Category Archives: Real Estate Analysis

A Closer Look at Irvine's Northpark Neighborhood

In a previous post, I gave an overview of the housing statistics for each of Irvine’s neighborhoods. Today I’ll take a more in depth look at the Northpark numbers.

Northpark—March 2012:

Area List Price/# Homes Listed Sold Price/#Homes Sold Median List/SF Median Sold/SF % Chg Y-O-Y Sold Price/SF
Houses $859K/27 $720K/11 $357 $301 -9.1%
Condos $459K/23 $377K/24 $320 $274 -6.2%
All Northpark $674K/50 $465K/36 $341 $281 -8.8%
All Irvine $610K/556 $490K/218 $343 $312 -0.6%

The following graphs show the cahnge in the price per square foot of Northpark houses, the price per square foot of Northpark condos, and the number of Northpark homes on the market, 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 Northpark real estate market.

14 Pismo Beach

• What: Single-family built in 2000

• Beds/Baths: 4 /4.5

• HOA Dues: $155/month

• Mello Roos Tax: Yes

• Price as most recently listed: $1,690.000

Note: This home was delisted on April 23. It was also delisted on February 22 of this year and then relisted on March 6. In addition, the property history shows that a sale was pending on February 7. This home last sold for $800,000 on February 27, 2001. My guess is that it will be relisted again soon.

404 Terra Bella

Note: This is one of the few Terra Bella homes that is not currently listed as “sale pending.”

• What: Condo built in 1999

• Beds/Baths: 2/2.5

• HOA Dues: $286/month

• Mello Roos Tax: Yes

• Price: $383,900/$286 per square foot

18 Avalon #5

• What: Condo built in 2002

• Beds/Baths: 3/2.5

• HOA Dues: $128/month

• Mello Roos Tax: Yes

• Price: $549,999/$344 per square foot

Discuss below or at Talk Irvine.

$450,000 in 92602

Like the first child, buying the first house is also an emotional experience. Every penny in that down payment has a little back story. Every tour of the home has the buyer’s imagine their life in that house. Today, we will look at the inventory of starter homes in 92602, keeping the budget from $400,000 to $425,000. One is a short sale, and other two are standard sales.

5 Cabazon #19, Irvine CA 92602

Listing Price

$400,000

Beds/ bath

2 Beds/ 2 bath

Area

1663 SF

Price/ SF

$241

Down payment

$80,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1505 Monthly

Home Owner’s Dues

$225

Mello-Roos

$1284 Annually

Property Tax (1.0595%)

$4238 Annually

Monthly Property tax +Mello Roos

$460 Monthly

Fixed Cost of owning

$2190 Monthly

40 Chula Vista #107, Irvine CA 92602

Listing Price

$415,000

Beds/ bath

3 Beds/ 2.5 Baths

Area

1510 SF

Price/ SF

$275

Down payment

$83,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1561

Home Owner’s Dues

$352

Mello-Roos

$1311

Property Tax (1.0595 %)

$4397

Monthly Property tax +Mello Roos

$475

Fixed Cost of owning

$2388

41 Burlingame, Irvine CA 92602

Listing Price

$425,600

Beds/ bath

2 Beds/ 2.5 Bath

Area

1475 SF

Price/ SF

$289

Down payment

$85,120

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1601

Home Owner’s Dues

$358

Mello-Roos

$1388

Property Tax (1.0595%)

$4509

Monthly Property tax +Mello Roos

$491

Fixed Cost of owning

$2450 monthly

Here is how the monthly fixed costs of owning stack up:

5 Cabazon $2190

41 Chula Vista $2388

41 Burlingame $2450

Even though the listing price is around the same price, the mortgage is around the same amount, the property tax and home owner’s association dues vary. If you were to buy a starter home, or an investment property, which one would you buy? Of course floor plan comes first, but would a price difference in Mello Roos, Property tax and HOA dues impact your decision?

Also, a couple of months ago, there was a huge influx of $375,000-$450,000 condos in the West Irvine area. The inventory seems dry as of now. Does that mean the market has picked up for the condos in that area?

