Closed Sales from 10/18/2012 to 10/25/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Columbus Grove
10/19/12 27 Juneberry 92606 Kensington Court $570,000 3 2125
El Camino Real
10/23/12 3 Saint Paul 11 92604 Heritage Park $400,000 3 1223
10/25/12 5 Greenwood 92604 Smoketree $389,000 3 1517
10/22/12 4121 Fireside Cir 92604 Greentree $600,000 3 1800
Northpark
10/22/12 6 Riveroaks 92602 Rutherford $830,000 3 2200
10/22/12 20 Inglenook 92602 Campanile $875,000 3 2460
10/25/12 19 Delano 92602 Bel Aire $935,000 5 3097
Northwood
10/18/12 37 New Dawn 92620 RoseGate $2,200,000 5 4800
10/18/12 23 Ericson Aisle 92620 Northwood Villas $404,900 2 1279
10/18/12 12 Calandria 92620 Orchard Glen NW $590,000 3 1414
10/19/12 2 Mansfield Dr 92620 Mahogany $2,010,000 5 5200
10/22/12 6 Christamon W 92620 Park Place $750,000 4 2336
10/24/12 8 Leesburg 92620 Glen (NW) $553,500 3 1424
10/25/12 9 Garnet 92620 Somerton $1,400,000 5 3700
Oak Creek
10/19/12 19 Medlar 92618 Kenwood $979,000 5 3123
10/19/12 52 Danbury Ln 92618 Cobblestone $555,000 3 1500
Orangetree
10/22/12 140 Tangelo 92618 Lake Condos $280,000 2 994
Portola Springs
10/19/12 46 Wild Trails 92618 Ironwood $578,990 3 2092
Quail Hill
10/19/12 79 Windchime 92603 Sage $520,000 3 1300
Rancho San Joaquin
10/22/12 36 Navarre 139 92612 RSJ Villas $388,000 2 1145
Turtle Ridge
10/18/12 56 Shade Tree 92603 Canyon's Edge $942,000 2 2330
10/22/12 216 Coral Rose 92603 Ashton Green $460,000 2 1181
Turtle Rock
10/19/12 49 HIGHLAND VIEW 29 92603 Highlands Townhomes $462,500 2 1369
10/22/12 10 Windflower 92603 Highlands Garden $1,250,000 4 2956
10/24/12 36 Black Hawk 92603 Shady Canyon Custom $3,500,000 4 5500
10/25/12 16 Bluff View 92603 Highlands Lusk $1,955,000 5 4366
University Park
10/19/12 2 Mimosa 92612 Terrace $580,000 3 1539
University Town Center
10/19/12 33 Auburn Aisle 92612 Oxford Court $370,000 2 1019
10/19/12 10 Menlo Aisle 159 92612 Oxford Court $435,000 2 1350
Walnut
10/22/12 3891 Blackthorn Street 92606 College Park $605,000 4 1873
10/23/12 25 New Jersey 92606 Revere $694,900 4 2100
West Irvine
10/23/12 71 Glen Arbor 126 92602 Wisteria $570,000 4 1730
10/23/12 83 Sorenson 92602 Wisteria $470,000 2 1220
Westpark
10/18/12 10 Almador 92614 Las Palmas $480,000 3 1486
10/19/12 90 Costero Aisle 284 92614 Tiempo $370,000 2 1107
10/23/12 10 Cosenza 92614 Vista West Park $730,000 4 1950
10/24/12 1 Santa Catalina Aisle 92606 Ravenna $650,000 4 1900
Woodbridge
10/18/12 166 W Yale Loop 92604 Estates $418,000 3 1900
10/18/12 18 Woodsorrel 92604 Creekside $750,000 4 2044
10/19/12 18 Springwater 66 92604 Townhomes $450,000 2 1120
10/19/12 49 Rushingwind 29 92614 Willow Creek (WB) $725,000 3 2186
10/19/12 31 Orangegrove 92604 Grove $559,900 2 1495
10/22/12 6 Thicket #63 92614 Woodbridge Reserve $338,000 2 1098
10/24/12 34 Sparrowhawk 92604 Villager $313,000 3 1212
Woodbury
10/23/12 33 Hallmark 92620 La Casella $605,000 3 2090
10/23/12 32 Roycroft 92620 La Casella $830,000 4 2643

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3235.0.html

Open House Review: 5 Birchwood

This week, I went to Oak Creek for the very first time. I had seen the apartments before, but hadn’t ever explored the community of homes. I really liked the community feel, with nice houses, lots of children playing outside, and easy access to the elementary school, parks and swimming pools. I visited the open house at 5 Birchwood to get my first glimpse inside an Oak Creek house.

The basics:

Asking Price: $829,900

Bedrooms: 4 + bonus room

Bathrooms: 2.5

Square Footage: 2,907

Lot Size: 4,300

$/Sq Ft: $285

Days on Market: 142

Property Type: Single Family Home

Year Built: 1999

Community: Oak Creek, Ashford Tract

HOA dues are $137 per month. Mello Roos taxes are approximately $3,500 per year and are scheduled to end in 2022.

