Monthly Archives: October 2012

Open House Review: 3 Woodland Drive

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

Coming Soon, On Sale!

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.

Open House Review: 5 Canyonwood

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

New Homes "Coming Soon" to Woodbridge

A lot of building has been happening in Irvine recently. However, these new homes have been in new neighborhoods instead of Irvine’s well-established neighborhoods. This is about to change. William Lyon Homes has announced that they will build 48 new single-family detached homes in Irvine’s well-established neighborhood of Woodbridge. These new homes (The Branches) will be the first new homes built in Woodbridge in 15 years and will be located in the North Lake area near Fallbrook Park.

Here are some more details:

  • Limited offering of 48 single-family homes
  • Three detached, two-story floorplans
  • Approximately 2,209 to 2,542 square feet
  • 3 to 5 bedrooms, 2.5 to 3 baths
  • No Mello Roos and low HOA (http://wva.org/link/linkshow.asp?link_id=351781) dues
  • Anticipated from the $900,000s

As selling points, William Lyon Homes touts the North Lake location, no Mello Roos fees, low HOA dues, and being within the Irvine Unified School. They also point out that these homes will be near business, shopping, entertainment, and John Wayne Airport.

Some of the comments I have been reading have these criticisms: the yards will be too small, the design is “hardly distinguished”, and the price is too high considering the price of existing Woodbridge homes. As far as when these homes will be available, the only statement that I am finding is “coming soon.”

What do you think? Are these homes something that you would consider?

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3165.0.html

Open House Review: 3 Santa Comba

Polishing Assets in Westpark

3 Santa Comba, $899,900

Driving into Westpark, I found 3 Santa Comba at the end of a quiet cul de sac. Built in 1996, this Montage home is new to the market, and attracted quite a bit of interest at the open house.

Reviewing the numbers, this contemporary single family home has 5 bedrooms and three baths with a 3 car garage in 2,400 square feet on a 5,094 sq. ft. lot. The price per square foot is $375, and HOA dues are $47. There is Mello Roos tax.

From the street, curved brick trimmed steps lead to double doors that take you into a wood entryway and on into a large, carpeted living room, nicely punctuated with a cathedral ceiling and many windows. This bright sweep of space suggests an active family lives here and entertains frequently. With the dramatic ceiling and windows, this room is really open to interpretation. I could see a variety of furniture groupings, and a formal dining area at the end, overlooking outside greenery.

Continuing on through the living room, to the right there is a natural mix of kitchen, casual dining area and family room with fireplace and shutters. Hardwood floors up the appeal, and the whole area works very well. The kitchen blends in with sleek tile, newer stainless appliances and a comfortable breakfast bar.

From the family room, parties can spill out onto the patio through the French doors. The backyard is very green and private.

The carpeted stairway to the right of the main entrance takes you to a roomy master bedroom, with separate Roman shower and tub. One of the five bedrooms has been turned into an inviting office/study with French doors.

Specifics for this 2 level contemporary:

Bedrooms, 5

Baths, 3

Property type, Single Family

Three car garage

Central furnace, air, ceiling fans

Size, 2,400 sq. ft.

Lot size, 5,400 sq. ft.

Price/sq.ft., $375 sq. ft.

Detached/no common walls

Spanish clay tile roof

Year built, 1996

Neighborhood, Westpark

On the market, 20 days

Association pool, spa

Considerations and Comparisons: The solid assets of ample space and a good floor plan, coupled with a prime location in Westpark with excellent parks and award winning schools, gives this home market energy. A little polishing could take it even further. The backyard landscaping could be upgraded, with spa, barbecue, or flower beds. Also, the stairway carpets could be replaced. At this price, comparisons could also be made with homes in nearby Woodbridge of similar size. As always, the buyer will weigh all of the factors of price, age, condition, location, and that elusive quality of “what works” for them.

Who will be the next host here? Families or professional couples who entertain a lot and have frequent guests, grandkids or hobbies will see this as a great operating base. The home is close to the airport, and freeways, yet quiet and private.

Recent sales in the area: 27 Bluejay sold for $912,00 In July. And 24 Meadowgrass sold for $745,000 in August. Nearby current listings: 12 Santa Eulalia is listed at $1,099,000; 10 Bluejay is listed at $749,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3158.0.html