$500,000 Condo, really-really-really!

231 homes for sale as of December 09, 2012

In 2008, there were articles everywhere about the doom and gloom that shadow inventory would create in 2012. Fear stopped us from buying, but hope and change brought by the low interest rates, and low inventory changed the scene by the time we hit 2012. Each village of Irvine hit a low once during this four year period, some recovering faster than others, some sliding faster than others. 2012 has become a happy transition year for the entire city from the great housing depression to the new era of zero growth. The property prices might be climbing, but when you compare the price with the rate of inflation and add in the low interest rates, not much has changed other than the outlook of the buyer.

How much has the outlook changed? What does $500,000 buy today in Irvine?

Woodbridge:

Address: 52 Wetstone #37

Listing Price: $499,900

Area: 1296 SF (2 Beds/ 2 Bathrooms)

Price/ SF: $386/SF

El Camino Real:

Address: 14821 Groveview Ln

Listing Price: $499,000

Area: 1156 SF (4 beds/ 2 baths)

Price/ SF: $432/SF

Turtle Ridge:

Address: 125 Jadestone

Listing Price: $498,000

Area: 1200 SF (2 beds/ 2 baths)

Price/ SF: $415/SF

Airport Area:

Address: 1118 Scholarship St

Listing Price: $490,000

Area: 1200 SF (3 Beds/ 2 baths)

Price/SF: $360/SF

Woodbury:

Address: 22 Calypso

Listing Price: $489,000

Area: 1441 SF ( 2 Beds/ 2.5 Baths)

Price/ SF: $339/SF

University Park:

Address: 9 Featherwood #1

Listing Price: $485,000

Area: 1185 SF (2 Beds/ 2.5 Baths)

Price: $363/SF

Quail Hill:

Address: 60 Reunion

Listing Price: $509,000

Area: 1145 SF (2 Beds/ 2.5 Baths)

Price: $445/SF

What are your thoughts?

Would you buy a condominium at any price, and update it if necessary, just to live in Irvine?

What brings you to Irvine? Is it the safety ranking? Is it the school district?

Share your thoughts at Talk Irvine, or comment below.

Open House Review: 23 Bristlecone

On a quiet cul-de-sac in the Canyon View tract of Northwood Pointe, I found 23 Bristlecone. This four bedroom house has a cute porch out front to welcome you into the home.

The basics:

Asking Price: $889,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,200

Lot Size: 5,979

$/Sq Ft: $404

Days on Market: 18

Property Type: Single Family Residence

Year Built: 1998

Community: Northwood Pointe – Canyon View

HOA dues are $100 per month and Mello Roos taxes are approximately $1600 per year.

A bright living room, filled with cathedral ceilings and many windows, awaits when you open the front door. Yellow walls enhance the color in the room, though I did notice many marks on the paint. At the back of the living room is space for a formal dining table and a crystal chandelier helps define the space. These rooms, as well as the kitchen and family room, all have wood floors installed diagonally.

Down a hallway to the right, I found a half bath. The realtor mentioned that it has the plumbing to install a shower if the future owners wanted to, though neither she nor I could figure out exactly where a shower would fit in the small bathroom. A hallway across from the bathroom houses the washer and dryer (plus laundry sink and storage shelves) and provides access to the garage.

Next to the bathroom is the downstairs bedroom, though it currently doesn’t have a closet and is used as an office. It has an attractive window seat, surrounded on both sides by built in bookshelves, cabinets and a desk. The shelves extend across an entire second wall as well.

The kitchen and family room are at the back of the house. The family room has a full wall of windows on one side and a brick fireplace in the corner of another. Another wall of built-ins offers display space, cupboards and room for a good-sized TV, but certainly not a huge one.

Space for a small, casual table divides the family room from the kitchen. It features granite cabinets and black appliances. Most of the cabinets are a darker wood, but those in the small island are a redder color. Matching dark wood paneling covers the refrigerator, though it looks a little awkward since space is cut out for the water dispenser and black still shows around the edges. The dishwasher is similarly covered in wood panels. While it lacks a large pantry, it does appear to have plenty of storage space.

