University Park House of Light and Glass

4256 Sandburg Way $769,000

This large single family home on Sandburg Way is tucked into a quiet spot in the University Park community. From the large parking area in front, all the way to the back where there is a good sized patio and yard, there are some welcome surprises in this end unit.

Significant Numbers: New to the market, this two level, four bedroom, 2.5 bath single family home is 2,700 sq. ft. on a 3,680 sq. ft. lot. at $/287 sq.ft. HOA dues are $185 a month. The home was built in 1968 and there is no Mello Roos tax.

Close-Up: The home seems to have two personalities, one for entertaining and one for the family. A third appeal might be for someone who loves to grow things. This two story glassed home is filled with light, atriums and plants.

Nicely divided with a glassed atrium to the right and a large space for kitchen, breakfast nook and family room to the left, the high ceilings, abundant light and laminate wood floors give the home a smooth relaxed presence.

A bank of bookcases and cabinets house games and collector pieces in the family room, with the eating area and gallery kitchen rounding out a comfortable family retreat. The kitchen has recessed lighting, built-ins, and a convection oven.

The living room with wood burning fireplace sits between the atrium and the patio, with a formal dining room on the left. Perfect for evening parties, with candles in the atrium, a barbecue on the patio and a buffet in the dining room. The home has new double paned windows and sliding doors and custom window coverings. In a few areas cabinet repainting could be done.

The four bedrooms are upstairs with storage cabinets running the length of the upstairs balcony. The master suite with fireplace and bath is good sized. There are three more bedrooms and an indoor laundry room.

Specifics for this two level home:

Bedrooms, 4

Baths, 2.5

Double Garage

Association park, community pool

Attached 2+ common walls

4 parking spaces

2 carport spaces

Irvine Unified School District

What is important here? The established University Park community offers top flight schools, a close in well connected location, and a regional park close by. Evaluating the price versus the assets of ample square footage, a workable floor plan, appealing design, and 4 bedrooms, and 2.5 baths, makes this an interesting option in the market.

Who will move in? A family with teens who need a comfortable family living area, top schools, enough bedrooms, backyard space, and ample parking out front will see the possibilities here. Someone else choosing the University Park location might welcome the space and design options as they develop the greenhouse appeal of the home and make good use of its entertaining potential.

Nearby recent listings: 4432 Sandburg Way, $820,000; 16 Yellowwood Way, $768,000.

Recent sales: 17 Foxglove, $715,000; 42 Gillman, $665,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3682.0.html

In the tiny pocket of land tucked between the Mericort homes and Freeway 5 are the Tamarisk condominiums. All of them share walls with their neighbors and patio at the entrance (no backyards). Affiliated schools have great ratings even though they are technically in Tustin Unified School District. Of late, these homes are catching up with the market and moving up, up and away.

The current property to hit the market is priced above $500,000.

46 Trailing Vine, Irvine CA 92602

Listing Price: $525,000

Beds/ Bath: 3 Beds/ 2.5 Bath

Area: 1395 SF

Price/ SF: $376

HOA Dues: $290

Builders Tract Name: Tamarisk

Builders Tract Code: TAMR

In 2006, this house sold for $595,000. We haven't hit the 2006 prices yet, but here is a neat little tool that calculates inflation adjustment. (http://www.usinflationcalculator.com/) According to this website, if this property was sold at $595,000, the same item would cost $685,212.15 based on cumulative rate of inflation at 15.2%. So, technically we are not at the 2006 bubble level. But salaries haven't increased, unemployment hasn't decreased.

Here is a brief history of Tamarisk homes in the past three years:

2013:

33 Trailing Vine $329/SF

38 League $354/SF

81 Trailing Vine $330/SF

2012:

16 New Season $274/SF

80 New Season $257/SF

94 New Season $295/SF

74 Trailing Vine $267/SF

2011:

62 New Season $297/SF

37 Trailing Vine $306/SF

Going by the sales history from the time these homes were built in 2005, they have bottomed in 2012, and 2013 brought in a miraculous recovery of $100~ /SF. While we salaried people with the down payment + mortgage combination will gasp in shock and awe at the trend of the market in 2013, a foreign cash buyer will probably pick up the property as an investment and rent it out within a month. In Irvine, in current market conditions where inventory is struggling to reach the two hundred mark, anything and everything will sell. This too shall!

