Last week I wrote about some new homes (The Branches) that will be built in Irvine’s well established Woodbridge neighborhood. To get a better idea how these “coming soon” Woodbridge homes compare with existing Woodbridge homes, today we will take a look at Irvine’s Woodbridge neighborhood.

First, the numbers: Woodbridge—August 2012:

Area	List Price/ # Homes Listed	Sold Price/ #Homes Sold	Median List/SF	Median Sold/SF	% Chg Y-O-Y Sold Price/SF
Houses	$759K/11	$725K/6	$371	$368	-0.5%
Condos	$589K/23	$303K/24	$333	$303	4.8%
All Woodbridge	$678K/34	$475K/30	$352	$310	-3.1%
All Irvine	$736K/390	$536K/267	$362	$328	3.5%

The following graphs show the change in the number of Woodbridge homes on the market (inventory), the price per square foot of Woodbridge houses, and the price per square foot of Woodbridge condos, respectively.

To give more meaning to these numbers and graphs, I am listing some homes that are near the bottom, top, and middle of the price range for homes in the Woodbridge real estate market.

193 Briarwood (http://www.redfin.com/CA/Irvine/193-Briarwood-92604/unit-37/home/5506026)

Note: This home is one of the least expensive homes in Woodbridge that is not “sale pending” or a manufactured home.

• Condo built in 1978 (one common wall and one carport space)

• Beds/Baths: 3/1.25 (1135 sf)

• HOA Dues: $372/month

• Mello Roos Tax: No

• Price: $355,000/$313 per square foot

35 Waterway (http://www.redfin.com/CA/Irvine/35-Waterway-92614/unit-1/home/5642920)

Note: Although this is not the most expensive home in Woodbridge, it is one of the more expensive Woodbridge homes.

• Condo built in 1985 (one common wall)

• Beds/Baths: 3/2.5 (2700 sf)

• HOA Dues: $210/month and $82/month

• Mello Roos Tax: No

• Price: $975,900/$361 per square foot

89 West Yale Loop (http://www.redfin.com/CA/Irvine/89-W-Yale-Loop-92604/unit-6/home/5463973)

• Condo built in 1977 (one common wall)

• Beds/Baths: 4/2.5 (2156 sf)

• HOA Dues: $442/month.

• Mello Roos Tax: No

• Price: $649,900/$301 per square foot

Source: Redfin

Targeting Perfection in Woodbridge

3 Woodland Drive $535,000

As I turned the corner onto Woodland Drive, the neighborhood was quite familiar. A few months ago, I watched a swarm of people surge through the open house at 22 Tanglewood in this same area, the Park Homes tract in Woodbridge. That house was new to the market, listed at $545,000 at the end of June, and reported by Redfin as sold for $585,000 in early August.

The story and the properties are similar. This two level, single family attached home, is also new to the market, immaculate, and priced to fit the market. This home is slightly smaller and closer to the edge of the neighborhood, with outside traffic noise at the end of the street. Also, the other property had some upgrades that this one does not.

In addition to pristine appearance, it is interesting to consider the size of the property. The square footage in this single family home is 1,681 sq.ft. and the lot size is 2,500 sq.ft.

Inside, with an open floor plan, perfectly scaled furniture, and large sized sliding doors leading to the patio, there is no sense of tightness. Outside, the bricked, covered patio is well executed. Of course, 10 more feet would be wonderful. 22 Tanglewood was slightly larger with 1,850 square feet, a lot size of 2,645 sq. ft., and a similar patio.

Looking further into the numbers, there are three bedrooms, all upstairs, and 2.5 baths. The HOA is $322. The $/sq.ft. is $318. The home was built in 1976. There is no Mello Roos tax.

Moving through the home, double doors open into the foyer and a light, bright carpeted living room with fireplace, and built-in bar. Crown moldings, plantation shutters, multi windows, and vaulted ceilings suggest elegance and ease. The dining area capitalizes on a “corner of light” overlooking the patio.

