Turtle Ridge Condo Challenge

110 Coral Rose, $509,000

Either this condo will fit the buyer like a glove, or not at all. That was my first impression when I drove up Coral Rose, a short distance from Newport Drive. The street is quiet, lined with three story condos, each carefully framed with well tended greenery.

Inside, the condo was humming with a steady stream of open house traffic. When I saw it the home had just been placed on the market, and 6 days later it is listed as a pending sale. Evidently it fit someone perfectly.

Significant Numbers: This 2 bedroom, 2.5 bath Ashton Green model is 1,354 sq. ft. arranged on three levels. Built in 2004, HOA dues are $238 a month and the $/sq. ft. is $376. There are Mello Roos taxes.

CloseUp: 110 Coral Rose is the end unit with a nice band of green space along the walkway leading to the patio entrance. The overall space has been nicely staged with high ceilings, wood floors, built ins and crown moldings giving the home a crisp put-together image.

On the flip side, the three levels and flights of stairs may present some challenges and will certainly shape daily living routines.

As you step inside, there are double doors straight ahead that open into one of the home’s two bedrooms with ensuite bath. The master is many steps away on the third level.

Depending on the buyer, as an individual, couple, or perhaps two roommates, this could work. The main floor bedroom could also function as a guest room, or become a study/office.

To the left of the entry a flight of steps takes you to the main living area with a living room/family room, built in desk corner, and nearby dining area. Around the corner there is a powder room, and a slim slice of a kitchen with granite counters, stainless appliances, double sinks and a tiled backsplash. Opposite the kitchen there is a small covered deck.

Then up the final flight there is the master bedroom with large walk-in closet, and bath with double vanity, tile counters, and shower backsplash.

Specifics:

Bedrooms,2

Baths, 2.5

Sq. ft., 1,354

$/sq. ft. $376

HOA dues, $238

1 common wall attached

Double garage, epoxy floor

Two parking spaces.

Association pool and spa

Throughout the home there is a lot of light with well placed windows. But the views are limited, with duplicate units sitting across the way. The unit has double paned windows and a stacked washer and dryer in a laundry area on the ground floor.

What is to be considered here? The three levels, open floor plan, overall square footage and price will all be evaluated, perhaps as an investment, or a first home in Irvine.

Who will be moving in? Since it is a pending sale we may soon know. But it could be an individual who works in the area and wants easy access to the airport and nearby beach communities, or a busy couple who travel but need a sleek local operating base.

Recent listing: 5 Moondust #30, $580.000. Recent sales: 211 Lonetree sold for $580,000 in June; 231 Coral Rose sold for $450,000 in October.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3420.0.html

Inventory as of 23rd December: 202.

Lowest: 2 Verde @ $246/SF

Highest: 36 Boulder View @ $1,429/SF

At this rate, we might dip below 200 before the New Year. It's good news for sellers, but not so great for buyers. The market conditions have changed a lot since January this year. The inventory has dipped 65.1% since January. Median List Price has shot up by 45.6%, and Median list Price/SF by 16.4%. Last January when I started writing for Irvine Housing Blog, I knew Irvine was on path to recovery, defying all charts and projected prices and inventory by the experts, but I didn't anticipate this big a change.

Today, I will profile a property that has defied mostly all micro and macro market conditions, and continues to hold a good price of $376/SF despite being more than twenty five year old townhouse. It's been upgraded and updated beautifully. Another half-a-million dollar condo on Irvine, less than 1500 SF area.

131 Goldenrod #70, Irvine CA 92614

Listing Price: $530,000

Price/ SF: $376/SF

Area: 1411 SF

Beds/ Baths: 3 Beds/ 2.5 Bath

Year Built: 1985

Even though the condominium is less than 1500 SF, it has a functional floor plan. You enter into the living room/ dining room. The staircase takes up one side of the wall, and the powder room sits neatly below the staircase. There is a bay window on side of the living room, which to me is the focal point of this space. Kitchen is a separate room, and it has an attached space which can be used as a family room. There is a small patio off the kitchen, and a two car garage attached to the patio. Sometimes it's not the nicest things to have, a patio between garage and home, but some Irvine townhouses have this kind of floor plan. In my opinion, the only con for this property is, it's attached, and that severely restricts natural light and ventilation, limiting the number of windows for each room. The offset space between the house and the curb is good enough to have some green space, something that we don't see in the recent construction. The houses are moving close to each other, and to the curb. The Architects and Developers are maximizing the usable space, and construct on every allowable inch.

