As I turned down the street towards 6 Night Bloom, I saw three families leaving the open house and two more heading in. Once inside, the dozen pairs of shoes in the entryway confirmed that there was a lot of interest in this home.

The basics:

Asking Price: $600,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1,635

Lot Size: 1,000 (per redfin)

$/Sq Ft: $367

Days on Market: 7

Property Type: detached condo

Year Built: 2006

HOA dues are $156 per month and there are Mello Roos taxes.

This property is located in a small community near Northwood and Northpark Square. The unit has the unfortunate location of being on the corner of Culver and Farwell, though neither street has direct access to the neighborhood. The windows were open and noise wasn’t terrible, but may be worse during busier times. The master bedroom faces Culver. Because it’s on the west side of Culver, all homes in the community are slated for the Tustin Unified School District.

The condo itself is in very good condition and was more spacious than I expected. A small den at the front of the house offers a nice additional living space, though it doesn’t get a lot of natural light.

The great room comprises the rest of the living space downstairs. The family room, kitchen and eating area all truly flow together. The kitchen features granite countertops, stainless steel appliances, a walk-in pantry and an island with seating on one side. The white cupboards are a nice contrast to the darker wood floors and granite. The kitchen is a good size for a condo but cabinet space will definitely have to be used wisely. The dining area is also fairly small and is positioned in front of the sliding doors to the patio. The adjacent family room is bright, with windows on two sides and space for a large entertainment unit or wall mounted TV.

Because of its corner location, the condo has a large wraparound patio. One side has a fire pit and the opposite end has a built-in barbecue with bar seating for four. The patio has access to the row of garages at the back of the house.

The washer and dryer are in the attached two-car garage, which also has a big storage area cut into one side.

A small half bath with pedestal sink completes the downstairs.

Upstairs, there are three bedrooms and two full baths. The master has thick carpet and a ceiling fan. While it does face Culver, several large trees are in place to provide some privacy. The master bath has travertine floors, two sinks with tiled countertops and a separate tub and shower. The long, narrow walk-in closet also features a small vanity at the back.

The other two bedrooms were much bigger than I expected for a condo. Both have standard sliding closets with six-panel doors, plush carpet, and small windows on two sides. Each room also has a chair rail and one has wainscoting.

These rooms share a bathroom with travertine floors, a single sink, and a shower/tub combo.

Based on the sheer number of people viewing the residence, I wouldn’t be surprised if offers come in after this first weekend on the market. Its HOA fees are lower than most other condos I have seen and the unit has many upgrades inside and out. The location is the condo’s biggest drawback. The many trees planted around it to help block the view from the street also result in a lack of natural light despite the many windows in each room.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3560.0.html

Woodbridge Condo Spins Through Market

3 Onyx #8 $729,900

Just off of West Yale Loop, tucked into a pleasant little cul de sac, the condo at 3 Onyx #8 in Woodbridge was open for viewing on Saturday and now it is listed as sale pending. Not surprising, in a tight market this very together condo has a lot of things clicking. The Woodbridge location on a corner lot, roomy floor plan, numerous upgrades and extra details all work.

Significant Numbers: This 4 bedroom, 2.5 bath two level condo on a small cul de sac next to the Big Wheel Echo Run Park in Woodbridge was built in 1982. It was on the market about 40 days. The square footage is an ample 2,281 with $/320 sq. ft. and HOA dues at $442.

CloseUp: Stepping into the dramatic entry there is a sense of space with a spacious living room on the left, followed by a good sized formal dining room and patio beyond. Straight ahead we glimpse the gleaming kitchen, casual dining area and patio beyond with the family room with fireplace and built-in bar on the right. Hardwood floors, plush carpeting, ceramic tile, skylights, plantation shutters and alabaster chandeliers all work to create a finished presence.

The kitchen has a garden window, Bosch dishwasher, and infrared vent-a-hood. Throughout the main floor the floor plan flows easily through the dining room, casual dining area, and family room, setting the stage for family events or more elaborate parties.

Mature ficus and fruit bearing trees line the spacious porch and wrap-around patio and yard, offering an inviting outdoor setting for private parties and family weekend time.

There is a main floor bedroom with the additional bedrooms on the second level. The master suite has a tub and shower, walk-in closet and extra closet for storage. There are built-in organizers in all bedroom closets and one of the four bedrooms has been set up as a home office with custom cabinetry.

Specifics:

Bedrooms, 4

Baths, 2.5

Double garage

4 parking spaces

Inside laundry

Central furnace, central air

Association pool and spa

1 common wall attached

Irvine Unified School District

What should be considered: The corner lot location is close to the busy W. Yale Loop traffic, but somewhat removed, tucked into a small cul de sac and still fairly close to the South Lake area. The upgrades, open, airy floor plan, good sized square footage and price are all part of the picture and the sale pending tells the final story in a brisk market.

Who is moving in? We shall soon see. It could be a young family looking for good schools and the South Lake recreational facilities, professionals who live, work and entertain in the Irvine area, or investors jumping into the market in the prime Woodbridge area.

Recent Listings: 7 Firestone #8, $749,900; 8 Cove #36, $749,900.

Recent sales: 4 Fieldflower #14, $718,000; 8 Calico #12, $643,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3557.0.html

Inventory as of 17th February, 2013: 2-1-5

In December, I wrote about the “Campaniles of Northpark Square“. It was about two identical campanile properties listed for around $420/SF. Two different Realtors represented the properties- one put decent pictures with a decent listing information, while the other took it easy with grainy pictures and a so-so property description. Since both properties were identical, even though I wrote a blog sharing my displeasure about the sub-standard listing information (given the amount of money involved in the transaction if it were to sell), I didn't think the listing information mattered so much. But guess it does.