In the kitchen, there is a custom counter eating area with shuttered windows overlooking the patio. The counters are Formica. The home on Tanglewood had granite counters and stainless appliances.

To the right of the entrance, carpeted stairs lead to bedrooms with shuttered windows. A built-in storage unit sits at the top of the steps. The master suite has a walk in closet, and double vanity in the bath. One of the bedrooms has been made into an office/study. Laundry is inside and the double garage is oversized.

Specifics for this 2 level home:

Bedrooms, 3

Baths, 2.5

Sq. Ft, 1,681

Lot Size, 2,500

$/Sq.Ft. $321

HOA, $322

Double Garage

1 common wall attached

Community, Woodbridge

Association pool, spa

Irvine Unified School District

Built, 1976

On the market, 7 days

Considerations and Comparisons: Size, price, the desirable Park Homes location, and skillful use of an open floor plan can all be considered here. Woodbridge’s prime assets with the lakes, small town feeling, exceptional recreational facilities and top schools all come into play. Additional upgrades could be done, and some might choose to soften the patio with more foliage.

Who will be the new owners at 3 Woodland Drive? An upbeat family looking for great recreation facilities and equally great schools, or a professional couple who value home time, and want everything in place right now, will be attracted.

Nearby recent sales: 22 Tanglewood sold for $585,000 in August; 25 Woodland Drive sold for $527,000 in June. Recent listings: 59 Eagle Run, $619,000; 7 Santa Victoria, $635,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3182.0.html

Usually I cover the properties that are on the market, and compare them with similar properties in Irvine. But today, I wanted to list the properties that will be ‘coming soon’ to the Irvine Housing Market, all of them foreclosed already.

Here are ten Irvine properties that will be on the market soon:

1. 80 Topaz, Irvine CA 92602

Auction Date: Thursday, September 13, 2012

Auction Price: $425,063

Buyer: AURORA BK FSB

Filing Date: Friday, August 31, 2012

Previous sale price: $345,000 in June 2002.

2. 206 Terra Bella, Irvine CA 92602

Auction Date: Thursday, February 10, 2011

Auction Price: $313,390

Buyer: MORGAN STANLEY 2006-3

Filing Date: Wednesday, January 26, 2011

Previous sale price: $226,000 in June 2000.

3. 1205 Terra Bella, Irvine CA 92602

Auction Date: Friday, March 2, 2012

Auction Price: $304,000

Buyer: CALIFORNIA UNITED FUND INC

Filing Date: Friday, February 17, 2012

Previous sale price: $427,000 in March 2009.

4. 16 Goldenbush, Irvine CA 92604

Auction Date: Friday, April 9, 2010

Auction Price: $430,000

Buyer: WELLS FARGO ASSET SECS 2007-1

Filing Date: Thursday, April 1, 2010

Previous Sale Price: $170,000 in April, 1998

5. 2 Mill Creek, Irvine CA 92603

Auction Date: Friday, July 9, 2010

Auction Price: $604,350

Buyer: JP MORGAN CHASE BANK NA

Filing Date: Friday, July 2, 2010

Previous Sale Price: $368,000 in November 1999

6. 35 Night Shade, Irvine CA 92603

Auction Date: Monday, February 1, 2010

Auction Price: $475,000

Buyer: STRUCTURED ASSET MTG 2005-4

Filing Date: Friday, January 22, 2010

Previous Sale: $650,000 in February 2005

7. 2253 Martin Apt 406, Irvine CA 92612

Auction Date: Friday, October 8, 2010

Auction Price: $528,930

Buyer: LEX SPECIAL ASSETS LLC

Filing Date: Thursday, September 30, 2010

Previous Sale: $528,000 in October 2010.

