The impending summer has brought some good homes on the market in Irvine. The inventory as of 21st April is 228, and there might be an uptick, considering the seasonal summer moves, and also the rising prices. Many are testing the market with a listing price that comes to their mind, and getting multiple offers to top that price. So, why not!? Yesterday our neighborhood Realtor told us that it's a very good time to sell. We agree. We already have a very tempting equity in the house. But where does one go in this market? Unless you are thinking of leaving Irvine, chances are we will pay the same amount to buy a similar property, or more to a newer better house. Of course, you can always buy something bigger in West Irvine, but I would rather not compromise the builder and floor plan (and architectural elements) for an extra room that we won't use. So, we will stay put, watching our neighbors sell and move out of their houses wheeling suitcases full of cash.
That's about us, but many of you have been looking for an opportunity to move, and what better time than now! Two North Park properties are on the market this week. Both are around 1500 SF, both have three bedrooms/ two and a half bathrooms. Both have access to all resort style features of the community. One of them is a San Simeon Plan 1, and one of them is a Monterey Plan B.
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102 Chula Vista
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55 Meadow Valley
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Bedrooms
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3 bedrooms
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3 Bedrooms
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Bathrooms
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2.5 bathrooms
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2.5 bathrooms
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SF Area
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1510 SF
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1500 SF
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Listing Price
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$540,000
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$619,800
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Price/ SF
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$358/SF
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$413/SF
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Estimated Mortgage
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$2719
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$3243
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Property Tax
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$5720
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$6565
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Mello Roos
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1202.79
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1217.18
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HOA Dues
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$352
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$271
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Estimated Monthly Payment
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$3647
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$4162
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55 Meadow Valley is a two story detached condominium with a backyard. 102 Chula Vista has a small concrete patio at the entry, and has multiple levels. When you drive around the neighborhood, both the properties have nice curb appeal.
Which one would you buy?
Personally, I would prefer a detached condo to an attached condo, and also two levels are more than enough. When it comes to Chula Vista, everything will be a workout. Carrying laundry to the garage and back to the bedrooms, carrying sleeping toddlers from the car to their crib, groceries.. you get the point. While one level brings in some privacy, I am not sure about owning a property with multiple levels. But Irvine has three level properties in every village, and all of them have been selling/ reselling well, so there might be people who prefer those floor plans.
Buyers: Have you altered your needs to meet your budget or budget to meet your needs in this heated market? Are you paying more than 20% down to make sure there are no hiccups in escrow or loan?
Sellers: What are your thoughts when you list your property? Clean it and stage it? Fix it and spruce it? Just list and watch the foot traffic with a content smile? Where are you planning to move next?
Share your views at Talk Irvine.