Open House Review: 34 Olivehurst

Holiday weekends generally don’t have as many open houses, so after driving around for awhile, I found myself at 34 Olivehurst in Northpark.

The basics:

Asking Price: $580,000

Bedrooms: 2 + loft

Bathrooms: 2.5

Square Footage: 1,500

Lot Size: not listed

$/Sq Ft: $387

Days on Market: 6

Property Type: Single Family Home

Year Built: 2001

Community: Northpark

HOA dues are $271.40 per month and there are Mello Roos taxes.

This house is situated on a corner lot, which the realtors refer to as a “prime location.” However, it is on the corner of Spring Valley, one of the main streets that run through the community of Northpark, so it will be busy. The lot is also tiny. I can’t actually find the lot size listed anywhere, but the fully hardscaped backyard of this house contains a small table and chairs and there really isn’t room for anything else. The garage is on the side of the house and has no driveway.

Downstairs, everything is very compartmentalized. The small living room is to the right of the entryway. The current owners have one couch and a large entertainment unit and it doesn’t really seem like there is much room to put in a second couch or loveseat. The highlight of the room, and the downstairs in general, are the nice hardwood floors.

The dining room is to the left of the entryway. It has windows on two sides and is bordered by the staircase on a third side. Like the living room, it has attractive wood floors.

The kitchen is on the other side of the stairway, so it doesn’t connect or flow into the dining room. It is a good size, but lacks an island or breakfast nook. The cabinets and appliances are all white (with the exception of a stainless steel fridge) and even the counters are a very light shade of gray, creating a very monochromatic and somewhat boring look. There isn’t really a place to put a table, so the only option is to eat in the formal dining room for every meal. The only access to the backyard is through a sliding door in the kitchen.

Moving upstairs, there is an open loft overlooking the staircase. It is a good-sized room with windows on two walls and a cutout area that could be converted into a closet. It would be fairly easy to convert it into a third bedroom, but makes a nice office space the way it is now. The secondary bedroom also has windows on two walls and a standard two-door sliding closet. While the loft has hardwood floors, the bedrooms, staircase and common areas upstairs have a bluish-gray carpet. It’s in fairly good condition, but I don’t care for the color. The upstairs bathroom has tile floors, one sink and a shower/tub combo. Like the kitchen, it is mostly white.

The master bedroom is also unremarkable. It is on the smaller side for a master, especially in a newer home and doesn’t have space for a sitting area. It has one large walk-in closet. The bathroom counters are oddly high and you have to step over a very high wall to get into the shower/tub combo. This bathroom is also all white.

The house is in good shape with everything well maintained. However, that is not enough to sell this house. I really dislike the floor plan. The downstairs is too closed off and the living room is too small. The lack of anywhere to eat in the kitchen is a big turnoff. The corner location isn’t good and the lot is tiny. The price per square foot is much too high (higher than most other homes I’ve looked at), especially when you consider that Northpark has high association dues and Mello Roos taxes. And, because it’s in Northpark, you don’t even get the benefit of Irvine schools. I can usually see an upside to most of the houses I visit. This time, I cannot. I’ll be very interested to see what happens with 34 Olivehurst.

Discuss on Talk Irvine.

Is the Irvine Company’s Rent Equity Program a Good Home Buying Strategy?

Do you want to buy a home in Irvine but aren’t ready to make the deal? If the answer is yes and you are also willing to rent from The Irvine Company (TIC) in the meantime, TIC has a proposal for you: The Irvine Company’s “Renter Equity Program” allows qualified Irvine Company rental residents to accrue up to 10% of their monthly rent toward the purchase of select homes in the following Irvine Pacific neighborhoods:

Laguna Altura

Stonegate

San Marino in Woodbury

Here are more details on the program:

  • Eligible TIC renters are automatically enrolled in the company’s “Renter Equity Program.”
  • During the first year of renting, eligible participants accrue 5% of the monthly rent.
  • During the second year of renting, the credit accrual rates increases to 7% of the monthly rent.
  • During the third year, the credit accrual rates increase to 10% of the monthly rent.
  • The maximum amount of rent equity that can be accrued is $5,000.

So what do you think? Is this a good strategy for buying a home in Irvine? Is it enough to make you choose an Irvine Company rental while you are looking for a home to buy?

Discuss on Talk Irvine.

Bel-Aires of Northpark Square

Three Bel-Aire properties with similar floor plans are for sale in the Northpark Square area. Northpark Square is the tiny area between Irvine Boulevard and Bryan, and Culver and toll-way 261. They are a walking distance from Beckman High School and Hicks Canyon Elementary School, and around a mile from Orchard Hills Middle School. Not to be confused with Northpark which is a guard gated community, Northpark square is partially gated, and none of the Bel-Aire homes are gated.

