Comparing 3 Woodbridge Condos

38 Lakeshore $709,000

Woodbridge condominiums come in many flavors. Recently, I sampled three: at 35 Waterway, 26 Summerwind, and most recently, 38 Lakeshore.

The condo at 35 Waterway cost the most and offered a plush lagoon setting with an equally sleek interior. The condos on Summerwind and Lakeshore were closer to each other in price. But they offered two different flavors.

The condo at 26 Summerwind could pass for a single family home if you half closed your eyes. But 38 Lakeshore was a traditional condo, close to North Lake, and defined on several levels with greenbelt/park views. The Summerwind condo covered all of the bases for family living, while 38 Lakeshore sketched in a little more dreaming room in a thoughtful floor plan with a view.

Significant numbers

	Price	Sq Ft	$/sq ft	HOA	Mello Roos?
35 Waterway	$959,500	2700	$355	$292	No
26 Summerwind	$749,900	2092	$358	$308	No
38 Lakeshore	$709,000	2042	$347	$372	No

CloseUp at 38 Lakeshore: Built in 1977, this three bedroom, 2.5 bath home has a prime location and an impressive street presence. Inside, the entry presents a variety of levels and spaces with most of them pulling you toward the glassed end of the home and sweeping view.

This condo just seems to be a natural for parties, with a formal dining room to the right, comfortable family room, kitchen with granite counters, breakfast nook and bar on the left. Below, there is an ample living room and music/family room with sliding doors leading to the patio. It is easy to see a New Year’s celebration or a family gift exchange with a festive dinner here with lots of leisure time on the patio.

A remodeled kitchen and bath, recessed lights, crown moldings, new paint and hardwood floors throughout the house work to create a feeling of function and ease.

All bedrooms are upstairs with a good sized master and master bath, and balcony with a greenbelt view and sliding glass doors. There is a double garage and inside laundry.

Specifics:

Bedrooms, 3

Baths, 2.5

Sq.Ft., 2042 sq. ft.

$/sq.ft. $347

HOA, $372 per month

1 common wall attached

Association pool and spa

Forced air heating, central air

Inside laundry

Double garage, 2 parking spaces

Community, Woodbridge

Irvine Unified School System

What should be considered here? Prime location near North Lake, greenbelt view, and square footage will all be factored in with the price. Top flight recreational facilities and schools will be added in. Finally condo versus single family home might be evaluated.

Who will be the next party planners here? A busy couple who love the location and all that Woodbridge offers might make this their Southern California base. An active family attracted to the schools and the lake’s recreational facilities could easily settle in here.

Recent sales: 97 Lakeshore #50, sold for $650,000 in May; 5 Woodgrove #10 sold for $625,000 in July.

Recent listings: 34 Willowgrove, $749,000; 5 Pinewood #3, $629,900.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3337.0.html

This West Irvine property is ready to be sold at $878,800 thirteen years after being bought at $402,500. The property is well maintained going by the MLS pictures, and the location is good. The schools – Myford Elementary School, Pioneer Middle School and Beckman High School all have excellent parent ratings and test scores, and a perfect 10 API. The listing price is $283/SF at a time when rest of the Irvine is crossing the $350/SF mark and heading towards $400/SF.

2 Ivy Lane, Irvine CA 92602

Listing Price: $878,800

Beds/Bath: 4 Beds/ 3 Baths

Area: 3,100 SF

Price/ SF: $283/SF

Lot Size: 5,135SF

Builders Tract Name: Briarwood

Builders Tract Code: BRIW

Builders Model Code: 3

Is it a good deal, or is the property just keeping with rest of the West Irvine neighborhood prices?

Here are similar properties listed for sale:

3 Freedom Place $300/SF

7 Parma $362/SF

12 Proclamation Way $352/SF

Here is the sales history for similar properties in the past two years:

45 Elizabeth $290/SF

38 Elizabeth Ln $271/SF

98 Briar $270/SF

15 Elizabeth Ln $278/SF

As of today, there are exactly 250 properties on sale in the Irvine market. 92602 has 24 properties listed for sale, and it’s dropped 72% from last year. Median list price is $894,000, and it’s up 79% from last year. Median listing price/SF is $348, and it’s up 17% from last year. Irvine real estate, and the 92602 area statistics have improved.

Here is a chart from Zillow that shows the increase in value per square feet in Irvine, and in West Irvine:

We are not close to the bubble numbers, but we didn’t follow the graphs and charts at the onset of the Great Housing Depression and head deep south. Many walked away, but many found an opportunity to invest, and now that things appear stabilized, many more are buying. For those who bought at the peak of the real estate bubble, it might be a long road to recovery. For those who bought before 2003, there is hope that things might turn around.

What do you think?

Is this house priced right, or is it priced to sell?

Have you bought or sold recently?

