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.

Last summer, I reviewed 31 Entrada West, a three bedroom house in Northwood’s Park Paseo neighborhood. The house sold on September 28, 2012 for $620,000 ($324 per square foot; asking price was $649,000). This week, exactly seven months later, I toured 2 Campanero West, the same model home but with a reversed floor plan. As we have seen, the market has risen significantly in the last several months. This property is listed at $725,000.

The basics:

Asking Price: $725,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1915

Lot Size: 4,092

$/Sq Ft: $379

Days on Market: 17

Property Type: Single Family Home

Year Built: 1980

Community: Northwood, Park Paseo

HOA dues are $85 per month and there are no Mello Roos.

This is a corner lot, backing to Hicks Canyon (a non-residential street) and right alongside where people enter the street. It is a quiet, cul-de-sac street that has direct walking access to Santiago Hills Elementary School.

Lighter flooring and cabinetry do a lot to brighten the house, as many rooms don’t get enough natural light. The front living room has light colored carpet, vaulted ceilings, and two large windows. The carpet here, and throughout the house, is in good condition, but buyers will likely want to replace it soon. Across the entry way, the dining room has matching carpet, high ceilings, and a sliding door out to the L-shaped yard.

The family room at the back of the house was very cluttered, making it hard to get a good sense of the size and feel of the room. I did notice that the ceilings hadn’t been scraped and overall, the room is pretty dark. This room also has the same carpet and has a tile fireplace.

This model has a very small and narrow kitchen. While the one at 31 Entrada West was very dark, this one is brighter, largely attributed to white cabinets and light colored tile floors. The garden window brings in some natural light from the bright backyard. The kitchen’s only updates are newer white appliances, but it still has the original white tile counters, panel lighting and plain white cabinets. It is clean and well maintained, but definitely not modern.

The backyard has a patio, with the rest of the space covered by gravel and several large, raised garden boxes. There aren’t any tall trees, so the yard is bright, but it won’t block any sound from Hicks Canyon.

Upstairs, there are three bedrooms, all with light-colored wood floors (the hallway is carpeted). The two secondary bedrooms are small and both face the front of the house. Each one has a two-door, mirrored closet. They share a bathroom with a single sink set into a long counter. The faucet is newer, but most of the bathroom is original. Like the kitchen, it is mostly in good shape but looks dated.

The master bedroom has smooth, vaulted ceilings and a large walk-in closet. It is one of the smallest master bedrooms I have seen. The bathroom has a stall shower and dual sinks with new hardware and cabinet pulls. Nothing else in the bathroom has been upgraded.

Like 31 Entrada West, this home is in good condition, but has very few upgrades and plenty of room for improvement. It does have nice plantation shutters in some rooms, but all of the windows are original. I liked 2 Campanero West a little bit more, largely because it felt brighter. The corner lot allows for a slightly bigger yard, but puts it in a less desirable location.

Has the market changed so much that you would pay $100,000 more for the same model (also without any remodeling) just seven months later?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3795.0.html

Supersized Single Family Turtle Rock Home with a View

19 Rimrock $1,650,000

As you turn off Turtle Rock Drive and head up Rimrock the Turtle Rock hills loom at the top of the cul de sac. To the left sits 19 Rimrock, a supersized single family home on a supersized view lot. Part of the Highlands Lusk community, Bonita Canyon Elementary, Chaparral Park and Turtle Rock Community Park are just down the hill. Meanwhile, out In back there’s a million dollar view.

Being partial to natural settings instead of neighbors just over the fence and views that just won’t quit, I could easily rate this home a 10. Having an 8,276 sq. ft. lot ups the appeal too.

Significant Numbers: This two story, 5 bedroom, 2.75 bath home is 3,153 sq. ft. on an 8,276 sq. ft. lot. HOA dues are $169; $/sq. ft. is $523. Built in 1977, it is a custom Tartan plan remodeled, and it has been on the market about 12 days.

CloseUp: Everything clicks as you walk up the steps, take in the perfect landscaping and step inside. To your left, the step down living room with high ceilings, fireplace, and French mullioned windows framed with custom silken draperies sits next to the formal dining room.

The dining room has a dramatic James R. Moder chandelier and French doors opening onto a side patio. Brazilian cherry wood floors, vaulted ceilings, skylights, and multi windows are well used here.