Here is what $525,000 can also buy in Irvine:

146 Hedge Bloom in Woodbury

Listed at $519,000 ($440/SF)

6 Stanford Ct #3 in University Park

Listed at $519,000 ($433/SF)

80 Deermont in West Irvine

Listed at $529,800 ($434/SF)

At $376/SF, 46 Trailing Vine is the cheapest option currently in Irvine, at this price range. Still not very affordable, or not a fair deal for those who have kept a tab on prices since 2007 waiting for the right market to make their move.

What would you do?

Would you buy an attached condominium for $500,000+?

Would you put in as much as cash you can in down payment?

Share your thoughts at Talk Irvine.

After scanning Redfin for some open houses, I decided to visit 14521 Ryewood Street in El Camino Glen, a neighborhood I haven’t toured before. I thought the house was priced really high, so I wanted to see it for myself, especially since there aren’t any interior pictures online.

The basics:

Asking Price: $545,000

Bedrooms: 2

Bathrooms: 1

Square Footage: 1,000

Lot Size: 5,100

$/Sq Ft: $545

Days on Market: 7

Property Type: Single Family Residence

Year Built: 1970

Community: El Camino Glen

There are no HOA dues or Mello Roos taxes.

The front door opens directly into the living room, which has dark wood floors and a white brick fireplace at one end. It has a hanging lamp that looks more suited for a hallway, or even outside. There are high ceilings in the living room and new windows throughout the house. None of the ceilings have been scraped.

The kitchen is behind the living room, with a dining area that could probably fit an eight person table (though 4 – 6 would be more comfortable). The kitchen and dining area have dark green, acrylic tile. Otherwise, everything is white – the appliances, cabinets and tile counters. The kitchen definitely shows its age, but does manage to fit a lot of cabinets into a small space.

Sliding doors at the back of the dining area lead to the large backyard. The yard is a combination of cracked concrete and dying, patchy grass. There aren’t any plants or trees. Though the realtor mentioned the concrete walls as a huge asset for privacy, they are low enough that I could look over parts of them into the adjacent yards (and I’m not that tall). The size of the yard is great, but it needs a lot of work to be nice. The listing’s referral to “new green grass lawn” seems to only apply to the front yard.

A hallway off the living room leads to the bathroom and bedrooms. The home’s sole bathroom has a newer vanity with a single sink. A shower/tub combo with older white tiles and a curtain rod is at the back of the room.

One bedroom is slightly larger than the other and also has a bigger closet. Both have standard, two-door closets with gold trim. Both rooms also have new sliding doors out to the side yard, which are fitted with alarms. The carpet in the bedrooms is in good shape.

While I was there, the owner of a nearby home was touring as well. He mentioned that the foundation of this home is the same size and strength of that of a two-story house, so adding a second story could be a possibility. There is also space to add more rooms at the back of the house.

Another potential buyer touring when I did seemed interested and was considering making a cash offer. The realtor also told me there were others planning to submit offers in the evening (though I don’t know if any actually will). I asked the realtor how she determined the list price, because $545 per square foot is higher than pretty much everything I’ve seen lately. Her response was “It’s El Camino Glen,” as if to say that made it a highly desirable area. However, recent sales in the area have been much lower and the other homes currently on the market are all under $435 per square foot.

What’s your take on the Ryewood home? If it does go for $545,000, how do you think it will affect other prices in the area?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3663.0.html

Supersized Woodbridge Condo

55 Pinewood $999,000

If you turn off of Yale and wind back through the North Lake area of Woodbridge, there is a supersized condo all the way at the end of the cul de sac, at 55 Pinewood. This condo may be the one that most condos want to be.

Totally remodeled and expanded, the home has grown to 3,157 sq. feet with 4 bedrooms, and 3.5 baths, including a master retreat, an office and a bonus room. The end result is a sleek condo with some nice options.

Significant numbers: Built in 1977, this two level home has been on the market about 30 days, and is $315/sq. ft.

CloseUp: Double doors open into a large tiled entry with a step down family room and nicely finished patio straight ahead. Carpeted stairs to the second level are on the right and a dining area and kitchen are off to the left. The master retreat is also on the main floor around to the right.

