If you are in the market for a large home, check out 11 Ravendale. This home was just listed and boasts five bedrooms (one downstairs) plus a huge third floor bonus room.

The basics:

Asking Price: $999,000

Bedrooms: 5

Bathrooms: 4

Square Footage: 3,537

Lot Size: 3,842

$/Sq Ft: $282

Property Type: Single Family Home

Year Built: 2002

Community: Northpark Square

HOA dues are $98 per month and Mello Roos are $1,104.66 per year.

When I entered 11 Ravendale, I saw the living room to my right and the dining room to my left. The living room has windows on three sides, crown molding, and wall to wall carpet. The dining room, like the entry, has tile floors, and is tucked in between the entryway and the staircase. Its location is a bit awkward, since it doesn’t connect to the kitchen, but that seems to be the case in many newer homes.

Across from the staircase, a short hallway leads to a small full bathroom and a bedroom.

On the other side of the stairs are the kitchen and family room. The kitchen has tile floors, an island, dark granite counter tops and maple cupboards. It has black appliances, including a double oven, and brushed nickel fixtures. It also has a huge pantry with tons of shelving and a large space in the back with low ceilings for storing infrequently used items.

The super family room is big, but not as big as other super family rooms I’ve seen. It has a fireplace at one end, windows along one wall, and is carpeted. The carpet here, as well as in the living room and the entire upstairs, needs to be replaced.

Upstairs, there are four bedrooms on the second floor. The master is at the top of the stairs. While it doesn’t have a designated retreat, it is a very big room and has a fireplace in one corner, so you could create a cozy seating area. There are two large walk in closets with built-ins, a separate tub and shower, and two sinks with tile countertops. I liked that the bathroom wasn’t as huge as those in many other newer model masters. It had adequate space without taking up too much square footage.

The other three bedrooms were surprisingly big. I am so used to seeing tiny secondary bedrooms in new homes that I was very pleasantly surprised by the rooms here. Each one also has a walk in closet with some built-ins. They share a bathroom with two sinks and a shower/tub combo. A large linen closet and a laundry room with sink complete the second floor.

A huge third story bonus room completes the house. It has sloped ceilings, two ceiling fans and a full bathroom. While it is one large space, it can easily be divided into different areas and used for multiple purposes. There is also an unfinished storage area that could probably be fixed up and turned into a usable attic.

The downfall to the house is the lot size, resulting in a small backyard. The owners did invest a lot in landscaping, including stone work throughout and a built in bbq. While they did well with what they had, the space is small and feels pretty closed in.

This home is big without feeling ostentatious. Each room is well-sized and, aside from the well-worn carpet, everything is in great condition.

The owners have already purchased a new home and are looking to sell quickly. While the price of $282 per square foot is on the low end of homes in the area, it should be noted that a nearly identical home (28 Thorn Hill) a block away sold two weeks ago for $935,000 ($266/sq ft).

Discuss below or on Talk Irvine.

Summer of 2012 was supposed to be the legendary bottom of Irvine Real Estate prices. But thanks to low inventory, Irvine home owners can breathe easy and continue to list their properties for exorbitant prices. The safest city just got voted as the sixth best place to live in the country! That might add a premium to the premium we are already paying to live in the safest city with the best school district. Currently there are only 399 homes in Irvine for sale, not including shadow inventory. That’s a huge drop from the 1200+ in July 2007, and the lowest in the past five years.

Every village in Irvine saw its bottom at a different time since 2008, and so far all the markets that crashed since the “Great Housing Depression” have rebound. Woodbury was another hard hit market in Irvine, many houses still under construction, some sold for buyers with creative financing, at risk of being foreclosed or sold short. The Great Park that was supposed to be the crowning glory of Irvine became an illusion, so much so that the surveys asked “do you think Great Park will be built in your lifetime”.

Today we will see if Woodbury has rebound from its lows, or has reached a new bottom.

76 Spanish Lace, Irvine CA 92620

Previous Sale: November 18, 2005 for $805,500.

(Most of these homes were sold in that range when they were offered by the builder)

Here is a brief sales history of Cachette homes with similar floor plan since 2006.