Monthly Expenses:

Listing Price: $530,000

HOA Dues: $297/ Month

Current Mortgage Rates: 3.25%

Monthly Mortgage: $1,847

Property Tax: 1.03361%

Monthly Property Tax: $456

Mello Roos: $148/ Annually

Total Monthly Expenses: $2612

Price/ SF, Monthly: $1.85/ SF

(There will be additional Property Insurance, Earthquake Insurance and Home Owner's Insurance expenses, and maintenance expenses considering the age of the property)

Here is another condominium in a very elite Irvine area. It's housed in a guard gated community. It has tandem parking. It has no patio to boast of, not even a small space to stand and water the plants. The offset to the street probably is the minimal required to get a Building Permit. But it shows up on the popular Irvine property list for the week. How are the monthly expenses?

Listing Price: $375,000

Estimated Mortgage: $1310

Monthly Property Tax @ 1.0593: $331

Monthly Mello Roos: $92

HOA Dues: $405

Total Monthly Expenses: $2,138

Price/SF, Monthly: $1.98/SF

Which one would you buy?

Or the question should be, will you buy an attached condominium with tandem parking, or detached garage at these prices?

What's your idea of a perfect condominium?

Discuss below, or share your thoughts at Talk Irvine.

If you are on the lookout for a four bedroom + bonus room home, take a look at 19 Fortuna West. This home has a great layout and a lot of space.

The basics:

Asking Price: $770,000

Bedrooms: 4 + bonus room

Bathrooms: 2.5

Square Footage: 2,673

Lot Size: 5,671

$/Sq Ft: $288

Days on Market: 42

Property Type: Single Family Residence

Year Built: 1977

Community: Northwood – Park Paseo

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

With price per square foot on the rise throughout most of Irvine, Northwood has actually seen a decline this year. This house is even lower per square foot than Northwood homes sold for in November.

Why the low price? This 1977 home still sports its original bathrooms (less new fixtures) and has a kitchen remodel that isn’t on par with other new kitchens. Carpet and flooring throughout the house is about 7-10 years old (per the seller) and both the interior and exterior need to be repainted. The ceilings haven’t been scraped and it backs to a non-residential street.

On the plus side, it boasts a huge bonus room, new windows, indoor laundry (uncommon in many Northwood homes), and a nice backyard. The house is directly across from a greenbelt and is an easy walk to the community pool, elementary school, and middle school.

Upon entry, the stairs are directly in front of you and the living room is to the left. It is one step down from the hallway and has several windows that let in a lot of light. The living room flows directly into an average-sized dining room.

The kitchen and family room are at the back of the house. The kitchen was remodeled with new cabinets and granite counters. The old panel lighting was removed and recessed lighting was installed, partially raising the ceiling. A large garden window looks out to the backyard. However, the kitchen still has a dated look to it. The cabinets and drawers don’t have handles and the oven and microwave are very old. With new appliances, cabinet handles and drawer pulls, the kitchen would look much more modern. While it lacks a pantry, a wetbar in the adjacent family room could probably be converted into a pantry pretty easily. There are bar stools on the family room side of the large counter.

The family room is pretty standard, with a fireplace at one end and a sliding door out to the backyard. There is room for a casual dining table in the family room as well, if the buyer chose not to use the bar stools.

The backyard is a nice size, with a large patio and a grassy area at the back.

The half bath downstairs has new fixtures, but is original otherwise. It is clean and well maintained. The laundry room is inside, and has a large linen/storage cupboard. A big hall closet under the stairs provides plenty of storage space as well.