The backyard is actually pretty big for Irvine homes and, unlike many of the houses I visit, it has a large grassy area. Off to one side is a small garden with benches, forming a cozy spot for reading or relaxing outside. The grass definitely needs some TLC, but it’s a nice change of pace from the hardscaped yards I’m used to seeing.

Upstairs, there are two bedrooms plus the master. The secondary bedrooms are pretty small and each has a small, mirrored closet. They share a jack and jill bathroom with two sinks and a shower/tub combo.

At the end of the hall is the master bedroom, an average-sized room with several windows. One wall has a built in armoire with drawers, shelves and a large mirror. Opposite the bed is a spot on the wall for a built in TV.

The master bath has a long counter with two sinks opposite a separate tub and stall shower. A walk-in closet at the end of the hall is a good size, but small compared to those in most new houses.

I liked the layout of the house, including the many windows, arched doorways, and built-ins. Though the layout is good, most of the rooms are fairly small, so the house doesn’t feel as open as it could. Most of it seemed to be well maintained, though there a few key exceptions. The paint throughout the house is pretty scuffed up, so the entire interior needs a new paint job. Likewise, the carpet is noticeably dirty on the stairway and in several spots throughout the upstairs. As I mentioned earlier, the grass in the backyard, as well as the front yard, needs attention. Finally, the house backs to Canyonwood, a non-residential street that isn’t terribly busy, but will definitely have more cars than a residential street, especially before and after school.

The realtor seemed somewhat surprised that there haven’t been any offers yet, given the current climate in Irvine where many houses see multiple offers. At $404 per square foot, the asking price might be the problem. While other homes are creeping toward the $400/ft mark, most are still lower.

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3366.0.html

Supporting the Orangewood Children's Foundation

We'd like to raise money for the Orangewood Children's Foundation this year. Irvine Housing Blog / Talk Irvine will match your contributions (up to a total of $1000).

To participate, all you have to do is:

1. Make a contribution by visiting http://www.orangewoodfoundation.org/donate_individual.asp by December 25, 2012.

2. Forward your emailed receipt to omkar@irvinehousingblog.com

We'll track how much has been raised at the top of this post and after the 25th, we'll match that total (up to $1000). See below for more about Orangewood.

In the early 1980’s a group of community and business leaders came together, recognizing that child abuse was on the rise and something was needed to protect these innocent children and teens. The result was building the Orangewood Children’s Home. Today the Foundation has stayed committed to the mission of providing life-changing programs and one-on-one support for abused and neglected children and at-risk families to end the cycle of child abuse. For over 30 years our focus has been to help foster children survive and thrive, in spite of the challenges that brought them into protective care. We have a particular focus on teens who will soon ‘emancipate’ (age out) of the foster care system, forging the road to young adulthood and independent living, typically without the guidance or support of family. Orangewood Children’s Foundation remains committed to this goal.

Thank you for your generosity.

Talk Irvine Discussion: http://www.talkirvine.com/index.php/topic,3363.msg50555.html

What a Median-priced O.C. Home Looks Like in Irvine

It’s a rainy Sunday afternoon—a perfect time to read the Sunday paper. I skimmed through the pages and came across this article by Marilyn Kalfus in The Orange County Register’s Real Estate section: “How Much House Can You Get for $455,000?” OK, I’ll bite. How much home can you get in Orange County for the current median price, which just happens to be $455,000?

Orange County homes that were listed in the article that sold at or near $455,000 were the following:

• Anaheim: A 2,096-square-foot home with four bedrooms and three bath at 1575 W. Audre Drive 92802

• Laguna Beach: An 8,798-square-foot empty lot with approval for Spanish-revival-style home

• Yorba Linda: A 1,796-square-foot home with three bedrooms and two baths at 4751 Lavell Drive 92886

• Orange: A 1,335-square-foot, mid-century home with three-bedrooms and two baths at 1219 W. Birch Ave 92868

• Santa Ana: A 1,535-square-foot, 1974 home with three bedrooms and two baths at 2734 S. Diamond Street 92704

