Inventory on Dec 16th, 2012: 226.

12/12/12 passed and the world didn’t come to an end. But inventory in Irvine seems to be coming to an end. If things continue at the same pace, we might soon see Irvine go below 200 by 2013. The new construction is selling out too, irrespective of the air quality due to highways in vicinity, or landfills with potential health risks. A bubble city in the bubble county, we are different people, immune to such things, as long as we live in the safest and most desirable city in America. The Great Housing Depression didn’t drag us down much, and what the fiscal cliff can do will be seen in the future. Right now, it’s a seller’s market. Even though we might never see the Kool Aid prices of 2006-2007, we have recovered better than projected, and luckily we didn’t hit the projected bottom.

60 Reunion, Irvine CA 92603

Listing Price: $509,000

Beds/ Baths: 2 Beds/ 2.5 baths

Year Built: 2004

Property Type: Condominium

Style: Two level, Santa Barbara

Area: 1145 SF

Price/ SF: $445/ SF

Monthly Expenses:

Property Tax at 1.04938: $5342

Mello Roos: $2,291

Monthly mortgage at 3.25%: $1,763

HOA Dues: $190/ Month

Monthly Tax + Mello Roos: $636

Fixed Monthly Expenses: $2,589 ($2.26/SF)

Buy now or be priced out forever? Let’s see how the “Sage- Reunion” condominiums in Quail Hill have performed in the past two years.

46 Reunion $406/SF

28 Reunion $401/SF

106 Reunion $436/SF

54 Reunion $350/SF

44 Reunion $420/SF

Inventory has diminished considerably (January 2011: around 700, January 2013 projected around 200). The sellers are taking advantage of the inventory and adding a premium.

In 2008, when we were in the market for a condominium, we looked at one of the Reunion condos. 110 Reunion. It was listed at $560,000, and sold at $558,000 ($429/SF, down from $557/SF in 2007). Still, we didn’t think it was discounted enough. We were looking at the projected Case-Shiller Index, and the shadow inventory and many such data that pointed at a much lower justified Price/SF. In 2009, these properties sold for $360/SF. But the expected doom and gloom spared Irvine, much like 12.12.12.

Premium to be the safest city, best school district, diverse neighborhood, fashion capital is fine. All it takes is one buyer to change the statistics of the neighborhood, but where do we draw a line?

When does justified premium turn into Kool Aid?

Will these condominiums see the exorbitant prices of $500+/SF?

What is the right price for Irvine condos in your opinion?

Comment below, or discuss at Talk Irvine.

This week, I visited a property with an interesting layout in Northpark. For those who know the different floor plans, this one is a Saratoga Modified Plan One.

The basics:

Asking Price: $995,000

Bedrooms: 3 + bonus room

Bathrooms: 2 full + 2 half

Square Footage: 2,700

Lot Size: 5,288

$/Sq Ft: $369

Days on Market: 7

Property Type: Single Family Residence

Year Built: 2000

Community: Northpark Square

HOA dues are $110 per month and there are Mello Roos taxes.

The front of the home is very attractive, with newly planted flowers and well-groomed grass, plus a small front patio. The entryway has high ceilings, a large walk-in closet (including some built in shelving and plenty of under-the-stairs storage), and an alcove that would make a great landing zone for mail, keys, etc.

To the left of the entry, there is a room that would make a nice formal living room, office, or playroom. It has a large, arched doorway but lacks an actual door, so it couldn’t really be used as a downstairs bedroom. While the rest of the downstairs has wood floors, the front room is carpeted.

The downstairs half bath is just past the front room. It is surprisingly large, despite only having a toilet and pedestal sink.

The rest of the downstairs is one large great room, housing the kitchen, family room, and eating area. The kitchen has darker granite, creating a nice contrast to the white cabinets and appliances. A large island has room for a few barstools and there is a hanging pot rack above it. The only pantry space is closer to the dining/desk area, so it isn’t terribly convenient.

The dining area is pretty small and, to be honest, I didn’t even realize that’s what it was. I left the house thinking “where do you eat?” and only later realized that it was on the other side of the island. This area also has a small, built-in desk.

On the other side of the room is the living area. It’s pretty small and doesn’t offer a lot of options in arranging it. A spot on one wall is designed for a TV and there is a fireplace in the corner. What I did like is that, if you are entertaining, people can easily flow from the kitchen, to the family room, to the dining room. It is truly one large space without any dividers.

The backyard is pretty big, with both a patio and a large grassy area. The grass is in good condition and there is plenty of space to play or to entertain.

