Closed Sales from 1/31/2013 to 2/6/2013

Date Sold Address Zip Tract Sold Price Beds SqFt
Airport Area
1/31/2013 611 Rockefeller 92612 Maxfield $580,000 2 1786
1/31/2013 1410 Scholarship 92612 Avenue One $325,000 1 846
2/1/2013 2420 Watermarke 92612 Watermarke $287,000 1 635
2/1/2013 3157 Scholarship 92612 3000 The Plaza (3PLZ) $1,350,000 2 2300
El Camino Real
1/31/2013 14802 Waverly 92604 $450,000 3 1112
Northpark
1/31/2013 14 Longvale 92602 Campanile $815,000 3 2000
2/1/2013 59 Arcata 92602 San Simeon $625,000 3 1650
2/5/2013 39 Vacaville 92602 Brentwood $1,325,000 6 3500
2/6/2013 305 Terra Bella 92602 Terra Bella $380,000 2 1167
Northwood
1/31/2013 9 Cintilar 92620 Woodside $750,000 4 2209
1/31/2013 171 Pineview 92620 The Lakes (LK) $295,000 2 1202
2/6/2013 17 Mahogany 92620 Mahogany $1,425,000 5 3300
Not Defined
2/6/2013 114 Blaze 92618 Santa Cruz $705,000 3 2144
Orangetree
2/1/2013 21 Tarocco 92618 Orchard Glen OT $310,000 2 1000
Portola Springs
1/31/2013 40 Shaman 92618 Las Colinas $965,000 4 2933
2/1/2013 20 Canoe 92618 Ironwood $648,880 4 2423
2/1/2013 56 Distant Star 92618 Manzanita $590,000 3 2533
2/4/2013 60 Gray Dove 92618 Las Colinas $1,080,000 4 3109
Turtle Ridge
1/31/2013 28 Woodcrest 92603 Chaumont $1,835,000 4 3150
2/1/2013 35 View 92603 Citrus $2,025,000 4 3690
2/5/2013 29 Starview 92603 La Cima $3,725,000 5 5699
Turtle Rock
2/1/2013 10 Brigmore Aisle 92603 Summit Towne Collection $745,000 3 2045
2/4/2013 9 Centaurus 92612 Crest – Akins $1,360,000 4 3635
Walnut
2/4/2013 14142 Klee 92606 Colony $700,000 5 2533
West Irvine
1/31/2013 22 Moonstone 92602 Mandeville $488,000 3 1500
2/1/2013 6 Emory 92602 Andover $439,900 2 1200
Westpark
1/31/2013 142 Alicante Aisle 92614 Tiempo $265,000 1 830
2/1/2013 7 Santa Victoria Aisle 92606 Ravenna $710,000 4 1867
Woodbridge
1/31/2013 22 Longshore 92614 Lakeshore $510,000 2 1932
Woodbury
1/31/2013 217 Regal 92620 la Casella $645,000 3 1656
2/1/2013 30 Hedge Bloom 92618 $485,000 3 1394
2/4/2013 111 Calypso 92618 Santa Rosa $375,000 2 1060
2/5/2013 32 Nature 92620 other $590,000 3 1820
2/5/2013 37 Twiggs 92620 Juliet's Balcony $1,570,000 5 4216

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3530.0.html

Open House Review: 8 Campanero East

A new addition to the For Sale market this week was 8 Campanero East in Northwood’s Park Paseo neighborhood. Originally built in 1977 as a one-story, 3+2 home at just over 1300 square feet, this house was remodeled and expanded in 1989. It is now a 5+3 with a large loft and is 2,840 square feet.

The basics:

Asking Price: $889,000

Bedrooms: 5 + loft

Bathrooms: 3

Square Footage: 2,840

Lot Size: 4,185

$/Sq Ft: $313

Days on Market: 7

Property Type: Single Family Residence

Year Built: 1977; expanded in 1989

Community: Northwood

HOA dues are $85 per month and there are no Mello Roos taxes.