The mood ticks up another notch as you head to the back of the home, where a huge open space offers a sleek kitchen on the left with casual dining area overlooking the patio, and bar, and large family room with a massive dark cherry wood entertainment center on the right. The spectacular finish is the stunning backyard, patio view straight ahead. Lavish parties, family festivities, and any other occasion that you can think of, are practically inevitable.

A bank of French doors take you out to the patio, lawn areas and a sweeping view of Shady Canyon, Bommer Canyon and city lights. Nightcap or morning coffee anyone?

The main floor also has an office/study suite with French doors opening onto an adjoining exercise area. This two room space would also work perfectly for a small library, music or other hobbies. It could also be considered for a downstairs bedroom if needed.

Heading upstairs, the five bedrooms with two baths includes the master suite with views, dressing area, bank of cabinets and closets, shuttered windows, and double vanity. There is also inside laundry upstairs.

Specifics:

Bedrooms, 5

Baths, 2.75

Double garage

Association pool, spa

Forced air heating, central air

Detached, no common walls

Irvine Unified School System

What could be considered here? A stunning view, secluded Turtle Rock location, and a supersize 8,000 sq. ft. plus lot, and a 3,000 plus sq. ft. home will all be weighed against the price. Recently I saw a Woodbridge condo right on the water that was approaching $2 million in asking price. Down the street in Woodbridge there were two million dollar properties that sold the first week they were listed. This home rivals all of them and includes similar top flight schools and recreational facilities.

Who will be enjoying the view at 19 Rimrock? A good sized active family looking for top schools, a first class entertainment venue, and a family base will be drawn to this location and this home. A lot of the same qualities that draw families to Quail Hill are here in abundance, with quite a bit more space.

Recent Listings: 14 Southern Wood, $1,299,000; 52 Valley Terrace, $1,529,000.

Recent Sales: 63 Sierra Elana, $1,450,000; 59 Valley Terrace, $1,500,000

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3780.0.html

This is real.

This is happening.

All a seller has to do is list, and the buyer will make him move.

In my blog “See, Spot, Buy or Sell” in January, I said “Shiller and Roubini have always given a pessimistic projection of the economy. But, in my opinion, when irrational exuberance begins, it’s good to keep ourselves educated of things to come. We have not entered a bubble phase but with unemployment for Orange County at 7.0%, Dow Jones at 13,435, low inventory and buyer desperation, Irvine can expect a mini bubble this year.” Looks like the bubble has here, and there is nothing mini about it! We have beaten the 2005/6 prices in some areas, and in some we are about to clear that hurdle. “Irvine is different” say our Realtors.

Maybe Irvine IS different. Different because it doesn't depend on local/state/national economy only- part of the real estate market is run by the foreign cash buyers who think with its stellar schools and safety, buying a house in Irvine for all cash is a better investment than anything else in the world right now. As an Irvine homeowner, it is tempting to list my house and make hay while the sun shines. But that would also mean taking my suitcase full of cash and moving to lesser desirable neighborhoods, unless we want to pay the same premium back to another property in Irvine. A lot of Irvinites are in the same boat. But trust me, it's an addiction, living in this city of white cars, math-music-martial arts classes and international grocery stores. Then there are schools.

Here is 196 Rhapsody, listed at a price higher than what the owner paid in 2005, when the house was built.

Listing Price: $650,000

HOA Dues: $203/mo.

3 Beds/ 2.5 baths

Area: 1,300 Sq. Ft.

Price/ SF: $500 / Sq. Ft.

Builders Tract Name: Cortile (WDCT)

Builders Tract Code: Cortile (WDCT)

Builders Model Code: 3

Property Type: Residential, Condominium

Community: Woodbury

Here are the highest Price/SF for the Cortile homes in Woodbury since they were built:

2006: $520/SF

2007: $524/SF

2008: $408/SF

2009: $420/SF (Lowest $347/SF)

2010: $441/SF (Lowest $347/SF)

2011: $409/SF (Lowest $330/SF)

2012: $406/SF (Lowest $306/SF)

Last Sale Price for the property: $532,000, in July 2005.

What do you think? Ready to move, or ready to make someone move?

I will let this bubble pass, watch it grow and pop from the sidelines, and may be write a “would have” “should have” post later. What about you?

Share your thoughts at Talk Irvine. While you are there, check out the thread “Newer listings in Irvine with…“