Irvine. When you are outside Irvine, just telling people that you live in Irvine is enough – you are already special. But within Irvine, there are some villages better than others, some tracts better than others, some schools better than others and of course some builders better than others. Which side of 405? Which side of 5? Which side of Culver? Northwood or Northwood II? North Park of North Park square? Quail Hill or University Park? Oh.. Walnut- El Camino-West Irvine? No, this is not a philosophical blog about what's enough, and where does one draws a line and defines happiness. This is a real estate blog, and the question here is..

What's hot in the market today, and how much does it cost?

39 Moonstone, Irvine CA 92602 – One of the “most popular listing” on Redfin.

This attached condominium is priced at $539,000. During 2011/2012, the Mandeville homes flooded with the market and slid to $400,000s. No one would have expected them to hit the $500,000s so soon, but suddenly the inventory is low, and end of the day real estate market is all about demand and supply. The plans aren't very spacious, but they are highly functional. There isn't much wasted space. Also, there are only two levels.

Long ago, we went to an open house in bay area. The condo had three levels- and it had steps within the kitchen and dining area to separate the areas. While it looks good on plans and sections to draw something complex, as an architect, I know that end of the day it's not about how good a building looks on paper. How does it translate in reality? Will the end user be happy with the product? Who lives in a condominium? A newly married couple.. they might have a baby in that house. Empty nesters downsizing.. they might have knee issues.

I understand, it's all about density. Can we, within the constraints of the developer and the dollars design something that becomes a contribution to the society, not something one has to live with because that's all they can afford to buy in Irvine? But then… here we are, three level West Park gym- and “most popular listing” on Redfin, priced $34/SF more than the two level condo in West Irvine. I might be all wrong about my design analysis. There must be a tribe that loves these tri-level houses, fit and fabulous to run up and down the stairs all day, and not get tired of it at all.

A slight digression..a friend of mine lived in a tri-level condominium. When they moved in, they decorated it to suit a young couple. It looked perfect. Then she got pregnant. It was a pain climbing stairs to get a glass of water if she was on the couch. Then she had a baby. It wasn't as pretty as before. The beautifully decorated house got cramped with functional pieces to make living easy on each level. Then she had another baby. One afternoon she came back from a supermarket..unloaded her stuff into the extra fridge they had in the garage (her husband or she would later transfer stuff to their kitchen when they had time). She kept the car running because her baby was sleeping in the car seat, and called from her car.. and says “I don't want to go upstairs and put him in bed because we have to again get down in forty minutes to pick up my older one from preschool”. Oh, OK. Happy mother's day to all you mommies rocking a multiple level house!

5 Palagonia Aisle, Irvine CA 92606

Share your thoughts about the floor plan. Do you see a condo as a step towards a house of your dreams and buy whatever the market offers in a village you want to live in? Do you live, or love multiple level condos? What are your reasons? As a woman in her thirties, and a mother also, I might be overlooking a community that loves living in such condominiums. Enlighten me. They exist in almost every village of Irvine, and they are all priced on Irvine standards (special, I mean). There must be a reason for that.

What is your favorite Irvine village, or your favorite Irvine tract? Please share on this thread at Talk Irvine!

There are a couple of houses for sale in Northwood’s Woodside neighborhood right now. This week, I looked at 34 Alegria, a four bedroom home that just came on the market last Friday.

The basics:

Asking Price: $900,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,404

Lot Size: 4,792

$/Sq Ft: $374

Days on Market: 6

Property Type: Single Family Home

Year Built: 1977

Community: Northwood – Woodside

HOA dues are $97 per month and there are no Mello Roos taxes.

This home is fully upgraded and currently vacant, so buyers will be able to move in quickly with little to no work. In addition to remodeled kitchen and bathrooms, the home has new wood floors, newer carpet, new windows, scraped ceilings, and a new roof. The biggest downfall I saw is that the house is located on a corner near a main entrance to the neighborhood, so there will be a lot of cars driving by. Noise shouldn’t be an issue, since it’s not backing to any big streets; it just isn’t a great location for kids to play outside.

Dark walnut, distressed floors were the first thing I noticed when I entered the house. The front living room is large, with high ceilings, so the floors just seemed to stretch on and on. The living room flows directly into the dining room, which also has a vaulted ceiling. At the back of the room, a window was converted to a French door that leads to the backyard.

The kitchen is bright, with multi-colored tile floors, updated white tile counters, and light wood cabinets throughout. The appliances are mostly stainless steel (the fridge is white), and include a completely flat stovetop for easy cleaning. The kitchen has an eat-in area with space for a six-seat table. There is not an island, but there is plenty of counter space and a large garden window brings in lots of light.

The family room is three steps down from the kitchen, but a large opening between the two rooms allows for easy visibility and doesn’t make the kitchen feel closed off. The railings in this area look a bit widespread to me, so this may be an issue with small children. The family room has a built-in entertainment center in one corner, and the large, flat screen TV and surround sound speakers come with the house. The room also has a white brick fireplace, French door to the backyard and a small bar area with light green cabinets.

Also downstairs are a half bath and a laundry area. There isn’t a door to the laundry area, so noise from the washer and dryer may be a problem to someone watching TV in the family room. The backyard has a small grassy area but otherwise is mostly hardscaped.

A wide staircase leads to four bedrooms off of one long hallway. The master is to the left. It is a big room with newer carpet and a ceiling fan. There are two steps leading up to the large walk-in closet (complete with built-in organizers) and the beautifully remodeled bathroom. The upgrades include granite counters, tile floors, and many drawers and cabinets that offer ample storage space. It has double sinks plus a vanity area. An old-style, stand alone bathtub sits in one corner. The separate stall shower is nicely tiled and has a seat built into one corner.