• Mission Viejo: A 1,178-square-foot, 1975 home with three-bedrooms and two baths at 22662 Via Tercero 92691

• Huntington Beach: A 2,268-square-foot, Beachwalk community home with three-bedrooms and three baths at 19615 Surfbreaker Lane 92648

But this is the Irvine Housing Blog, so we want more information on what is available in Irvine. I’ll start with the Irvine home that was listed in the O.C. Register article as selling for $455,000. At 1158 Scholarship, which is in the Irvine Business Complex area (also known as the airport area), is a 1,340 square foot condo in a mid-rise with three bedrooms and two baths. Be aware that you will likely pay some hefty HOA and Mello Roos fees for this type of home.

This home is already sold. So let’s take a look at some Irvine homes that are currently on the market for $440,000 to $470,000:

2253 Martin #404:

• 2 beds/2 baths

• 1,269 SF

• IBC (airport area)

• Condo built in 1994

• HOA Dues: $392/month

• Mello Roos Tax: No

17186 Citron:

• 2 beds/1.75 baths

• 1,189 SF

• University Park

• Single family built in 1973

• HOA Dues: $218/month

• Mello Roos Tax: No

22 Lakeview #89:

• 3 beds/2 baths

• 1,617 SF

• Woodbridge

• Condo built in 1977

• HOA Dues: $438/month

• Mello Roos Tax: No

141 Talmadge:

• 3 beds/2 baths

• 1,000 SF

• Northpark

• Condo built in 2002

• HOA Dues: $430/month

• Mello Roos Tax: No

Open House Review: 30 Brigmore Aisle

Turtle Rock Condo’s Flipside

30 Brigmore $789,000

Turning off Turtle Rock Drive and winding back past Canyon Park, I found myself on a curvy little lane facing 30 Brigmore Aisle.

The home sits amidst trees in a shady spot. But when you step inside, there is a flip side. The condo opens to one light filled view after another of the park and distant hills. Perched above the park, the home makes the most of views from the master balcony and the patio off of the dining room.

Building on this setting, the marble entry, handsome wood floors, many windows, skylights and recessed lighting give this condo a sure footed ease. Entertaining here would be a breeze, and family time could be very special.

The home is furnished with many massive pieces of furniture, but still manages to appear spacious and open. This condo is part of the Turtle Rock Summit Townhome Collection.

Significant Numbers: This three bedroom, 2.5 bath condo has 2,160 square feet. It was built in 1990 and has been on the market 85 days. The HOA is $422 and the $/sq.ft. is $365. This is a standard sale and there is no Mello Roos.

Close Up: The marble entry leads into the living room, then on to the formal dining room and through sliding glass doors out to the patio. The kitchen and family room with fireplace are in the back to the right. The master and two other bedrooms and two baths are up the stairs to the right of the front entry.

The kitchen has stainless appliances and granite countertops. The master has a balcony view, large walk in closet and roomy bath with oval tub and separate shower. The garage has coated flooring.

Specifics for this 2 level condo:

Bedrooms, 3

Baths, 2.5

Sq.Ft., 2,160

$/Sq.Ft., $365

HOA, $422

Built in 1990

Association pool and spa

Forced air heating, central air

Attached double garage, 2 parking spaces

One common wall attached

Irvine Unified School System

What should be considered here? The view location is backed up with Irvine’s excellent schools and Turtle Rock’s many parks and hiking trails. Quail Hill and Woodbridge condos also compete with outstanding schools, parks, and views, but Turtle Rock does especially well in placing condos in their own secluded settings, tucked away from the traffic, and very much a part of their surroundings. But all of the bedrooms are upstairs and active families may opt for a single family home with more private outside space at this price level.

Who will move in? A small family drawn to the area, the view, and the schools or a busy couple looking for a polished setting, may be the next owners. Or perhaps it will become an investment property feeding into a brisk rental market.

Recent Sales: 2 Longbourne Aisle sold for $710,000 in October; 50 Brigmore Aisle sold in August for $725,000. Recent listings: 11 Tulliver Aisles is $849.00; 10 Brigmore Aisle is listed at $785,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3357.0.html