Woodbridge Entertainer Gem

20 Rainstar $1,100,000

Having just seen 5 Rainstar in Woodbridge, an upscale remodel that is now a sale pending, I wanted to see how this single family home at 20 Rainstar would compare.

Significant Numbers: New to the market, this two level, 4 bedroom, 3 bath, single family home is now also a sale pending after 9 days with backup offers accepted. I saw it last Saturday in a busy open house. The square footage is 2,460 and the lot size is 5,000 square ft. Built in 1981, it is $447/sq. ft. There is no Mello Roos. HOA dues are $82.

CloseUp: This home is an entertainer natural, from the professionally landscaped entry, on through one nicely defined space after another, finishing with the stunning windowed back wall of the home, the mood is expansive, elegant and immaculate.

A family room with fireplace and a living room flank the double sided custom bar, overlooking the private patio with greenbelt beyond. French doors open to the patio which proves to be an inviting extension of the home with custom spa, built-in seating, barbecue and fire pit.

Looping around from the family room on the left, there is a large gourmet kitchen with granite counters, top of the line appliances, a gas range, custom cabinetry, and a sunny casual dining area with window seat. Completing the loop is a formal dining room.

Vaulted ceilings, custom draperies, wall to wall carpet, hardwood floors, plantation shutters and recessed lighting make the most of this light filled open floor plan. It is easy to see the party flowing through the house and onto the patio.

Upstairs, the master retreat with fireplace, has a huge remodeled bath and custom walk-in closet. There are two more good sized bedrooms and bath, and a loft area with built-in desk upstairs, and a bedroom, and full bath with antique mirror on the main floor.

Specifics:

Bedrooms, 4

Baths, 3

Association pool, Community Pool

Double Garage

Two parking spaces

Central furnace, central air

Detached/no common walls

Irvine Unified School District

What should be considered here? As a sale pending after 9 days, this single family home in the South Lake area of Woodbridge moved right through a brisk market. I would compare its entertainment credentials with others in this price range in Turtle Rock, like 10 Morning Glory. Both houses are entertainment pros, and standouts in design and use of space.

Who will be throwing the next party here? Will it be an Irvine couple who entertain often and need a downstairs study/office/hobby room, or extra space for guests and grandkids? Or will it be an active family seeking top schools and great recreational options? A top elementary school is just around the corner.

Recent nearby listings: 18 Meadowsweet Way, $795,000; 3 Foxchase, $799,000.

Recent sales: 15 Daybreak, $880,000 in October; 26 Emerald, $980,000 in October.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3577.0.html

Inventory as of 2/24/2013: 2-0-0.

As Irvine inventory drops and the nationwide housing statistics show signs of life, we have moved into a seller's market. Last year, around spring, I questioned if this is the worst Irvine saw, and in fall, I wondered if this is recovery. Within a year, we have gone from bottom to recovery to a bubble. Condominiums are being listed for a price that people paid to buy single family homes just a year ago. Here is my favorite village “West Irvine” which saw the worst last winter, and stabilized last summer, and now is booming.

59 Sapphire, Irvine CA 92602

Listing Price: $569,900

Beds/ bath: 3 Beds/ 2.25 Baths

Area: 1500 SF

Price/ SF: $380

Year Built: 2001

Builders Tract Code: Mandeville (MAND)

Elementary School: BECKMAN

Middle School: PIONEER

High School: MYFORD

School District: Tustin Unified School District

When I saw the listing price, my jaw dropped. I am watching these homes for almost 12-15 months now. Attached condominiums, space just enough for a small family, has huge potential as an investment property, better construction quality than some of the single family homes in the area, all good for a price tag below $450,000. But at 569,900, if this is not the beginning of another housing bubble, what is?

Here is the brief sales history for these condos. Market conditions have changed too, inventory is a third of what it was a year ago, but still, unless you are a rich person who is buying these properties by dozens, it is going to feel like a lot for a little home.

