Inventory as of 13th April 2013: 208

Since the beginning of 2013, Irvine inventory has stayed close to the 200 range. We go up, and we go down, adjusting seasonally. As the sun shines more, and summer moving season begins, this might get heated up a bit, with everyone trying to test the market, listing their house at whatever price they deem is appropriate. There is always a foreign cash buyer with an all cash offer- if the house is in a desirable neighborhood, and not built by a second rate builder.

Here is a Single Family Residence, in Irvine, in a prestigious neighborhood, and still under $400/SF (thought the asking price is close to a million) which has become a bench mark for condominiums these days. It's very close to Beckman High School, and walk-able distance to Hicks Canyon Elementary school. The floor plan is nice, and the house is maintained well. It's only a decade old. Why the discount?

Of course there is a catch: It backs to Bryan. A couple of years ago, I didn't mind the street much and really bought into my Realtor's “this is Irvine, there is a 20' feet buffer to the street”. But after seeing how the buffer got pushed in Culver widening, I would put a thought or two before buying a house backing a street, even though there is a buffer in place now. Especially if I am putting a million dollars, in cash.

36 Whitford, Irvine CA 92602

Listing Price: $978,000

HOA Dues: $214/ Month

Mello Roos: $3,169

Property tax rate: 1.0593

Estimated Property tax: $10,360

Estimated Monthly Mortgage: $4,814

Estimated Monthly Expenses

(Mortgage + Mello Roos + Property Tax +HOA) = $6,146

Beds/ Bath: 3 Bedrooms/ 2 Bathrooms

Area: 2450 SF

Price/ SF: $399

Year Built: 2003

Lot Size: 6634 SF

Community: Northpark Square

Builder's Tract Name: TRIANA

Builder's Tract Code: TRIA

Would you buy this property?

Does it bother you that the property backs to a busy street?

Since this property already falls under Tustin Unified school district, why not take a look at Tustin Ranch? The schools are almost the same, and the area is much quieter and nicer. Of course the house is a bit dated in comparison, but it's only $304/ SF, and the listing price is $899,999, HOA dues are only $38 per month, 5 beds and 3 baths. And 3-Car-garage too!

13282 Presidio Place, Tustin CA 92782

What do you think? Is it a fair comparison?

(About the title: These are the common words used by folks at Talk Irvine to describe the communities. North Park Square is the Step Sister of North Park, and Second Class Citizenship can be earned with a Tustin Ranch Home, all in jest! Both are beautiful communities, and have great schools)

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3723.0.html

Last week, I toured 13791 Solitaire Way, a five bedroom home in the Racquet Club neighborhood. This week, I went just a couple of blocks over to see 4051 Blackfin Avenue in the same community. The home on Solitaire Way was listed 15 days ago and has already been sale pending for a week. The Blackfin home has been on the market for 26 days.

The basics:

Asking Price: $799,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 2,450

Lot Size: 5,500

$/Sq Ft: $326

Days on Market: 26

Property Type: Single Family Residence

Year Built: 1971

Community: Racquet Club

There are no HOA dues or Mello Roos taxes.

The Blackfin home is slightly smaller (164 square feet) than the Solitaire home on a slightly smaller lot. A big negative for Blackfin is that it backs to Bryan, a fairly busy street, especially given its proximity to Brywood Elementary and Sierra Vista Middle Schools. This house also has little curb appeal, with no second story windows in the front (due to a sloped roof) and a huge tree blocking the view of the front door. However, it does have a three car garage and solar panel across the entire roof.

The entry way gives a view of the living room ahead and the dining room to the right. The living room has an entire wall of windows/sliding doors that bring in a lot of light. It has large, 16” tile floors and an alcove under the stairs that provides space for shelving or, as the current owners have, a piano. Though this is technically the formal living room, I would probably use it as the more casual family room since it is closest to the kitchen.

The dining room is really just an extension of the kitchen, though it does have space for a large table. Plantation shutters help give it a more formal look. The room is separated from the kitchen by a large bar with seating for four.

The fully remodeled kitchen features granite counters and stainless steel appliances. The lighter cabinets help to brighten the room and the tile backsplash matches well with the counters and tile floors. Overall, the room has a very clean, polished look.

On the opposite side of the living room, a shutter-style door leads to the family room and bathroom. Because the family room is so separate from the rest of the house, it might work better as an office, den, or even a bedroom (though it lacks a closet). It has a sliding door to the backyard, a white brick fireplace, and eight tall, white cabinets (solid on the bottom, glass on the top).

From this room, you can access the garage, a coat closet, and a full bathroom. The bathroom is small, but has been remodeled. The single sink has granite counters, the shower/tub combo has new tile and frosted glass doors, and the cupboards and all hardware are new.

The backyard has a large pool, a spa, and several fruit trees. The patio area is big enough for a table and chairs and the many trees and plants help give the yard privacy.