The other three bedrooms are all comparable in size. Two are carpeted, with ceiling fans and two-door, mirrored closets. The third bedroom was converted to an office, but still has a walk-in closet so it could still be used as a bedroom. It has hardwood floors that match those downstairs, a ceiling fan, a large built-in desk and many different built-in cabinets. This room also has a bigger window than the other two and faces front, rather than the side of the house, so it gets more light.

The secondary bedrooms share a nicely remodeled bathroom with a single sink and a shower/tub combo.

The house is just down the street from the community pool, spa, tennis courts, and tot lot. A greenbelt leads to the Hicks Canyon Trail and it’s also a short walk to Sierra Vista Middle School. Northwood continues to have a lower price per square foot than most other Irvine neighborhoods. Do you think this one is a good buy?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3824.0.html

Single Family Turtle Rock Home on Huge Lot – Special Auction May 19

28 Sycamore Creek $1,099,000 starting bid

Just off of Turtle Rock Drive, 28 Sycamore Creek, part of the Glen Patio Homes, just moved onto the market with a special auction for pre-qualified buyers scheduled for May 19. Auction details and paperwork are provided at open houses scheduled in May. The literature says this is “a certified pre-owned home with a 3 year warranty. The starting bid is $1,099,000, and total purchase price will be high bid plus 7% buyers premium.” When I was there, a steady stream of visitors were touring the home and looking at the literature.

Significant Numbers: Built in 1977, this single level, 3 bedroom, 2.5 bath home has been expanded and remodeled with a loft entertainment area. The home is 2,550 square feet on an 8,276 sq. ft. lot that has an additional 3,000 square foot easement that is usable for everything except permanent structures. HOA is $80.

CloseUp: Approaching the home, there is an impressive street presence similar to 19 Rimrock that I saw a week ago. But stepping inside, everything changes. Double doors open into a dramatic two story entryway with skylights. A center staircase to the open loft expansion is straight ahead. A formal living room and music library with fireplace are on the right with dining room and kitchen on the left. Italian marble flooring and carpet work well together.

The kitchen is Euro white with Italian marble, and granite counters with a casual dining area on one side and the dining room on the other.

The sunny loft is an all purpose entertainment zone, with dormer windows capturing the light. There is space for a billiards table, TV and games, bar and powder room. This second level bonus area works perfectly to expand square footage and channel traffic for family time or entertaining. For a new buyer with a large family or frequent guests, this area could be converted for extra bedrooms.

The master suite has a walk in closet, double vanity bath, and doors leading to a private patio.

Moving outside, the huge lot size is used well with a private backyard that backs to a slope, a huge side yard and a private patio off of the master suite. There is a bricked patio with built-in fire ring.

Specifics:

Bedrooms, 3

Baths, 2.5

Double Garage

Forced air heating, no air

Irvine Unified School System

What will be considered here? That question is trickier with the auction scheduled for May 19. Interested buyers need to visit one of the open houses in May, talk with representatives and review paperwork. From an individual standpoint, the home is a spacious open floor plan situated on a huge lot on a quiet winding street in Turtle Rock. Great schools, superb recreation, and a secluded setting are all part of the package.

Who will be at the auction? Buyers looking for the Turtle Rock location, the lot size, top schools, excellent parks, and a natural setting, may choose to be part of the auction.

Recent listing: 24 Sycamore Creek, $1,499,999.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3811.0.html

Do you want to make $489,900 in a month? You don't have to be an engineer, or a doctor, or an investment banker, or the President of United States for that! Just buy in Woodbridge and relist it within a month! Rumor has it that the plume is so strong around Irvine, a suitcase buyer will walk in and say “I will take it,” without taking his sunglasses off. Four years ago, the real estate bears were busy forecasting the lows we would hit. Two years ago, some of them retracted their statements, and accepted that Irvine is special. But just how special is Irvine? So special that you can flip for close to half a million dollars within a month?

23 Eastlake Irvine, CA 92604

You think $500/ SF is too much to pay for a 1980's one of kind beauty near the lake?

Think again. 23 Eastlake sounds like a bargain when you compare it with 71 Nighthawk at $578/SF.

Even as The Irvine Company debuts new communities (the latest entrant being Cypress Village homes) and continues to build more, the prices continue to climb. What is so special about Irvine? The first thought is schools, but for anyone willing to pay $489,900 price increase for a property, private school shouldn't be an issue. Irvine police are the best in the country (going by our safe city records), but really, you can hire your own security at that rate. Why?

I think the rightful people to answer that question are those visiting open houses, those writing offers, those willing to pay. I should start interviewing those people, and make a documentary called “Special Irvine”. A few months ago I said it's a recovery, and then I questioned if it was a bubble. At this point, the bubble is inflated so bad, all it needs is a poke from a little needle to burst. Where will that poke come from? Nobody knows for sure. For now, we will continue our shock and awe at the listing prices, and be amazed that someone actually outbid another one to buy that property.

The cheapest on the market today:

705 Maplewood, Irvine CA 92618

Listing Price: $250,000

Beds/ Bath: 1 Bed/ 2 baths

Area: 870 SF

Price/SF: $287/SF

The most expensive:

50 Blue Heron, Irvine CA 92603

Listing Price: $16,750,000

Beds/Bath: 8 Beds/ 9.5 baths

Area: 11000 SF

Price/ SF: $1523

And the most popular!

39 Moonstone, Irvine CA 92602

Listing Price: $539,000

Beds/ bath: 3 Beds/ 2.5 baths

Area: 1500 SF

Price/ SF: $359

What are your thoughts about Irvine Real Estate? Will you buy a newer Irvine house or settle for an older one with better schools? Share your thoughts at Talk Irvine.