8 Rosenblum, Irvine CA 92602

Listing Price: $988,000

Previous sale: $714,000 in 2003

Beds/ baths: 5 beds/ 3.5 baths

SF Area: 3,511

Price/ SF: $281

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3605

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10,468

Monthly expenses: $4,821

49 Pacific Crest, Irvine CA 92602

Listing Price: $949,000

Previous sale: $623,000 in 2002

Beds/ baths: 6 beds/ 4.5 baths

SF Area: 3,511

Price/ SF: $271

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3466

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10054

Monthly expenses: $4,648

11 Ravendale, Irvine C A 92602

Listing Price: $998,000

Previous sale: $597,500 in 2002

Beds/ baths: 5 beds/ 4 baths

SF Area: 3,537

Price/ SF: $282

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3641

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10574

Monthly expenses: $4,866

Recent comparative summer sales:

21 Amargosa

Sold for $836,000 in June 2012 for $238/SF.

28 Thorn Hill

Sold for $935,000 in August 2012 for $266/SF.

12 Ravendale

Sold for $945,000 in August 2012 for $319/SF.

Which one would you buy?

None of them back high traffic streets, all of them were built around the same time, all of them were owned by the same owner for the last decade, and all are maintained and upgraded to keep with the current trends. Recent sales trend shows a wide Price/SF range, but all three properties are priced within the highs and lows of the summer.

Discuss on Talk Irvine.

Closed Sales from 8/23/2012 to 8/29/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
8/24/12 2117 Watermarke PL 92612 Watermarke $245,000 1 635
8/26/12 3120 Scholarship 92612 3000 The Plaza $1,525,000 2 2390
El Camino Real
8/24/12 11 Sunridge 92604 Deerfield Patio $550,000 3 1350
8/24/12 17 Woodrush 92604 Deerfield Patio $415,000 3 1350
8/24/12 12 Snowberry 92605 Deerfield Townhomes $415,000 3 1550
8/25/12 5011 Yearling Ave 92604 El Camino Glen $610,000 4 1943
8/28/12 12 Helena 76 92604 other $430,000 3 1639
Northpark
8/23/12 36 Leucadia 68 92602 Monticello $343,000 2 1436
Northwood
8/24/12 95 Shadywood 18 92620 Arden Square $630,000 3 1800
8/24/12 215 Springview 92620 other $185,000 1 639
8/25/12 34 Van Buren 294 92620 Horizon $310,000 2 981
8/26/12 12 Camellia 92620 Arbor Crest $1,068,000 4 3150
8/27/12 24 Blakeley 92620 Greenfield $870,000 4 2527
8/29/12 16 Bragg 92620 Shadow Run $710,000 4 1897
8/29/12 30 Christamon West 92620 Park Place $660,000 3 1702
Oak Creek
8/26/12 20 Danbury Ln 92618 Cobblestone $529,000 3 1350
8/27/12 32 redberry 92618 Cypress $736,000 4 2050
8/28/12 94 Millbrook 92618 Kelsey Lane $680,000 3 2079
Orangetree
8/23/12 293 Tarocco 92618 Unknown $257,000 2 995
Portola Springs
8/27/12 48 Land Grant 92618 Other $675,000 4 2077
Quail Hill
8/24/12 75 Canopy 92603 Laurel Quail Hill $725,000 4 2057
8/29/12 127 Tall Oak 92603 Ivy Wreath $640,000 3 1800
Rancho San Joaquin
8/24/12 82 NAVARRE 92612 RSJ Villas $350,000 2 1263
8/28/12 15 Verde 92612 RSJ Townhomes $465,000 2 1507
Turtle Ridge
8/24/12 35 Cezanne 92603 Chaumont $2,250,000 5 4021
Turtle Rock
8/24/12 6246 Sierra Palos Rd 92603 Broadmoor $800,000 3 1549
8/24/12 5951 Sierra Bravo 92603 Broadmoor $928,888 4 2033
8/28/12 8 Sunrise 92603 Ridge – Irvine Pacific $935,000 3 2000
University Park
8/24/12 7 Teakwood 92612 Parkside – Deane $685,000 3 1670
West Irvine
8/23/12 35 Granada 92602 Barrington $790,000 4 2478
8/24/12 63 Briar Ln 92602 Other $811,000 5 2900
8/24/12 12 Ardmore 92602 Sheridan Place $500,000 3 1570
8/24/12 11 Red Coat Pl 92602 Liberty $689,000 4 2000
8/27/12 17 Proclamation Way 92602 Heritage $735,000 5 2300
8/29/12 5 Bowie Place 92602 Liberty $585,000 4 1755
Westpark
8/24/12 32 Belcanto 92614 Promenade $780,000 4 2340
8/29/12 51 Abrazo Aisle 169 92614 Tiempo $271,000 1 899
8/29/12 179 Alicante Aisle #235 92614 Other $355,699 2
Woodbridge
8/23/12 59 Claret 92614 Chateaux $490,000 2 1600
8/23/12 409 E Yale Loop 16 92614 Garden Estates $400,699 2 1749
8/24/12 12 Lone Pine 92604 Townhomes $530,000 3 1490
8/27/12 78 Greenmoor 39 92614 Stonegate $270,000 2 978
8/29/12 1 Springflower 144 92614 Seasons $519,000 3 1471
Woodbury
8/23/12 213 Great Lawn 92620 Cortile $450,000 3 1497
8/24/12 198 Guinevere 92620 Garland Park $399,900 2 1355
8/29/12 120 Blaze 92618 Santa Cruz $709,000 4 2283