163 Topaz $274.34

97 Sapphire $244.00

109 Sapphire $290.00

103 Sapphire $255.28

161 Topaz 1 $260.00

65 Sapphire $258.67

92 Topaz $233.33

33 Moonstone $286.67

63 sapphire $260.38

56 Sapphire $303.33

149 Topaz 13 $270.73

19 Moonstone $252.67

9 Moonstone $317.33

1 Moonstone $316.67

78 Topaz $295.00

117 Sapphire $313/SF

19 Sagamore $329/SF

75 Sapphire $260/SF

22 Moonstone $325/SF

At $380/SF, it's a $100/SF jump from last year. When was the last time this happened? Oh, if I remember it right, around 2005-2007 (these homes were around $600-$650k then).

Here are a couple of other blogs I had written about these homes:

117 Sapphire and 97 Sapphire

117 Sapphire

97 Sapphire

Mortgage: $2,079Monthly

Property Tax: $6,036 Annually, $503 Monthly

Mello Roos: $772 Annually, $65 Monthly

HOA Dues: $230 Monthly

Total: $2,877 Monthly

(Fixed monthly expense to own a similar condo last August was $2105,and September was $2,346)

What are your thoughts?

Are we in the bubble-central, or is it just the beginning?

If you are a buyer, what are your plans? Will you continue to rent for a while, or buy before it's too late?

Share your thoughts at Talk Irvine.

As I turned down the street towards 6 Night Bloom, I saw three families leaving the open house and two more heading in. Once inside, the dozen pairs of shoes in the entryway confirmed that there was a lot of interest in this home.

The basics:

Asking Price: $600,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1,635

Lot Size: 1,000 (per redfin)

$/Sq Ft: $367

Days on Market: 7

Property Type: detached condo

Year Built: 2006

HOA dues are $156 per month and there are Mello Roos taxes.

This property is located in a small community near Northwood and Northpark Square. The unit has the unfortunate location of being on the corner of Culver and Farwell, though neither street has direct access to the neighborhood. The windows were open and noise wasn’t terrible, but may be worse during busier times. The master bedroom faces Culver. Because it’s on the west side of Culver, all homes in the community are slated for the Tustin Unified School District.

The condo itself is in very good condition and was more spacious than I expected. A small den at the front of the house offers a nice additional living space, though it doesn’t get a lot of natural light.

The great room comprises the rest of the living space downstairs. The family room, kitchen and eating area all truly flow together. The kitchen features granite countertops, stainless steel appliances, a walk-in pantry and an island with seating on one side. The white cupboards are a nice contrast to the darker wood floors and granite. The kitchen is a good size for a condo but cabinet space will definitely have to be used wisely. The dining area is also fairly small and is positioned in front of the sliding doors to the patio. The adjacent family room is bright, with windows on two sides and space for a large entertainment unit or wall mounted TV.

Because of its corner location, the condo has a large wraparound patio. One side has a fire pit and the opposite end has a built-in barbecue with bar seating for four. The patio has access to the row of garages at the back of the house.

The washer and dryer are in the attached two-car garage, which also has a big storage area cut into one side.

A small half bath with pedestal sink completes the downstairs.

Upstairs, there are three bedrooms and two full baths. The master has thick carpet and a ceiling fan. While it does face Culver, several large trees are in place to provide some privacy. The master bath has travertine floors, two sinks with tiled countertops and a separate tub and shower. The long, narrow walk-in closet also features a small vanity at the back.

The other two bedrooms were much bigger than I expected for a condo. Both have standard sliding closets with six-panel doors, plush carpet, and small windows on two sides. Each room also has a chair rail and one has wainscoting.

These rooms share a bathroom with travertine floors, a single sink, and a shower/tub combo.

Based on the sheer number of people viewing the residence, I wouldn’t be surprised if offers come in after this first weekend on the market. Its HOA fees are lower than most other condos I have seen and the unit has many upgrades inside and out. The location is the condo’s biggest drawback. The many trees planted around it to help block the view from the street also result in a lack of natural light despite the many windows in each room.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3560.0.html