Share your views. Comment below, or discuss at Talk Irvine.

Canyon Creek is a beautiful, gated community, featuring some of Northwood’s biggest homes and nicest floor plans. In 33 Sonrisa, I found a home with a great layout and a lot of potential, but definitely in need of some TLC.

The basics:

Asking Price: $858,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 2,800

Lot Size: 6,240

$/Sq Ft: $306

Days on Market: 27

Property Type: Single Family Home

Year Built: 1980

Community: Northwood, Canyon Creek

HOA dues are $150 per month and there are no Mello Roos taxes.

From the entryway, the dining room is straight ahead and the living room is immediately to the left, one step down from the hallway. Both rooms have vaulted ceilings and newer carpet, though the carpet actually looked shabby to me.

Down the hallway, there is a bedroom and a full bath (not attached). The room is a good size and has a small, two door sliding closet. The bathroom has been partially remodeled, with a newer vanity, faucet, hardware and floor, but the stall shower still has the original 1980 tile.

A walk-in closet under the stairs provides ample storage. The downstairs laundry room has a small sink and doubles as a pass through area to the garage.

At the back of the house, the family room and kitchen flow together nicely. The family room is large, with a white brick fireplace and a slider leading out to the backyard. It has newer wood floors and a low railing that separates it from the kitchen. It is one step down from the kitchen.

The kitchen is big, with a large breakfast nook and an attractive window seat. Unfortunately, it still features the original cabinets and tile countertops. The stainless steel fridge and Viking 6-burner stove are newer, but the double ovens and dishwasher appear to be original to the home. It still has panel lighting in the ceiling, though there are also two recessed lights above the island. The kitchen is functional and clean, but definitely outdated. It has a nice layout, including a small walk-in pantry, and potential to be made into a beautiful, modern kitchen.

The backyard is much smaller than I expected it to be, given the lot size. A covered brick patio stretches the full length of the yard and large bushes line the edges. While it does have wider than average side yards, the grass on both sides is mostly dead.

Upstairs, the master suite features a large sitting area with a fireplace, a wet bar, and a built in bookshelf. The rest of the room is also quite spacious, including vaulted ceilings and lots of windows. The room felt bright and welcoming. It has two separate mirrored closets – one in the bedroom and one in the bathroom. The bathroom is large, but desperately in need of remodeling. The tiny white tiles surrounding the tub, shower, and counter scream 1980 and must be a nightmare to clean. It has a sunken tub, stall shower, and two sinks. The sinks, fixtures, hardware and flooring are new, but it creates an odd contrast to the old shower and tub. With high ceilings and several small windows, this bathroom could be remodeled into something very nice.

The two secondary bedrooms upstairs are pretty big. Both have sliding door closets. One also has vaulted ceilings, built in shelves and a narrow window seat with storage underneath. They share a bathroom with two sinks and a shower/tub combo. Aside from the floor, everything in this bathroom is original.

This house has a lot going for it: a great layout, a nice community, a newer roof, all new windows, spacious rooms, and lots of storage.

There are also several big negatives: original kitchen and bathrooms, outdated fireplaces, wet bars, and built-ins, and a backyard that needs a lot of work. It backs to a bigger street; however, the street dead ends only a couple of blocks farther down the road, so it doesn’t get too much traffic.

Another house of the same model, 3 Trovita, sold on November 5 for $858,000. That led these owners to lower their asking price to the same amount. The other house had zero upgrades, while this one does have new windows, newer carpet and floors, and partially upgraded bathrooms. While the price may seem high for an older home, it is obviously in line with recent sales.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3329.0.html

Woodbridge Condo Quiz

26 Summerwind $749,900

When a condo looks and feels like a single family home minus the maintenance, what do you find? Well 26 Summerwind in Woodbridge has some answers. First, you get an impressive presence from the curb, then you discover a relaxed open floor plan inside, and finally you can walk out to a good sized, private wrap-around fenced yard and patio.

Significant Numbers: New to the market, this three bedroom, 2.5 bath home delivers 2,092 square feet in a two level open floor plan. Built in 1981 this home is newly remodeled and located in a prime spot in Woodbridge. This is a standard sale and there is no Mello Roos. HOA dues are $308 a month and the $/sq. ft. is $358.

Close-up: Stepping inside from the entry to an airy living room you find a windowed dining area, gleaming wood floors, handsome plantation shutters, recessed lighting and cathedral ceiling all working to create an elegant space.

Moving on to the right, the kitchen is centered between the living room and the family room, which also provides an eating area with sliding doors opening to the back yard and wrap around patio. The natural light and ease of traffic flow work well throughout the home.

The kitchen has been remodeled with all new appliances and granite countertops. Family meals and party preparations could easily come together here, serving up dinner in the dining room or swinging over to the family room and out to the patio.