2007: 168 Vintage $766,000 – Highest

2007: 187 Rhapsody $738,000

2008: 79 Rinaldi $674,000

2008: 80 Spanish Lace $665,000

2009: 81 Sanctuary $738,000

2010: 106 Alhambra $675,000

2010: 199 Rhapsody $697,000

2010: 161 Rhapsody $700,000

2011: 187 Sanctuary $700,000

2011: 119 Sanctuary $675,000 (Foreclosed, and sold by the bank)

2011: 41 Lamplighter $639,00 (Short Sale) – Lowest

No property has sold after the short sale of 41 Lamplighter and the foreclosure – sale by the bank of 119 Sanctuary. 76 Spanish Lace is a regular sale, and according to the listing the owner has remodeled and upgraded extensively. In short, the owner is taking a loss from his purchase price, and willing to lose his remodeling dollars. Overall market says the inventory is low and prices will be inflated, but may be they are not inflated enough to pay a little less than a million for a detached condominium, just yet.

Listing Price: $739,900

Beds/ Bath: 3 Beds/ 2.75 Bath

Area: 1959 SF

Property type: Residential, Condominium

Year Built: 2005

Community: Woodbury

Price/ SF: $378

HOA Dues: $202/Month

Monthly mortgage: $2,699

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $4258

Property Tax (1.0595%): $7840

Monthly Mello Roos + Tax = $1008

Fixed monthly expenses: $3,909

An attached corner unit with similar square feet area is not a fair comparison, but here is what an attached wall will bring down the monthly cost of owning to:

70 Costa Brave #114, Irvine CA 92620

Listing Price: $588,000

Beds/ Bath: 3 Beds/ 3.5 Bath

Area: 1865 SF

Property type: Residential, Condominium

Year Built: 2010

Community: Woodbury

Price/ SF: $315

HOA Dues: $300/Month

Monthly mortgage: $2,145

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $3311

Property Tax (1.0595%): $6230

Monthly Mello Roos + Tax = $795

Fixed monthly expenses: $3240

Would you buy now in Woodbury?

Now we know Summer of 2012 didn’t turn out as legendary and bearish as it was touted to be, but those of you who waited, are you buying now, or waiting for a further drop that shadow inventory influx ‘might’ bring?

Share your thoughts below or on Talk Irvine.

Last week, I reviewed 7 Aldea, a three bedroom home in Northwood’s Windstream community. Today, I will review 31 Entrada West, another three bedroom home in Northwood. This one is in the Park Paseo neighborhood, about half a mile away from 7 Aldea, and zoned for all the same schools.

The basics:

Asking Price: $649,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1910

Lot Size: 3,645

$/Sq Ft: $340

Property Type: Single Family Home

Year Built: 1979

Community: Northwood, Park Paseo

HOA dues are $83 per month and there are no Mello Roos.

Both homes have a lot in common. They were both built in 1979 and neither has remodeled the kitchen or bathrooms. They have similar prices per square foot and both have associations with pools and tennis courts. 7 Aldea is a bigger house on a bigger lot, and is in a gated community. 31 Entrada West offers a much lower HOA ($83/month vs. $174/month) and the lower asking price makes it more affordable for many families. While 7 Aldea is located on a corner, 31 Entrada West is near the end of a quiet Cul de Sac.

When I entered this home, the living room was immediately to my right, down one step, and the dining room was to my left. Both rooms have hardwood floors and vaulted ceilings.

The family room has a small wet bar at one end and a brick fireplace in the middle. It’s somewhat dark, since it only has windows on one side and it only has one small set of old track lighting. It is long and narrow and doesn’t really flow into any other rooms, so it feels very closed in.

The kitchen is also long and narrow. One half has several pantry-height cupboards, a large window and breakfast nook. The rest of the kitchen is pretty small, with one long tile counter and one smaller one. There are newer stainless steel appliances but original counters, cabinets, and fluorescent panel lighting. While it is in good condition, overall it feels outdated and small.

Upstairs, there are three bedrooms and two baths. The two secondary bedrooms are on the smaller side, both with windows facing the front of the house and standard closets. Their shared bathroom only has one sink, despite having a counter long enough to fit two.

The master bedroom’s nicest feature is vaulted ceilings. Otherwise, there is nothing remarkable about the room. The bathroom has a stall shower and double sinks with newer fixtures, but everything else is original.

Overall, 31 Entrada has a lot of room for improvement. However, it is smaller than most homes in the neighborhood, resulting in a lower asking price (though its price per square foot is comparable to others). For a family with a lower budget, this may be their chance to get a more affordable house in a great neighborhood. Upgrades can come later, if desired.

Discuss below or on Talk Irvine.