From the entryway, I saw a dining room to my left and a large living room to my right. Both rooms, along with the rest of the downstairs, are covered with reddish terracotta tiles. The dining room is on the smaller side, but can fit a table for eight, possibly more. The living room is actually quite large, with enough space to create two separate seating areas. One end has a fireplace and there are two sets of French sliders leading out to the backyard.

The backyard is very small and fully hardscaped in a combination of brick and wood. Most of it is covered by a white trellis. The yard is plumbed for a Jacuzzi, though it doesn’t actually have one.

Beyond the living room is the downstairs bedroom, which also has access to the backyard. This room is tiny, especially since one side is taken up almost entirely by the sliders. It has a small closet and a ceiling fan. The adjacent (not attached) bathroom has a single sink and a shower/tub combo. This is actually the only bathtub in the house suitable for small children.

A short hallway leads to the family room and kitchen. The first part of the room is perfect for a casual dining area, with space for a good-sized table, and bar seating just outside the kitchen. The kitchen itself is small and the counters are covered in large white, marble tiles that look outdated. The cabinets are white, with most of the upper cabinets having glass faces, making the small room feel a bit more open. A small center island has an expandable butcher-block top and provides much-needed extra counter space. Despite advertised stainless steel appliances, all of the appliances are black. And, while it does have a double oven as advertised, it fits into the same space as a regular single oven, so each oven is half-size. There is a walk-in pantry and direct access to the garage. The kitchen also has a door leading into the dining room.

The family room has a big fireplace in one corner and a nice set of built-ins across from it. Dark wood around the fireplace and wainscoting on the walls give the room a bit of a country feel. One large window looking out to the street provides the only natural light for the family room, kitchen and casual dining area.

The staircase is tiled to match the downstairs, but once at the top, there are dark, hardwood floors that extend down the hall and into the master bedroom. A small alcove with several windows offers space for a bright work area if desired. All of the bedrooms are off a hallway to the left and another staircase on the right leads up to the loft.

There are four bedrooms on the second level. The three secondary bedrooms come first, all in a row across the back of the house. Each one is on the smaller side and they all have new carpet, two-door mirrored closets (still with the gold trim common in 1980’s construction), and ceiling fans. The two on the ends have vaulted ceilings. At the end of the hall is the shared bathroom, which was recently remodeled. It has a single sink and a large shower with a seat, but no bathtub. Unlike the brushed nickel fixtures used in the kitchen and other bathrooms, this bathroom has bronze hardware.

The master bedroom is at the front of the house. The entry to the room is awkward, with a wall almost right in front of you to create one hallway straight ahead to the bedroom and another on the right to the bathroom. The double vanity appears newer, with dark wood and brushed nickel hardware. However, the large soaking tub is surrounded by 80’s-style tile and chrome hardware. The tub is incredibly deep with high walls and probably requires a stool to get into. It wouldn’t work well for bathing children but would be a nice place to relax. The separate shower is quite small and has not been updated.

Just inside the main door to the room is a large mirrored closet. The bedroom itself is average-sized, with vaulted ceilings and a fan. French sliders lead out to a big balcony overlooking the street. There is a large walk-in closet that doesn’t currently have doors but does have a track at the top if you wanted to install them.

The staircase leading up to the third floor is somewhat steep, especially at the top where the railings felt a bit low. The loft is a good-sized room that could easily be a bedroom, office, playroom, etc. It has angled ceilings that are lower on the sides, so an adult couldn’t stand at full height, but are tall enough to put a couch, bed or desk against. It has one small window overlooking the backyard. Like the secondary bedrooms, it has new carpet. Currently, the loft is closed in, but with what is clearly a temporary wall. Per the agent, it is made to be easily removable, so owners can choose whether to have it open or closed in. The wall is solid, but thinner than a regular wall and with visible seam lines and cracks around the edges.