In April, 2012:

92 Topaz was sold for $350,000

163 Topaz was sold for $403,000

161 Topaz was sold for $390,000

103 Sapphire was sold for $375,000

But a quick listing scan on redfin shows no more ‘gems’ from the West Irvine area. What do you think? We will see them racing to the bottom again in the ‘Summer of 2012’?

Discuss below or on Talk Irvine.

Two Ways to Go on Trovita

Today's post was written by SMS. Let us know what you think!

Houses can be raw material ready for shaping OR a finished project just waiting for the new owners to unpack and enjoy. On Sunday I looked at two single family homes in Canyon Creek and found a bit of both.

The first at 3 Trovita, is very desirable raw material, almost totally original, and meticulous. As you enter and encounter snowy white carpet, a discreet sign requests that you remove your shoes.

Across the street, the second house at 6 Trovita offers an estimated $250,000 in upgrades and quite a bit of extra sizzle.

Price and Size Comparisons: 3 Trovita is 2794 square feet, and it just went from $919,000 to $898,000. 6 Trovita is 3000 square feet and it went from $982,000 in Oct, 2011 to $929,000. 3 Trovita has 4 bedrooms, 3 baths and 6 Trovita has 5 bedrooms, 3 baths and a third garage. The average list price for similar homes for sale is $921,303 and the average sales price for similar recently sold homes is $633,417.11 There is no Mello Roos tax.

Overall look at Canyon Creek and beyond: As a sheltered, low crime, gated community in the most appealing part of Northwood, Canyon Creek provides pool, spa, and tennis courts. With $147 in monthly fees, you also get access to excellent Irvine schools, including Northwood High. Canyon Creek website

These homes were built in the 1980’s and the community has a reassuringly safe, insulated atmosphere. Although I must add in this price range you could be nearer the beach (with some houses in Newport’s Dover Shores), or possibly find a view property in Turtle Rock, Irvine, and have comparable or the same school systems. But of course, you would not have the gated community security.

Lot Size and Outdoor Space – In this price range I would like to not be quite as aware of my neighbors. Just 10 feet more in depth for the back patio areas would really maximize the outdoor space. The landscaping and upgrading at 6 Trovita works to mask this problem quite successfully. The property at 3 Trovita is beautifully maintained, but could use a bit more sizzle (fountain, herb garden, etc.) and more landscape masking.

What really fits the buyer’s needs? For a professional couple who travel frequently, entertain small groups, and often have visiting guests, these homes could work very well. As an investment for foreign buyers, a location for those who work in or near Irvine, and an option for growing families, or extended families, both of these homes are right on target.

Down to the details:

3 Trovita

Pros:

  • Meticulous property, spotless presentation.
  • Dramatic cathedral ceilings in formal living room, dining room and master suite.
  • Master Suite also offers wet bar, brick fireplace, double Roman tub and stall shower, built in bookcases.
  • Double paned windows throughout.
  • Newer concrete tile roof.
  • New brushed nickel faucets and door hardware.
  • New porcelain travertine-like tile in kitchen.

Cons:

  • Patio needs more masking of nearby neighbors and more spark – herb garden, fountain, etc.
  • Original stairs with planter box underneath need to be upgraded.

6 Trovita

Pros:

  • Formal dining room with French doors.
  • Formal living room has custom mantel.
  • Updated kitchen with stainless appliances and new induction cooktop, and granite countertops.
  • New circular stairway
  • Stained glass window, custom window coverings.
  • Hardwood floors, recessed lighting, shutters.
  • Master suite has private deck, two sided fireplace, elegant bath.
  • Outdoor area offers chill pool with skillful landscaping creating a retreat for entertaining, and relaxing.

Con:

  • In competition with other properties in other areas offering views, or beach proximity.

Has anyone else visited either of these properties? What were your impressions?

Discuss below or on Talk Irvine.

What Would $750,000 buy in Irvine?

Five different villages, five different floor plans. But all of the properties I am comparing today are within the price range of $740,000 to $760,000. Without analyzing each micro-market’s performance over the decade, or the age of the home and school districts, lets’ see how much house can we afford in each village. All of them are standard sales.