The most interesting design feature of the house is at the back, behind the great room. A back staircase leads up to a large bonus room. Equipped with two ceiling fans, numerous windows, and wooden floors, this is a gorgeous room with many possibilities. It has a two-door sliding closet and a half bath that could be converted to a full bath if desired. Oddly enough, the bathroom also connects to the master bath. This doorway could be taken out and replaced with drywall, to create a fully separate back room. With an added shower, it would make a very private guest suite. It would also work well as a home office or a playroom for the kids.

The rest of the upstairs features the master bedroom, two additional bedrooms, and a laundry room. The master is pretty standard; a good-sized room, a large bathroom with a separate tub and shower and two sinks There is a large walk-in closet with many built-ins.

The other two bedrooms are a good size, with plenty of room to arrange the furniture. They have standard closets and big windows that let in a lot of light. They share a jack and jill bathroom with two sinks and a shower/tub combo. The shower lacks doors or a curtain rod, so the buyer would have to install one or the other. A laundry room (no sink) completes the second floor of the house.

Overall, the house is in good condition and the layout provides a lot of versatility. I can envision a family moving in and making this their home for many years to come.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3399.0.html

5 Pinewood #3 $629,900

Customized Condo in Woodbridge

Turning into this Woodbridge condo complex, two blocks from North Lake, I was intrigued. The neighborhood is a uniform color, of course, but the color here is a muted greenish brown, and the whole area has a distinct look.

The area is known as Woodbridge Crossing and Pinewood is billed as “one of the most beautiful residential streets in America by Urban Planners.” The homes are clustered across from a park with pool, jacuzzi and play areas. The home that I visited is the Brighton model and the realtor labeled it a “top to bottom customization.”

CloseUp: The gate opens to a wrap-around courtyard and patio with stone pavers accented with succulents and weathered furnishings. Inside, there’s a condo with a lot of polish and just a bit of attitude. The owners have remodeled, updated, and obviously enjoyed their home.

Granite counters, maple and cherry cabinets, oil rubbed bronze hardware and accessories, GE Profile and KitchenAid appliances, and Berber carpeting have all been used to advantage. Dramatic two story ceilings work well too.

It would be interesting to see ‘before and after’ pictures of how this home looked originally.

Significant Numbers: The home was built in 1977 and has been completely remodeled. It is a two level condo in the Craftsman style with 2 bedrooms and 2.5 baths. Square footage is 1,750. HOA dues are $456 and $/sq. ft. is $360. It has been on the market 24 days and is now listed as pending.

Stepping into the tiled entry there is a den and half bath off to the right, and living room with wood burning brick fireplace straight ahead on the right. Shutters cover sliding doors that lead to the patio. A formal dining room is on the left paired with a well developed kitchen.

The kitchen was remodeled in 2006. The result is a burnished glow of wall treatments, Santa Fe glass deco tiles with mosaic details, and laminated wood floors. A bank of windows wrap around the breakfast bar area. Granite counters, tumbled stone backsplash, stainless appliances, and custom maple cabinets make this kitchen a place where the cook will linger, along with everyone else.

Upstairs, the master makes the most of the high ceilings and has a customized bath with cherry cabinetry. There is a custom stone tile oversized shower and double vanity with granite counters. There is also a second bedroom, and another customized bath off the hall.

The main floor den could be used as a third bedroom. Laundry is in the double garage and there are two parking spaces.

Specifics:

Bedrooms, 2

Baths, 2.5

Sq. Ft., 1,750

$/sq. ft.,$360

HOA, $456

No Mello Roos

Forced air, central heating.

Full copper plumbing

1 common wall attached

Association pool and spa

Double garage

Irvine Unified School District

What should be considered here? This condo was built in 1977 but the extensive remodeling and attractive location two blocks from North Lake, coupled with the park across the street, give it some market edge. Woodbridge’s small town atmosphere, outstanding recreation facilities, and top rated schools will figure in the buyer’s evaluation. The square footage of 1,750, versus the price, will be weighed. And the prospect of two bedrooms, with a downstairs den that could be a third bedroom, will also be considered.

Who will be moving into 5 Pinewood? A small family, or an active couple attracted to the location, and the whole Irvine area, might see this as an option, in contrast to a single family home. Someone seeking a very pleasant secluded area with easy access to surrounding Orange County attractions will be attracted to this condo.

Recent Sales: 28 Pinewood #55 sold for $650,000 in September; 30 West Yale Loop #15, sold for $630,000 in July. Recent listings: 13 Creekwood is $530,000 and 38 Lakeshore is $709,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3391.0.html