Today I visited 12 Crosskey, a five bedroom home with two bonus rooms, both additions to the original house.

The basics:

Asking Price: $959,000

Bedrooms: 5

Bathrooms: 3

Square Footage: 3,100

Lot Size: 4,550

$/Sq Ft: $309

Property Type: Single Family Home

Year Built: 1977

Community: Woodcrest

This home has no HOA dues and no Mello Ross Tax.

The house is in great condition, with many recent upgrades, including new wood floors downstairs and new carpet upstairs, new vinyl windows, and new tile floors and showers in the bathrooms. Other upgrades include new mirrored closet doors, recessed lighting, new fixtures, and a new wood patio.

The first rooms I saw when I walked into the house were the living room and dining room, both on the left. Oddly, the living room still had furniture in it, though the rest of the house is completely vacant. It is nice and bright, with an attractive fireplace and high ceiling. The living room is two steps down from the hallway and one step below the dining room, so there are several different levels within the downstairs of the home.

Continuing down the hallway, I passed a large, wide staircase and entered the great room – a family room and a fully remodeled kitchen. The great room is very spacious, with a fireplace in one corner, a bay window in the breakfast nook and pretty wood floors. It has a walk-in bar and an open storage area under the stairs.

The kitchen has brand new stainless steel appliances (no fridge), new granite countertops, maple cabinets, and a large breakfast bar with bookshelves on one side. It’s a fairly small kitchen in terms of floor space, but it does seem to have ample counter and cabinet space, including a pantry.

A bonus room was added on downstairs, behind the dining room. It’s a triangular shaped room, fairly narrow at one end, with doors to close it off from the dining room if desired. It also has sliding doors to the backyard. This would make a great playroom for little kids and could also be used as an office or exercise room. Its size, shape and lack of closet wouldn’t make it ideal for a bedroom.

There is also a full bedroom downstairs with mirrored closets and a ceiling fan. The full bath downstairs has two sinks and a shower.

Upstairs, I found three more secondary bedrooms. Each has mirrored closets and they share a bathroom featuring two sinks and a tub/shower combo. One has a ceiling fan. They are average size and don’t have any special details.

The master bedroom is a big room with a ceiling fan and high ceilings. Two tall, narrow windows overlook the backyard. It has two cedar-lined walk-in closets, providing ample storage and a nice aroma. Past the closets is a remodeled bathroom, with a separate tub and shower and two sinks. The floors and shower are beautifully retiled and all of the fixtures are new. The cabinets appear to be original but are in good condition.

The other addition to the house is upstairs through the master bedroom. It is approximately the same size as all of the secondary bedrooms but it lacks a closet. Because it is only accessible through the master bedroom, it somewhat limits what you would use it for, but it would make a nice office, exercise room, or private sitting room. It’s a nice extra space to have.

The home’s biggest downfall is a fairly small backyard, partly due to the downstairs bonus room. However, it does still have a grassy area, a patio, and a fenced-in spa.

I like this house a lot. It is at the end of a quiet cul-de-sac and all of the upgrades are attractive and well done. There is plenty of living space for a large family and it has a three car garage. The house has only been on the market for about a week and I imagine it will sell fairly quickly.

Discuss below or on Talk Irvine.

Turtle Rock Condo in the Treetops

33 Valley View $766,000

As I drove along Valley View looking for this open house, I was amazed at the open space in this condo neighborhood. A short drive from Turtle Rock Park, and the Association pool, this area is quiet and uncrowded with condos stair stepping down the hillside.

Stepping into the gated paved courtyard of 33 Valley View, there is a growing suspicion. This could be the condo all of the other condos want to be!

That suspicion is confirmed inside. Double doors open into an elegant entryway, with a sleek formal dining room, soaring beamed cathedral ceiling, and a large elevated living room. I could picture the party invitations now. Entertaining would be a breeze.

Across the back of the living room, the wide windowed area with sliders opens onto a deck with a view of the treetops and city lights. An impressive fireplace, hardwood floors, and recessed lighting add the finishing touches.

The kitchen opens off of the dining room. The kitchen has been remodeled with granite counters, custom cabinets and skylights.

Maximizing the Space: This 4 bedroom, 2.5 bath condo makes the most of an ample 2,400 sq. ft space with a relaxed split level floor plan that feels even bigger than it is. The upper level includes the master bedroom, deck, bath, and a second bedroom that works as a convenient home office.

Everywhere you look there are treetop views and inviting decks.

The lower level has a family/entertainment suite with one bedroom on each side of the family room, plus bar sink, bath and laundry room. One of the downstairs bedrooms works as an exercise area. The good sized deck is accessible from the family room and both bedrooms. There is a two car attached garage.

Just minutes from the University of California Irvine campus, this property offers the Irvine School System with University High and Turtle Rock Elementary schools, the Association pool and 2 tennis courts.