Upstairs, there are four bedrooms and a small bonus room. The bonus room runs the width of the house, but is under the sloped ceiling, so much of it is too short for an adult to stand in. It only has windows on the two ends, so it doesn’t get a lot of natural light. It is long and narrow. It would work best as an office or children’s playroom.

The master bedroom is at the top of the stairs. It’s a good size, but very plain. There are small windows in the corners and two mirrored closets. The bathroom has been remodeled and now features granite counters, dual sinks, and new tile, cabinets and hardware. Unlike most master bedrooms, this does not have a separate shower and tub; rather, there is just a combo similar to what you’d see in a standard secondary bathroom.

The three secondary bedrooms are all pretty similar. They are average sized with French-door style closets, and side by side windows running almost the length of each room. They line up across the back of the house, so noise from Bryan may affect light sleepers.

The secondary bathroom is quite similar to the other two, with new granite counters, a shower/tub combo, and new hardware, tile, and cabinets. Despite a long counter, it only has one sink.

All of the rooms have new windows and plantation shutters. None of the ceilings have been scraped. Everything is clean and well kept and I think the remodeled kitchen and bathrooms were done very well. The carpet is in good shape but buyers may want to replace it. The tile floors downstairs are in great condition.

I imagine the location is why this house is still on the market and the other one in the same neighborhood sold more quickly. The kitchen and bathrooms are much nicer in Blackfin than in Solitaire Way. Solitaire had bigger bedrooms and newer carpet, but older tile floors downstairs and old windows throughout the entire first floor. With comparable pricing and size (Solitaire has five bedrooms but no bonus room), the biggest difference is that Blackfin backs to Bryan.

Which house would you choose? If the locations were equal, would that change your opinion?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3715.0.html

Woodbridge’s Ultimate Condo on the Lake

12 Waterway #22 $1,999,900

As you wind through the streets off of West Yale Loop one turn after another brings you to the lake’s edge at 12 Waterway. I have visited condos in this area before that sat on lagoons and had delightful views, but this condo delivers the ultimate front row package, sitting right on the lake with a panoramic view.

Stepping inside the home, there are lake views everywhere, and when you walk out on the deck the water is lapping below with geese honking overhead.

Significant Numbers: Brand new to the market, this three level contemporary condo was built in 1983. Unique, as a completely detached condo with no common walls, the four bedroom and 2.5 bath home covers 2,669 square feet in a prime location. The HOA is $292 with $/sq.ft at $749.

CloseUp: Inside, the view from every direction is the lake with large expanses of windows and an open floor plan. To the right of the entry double doors open to the master suite with full lake view, tiled tub, double vanity, shower, and walk in closet.

Straight ahead an elegant dining room sits between the kitchen and the living room. The sunken living room has high ceilings, fireplace and balcony with an expansive lake view and large wrap around deck.

Throughout the home, Berber carpet, tile and hardwood floors are used with plantation shutters and skylights to make the most of the space.

Off to the left and up a few steps the family room is equally inviting with a full bookcase wall complete with rolling ladder, fireplace, view and bar.

The open floor plan with balconies links the rooms together and invites a circular flow of traffic from the family room to the kitchen and on to the dining room and the living room.

The kitchen is large and functional with a breakfast bar and nook. It has original tile, a convection oven, and an expanse of light and views. Upstairs there are large bedrooms and a converted attic space that could be a play area or useful for extra storage.

For the right buyer the home is three levels of light, glass and views, designed to make the most of the location.

Specifics:

Bedrooms 4

Baths 2.5

Detached, no common walls

Double garage

Inside laundry upstairs

Central furnace and air

Irvine Unified School District

What could be considered here: Recently two large Woodbridge single family homes in the million dollar price range, nearby at 5 and 20 Rainstar, sold the first week they were listed. The homes on Rainstar were beautifully landscaped and finished inside and out, and were within walking distance of the lake.

This condo is a contrast with similar square footage, a three level contemporary design, a much higher price, and an ultimate lake location. A new buyer might want to update some areas, making the most of the home’s design. Public records show the home sold for $1,185,000 in 2005. It will be interesting to see how it plays out in the current market.

Who will move in? Someone who is taken with the location and wants a condo in Woodbridge will be attracted to this South Lake home. All of Woodbridge’s community, recreation and top notch school credentials add to its value. For someone who entertains, travels, and wants a sublime location in Irvine this could be the choice.

Recent Listings Nearby: 46 Mirador, $899,000.

Recent Sales: 35 Waterway, $930,000; 27 Waterway, $932,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3709.0.html

Oh boy! This is getting real. From December to now we talked about Irvine stabilizing, Irvine recovering, Irvine booming, Irvine bubbling, and as I write this blog, we are going through Irvine kool-aiding! If you thought $400/SF was pricing you out in this market, think again. This listing is asking for $610/SF. With million dollar homes being purchased in cash transactions, this too shall sell, and may be someone might feel charitable enough to bump up that asking price by another hundred thousand.