Overall, this house offers many rooms and plenty of space. It is well located on a quiet cul-de-sac and just steps away from Santiago Hills Elementary School and the association pool, spa, clubhouse and tennis courts. The floors, carpet, and paint are new throughout most of the house and everything is clean and well maintained. The downfalls are that many of the rooms are small, most notably the kitchen and all secondary bedrooms, as well as the backyard. Personally, I dislike the terracotta floors downstairs, but they may appeal to others. The other big negative in my opinion is the lack of a bathtub on the second floor. It is a good house and definitely worth checking out if you need a lot of rooms, want a good association with low dues, and don’t mind that the rooms and yard are small. The large living room and extra loft do provide extra space to make up for the smaller bedrooms and kitchen.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3526.0.html

Housing is on the Rebound: It’s a Good Thing, Right?

“I look to single-family housing as a bellwether for the general economy. Here in Orange County, single-family supply has shrunk considerably, which has led to an increase in demand. This points to increased competition and positive growth for the local economy. Single-family housing has an important psychological impact on the rest of the economy. When it points to positive growth, we will see the same for the rest of the economy.”

–Rand Sperry, CEO Sperry commercial real estate franchisor in Irvine (Jonathan Lansner and Jeff Collins, “For 2013, 13 less obvious keys to market,” The Orange County Register)

So what is happening with the single-family home in the Irvine real estate market? As shown a recent Altos Research graph for Irvine’s single-family housing market, the single-family housing market is on the upswing in Irvine (as well as in most of Orange County). Note the sharp upswing in this recent Altos Market Action Index (MAI) graph for Irvine. So it’s all good, right? According to Joel Kotkin, Distinguished Presidential Fellow in Urban Futures at Chapman University, not necessarily:

“Just six years since the last housing bubble, California is blowing up another. This may seem like good news to homeowners and speculators alike but it could further accelerate the demise of the state’s middle class and push more businesses out of the state.”

–Joel Kotkin (“Here we go again? Reinflating California housing values good for owners and governments, bad for middle, working classes, whose incomes haven’t kept up.” The Orange County Register)

Here are some points that Kotkin uses to back up his claim:

  • Last year In Southern California, housing sales increased 14 percent and the median price increased 16 percent. However, housing construction has not increased substantially. Therefore, inventory is not being replenished.
  • “[M]any of the homebuyers are not families seeking residences, but flippers, Wall Street types and foreign investors. A remarkable one-in-three Southern California home purchasers paid with cash, up from 27 percent from last year.”
  • Kotkin refers to the American Community Survey that states, when compared to 2007-11, California incomes are down $2,600 per household. Since middle-class incomes are not keeping up with the increased prices, rising housing prices are not linked to household income.

Kotkin continues his commentary by giving his solutions to the problem. Room for discussion on these solutions exists. But before we get to that, what do you think about his basic premise? Is this upswing in housing sales and prices a good thing? Or is it profiting a select few while putting the middle class at a disadvantage? Are we heading for another bubble?

*The Altos Research Market Action Index measures the strength of a housing market.

Open House Review: 420 E. Yale Loop #31

420 E. Yale Loop #31 $574,000

Woodbridge Condo Returns to Market

Driving over to this Woodbridge condo in the South Lake area I was interested to see what the total package would be. On the market about 45 days, this home was first shown vacant, and later staged, playing up the spacious floor plan and numerous upgrades.

Significant numbers: This two level, three bedroom, three bath home is 1,749 sq. ft., at $328/sq. ft. with HOA dues of $467. Built in 1985, the home was listed in December at $598,000. It is now listed at $574,000. It was sold for $430,000 last October. There is no Mello Roos.

Close-Up: Stepping inside there is a crisp feel to the overall upgrades with a new wrought iron staircase, new lighting and chandelier, designer tile, carpeting and paint effectively setting the stage. A good sized living room with fireplace and a formal dining area ringed with shuttered windows leads to an all new kitchen with granite counters, stainless appliances and designer wood cabinets. The breakfast nook and family room complete the flow of the floor plan.