The home is located near the end of a cul-de-sac, so it was quiet and I could envision my children playing out front with their friends. There is noise from the nearby 405 freeway, but I didn’t notice it much when I was inside and it was basically white noise that faded into the background.

I entered the house in a white tiled entryway and immediately saw the living and dining room on the right. It’s really just one room used for both purposes, without any actual distinction between the two. It’s not a particularly large space, but there is room for a sofa at one end and a dining table at the other. Since many new homes these days don’t even have a formal living room, it is certainly a nice extra space to have, regardless of how you use it. The whole room is carpeted (all the carpet in the house is new), so while it is nice in the living room, many people prefer tile or wood in the dining area.

The kitchen and family room are at the back of the house. The kitchen shares the same white tiles as the hallway and the family room has carpet to match the living room. With white tile counters, white appliances, and light brown cabinets, the kitchen has a clean but somewhat boring look. The room is large with ample counter and cabinet space, plus a walk-in pantry, but it isn’t fancy in any way. There is a breakfast bar at the counter plus a small space for a table between the kitchen and family room.

The family room has a brick fireplace at one end and a wall of windows looking out to the backyard. Like the other rooms, it is a very generic space without any special design features, but it is clean and spacious.

The backyard is pretty small. It has a small grassy patch (the grass has seen better days) and a tiled patio area.

Upstairs, there are four bedrooms. The master is a big room, but doesn’t have a sitting area or retreat. The windows face the backyard, so they point toward the freeway. The master bath has a separate tub and small stall shower and two sinks, all done in plain white tile. The walk-in closet is huge.

The other three bedrooms are all a good size. Each has a sliding closet (two have three doors; one only has two doors). They share a bathroom with two sinks and a shower/tub combo, again done in white tile. There is also a laundry room on the second floor.

My favorite part of the home is the third story bonus room. It runs the full length of the house and features one large room plus two small alcoves. Neither alcove is really big enough to use as an office or exercise space, so the current owners have one set up as a closet and the other with a cozy chair. The main room can be divided into multiple areas, making a great place for a guest bedroom, office, gym, and/or playroom. The only negative to the room is that it was very hot. I would install ceiling fans and make sure the windows were kept open; on particularly hot days you would definitely need to run the air conditioner.

I like 5 Birchwood for a few reasons. First, the bedrooms are all a good size. Second, the bonus room is a great added space. Third, I thought the overall layout of the house worked well. The downside is that, for a newer house, it feels very generic and boring. It didn’t have the nice features that many new homes have, such as granite counters, crown molding, or built-ins. Obviously, none of these are necessary and they could be added if they were truly important to the buyer. Despite the lack of these features, the house is clean and doesn’t feel old or outdated in any way. The owners are eager to sell and it has been on the market for a long time, so I would recommend making a lower offer. I think this is a wonderful house for a family with young kids and it can probably be purchased for a good price. They have already reduced from an initial asking price of $849,900 and I think it should come down even more.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3229.0.html

Irvine House vs Condo Numbers: October 2012

According to Altos Research, Irvine’s single-family housing market is nearly the same as it was the previous month. Altos gives Irvine’s single-family homes a Market Action Index of 22.58, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home has been on the market for about 112 days as of October 12, 2012.

Altos Market Action Index for Single-family Homes in Irvine

Altos Research

Following is data from Redfin, on Irvine’s September 2012 housing market:

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses
12-Sep $958K/205 $690K/91 $375 $346 0.90%
12-Aug $960K/221 $710K/125 $380 $345 -0.30%
12-Jul $949K/226 $760K/95 $382 $368 7.90%
12-Jun $890K/251 $735K/103 $384 $356 5%
Condos
12-Sep $542K/174 $430K/118 $352 $307 1.70%
12-Aug $525K/168 $427K/141 $338 $306 0%
12-Jul $509K/181 $425K/115 $342 $306 -1.60%
12-Jun $498K/202 $430K/152 $336 $313 -1.30%
All
12-Sep $750K/381 $530K/210 $365 $323 1.90%
12-Aug $736K/390 $536K/267 $362 $328 3.50%
12-Jul $744K/408 $545K/211 $363 $322 0.30%
12-Jun $720K/456 $515K/257 $363 $327 0.90%

Note:

· The September 2012 overall median selling price was up 6% from the previous year.

· The August 2012 overall median selling price was down 0.6% from the previous year.

The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.

Redfin

If you would like to see some housing numbers for each of Irvine’s neighborhoods, see my previous post “Irvine Housing by the Numbers – October 2012 Update.”

Open House Review: 59 Eagle Run

Woodbridge Single Family Home Formula

59 Eagle Run $619,000

Having seen two striking single family homes in Woodbridge that were similar to this one, I was wondering how this one would compare. The two homes, both in the Park Homes area were at 22 Tanglewood and 3 Woodland Drive. Both were beautifully detailed, attracted sizeable crowds and sold quickly.