How to find out if it's an all cash purchase? Here is a tip one of the Realtors gave on Talk Irvine: It says in the Redfin link (under Listing Information) how the property was purchased (cash, conventional, FHA, etc). Like this one for 27 Early Lgt in Northwood, under buyer financing:

115 Lattice, Irvine CA 92603

Listing Price: $1,500,000

Beds/Bath: 4 Beds/ 2.5 Baths

Area: 2460 SF

Builders Tract Name: Olivos (OLIV)

Builders Tract Code: Olivos (OLIV)

Builders Name: California Pacific

Builders Model Name: Plan 2

Price/ SF: $610/SF

For anyone paying this price, especially if they are paying all cash, public schools might not be an attraction. But still, the house is served by all API 10 schools with great test scores.

Elementary: Vista Verde

Middle School: Rancho San Joaquin

High School: University

Here is a little history of the Olivos homes in Quail Hill:

2012:

5/11 126 Treehouse $438/SF

6/27 105 Lattice $480/SF

7/2 100 Treehouse $558/SF

8/1 111 Lattice $449/SF

12/10 121 Lattice $481/SF

2011:

3/11 101 Lattice $451/SF

5/18 130 Weathervane $403/SF

6/17 114 Treehouse $386/SF

That is almost doubling Price/SF from two years ago! Considering most of the purchases made these days are all cash (every Realtor has stories to tell you of these foreign cash buyers who see a house online, decide to make an offer and buy), how will this bubble sustain in the long run? Will the million dollar homes affect the sale prices of the middle class homes now around $800,000? In 2008, there was a long line of foreclosures and short sales in the market. What's the exit strategy now? Up, up and away? Implode?

What are your thoughts? Share on Talk Irvine.

Today, I visited a home at 13791 Solitaire Way in the Racquet Club neighborhood. Two other homes on the same street have sold in the last few months, so I was curious to see one for myself.

The basics:

Asking Price: $799,888

Bedrooms: 5

Bathrooms: 3

Square Footage: 2,508

Lot Size: 5,663

$/Sq Ft: $319

Days on Market: 12

Property Type: Single Family Residence

Year Built: 1970

Community: Racquet Club

There are no HOA dues or Mello Roos taxes.

This was originally a one story home with two bedrooms, but a second story with three bedrooms was added.

The large living room lies straight ahead when you walk in the front door. Its high ceiling has a skylight and there is a white brick fireplace with a wide hearth at the far end. The beige carpet is new and in excellent condition.

To the right of the entry is the kitchen, with the breakfast nook coming first. It is set against a large bay window and has space to put a hutch in addition to the dining table. The kitchen features blue-grey Corian counters and white appliances, including a new dishwasher. The electric stove has four burners and is very basic. The room is long and narrow and doesn’t have a lot of cabinet space. A sliding door leads to the side patio. The floor is covered in large, white, square tiles that extend all the way through to the dining and family rooms. I think they are too plain and give the room a very dated feel.

The dining and family rooms are at the back of the house, accessible through the kitchen and the living room. The ceiling has white wooden beams running across it and the tile doesn’t make it feel homey or warm. A sliding door leads to the backyard.

The yard has a large cement patio with an above ground Jacuzzi in the middle of it. It also has a fire pit surrounded by benches, creating a nice spot for entertaining. There is a small grassy area in one corner.

The master bedroom is downstairs, also at the back of the house and with access to the yard. It’s a big room with high ceilings, a ceiling fan, and lots of light. A small alcove leading to the closet could be used as a retreat or dressing area. The closet is a walk-in with built in wooden shelves.

The master bath is quite narrow but has been remodeled. The dual sinks are set in a long, granite counter on one side with the shower along the other. It isn’t a great layout and feels quite cramped.

The other bedroom downstairs is an average size with a ceiling fan and two-door mirrored closet. As in the living room, both downstairs bedrooms have new carpet. The bedroom’s adjacent (not attached) bathroom has one sink and a shower/tub combo. The counter and tile floors appear to be newer.

Leading to the garage is a very large storage area with several wooden cupboards, a long counter and a closet.

Upstairs, the three new bedrooms share a bathroom. It has one sink and a shower/tub combo.

Each of the bedrooms is slightly larger than an average secondary room. They all have the same new carpet as downstairs. Each has a sliding, two-door closet (bigger in one room than the others), a ceiling fan, and one window.

The home is in excellent condition but could use a few upgrades. Most notably, it doesn’t have new windows. The only thing I truly disliked was the tile floor in the kitchen, dining and family rooms. Otherwise, everything was in good condition, with new paint and new baseboards giving it a clean look.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3692.0.html