk Irvine forums.

41 Willowgrove Irvine, CA 92604

This Woodbridge condominium has a whole handful of natural assets, and a few inevitable limitations. The private lot location at the end of a cul de sac gives the home a generous helping of natural light and privacy.

The location off of West Yale Loop in a secluded part of Woodbridge secures the home’s value in a community that offers a nearby lake with a beach club and water craft facilities, excellent schools, a senior center, tennis courts, pathways, bikeways, recreational parks, and pools. The overall established image of the Woodbridge community is a big plus.

Also, the home is FHA approved, and was recently reduced $20,000.

Specifics for this two level Craftsman:

• 3 bedrooms

• 2 full baths

• 1 half bath

• Square Footage: 2059

• Ceramic tile and linoleum flooring

• Shutters

• Metal Roof

• Twp car garage

• Stucco, 1 common wall attached

• Gas and wood fuel, gas starter fireplace in living room

• Laundry in the garage

• HOA: $346

• No Mello-Roos tax

Natural Assets: Within this home, a feeling of seclusion and ease is created with the open floor plan and a free standing patio and green space wrapping around the side and the back. Double paned windows insure quietness. The home was built in 1978 and shows definite pride of ownership.

As you move from the formal entry into a comfortable living room, and then on into the dining area, central kitchen with breakfast bar, and a good sized family room, there is a natural feeling of openness and access to the outdoors that suggests entertaining and family parties. The cathedral vaulted ceilings complete the feeling of spaciousness. The outside areas are beautifully maintained.

The bedrooms are all upstairs and the master suite has a roomy retreat that could be become another bedroom or an office.

Limitations: On the downside, much of the interior is original with popcorn ceilings and darker wood cabinetry and paneling. A lighter approach In woods throughout the interior could capitalize on the natural inside/outside look of the home. Light lemon paints, lighter woods and plants might extend that appeal. Also, the availability of a bedroom on the main floor would be a welcome addition for senior owners or older guests.

Comparison with nearby properties: 45 Willowgrove is currently listed at $639,000. It is a similar property with 3 bedrooms, 2 and half baths, 1840 square feet. HOA: 346. It also lists Italian tile and special window treatments.

Who will pick this property? A young family seeking Woodbridge schools might choose to be here. Coupled with Woodbridge’s lakes and sports facilities, there is good family potential. Or it could be a retreat for a mature couple with room for a library, grandchildren and guests.

What appeals to you about this property? Is anything a dealbreaker?

Discuss below or on the Talk Irvine Forums.