Quail HIll:

91 Canopy Irvine, CA 92603

Listing Price

$749,000

Beds/ bath

3 Beds/ 2.5 bath

Area

2000 SF

Price/ SF

$374

Down payment

$149,800

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2818 Monthly

Home Owner’s Dues

$214

Mello-Roos

$2662 Annually

Property Tax (1.20782%)

$9046 Annually

Monthly Property tax +Mello Roos

$975 Monthly

Fixed Cost of owning

$4007 Monthly

Airport Area

5071 Scholarship #503 Irvine, CA 92612

Listing Price

$749,500

Beds/ bath

2 Beds/ 2 Baths

Area

1675 SF

Price/ SF

$447

Down payment

$149,900

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2820

Home Owner’s Dues

$975

Mello-Roos

$14.77

Property Tax (1.10663%)

$8294

Monthly Property tax +Mello Roos

$692

Portola Springs:

54 Land Grant Irvine, CA 92618

Listing Price

$749,990

Beds/ bath

3 Beds/ 2.5 Bath

Area

2044 SF

Price/ SF

$367

Down payment

$149,998

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2821

Home Owner’s Dues

$247

Mello-Roos

$3680

Property Tax (1.0595%)

$7946

Monthly Property tax +Mello Roos

$969

Fixed Cost of owning

$4037

Turtle Rock:

12 Mirador #5 Irvine, CA 92612

Listing Price

$750,000

Beds/ bath

2 Beds/ 2.5 Bath

Area

1839 SF

Price/ SF

$408

Down payment

$150,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2821

Home Owner’s Dues

$487

Mello-Roos

$145

Property Tax (1.0496%)

$7872

Monthly Property tax +Mello Roos

$668

Fixed Cost of owning

$3976

Woodbridge:

63 Lakefront Irvine, CA 92604

Listing Price

$759,000

Beds/ bath

3 Beds/ 2 baths

Area

2077 SF

Price/ SF

$365

Down payment

$151,800

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2855

Home Owner’s Dues

$489

Mello-Roos

$145

Property Tax (1.034%)

$7848

Monthly Property tax +Mello Roos

$666

Fixed Cost of owning

$4010

Which condo would you buy?

Do the Mello Roos and Property Tax rate affect your decision?

Would you rather pay more for the house than the big HOA dues?

How do you pick your village in Irvine?

Discuss below or on Talk Irvine.

Is Irvine Housing a Buyers’ or Sellers’ Market?

The following post gives more information to help answer the question that Cubiz Zirconia asked in Monday’s post: Is it time for Irvine home prices to rebound?

 

Trulia came out with a report recently that said buying a home was a better deal than renting in many U.S. locations, including the OC.

 

 

Trulia Rent vs Buy Chart

 

Does this mean that Irvine has transitioned from a buyers’ to a sellers’ market?

 

When I was writing about the Irvine real estate market for Redfin, I would periodically check Altos Research statistics for single-family homes in Irvine. One of these stats was the Altos Market Action Index. Altos defines the Market Action Index as the balance between potential buyers and sellers; in other words, the balance between supply and demand. Above 30 is defined as a sellers’ market, and below 30 is defined as a buyers’ market.

 

Following is a random sample of past Irvine Market Action Indexes for single-family homes:

 

    • December 13, 2009: 19.98

 

    • July 12, 2009: 18.31

 

    • September 16, 2008: 16.68

 

    • June 15, 2008: 16.54

 

    • January 13, 2008: 16.11

 

 

According to these numbers, the Irvine single-family market was definitely a buyers’ market. So what about today? Has the single-family market in Irvine transitioned from a buyers’ to sellers’ market?

 

Irvine’s current Altos Market Index is 20.54. According to this number, Irvine’s single-family housing is still a buyers’ market. (Of course, this could be true or untrue for different neighborhoods in Irvine.) How long will this last? Any opinions?

 

 

To see more statistics from Altos on Irvine’s single-family housing market, to go the Altos Research page for Irvine. I found it interesting that the 90-day trend shows that the number of homes on the market in Irvine has declined quite a bit.

 

Note: I’ll write about Irvine’s condo market at another time.

 

Discuss below or at Talk Irvine.