Checking out 59 Eagle Run, I found many similarities and some contrasts. Once again this was a snug single family home in Woodbridge, priced for the current market.

Significant Numbers: This two level single family home has three bedrooms and 2.5 baths in 1,571 square feet with a 3,240 square foot lot. Built in 1979, the HOA dues are $140 and the $/sq. ft. is $394.00

CloseUp: Pulling up to this home the view from the street was inviting, and stepping inside that message was repeated. But there were a few differences. The other homes majored in pride in ownership. This home was not occupied, but the main floor has been staged to show the possibilities. At a glance the same fluid floor plan, and open airy feeling comes through, with a little less snap, crackle and pop. But it still works.

As in the other two, the question of tight space comes up. The easy floor plan and effective staging make the home feel open and comfortable. Outside the side patio area is snug, but has possibilities with more foliage, and patio accessories.

The entry opens into a light filled living room with fireplace, cathedral ceiling and wood floors. Carpeted stairs lead to the home’s three bedrooms. Straight ahead there is a dining room overlooking the side patio, followed by a sleek kitchen paired with a good sized family room that has access to the double garage in the back of the home. The kitchen has granite counters and a tumbled marble backsplash.

Overall, this home is a more bare bones version of the other two. But it was easy to picture the space working for an active family carrying out daily routines, and relaxing here on the weekends.

Specifics of this two level:

Bedrooms, 3

Baths, 2.5

Square footage, 1,571

Lot size, 3,240

$/sq.ft. $394

Built in 1979

HOA, $140

Double garage

Central furnace, central air

Association pool and spa

On the market, 62 days

What should be considered here? The Woodbridge community with its small town atmosphere, lakeside recreational areas, and exceptional schools will come into play as buyers weigh space and price. With three bedrooms and two and a half baths, plus a spacious family room and living room, a lot is accomplished in a compact floor plan. Woodbridge’s thriving place in the Irvine community will be part of the attraction.

Who will choose 59 Eagle Run? A young family with school age children will be a good fit for this home. A couple who travels a lot, or or have frequent out of town guests might make this their Woodbridge headquarters.

Recent Sales: 13 Soaring Hawk sold for $625,000 in April; 27 Sweetrain sold for $568,200 in May. Recent Listings: 25 Racing Wind was recently listed for $565,000 and 8 Sparta was listed at $658,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3226.0.html

Inventory is Dwindling in Irvine

There are 314 properties listed in Irvine by the MLS now – that is 10.1% below last month’s inventory, and 57.5% below last year’s. The median listing price is $750,000 – that is 3.2% above last month’s median list price, and 36.8% above last year’s. The median sold price has also increased by 6% over last year. Going by the statistics, we have hit the bottom of the Irvine housing market sometimes between late 2011 and early 2012. If inventory continues to slow down like this, and The Irvine Company doesn’t build too many of the new houses, and the job market improves, we might begin the slow recovery process also.

Here is the inventory level zipcode-by-zipcode in Irvine, with median price/sf.

Neighborhood

Median Price/SF

Inventory

92602

$355

24

92603

$633

61

92604

$365

23

92606

$347

12

92610

$304

12

92612

$397

50

92614

$371

26

92618

$343

44

92620

$347

58

The zip code with the most inventories is 92603 with 61 properties listed for sale. 92603 is also home of the Turtle Ridge and Turtle Rock communities. Month to month inventory is down by 11% and year to year inventory is down 45%.

The most expensive property listed is 50 Blue Heron at $17,750,000.

The estimated monthly expenses are around $70,574.

The least expensive property listed is 260 Dewdrop at $319,000.

The estimated monthly expenses are around $1,345.

The zip code with the least inventories is 92606 with 12 properties for sale. It is also home for Walnut, West Park and Columbus Grove villages. Inventory is up by 22% on month to month basis, and down 44% on year to year basis.

The most expensive property listed is 12 Santa Eulalia at $1,099,000.

The estimated monthly expenses are around 4,443.

The least expensive property listed is 1007 Solvay Aisle at $298,000.

The estimated monthly expenses are around $1,265.

If those are the statistics of the least and most expensive homes of the villages with least and most inventory, what is most popular in Irvine? Here is one of the popular, in Columbus Grove.

30 Honey Locust Irvine, CA 92606

Listing Price: $899,00

Price/SF: $314/SF

Bedrooms/Bathrooms: 4 Bedrooms/ 3 Bathrooms

Area: 2,862 SF

Lot Size: 4,892 SF

Builders Tract Name: Alexandria

Builders Tract Code: ALEX

Builders Model Code: 2

Last Sale: August 2006 at $1,000,000

Monthly Expenses:

HOA Dues: $183 Monthly

Monthly Mortgage: $3,143 Monthly

Property tax (1.1501%): $10,340 Annually

Mello Roos: $6,245 Annually

Estimated total: $4,708 Monthly

What do you think?

Will the low inventories push the prices higher in Irvine?

Did you buy already, or are you planning to buy soon?

Comment below, or discuss at Talk Irvine.