Upstairs, there is a nicely sized master suite with remodeled bath, two more bedrooms and another bath. The master includes extra space for an office or sitting area. The other bedrooms are comfortable with the bonus of extra walk in storage space.

Freshly painted with double paned windows and skylights, the home has a double garage with two parking spaces.

Specifics for this 2-level contemporary:

Bedrooms, 3

Baths, 2.5

2092 Sq. ft.

Property type, Condominium

Community, Woodbridge

HOA dues, $308/month

$/sq.ft., $358

No Mello Roos

Built in 1981

1 common wall attached

Association pool and spa

Irvine Unified School System

Central furnace, forced air and air conditioning

What should be considered here? Making the choice of a condo or a single family home, the ample size of the home versus the price, and the key location in Woodbridge with two lakes, 22 pools and network of parks and tennis courts will all be factors for potential buyers to evaluate. The Irvine Unified School System will add to the value.

Who will move in to 26 Summerwind? A family seeking space indoors and out plus top schools and recreational choices will be drawn to this home. The open floor plan and comfortable use of space will work for a young, active family, or for couples drawn to Irvine’s community appeal and atmosphere, who could use extra bedrooms for guests and projects.

Recent sales: 11 Firestone #6 was recently sold for $675,000; and 49 Rushingwind #29 was sold for $725,000 in October.

Recent listings: 4 Fieldflower #14 is listed at $718,000; 16 Orangegrove #35 is listed at $659,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3321.0.html

271 homes for sale as of Sunday, November 16th , and briefly the inventory touched 266 mid-week. What does that mean to the listing prices? How much are the beige boxes worth under the redefined market conditions? Are we past the bottom of housing depression in Irvine?

Here is a listing at $458/SF in Northwood.

172 Garden Gate Lane, Irvine CA 92620

Listing Price: $550,000

HOA Dues: $134 Monthly

Beds/ Bath: 2 Bedrooms/ 2.5 Bathrooms

Area: 1200 SF

Lot Size: 2100 SF

Price/SF: $458/SF

Builders Tract Name: Glenneyre at Lanes End

Builders Tract Code: GLLE

Builders Name: Brookfield Homes

Builders Model Name: 2BD+ Den (B)

Builders Model Code: 2

Did these houses always command a premier price? Here is a six year sales history:

2006:

194 Garden Gate Ln $488/SF

192 Garden Gate Ln $529/SF

206 Garden Gate Ln $529/SF

170 Garden Gate Ln $557/SF

2007:

47 Middlebury Ln $392/SF

2008:

54 Paisley $424/SF

200 Garden Gate Ln $438/SF

146 Trellis $403/SF

47 Paisley $396/SF

128 Trellis $408/SF

2009:

136 Trellis $363/SF

59 Paisley $434/SF

120 Winslow $450/SF

53 Paisley $438/SF

182 Garden Gate $436/SF

118 Winslow $392/SF

166 Garden Gate $401/SF

200 Garden Gate $467/SF

2010:

53 Middlebury $433/SF

124 Winslow $428/SF

176 Garden Gate $400/SF

149 Trellis $449/SF

142 Trellis Ln $429/SF

60 Paisley $442/SF

158 Trellis $418/SF

2011:

162 Trellis Ln $377/SF

147 Trellis Ln $393/SF

172 Garden Gate Ln $370/SF

144 Trellis Ln $368/SF

2012:

206 Garden Gate Ln $400/SF

180 Garden Gate Ln $404/SF

46 Paisley $383/SF

163 Trellis Ln $402/SF

118 Winslow Ln $392/SF

157 Trellis Ln $347/SF

212 Garden Gate Ln $394/SF

During the peak of 2006 Kool Aid era, these properties hit a high of $529/SF, and managed to hold on around $400/SF when rest of the Irvine collapsed. But in 2011 wasn’t so kind, introduced the homes to the $350/SF range. The trend continued in 2012, but thanks to low inventory, the properties seem to be inching higher towards their 2006 bubble prices.

There are 14 properties on the market with an asking price of $400+/SF in Irvine with the listing price range of $500,000 to $750,000. Out of 8 properties listed for sale, 3 properties are listed at a price of $400+/SF in the zip code 92602. Median price/SF this month is $370/SF, up from $362/SF six months ago, and $330/SF a year ago.

Interesting tidbit:

In 1998, this property sold for $186,500.

In 2012, it’s listed for $550,000, and it will sell in that range.

In 1998, gold was $300/oz.

In 2012, it’s in the $1,750/oz range.

In 1998, Dow was around 9000.

In 2012, Dow is in 12,500 range.

What do you think?

Will the low interest rates and positive employment news in Orange County help the prices stabilize further in Irvine?

How is your neighborhood holding up?

Did you see an increase in your property tax bill?

Comment below, or discuss at Talk Irvine.