231 homes for sale as of December 09, 2012

In 2008, there were articles everywhere about the doom and gloom that shadow inventory would create in 2012. Fear stopped us from buying, but hope and change brought by the low interest rates, and low inventory changed the scene by the time we hit 2012. Each village of Irvine hit a low once during this four year period, some recovering faster than others, some sliding faster than others. 2012 has become a happy transition year for the entire city from the great housing depression to the new era of zero growth. The property prices might be climbing, but when you compare the price with the rate of inflation and add in the low interest rates, not much has changed other than the outlook of the buyer.

How much has the outlook changed? What does $500,000 buy today in Irvine?

Woodbridge:

Address: 52 Wetstone #37

Listing Price: $499,900

Area: 1296 SF (2 Beds/ 2 Bathrooms)

Price/ SF: $386/SF

El Camino Real:

Address: 14821 Groveview Ln

Listing Price: $499,000

Area: 1156 SF (4 beds/ 2 baths)

Price/ SF: $432/SF

Turtle Ridge:

Address: 125 Jadestone

Listing Price: $498,000

Area: 1200 SF (2 beds/ 2 baths)

Price/ SF: $415/SF

Airport Area:

Address: 1118 Scholarship St

Listing Price: $490,000

Area: 1200 SF (3 Beds/ 2 baths)

Price/SF: $360/SF

Woodbury:

Address: 22 Calypso

Listing Price: $489,000

Area: 1441 SF ( 2 Beds/ 2.5 Baths)

Price/ SF: $339/SF

University Park:

Address: 9 Featherwood #1

Listing Price: $485,000

Area: 1185 SF (2 Beds/ 2.5 Baths)

Price: $363/SF

Quail Hill:

Address: 60 Reunion

Listing Price: $509,000

Area: 1145 SF (2 Beds/ 2.5 Baths)

Price: $445/SF

What are your thoughts?

Would you buy a condominium at any price, and update it if necessary, just to live in Irvine?

What brings you to Irvine? Is it the safety ranking? Is it the school district?

Share your thoughts at Talk Irvine, or comment below.

On a quiet cul-de-sac in the Canyon View tract of Northwood Pointe, I found 23 Bristlecone. This four bedroom house has a cute porch out front to welcome you into the home.

The basics:

Asking Price: $889,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,200

Lot Size: 5,979

$/Sq Ft: $404

Days on Market: 18

Property Type: Single Family Residence

Year Built: 1998

Community: Northwood Pointe – Canyon View

HOA dues are $100 per month and Mello Roos taxes are approximately $1600 per year.

A bright living room, filled with cathedral ceilings and many windows, awaits when you open the front door. Yellow walls enhance the color in the room, though I did notice many marks on the paint. At the back of the living room is space for a formal dining table and a crystal chandelier helps define the space. These rooms, as well as the kitchen and family room, all have wood floors installed diagonally.

Down a hallway to the right, I found a half bath. The realtor mentioned that it has the plumbing to install a shower if the future owners wanted to, though neither she nor I could figure out exactly where a shower would fit in the small bathroom. A hallway across from the bathroom houses the washer and dryer (plus laundry sink and storage shelves) and provides access to the garage.

Next to the bathroom is the downstairs bedroom, though it currently doesn’t have a closet and is used as an office. It has an attractive window seat, surrounded on both sides by built in bookshelves, cabinets and a desk. The shelves extend across an entire second wall as well.

The kitchen and family room are at the back of the house. The family room has a full wall of windows on one side and a brick fireplace in the corner of another. Another wall of built-ins offers display space, cupboards and room for a good-sized TV, but certainly not a huge one.

Space for a small, casual table divides the family room from the kitchen. It features granite cabinets and black appliances. Most of the cabinets are a darker wood, but those in the small island are a redder color. Matching dark wood paneling covers the refrigerator, though it looks a little awkward since space is cut out for the water dispenser and black still shows around the edges. The dishwasher is similarly covered in wood panels. While it lacks a large pantry, it does appear to have plenty of storage space.

The backyard is actually pretty big for Irvine homes and, unlike many of the houses I visit, it has a large grassy area. Off to one side is a small garden with benches, forming a cozy spot for reading or relaxing outside. The grass definitely needs some TLC, but it’s a nice change of pace from the hardscaped yards I’m used to seeing.

Upstairs, there are two bedrooms plus the master. The secondary bedrooms are pretty small and each has a small, mirrored closet. They share a jack and jill bathroom with two sinks and a shower/tub combo.

