zovall: The post below is written by Michelle Jones
Hi, I’m Michelle! I’m originally from Sacramento, but I’ve been living in Newport Beach since 2001. Currently, my husband and I live on the edge of Newport Beach and Irvine, with our two dogs. Despite the fact that we are currently renters, we are both very interested in the real estate market, and house hunting. Our guilty pleasure is anything on HGTV. Currently, I work full time as an account manager for an internet company, and help with IHB in my spare time.
Today I’m going to review for you two homes that sold within the past three months for similar prices in the Westpark neighborhood of Irvine.
House 1: 22 Palermo, Irvine, CA 92614
Sold for $604,000 in October 2011
Beds: 3
Baths: 2.5
Sq. Ft: 1,787
$/Sq. Ft: $338
Lot Size: 5,751 Sq. Ft.
Property Type: Residential, Single Family
Style: Two Level, Mediterranean
Year Built: 1988
The house would definitely give you more space, but will require some upgrades to the kitchen. The appliances and tile counter tops need to be upgraded to stainless steel and granite, cupboards are slightly dated, the wallpaper border will need to be taken down, and backsplash added. However, the plantation shutters are a huge plus, and the kitchen windows look out into the backyard.
The backyard has a nice combination of both grass and concrete, and with the minimalist landscaping, at least there isn’t too much additional upkeep.
There are ceramic tile floors throughout the first floor of the house, which are at least durable and easy to clean, if nothing else. The second floor is fully carpeted, appears to be in good condition and is newer carpet.
Another bonus feature with this home is the HOA fee is low, at $41, and it offers a pool, spa and tennis courts in the community.
House 2 – 9 Palagonia Aisle, Irvine, CA 92606
$605,000
Beds: 3
Baths: 2.5
Sq. Ft: 1,500
$/Sq. Ft: $403
Lot Size: 2,500 Sq. Ft.
Property Type: Residential, Condominium
Style: 3+ Levels, Contemporary
View: Park/Green Belt
Year Built: 1999
This condo, on the other hand, offers views, an outdoor space with a BBQ and low maintenance landscape, and is 10 years newer than the house. Additionally, even though it is technically listed as a condo, it is actually a detached “villa”. All pictures for this one were lo-res.
The living room brings in a substantial amount of light, but does lack some decent blinds.
And although the flooring in the kitchen is a step up from the house, the appliances and tile counters need to be upgraded to stainless steel and granite.
And the outdoor space is lacking.
The HOA fees for this one are also substantially more at $172, which apparently only gives you pool, BBQ access, and a gated community.
In summary, for a slightly older home that does require some upgrades, you will have more square footage, but will also need some extra cash to spend on making those upgrades to your home. However, for the newer home at the same price, you not only sacrifice the square footage, but your outdoor space as well, and you would still need to upgrade the kitchen on top of all that. So, since you’re going to need to upgrade the kitchens in either home, why not acquire the extra square footage? Sure, you’ll probably need to spend a little more money to upgrade the house, but at least it will be to your own personal taste, and you’ll have space and privacy from your neighbors, instead of them practically being on top of you in the condo.
Plus you get a driveway and a real front yard in the SFR.
Since the locations are similar, I would choose the SFR.
Comments about Westpark:
1. The area know as Westpark II used to be orchards of fruit trees just less than 20 years ago (as much of Irvine was).
2. The Target at Crossroads was the first Target in Irvine and people were actually upset about that (now there are 4 Targets in the Irvine proximity and people can’t live without one).
3. Speaking of Crossroads, in recent years many of the long-standing eateries have closed there, it used to have a Wienerschnitzel, Steak Escape, Pasta Bravo and La Salsa. It now has a Chipotle, Flame Broiler, Subway, WingStop and Pita Grill.
4. The center just above Westpark II, off of Irvine Center Drive and Culver (Culver Plaza), had the first 99 Ranch Market (Asian grocery). Like Target, it had some resistance but now there is a 2nd 99 Ranch on Jeffrey and Walnut.
5. Culver Plaza also has Irvine’s first and only 7-Eleven. Two more are opening in Irvine (it only took 30+ years).
6. Westpark is probably the 1st and largest “Mediterranean-style” neighborhood in Irvine. My friends refer to it as the “pink” homes.
7. Both elementary schools (Plaza Vista and Westpark Elem) are year-round schools.
There’s also Sagami Japanese restaurant which has been there at least 22 years and actually expanded over the years.
There used to be a 7-Eleven at the corner of Irvine Center Dr. and Research Dr. Is that gone now?
Really?
I know they are opening one on Irvine Center Drive and Sand Canyon.
Is that in the Spectrum? I don’t recall a 7-Eleven there but you may be right.
On Sagami, I find their longevity amazing. They were even closed down for quite a few months during their expansion remodel and they have out-survived chain eateries/franchises.
Never mind… I found it.
Yeah… that was a newer one… I totally forgot about that one, I stand corrected.
That was *after* the Street Fighter days (hehe).
Dynamite post Michelle!
I completely agreed with your points as it pertained to the first home, specifically what it would take to bring the kitchen completely up to date. Of course that will have changed in 5 or 7 years, therefore you could skip doing anything and just change it then…
Additionally, I agree, you should buy the home with actual land and a much lower HOA. Great job, I’d encourage you to do more of the same type of analysis for all of us to read!
As a humorous addition, the words I must type in to verify that I am a human making this post are:
straight69. A straight 69, huh? What are the odds of that combination?
I was surprised to see the prices for these two properties were so similar. I would definitely take the older detached SFR with a yard.