14 Longvale closed on January 31st at $815,000.

24 Spyrock is still on the market, listed at $814,999 with additional pictures, and property description written primarily to cater to a teenage audience with multiple exclamation marks, and the legendary line “upgrades are too many to mention”. Pity, teenage children that “get” the description aren't the primary decision makers.

46 Appleglen, Irvine CA 92602

Good pictures? Check.

Good descriptions? Check.

Listing Price: $745,000

Property Type: Single Family Residence

Beds/ Bath: 4 Bedrooms/ 2.5 bathrooms

Area: 1900 SF

Price/ SF: $392/SF

Mortgage: $2,718

Property Tax @ 1.0593: $657

Mello Roos: $106

Fixed monthly expenses: $3481

For around $352/SF, we still have 12 Proclamation Way on the market for 669 days and counting. Going by the Realtors notes on the bottom of the listing, the property is available for showing, and no one has anything negative to say about it.

Good pictures? Check.

Good listing description? Check.

Good pricing? Check.

Well staged? Check.

What's stopping this place from selling?

Share your views on Talk Irvine.

New to the Market Woodbridge Upscale Remodel

5 Rainstar $995,000

Rainstar is a serene street nestled close to South Lake in Woodbridge, just the right spot for perfecting a single family home. That’s how I found 5 Rainstar to be in this new to the market open house. Overall, it’s a sublime setting and a sleek remodel.

Significant numbers: This 4 bedroom, 2.75 bath floor plan uses 2,411 square feet to good advantage in this two level JM Peters single family home. The HOA dues are $82 a month and it is $413/sq. ft. Built in 1980 on a 5,000 sq. ft. lot, the home has been extensively remodeled.

Close-up: Everything clicks from the curb on through to the lush backyard retreat. Approaching the home, walking past a lemon tree and numerous flowering plants, establishes a mood of perfection. Inside the mood continues with oak hardwood floors and a vaulted ceiling in a formal living room punctuated with new skylights. The living room overlooks an elegant formal dining room.

On through the home a casual dining area is flanked by a sleek kitchen and a good sized family room that has been nicely developed with built in bookcases, fireplace and a wall of sliding glass doors opening to a professionally landscaped private tropical retreat.

The kitchen is remodeled with marble countertops, top of the line stainless appliances including a 6 burner gas stove, Bosch double ovens and dual dishwashers.

There is a guest bedroom and fully remodeled bath on the main floor that would also work as an office. Upstairs, two more bedrooms with cherry hardwood floors have a full hall bath remodeled with travertine and marble countertops.

The master suite with fireplace, vaulted ceilings and private balcony has a remodeled master bath with dual vanities, separate travertine shower and Jacuzzi tub. The walk in closet has custom built-ins.

Specifics:

Bedrooms, 4

Baths, 2.75

Sq. Ft. 2,411

Lot size, 5,000 sq.ft.

Double Garage

Inside laundry room

Central furnace, central air

Association pool and spa

New metal roof

Irvine Unified School System

What will be considered? The key location near South Lake in Woodbridge paired with an extensive remodeling of a good sized single family home will be noted and weighed with the price. In a shrinking market someone looking for an investment or an upgraded single family home in Irvine might be taking a second look.

Who will move in? A young active family might make good use of the space and Woodbridge’s top recreational facilities and schools. The local elementary school is just around the corner. A couple who entertains and needs downstairs space for guests will also see the options here.

Recent listings: 8 Rainstar, $885,950; 44 Gilman, $725,000.

Recent sales: 15 Daybreak sold for $880,000 in October; 21 Bayside sold for $950,000 in September.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3542.0.html

Inventory on Feb 10th, 2013: 215.

Irvine is settling in the 200 range for inventory of resale properties. The buyers and sellers have made peace with the new normal and are moving on, along with the stock market scaling new heights. When, or if this mini-bubble will burst is purely based on speculation, and as of now, I don't see it bursting till the end of the year unless something drastic happens on the macro-level forcing our micro-market to react.

Here are two condominiums in the guard gated Northpark. While I love the luxury of living in a guard gated community, I am not a fan of small condominiums with huge HOA dues. There comes a point where renting in a gated apartment complex works out better than living in resort style condominiums. But then, housing is all about personal preference, and these condominiums are proof that all it takes is a buyer-seller and builder.

707 Terra Bella, Irvine CA 92602

701 Terra Bella, Irvine CA 92602

Address	701 Terra Bella	707 Terra Bella
Beds/ bath	2 Beds/ 2 Baths	1 Bed/ 1.25 Bath
Listing Price	$349,990	$349,000
SF Area	1119 SF	950 SF
Price/ SF	$313/SF	$367/SF
Monthly Mortgage (3.5%)	$1,253	$1,249
Monthly HOA	$405	$405
Property tax	$3706 Annually	$3696 Annually
Mello Roos	$1097/ Annually	$1097/ Annually
Fixed Monthly expenses	$2058 Monthly	$2053 Monthly

For roughly $5 a month, I am sure every buyer wants to 'upgrade' to a two bedroom condo in the same area. But there it is a huge gap in listing prices.

What do you think? Will these properties sell for what they are listed for? Would you buy a condo like this just because it happens to be in Irvine, and pay HOA as big as your property tax + mello roos? What are your thoughts about such condominiums? Do they make good investment properties? Discuss at Talk Irvine.