The bathrooms have been remodeled with spa and tub in the master suite. There are double vanities, walk-in closet and mirrored closet doors too.

The outside covered patio has planter areas and room for a barbecue.

Specifics:

Bedrooms, 3

Baths, 3

One common wall attached

Double garage

Association pool and spa

Double garage

2 parking spaces

Irvine Unified School District

What will be considered? Woodbridge’s lakes and many recreational facilities coupled with a roomy floor plan with 3 bedrooms and 3 baths and an overall remodeling will give this condo an edge. The sales history in a shrinking market will also be reviewed.

Who will be moving here? An active family looking for excellent schools and the Woodbridge park and lake setting will be attracted to this home. Buyers looking for a first home in Irvine or an investment in the Woodbridge area will also be attracted.

Recent listings: 16 Carnation, $575,000; 3 Pearleaf, $559,000.

Recent sales: 1 Spring flower #144, $519,000; 164 Greenmoor, #70, $485,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3521.0.html

Attached or Detached?

Inventory as of February 2nd, 2013: 223.

As Irvinites take the Christmas lights off, and drag their tree away for recycling, they couldn't help but notice that the property prices are on the rise. Now that the house was getting professionally cleaned post-holidays, many thought why not, lets test the market – if WTF listing price works, might as well make some money and trade up!

As I scanned through the twenty listed properties in North Park/ West Irvine area, I noticed a familiar address. 10 Mineral King. I had covered this blog in my previous blog “Kings of their domain“. The property was listed at $699,800 then, and delisted, and now it's listed at $719,000.

Listing Price: $719,000

Beds: 4

Baths: 2.5

Sq. Ft.: 2,477

Price/Sq. Ft.: $328

Property Type: Residential, Single Family

Style: Two Level, Other

Year Built: 2000

Community: North Park

Builders Tract Name: Evergreen

Builders Tract Code: EVRG

Builders Model Code: 4

Monthly Mortgage: $2,563

HOA Dues: $328/month ($183+$145)

Property Tax ( 1.0593%): $7616 Annually

Mello Roos: $1,401 Annually

Monthly Property Tax+ Mello Roos: $751

Fixed Monthly Expenses: $3,642

Here is a brief sales history for 2012:

12 Millbrae $292/SF

7 Three Rivers $300/SF

17 Crescent City $276/SF

16 Crescent City $278/SF

16 Apple Vly $289/SF

14 Apple Vly $278/SF

Why do these Single Family Residences sell for much lower than the trending $350/SF+ in North Park?

Partly because all these are listed as “attached” Single Family Residences.

What are attached Single Family Residences?

They share a wall with their neighbor, just like Condominiums, but you own the land below your building. Also, this particular property has two HOA dues just like a condominium, adding up to $328 per month.

Floor Plan:

At 2477 SF, the house is spacious, but all the bedrooms, and retreats and full size bathrooms are upstairs. There is no guest bedroom, or home office downstairs. Also, the for the house this size, the kitchen looks cramped. There is no significant yard either. Most of the condominiums have bigger yards. Also, two and a half bathrooms are too little for a four bedroom house.

For the same price, what else is on the market close-by?

12 Proclamation Way. Comparing a property from West Irvine to North Park isn't a fair comparison, but unless you are hung up on a particular builder, these do fall under the same zip code and share the same sales statistics.

Listing Price: $799,000

Monthly mortgage: $2864

Mello Roos: $1129

Property taxes: $8463

Taxes + Mello Roos Monthly: $799

Fixed Monthly Expenses: $3663

What would you do?

Would you buy an attached property in a guard gated community with all bells and whistles, or a detached property? Would the builder's name change your decision? Do you check pending litigations, and past records of the builder before buying?

Share your thoughts at Talk Irvine.