At the end of the hall is the master bedroom, an average-sized room with several windows. One wall has a built in armoire with drawers, shelves and a large mirror. Opposite the bed is a spot on the wall for a built in TV.

The master bath has a long counter with two sinks opposite a separate tub and stall shower. A walk-in closet at the end of the hall is a good size, but small compared to those in most new houses.

I liked the layout of the house, including the many windows, arched doorways, and built-ins. Though the layout is good, most of the rooms are fairly small, so the house doesn’t feel as open as it could. Most of it seemed to be well maintained, though there a few key exceptions. The paint throughout the house is pretty scuffed up, so the entire interior needs a new paint job. Likewise, the carpet is noticeably dirty on the stairway and in several spots throughout the upstairs. As I mentioned earlier, the grass in the backyard, as well as the front yard, needs attention. Finally, the house backs to Canyonwood, a non-residential street that isn’t terribly busy, but will definitely have more cars than a residential street, especially before and after school.

The realtor seemed somewhat surprised that there haven’t been any offers yet, given the current climate in Irvine where many houses see multiple offers. At $404 per square foot, the asking price might be the problem. While other homes are creeping toward the $400/ft mark, most are still lower.

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3366.0.html

Turtle Rock Condo’s Flipside

30 Brigmore $789,000

Turning off Turtle Rock Drive and winding back past Canyon Park, I found myself on a curvy little lane facing 30 Brigmore Aisle.

The home sits amidst trees in a shady spot. But when you step inside, there is a flip side. The condo opens to one light filled view after another of the park and distant hills. Perched above the park, the home makes the most of views from the master balcony and the patio off of the dining room.

Building on this setting, the marble entry, handsome wood floors, many windows, skylights and recessed lighting give this condo a sure footed ease. Entertaining here would be a breeze, and family time could be very special.

The home is furnished with many massive pieces of furniture, but still manages to appear spacious and open. This condo is part of the Turtle Rock Summit Townhome Collection.

Significant Numbers: This three bedroom, 2.5 bath condo has 2,160 square feet. It was built in 1990 and has been on the market 85 days. The HOA is $422 and the $/sq.ft. is $365. This is a standard sale and there is no Mello Roos.

Close Up: The marble entry leads into the living room, then on to the formal dining room and through sliding glass doors out to the patio. The kitchen and family room with fireplace are in the back to the right. The master and two other bedrooms and two baths are up the stairs to the right of the front entry.

The kitchen has stainless appliances and granite countertops. The master has a balcony view, large walk in closet and roomy bath with oval tub and separate shower. The garage has coated flooring.

Specifics for this 2 level condo:

Bedrooms, 3

Baths, 2.5

Sq.Ft., 2,160

$/Sq.Ft., $365

HOA, $422

Built in 1990

Association pool and spa

Forced air heating, central air

Attached double garage, 2 parking spaces

One common wall attached

Irvine Unified School System

What should be considered here? The view location is backed up with Irvine’s excellent schools and Turtle Rock’s many parks and hiking trails. Quail Hill and Woodbridge condos also compete with outstanding schools, parks, and views, but Turtle Rock does especially well in placing condos in their own secluded settings, tucked away from the traffic, and very much a part of their surroundings. But all of the bedrooms are upstairs and active families may opt for a single family home with more private outside space at this price level.

Who will move in? A small family drawn to the area, the view, and the schools or a busy couple looking for a polished setting, may be the next owners. Or perhaps it will become an investment property feeding into a brisk rental market.

Recent Sales: 2 Longbourne Aisle sold for $710,000 in October; 50 Brigmore Aisle sold in August for $725,000. Recent listings: 11 Tulliver Aisles is $849.00; 10 Brigmore Aisle is listed at $785,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3357.0.html

Two Campanile Plans are on the market in Northpark Square are on the market at the same price. Neither back to major freeways or busy streets, both are almost at the same distance from the entrance to the community, both are the same shade of beige, and except for a slightly different treatment for entrance, it would be hard to tell them apart. That would be only if you are familiar with the area, and know the neighborhood.

For a potential client scouting via internet, it’s an easy task. Listed at $420/SF, the Realtor is bound to make a lot of money when the deal closes, but still, there are five grainy pictures of the property on the MLS. Grandfathered Blackberry models took better pictures than that. The schools aren’t listed correct. It’s not Pioneer Middle School anymore, it’s Orchard Hills. The HOA dues cannot be $1. At that amount, the HOA will end up spending more money processing your check. What riled me up was ““UPGRADES are to many to mention”. Really? I am not even questioning the use of spell-check here. The client who spent his money and time on upgrades at least deserves two lines explaining the work done on the house.

