University Park Single Family Market Tester

2 Norton $679,000

Two weeks ago I visited the Open House for 4256 Sandburg Way in University Park. That open house was jammed with visitors and the 4 bedroom, 2.5 bath home was listed at $769,000.

Now, another open house in the same area at 2 Norton was also loaded with visitors busily quizzing the realtor. This home is a 3 bedroom, 2 full bath, single family detached home on a large lot listed at $679,000. Records indicate the property sold for $739,000 in 2005.

The homes are different but the buzz of the market and the accelerating prices are similar.

Significant Numbers: This 1,594 sq. ft., single family detached home sits on a 7,800 sq. ft. corner lot at the end of a quiet University Park street, across from the park. New to the market, it was built in 1965. HOA dues are $123 and $/sq. ft is $426. There is no Mello Roos tax.

CloseUp: Walking up to the home, the dramatic design and plant lined courtyard provide a nice setting for the double door tiled entry. Inside there are bedrooms tucked off to the left and the right. Continuing on to the back of the home, the open kitchen with breakfast bar sits across from the dining room and living room creating a large open family living space.

The open beamed high ceilings, fireplace, and expanse of glass overlooking the back yard make this space work. The home has obviously been a comfortable retreat for a busy family.

Outside, the patio leads to a lush backyard with ample space for a pool, barbecue, or fountain. Inside, the high ceilings, travertine tile, wood floors and custom paints make the most of the space, but several open house visitors were busy speculating on what might be done to expand and upgrade the property.

The kitchen has granite counters with a breakfast bar, and a convection oven. The master suite with bath has sliding doors open to the front courtyard. There are two additional bedrooms, a full bath and inside laundry.

Specifics:

Bedrooms, 3

Baths, 2 full

Double garage

Two parking spaces

Irvine Unified School System

Detached, no common walls

Association pool and spa

Forced air heating, no cooling

What will the focus be here? Starting with the largest lot available in University Park, adding award winning schools in a well established neighborhood, and then factoring in a rising market, gives this property some impetus. The home sits on the corner of a quiet street right off of Michelson, which is a busy street leading to local shops on Culver. University Park offers an exceptional park system, including a regional park, and a convenient Orange County location near the University of California Irvine campus.

Who will move in? A young family looking for top schools and a network of great parks will be attracted to this home. Someone interested in moving with the market and considering an expansion might pick this property utilizing the basic footprint and taking advantage of the large lot.

Recent nearby listings: 100 Seton Rd. at $629,000; 32 Iron Bark Way at $625,000.

Recent sales: 20 Gillman sold for $625,000 last October.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3732.0.html