Upstairs, there are four bedrooms and a huge bonus room. The master is at the top of the stairs. It’s a big room, with one full wall taken up by a three-door, mirrored closet. The bathroom has two sinks and a set of linen cabinets at the back. It has a big shower but no tub.

The other three bedrooms are average in size. One has a smaller window that is fairly high on the wall and a sliding door closet. The other two each have one window, but at a normal height, and walk-in closets (one much bigger than the other). All three bedrooms share a bathroom with two sinks and a shower/tub combo. Like the other two bathrooms, everything is original except the fixtures.

The bonus room is quite large and can be used for pretty much anything. It’s just one big, open space, so it provides a lot of flexibility. It has a wetbar in one corner and two windows facing the street.

This is a great home for a family. There are plenty of things that could be done to make it more modern, but the owners have really taken great care of it, so there isn’t too much work that is truly necessary.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3411.0.html

Contrasting Homes in Woodbridge

21 Soaring Hawk $664,500

In the last two weeks I have visited two open homes near the lakes in Woodbridge. Both have been remodeled. One is 1700 sq. ft., the other 1750. One is a two level condo and the other is a single level, single family home. First I saw the condo at 5 Pinewood #3, just two blocks from North Lake. The realtor described it as a “total customization.” The property has been on the market 27 days and now it is listed as a pending sale.

This week I found myself near South Lake at 21 Soaring Hawk in a single family home with 1,700 sq. ft. that had also been remodeled and expanded. The property has been on the market 12 days.

Significant Numbers:

	5 Pinewood #3	21 Soaring Hawk
Bedrooms	2 plus den	3 plus den
Baths	2.5	1.76
Sq. Ft	1750	1700
$/sq. ft.	$360	$391
Type	Condo	Single Family
HOA	$456	$82
Year Built	1977	1984
Remodeled	Yes	Yes
Mello Roos	No	No
Price	$629,900	$664,500

CloseUp: 21 Soaring Hawk is on a quiet street in the North Lake area. Inside, there is an entry with limestone tile that blends perfectly with a pale thickly carpeted living room with tiled fireplace, followed by a patio, and a dining room to the right. The kitchen completes the circle leading from the dining room back to the front hall.

Throughout the home the limestone flooring is contrasted with the carpeting. Recessed lighting, custom boxed shutters, skylights and window treatments accent the pale color scheme of the floors.

The kitchen could use the spark of new stainless appliances, but the cabinetry, flooring and tile backsplash with bright inserts work well with the rest of the home.

Off to the right of the entry, there is a den/office that was originally a bedroom. The door has been widened and the closet removed. Continuing down this hallway to the left there is a master bedroom and bath with double vanity, skylights, shower and tub, and another bath. Two more adjoining bedrooms to the right could easily become a master retreat. This was achieved as an expansion using former patio space.

The laundry is in the double garage that is completely finished with storage cabinets. It may be one of the most immaculate garages that I have ever seen.

Specifics for this one level Cape Cod:

Bedrooms, 3

Baths, 1.75

Sq. Ft. 1,700

$/sq.ft. $391

Double paned windows

Forced air heating, central air

Ceiling fans, skylights

Community, Woodbridge

Association pool and spa

Irvine Unified School System

What should be considered here? The choice of single family or condo, the size versus price, and the appeal of the Woodbridge lake area, along with top schools will all be considered. This location is not as near the lake as the condo was and it is closer to the Culver Street traffic. And in the final evaluation, as always, when you know it’s right that’s it. The condo on Pinewood and the single family home on Soaring Hawk each had a distinct appeal.

Who will be the next residents of 21 Soaring Hawk? An active family would fit right in enjoying key recreation facilities and top schools. With three bedrooms, and den, all on one level, this home might also have added appeal for mature buyers with visiting grandchildren, or families with mixed ages.

Recent sales: 3812 Beaver St. sold for $650,000 in December; 97 Summerstone sold for $705,000 in August.

Recent listings: 59 Eagle Run is listed at $619,000; 59 Seton Rd. is listed at $519,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3407.0.html