Discuss on Talk Irvine.

Open House Review: 56 Shade Tree

Canyon’s Edge Executive Retreat 56 Shade Tree $974,900

Scooting along Shady Canyon Drive, the view is all open wilderness, just minutes from Orange County’s urban nest of beaches and freeways. I was headed to Canyon’s Edge in Turtle Ridge, a gated community that sits next to the wilderness, and I was remembering visiting Quail Hill awhile ago. Both areas offer premium locations, delivering a big helping of the outdoors with easy access to all of the urban connections.

It’s a lifestyle worth considering. Spend the afternoon hiking, practically in your own backyard, and then head off for the next trip, or an evening out with the 73 Freeway and Orange County Airport nearby.

Turning into Canyon’s Edge, I found a community that may be a match for its surroundings. If it is to your taste, then you will recognize it instantly. At the back of the property there’s no urban neighbor on the other side of the fence, just a sweep of open wilderness.

New to the market , this Canyon’s Edge single family home compares well with Quail Hill, offering similar options with a bit more space.

Capturing some of the feel of a Tuscan farmhouse, this stone and stucco 2 bedroom, 3 bath single family home opens into a serene interior that promises more. Italian Tagina tile is used throughout the home and the 2,330 square foot open floor plan includes an extra downstairs room that could become a third bedroom. A formal dining room, casual dining area, and cozy family room with stone fireplace, overlook the backyard and wilderness beyond.

The gourmet kitchen with food prep island, large walk in pantry, granite counters, and breakfast bar is opposite the family room. Outfitted with recessed lighting, a 36” glass cooktop with five burners, under cabinet fluorescent lighting, and special deep roll out drawers for pots and pans, this kitchen looks equal to any task, whether it be an elaborate meal or a quick barbecue prep.

Outside is equally serene. Skillfully landscaped to blend into the surroundings, there is a patio and grassy area with fire pit, fountain, barbecue, heaters for chilly evenings, and dining area.

Throughout the home there is the feeling that each room is intended to be just right, functional, appealing and unobtrusive.

Upstairs, the master bedroom has a media niche off to one side, a walk in closet, and a master bath that has a separate shower and oversized tub. The other good sized bedroom has an adjacent private bath. There is a convenient upstairs laundry.

Some of the home’s many details include oil rubbed bronze hardware, raised panel doors, recessed lighting throughout, energy advanced dual glazed windows, prewired sound system, an interior sprinkler system, and retardant glazed tile roof. There is a double garage and wrought iron and masonry fencing.

Specifics for this two level Mediterranean:

Beds: 2

Baths: 3

Square Footage: 2,330

$/Sq.Ft.: $418

HOA Dues: $271/month

Forced air, central air

Property: Residential

Type: Single Family

View: Canyon

Year Built: 2003

Community: Turtle Ridge, Canyon Edge

County: Orange

On the Market: 22 days

Considerations and Comparisons: Canyon’s Edge compares well with Quail Hill and may offer a bit more space for the dollar. But this community is a selective choice. The dollars spent here are for space coupled with those other key ingredients of location, privacy, convenience, and distinctiveness. New to the market, this home will attract a certain buyer with some definite ideas of what the home should be.

Who will make this stone and stucco farmhouse theirs? A professional couple, a busy executive, or a small family who love the outdoors, might gravitate to this home. Quality schools, exceptional hiking and recreational areas, a remote, retreat lifestyle, and easy access to nearby beach communities could all be factors in the sale.

Nearby properties and recent sales: 19642 Sierra Santo Rd. sold for $835,000 in June and 19367 Sierra Bello Rd. sold for $940,000 in March. Current properties listed: 17 Shade Tree is listed for $869,000 and 5 Starlight is listed for $895,000.

Discuss below or on Talk Irvine.