But then, tables are turning. Inventory is low. There are currently 241 homes on the market. Anything and everything will sell, and at any price. The house will probably sell itself without any help of the MLS pictures, or videos, or accurate listing data. “Stainless Steal appliances” will be just fine, the buyer will get the idea. 92606 is OK too. If you really zeroed in on the Northpark Square area, it shows on your search via Redfin. Keywords matter more maybe.

Here are the addresses of the listed properties:

24 Spyrock, Irvine CA 92602

14 Longvale, Irvine CA 92602

Both are 3 Bedroom/ 2.5 bath Single Family Residences with 2000SF area, and 4000SF lot. They were built in 2006. Both are listed at $840,000, $420/SF.

Here is how Campanile homes performed last year when the inventory was in the 700-800 range:

2011:

9 Longvale $365/SF

8 Inglenook $322/SF

20 Longvale $345/SF

64 Masterson $365/SF

21 Longvale $385/SF

15 Inglenook $339/SF

In the zip code 92602, inventory has dropped 30% on month-to-month basis, and 68% in year-to-year basis. Median sold price has grown 11.4% Price/SF on month-to-month basis, and 5.7% on year-to-year basis.

What do you think?

Is the Kool-Aid ready to drink?

Will the banks start doling out equity loans again?

What are your thoughts about Campanile properties, and Northpark Square area?

Share your thoughts and comments below, or at Talk Irvine, but before you leave, here is a bonus MLS listing picture for your viewing pleasure! This is the only picture the Realtor has used to list a San Simeon property in the guard gated Northpark!

When I hear “original owner,” I usually expect a home that looks and feels its age. In 51 Carver, I was pleasantly surprised to find a house in very good condition.

The basics:

Asking Price: $700,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 2,077

Lot Size: 4,750

$/Sq Ft: $337

Days on Market: 9

Property Type: Single Family Residence

Year Built: 1979

Community: Northwood – Shadow Run

There are no HOA dues or Mello Roos taxes.

I entered in the living room, where I was greeted with new laminate floors, cathedral ceilings and a large picture window that made the room surprisingly bright and airy (sadly, my photo doesn’t do it justice – it really was bright). The living room flows into the dining room, though the stairway in the middle provides a distinctly separate space. The dining room is also bright and offers enough space for a large table.

The kitchen is the part of the house that feels the oldest. It has original tile counters and dark brown cabinets, along with a tile floor and panel lighting in the ceiling. There are newer, white appliances. Everything is clean and well-maintained. While a remodel of the kitchen would certainly give it a more modern look and potentially open it up more to the family room, it is functional the way it is now.

The kitchen has a breakfast bar that overlooks the family room. With just a sliding door to the backyard and no other windows, I thought the room was pretty dark. It has a small wetbar and the same laminate flooring in the front rooms.

The last room downstairs is a bedroom. It has a small sliding closet and a fairly large window. It is adjacent to a bathroom with a small stall shower (no tub) and a single sink.

The backyard is a pretty average size for Northwood and is completely hardscaped. It has a storage shed in one corner that looks like a small house, so could possibly be cleaned out and used for another purpose.

Upstairs, there are three bedrooms. The master is at the top of the stairs. It isn’t a very large room, so it took me a minute to realize that it was the master. It has a huge window and slightly elevated ceilings. The bathroom is original, with two sinks and a separate tub and shower. More than anywhere else in the house, I felt that the master bathroom looked old and tired. The tub, which is just a standard bathtub, looked dingy and the shower is tucked into a small corner. This would be the first thing I remodeled if I bought this home. The master has a good-sized walk-in closet but needs some organizers installed.

The other two bedrooms upstairs share a bathroom which has a single sink and a shower/tub combo. One room is bigger than the other, with a large window and a small closet. The other room has two windows and a larger closet.

Downstairs, the ceilings have been scraped in all rooms except the living room; upstairs, none have been scraped. The laminate floors downstairs and carpet upstairs are new, and there are new six-panel internal doors throughout the house. All of the windows are original. While there is a lot to be done in this house to make it as nice and as modern as a brand new home, it is in remarkably good condition for a 1979 house.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3341.0.html