The family room with fireplace has French doors opening onto a large professionally landscaped backyard with custom fireplace, fountain and built-in barbecue and gas range. There is also a large side yard.

Overall, this polished condo has a take charge attitude. It could hold a whole tribe of family, friends and relatives, or handle a good sized guest invasion, staging a big party and housing out of town guests. The open floor plan on the main floor and extra bedrooms can easily manage the traffic.

Newly painted throughout, the pale beige color scheme is accented with coordinating tile and thick cocoa carpeting. Striking tile insets and niches are used in the kitchen, baths and hall.

The family kitchen fits right into the main floor hub of activity with good sized granite counters, stainless appliances, custom cabinetry and recessed lighting.

The master suite is a well designed retreat with jacuzzi and shower and his and hers vanities. There are also two other good sized bedrooms with private baths on the main floor. Upstairs, the bedrooms are good sized, and one has French doors opening onto a small balcony. The laundry is inside and there is an attached double garage.

Specifics:

Bedrooms, 4

Baths, 3.5

Double garage

Cooling: Dual zone AC system, central heating

Community Barbecue, Playground, Spa

Community clubhouse(s), tennis courts

Irvine Unified School District

What is important here? The choice North Lake Woodbridge location, paired with so much space will be considered along with the immaculate finish and numerous upgrades. Single family versus condo will be the other question with individual priorities weighing in.

In a changing market it will be interesting to see how this newly remodeled and greatly expanded home will do. Recently there were several quick sales of good sized single family homes in the same price range in the South Lake area of Woodbridge.

Who will be attracted to 55 Pinewood? A large family could be looking for the top schools nearby, and all of Woodbridge’s recreational facilities. The main floor master retreat, office, den and bedrooms, offer flexible space for people who travel, work at home, and entertain a lot.

Recent nearby listings: 10 Woodflower, $1,200,000 ; 17 Brookdale, $978,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3658.0.html

Inventory as of 24th March, 2013: 184.

I know, you all laugh when you hear the legendary Realtor statement “Buy now or be priced out forever”. But of late, the Irvine market has flipped, and is clearly on the seller's side, forcing people to buy before they are priced out, or the interest rates rise! Oh wait, this is Irvine. We don't care about interest rates. We buy all cash. At least most of the people I talk to are sharing stories of exorbitant down payments or all cash purchases. It's a different world from what we saw four years ago, when we looking to buy. Inventory was maximum, and even though there were multiple offers of properties, people were under bidding each other as opposed to over bidding now to get a property, guaranteed.

I have profiled the West Irvine condominiums a couple of times to show how the market has changed for them in a year, some even appreciating as much as $200,000. Today, I will profile another condominium from the 92602 zip code, but not in West Irvine.

46 Trailing Vine, Irvine CA 92602

Listing Price: $525,000

Beds/ baths: 3 Beds/ 2.5 Baths

Area: 1395 SF

Year Built: 2005

Monthly Expenses:

Mortgage: $1915

HOA Dues: $290

Mello Roos: $113

Property tax: $463

Total Monthly Expenses: $2781

Cost of owning/ SF: $2/ SF Monthly

When the market was going down a couple of years ago, there was a lot of chatter about shadow inventory. Technically, if the market performed as the graph projected, that would be the case, and we would have reached the rock bottom in the summer of 2012. But, now we all know that those who bought in the 2008-2011 time period did not catch a falling knife.

Here is a brief history of trailing vine properties:

2007: $419/SF

2008: $349/SF – $367/SF

2009: $311/SF – $329/SF

2010: $302/SF – $342/SF

2011: $297/SF – $306/SF

2012: $274/SF – $295/SF

2013: 81 Trailing Vine, $330/SF

92 Trailing Vine, $294/SF

33 Trailing Vine, $329/SF

38 League, $354/SF

From $419/SF to $274/SF, Tamarisk has seen it all.

What do you think?

Would you buy a Tamarisk house fearing that you might actually be priced out very soon if the trend continues?

Are you willing to pay half a million dollars to buy a house with a tiny patio, and view of the freeway from the bedrooms?

Share your views at Talk Irvine.