Specifics for this split level condo:

Beds: 4

Baths: 2.5

Sq. Ft.: 2,400

$/Sq. Ft.: $319

HOA Dues: $450/month

Lot Size: –

Property Type: Residential,

Condominium Style: Split-Level, Contemporary

View: City Lights, Tree Top, Trees/Woods

Year Built: 1978

Community: Turtle Rock

No Mello Roos Tax

On the Market: 23 days

Considerations and comparisons: Built in 1978, this place definitely has good bones. New owners might add more upgrades, but the existing assets are solid. Recently I visited 243 Terra Cotta in Quail Hill, and found a sleek condo next to rolling green fields. But, this Turtle Rock condo with its surrounding trees, and views, expansive floor plan, and up front drama is a very competitive alternative. For me it was all about breathing room and Turtle Rock easily wins.

Plants have been used to define the drop off between the elevated living room and dining room. The owners removed a divider, and new owners might want to reinstate it, if there are children or older guests.

Who will choose this property: Someone who relishes quiet moments on a private deck among the trees might seek solitude here. Someone who enjoys having friends over, and entertains a lot will be pleased too. A family who fits the space and values the Turtle Rock schools might settle here. Or a family with varying age groups might choose this one, using the upstairs/downstairs space to advantage.

Similar nearby properties recently sold: 14 Rustling Wind with 2900 sq. ft. was sold in June for $760,000. And 15 Misty Meadows with 2147 sq. ft. sold for $714,000 in April. Additional properties nearby listed for sale: 35 Cool Brk. #43 is listed at $769,000 and 759 Tidewind is listed at $759,000.

Discuss below or on Talk Irvine.

424 MLS listings in Irvine, and the Talk Irvine board is buzzing about the decreasing inventory, and increasing multiple offers. While I am not in the market for a primary home anymore, we looked at a couple of Mandeville investment properties in West Irvine. Within the few minutes that we spent in the property, three other parties walked in and viewed the condominium, and as expected, the property went into escrow the next morning. Summer of 2012 was supposed to bring the market to its knees, but it looks like things aren’t as bad as they were projected to be, mostly thanks to the slowing unemployment rate in Orange County (dropped from 8.5% to 7.5% in a year), and low interest rates (3.5% on 30 Year Fixed and still dropping).

This week, we will look at two condominiums in the Village of Woodbridge with views of the Lake. One is slightly below a million dollars and one slightly above.

55 Lakeview, Irvine CA 92604

Listing Price: $999,000

Beds: 3 (+Den)

Baths: 2.25

Sq. Ft.: 2,400

$/Sq. Ft.: $416

Property Type: Residential, Condominium

Style: Two Level, Cape Cod

View: Hills, Lake front, Lake mountain, Water front, Panoramic

Year Built: 1977

Community: Woodbridge

Builders Tract Name: Arborlake

Builders Tract Code: AL

Builders Model Code: Glenwood, E

Monthly expenses:

HOA Dues: $497/month ($415+$82)

Property Tax ( 1.00371%): $ 10,027 Annually

Mello Roos: $93.32 Annually

Monthly Property Tax+ Mello Roos: $843

Monthly Mortgage (30 YR Fixed, 3.5%): $3,589

Pricing History:

Jun 05, 2012 Price changed $999,000

May 22, 2012 Listed (Active) $1,029,000

Jul 15, 1999 Sold (Public Records) $420,000

Monthly Fixed Expenses: $4,929

53 Lakeview, Irvine CA 92604

Listing Price: $1,129,000

Beds: 4 (3 Bedroom +Den)

Baths: 2.5

Sq. Ft.: 2,404

$/Sq. Ft.: $470

Property Type: Residential, Condominium

Style: Two Level, Contemporary

View: Lake

Year Built: 1977

Community: Woodbridge

Builders Tract Name: Arborlake

Builders Tract Code: AL

Builders Model Code: Glenwood, E

Monthly expenses:

HOA Dues: $497/month ($415+$82)

Property Tax ( 1.00371%): $ 11,331 Annually

Mello Roos: $93.32 Annually

Monthly Property Tax+ Mello Roos: $951

Monthly Mortgage (30 YR Fixed, 3.5%): $4,056

Pricing History:

Apr 03, 2012 Price changed $1,129,000

Apr 03, 2012 Listed (Active) $1,029,000

Apr 22, 1988 Sold (Public Records) $282,000

Monthly Fixed Expenses: $5,504

Even though the condominiums are in the same neighborhood, have identical floor plans, and built in the same year, they are on the market at different prices. The monthly cost of owning one is $575 more than the other. But when you are buying a million dollar condo, I don’t think a few hundred dollars a month would make any difference.

Which one would you buy?

What factor would guide your decision?

Monthly cost of owning? Number of views/balconies?

Personally I would go with the house with the best views.

Another Arborlake condominium with excellent views, on the market at $1,300,000

For those who wouldn’t mind taking two steps out of the door to see the lake, here is a cheaper option at $589,000

Discuss below or on Talk Irvine.