8. 209 Springview, Irvine CA 92620

Auction Date: Wednesday, February 2, 2011

Auction Price: $144,472

Buyer: DEUTSCHE BK NATL TRUST CO 2007-A

Filing Date: Tuesday, January 18, 2011

Previous Sale: $129,000 in June 2001.

9. 103 Nature, Irvine CA 92620

Auction Date: Wednesday, November 30, 2011

Auction Price: $346,500

Buyer: JP MORGAN ALTERNATI TRUST 2006-A7

Filing Date: Thursday, November 17, 2011

Previous Sale: $346,500 in November 2011.

10. 187 Cherrybrook Lane, Irvine CA 92618

Auction Date: Thursday, January 12, 2012

Auction Price: $423,768

Buyer: BANK OF AMERICA

Filing Date: Wednesday, January 4, 2012

Previous Sale: No public records

What do you think?

Will the controlled release of this inventory add to the banks' profit?

Will it affect the regular inventory due to move-ups and move-outs?

Considering how much of the population believes in luck, would you buy a foreclosed house?

Comment below, or discuss on Talk Irvine.

5 Canyonwood in Northwood Pointe just came on the market last week and it is a beautiful home. From the outside, the home has a three car garage, covered front porch and a nice lawn. On the inside, while I don’t particularly like the current décor, I could tell that the home was attractive, spacious, and warm.

The basics:

Asking Price: $959,000

Bedrooms: 4 + loft

Bathrooms: 4

Square Footage: 2600

Lot Size: 4,458

$/Sq Ft: $369

Days on Market: 3

Property Type: Single Family Home

Year Built: 1997

Community: Northwood Pointe

HOA dues are $185 per month and there are Mello Roos taxes.

When I walked into the house, I was in a tiled entryway. To the right, was a bedroom and bathroom. Ahead of me, I could see the living room and dining room.

The downstairs bedroom has large windows facing the street and a small closet with sliding doors. Directly across the hall is a full bathroom (no tub).

The living room features soaring ceilings and tall windows providing a lot of light. It also has high ledges that could be used for an interesting display area. The room flows right into the dining room, which also has several windows, as well as French doors leading out to the backyard. Both rooms have beige carpeting that is in pretty good condition.

I entered the kitchen through the dining room. It has granite countertops, a small island and double ovens. All of the appliances are black and the stove has five burners. There is a breakfast nook with bay windows looking out to the backyard. I really liked the color scheme of the kitchen, though I do think it would look better with stainless steel appliances.

The kitchen overlooks the family room, which has a fireplace in one corner and white built-ins on the adjacent wall. It has a ceiling fan and, like the other rooms, crown molding and many windows.

Upstairs, there are three additional bedrooms and a loft. The loft is right at the top of the stairs and makes a great extra space in this house. Whether your use it as an office, playroom, or home gym, it has plenty of space for your needs.

The first bedroom is actually quite large and is much bigger than the other two secondary bedrooms in the house. It has a walk in closet and a private bath, featuring a shower/tub combo.

The other bedroom upstairs is fairly small and has just a standard closet. The secondary bathroom (not attached) has two sinks and a shower/tub combo.

The master is a pretty room with several windows overlooking the backyard. It has a small sitting area and a standard closet in the room. The master bathroom is huge, with a separate shower and tub, split sinks, a vanity area and a large walk-in closet.

Overall, I really liked the layout of the house and, with different furnishings, can picture it as a very warm and friendly place. It has the nice touches of a new home, such as crown molding, rounded corners, built-ins, and recessed lighting without feeling ostentatious. The only things I really didn’t like are that one of the upstairs bedrooms and the backyard are both very small. While the yard does have a built-in barbecue, a patio and a grassy area, it isn’t really big enough to entertain or to play out there. As is the case of so many new homes in Irvine, the house is big but the lot is tiny.

I think the house is overpriced, especially in relation to recent sales, but I really liked the property and think it’s worth checking out if you’re in the market for a home this size. I would definitely offer less than they are asking.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3168.0.html