Category Archives: Real Estate Analysis

Open House Review: 8 Springfield

A slow weekend for open houses brought me to a small condo in El Camino Real today. It is nestled in the middle of a walkway lined with trees and condos on both sides. However, while it looks peaceful, it is very close to Walnut and does get traffic noise.

The basics:

Asking Price: $399,000

Bedrooms: 2

Bathrooms: 1.5

Square Footage: 1,011

Lot Size: n/a

$/Sq Ft: $380

Days on Market: 5

Property Type: Condominium

Year Built: 1977

Community: El Camino Real

HOA dues are $280 per month and there are no Mello Roos taxes.

I walked through the door and was standing in the small living room, a plain square room with only one window. The room felt cramped without any furniture and I found it hard to imagine how it would look furnished. The window doesn’t provide a lot of natural light. A small open area under the stairs could house a bookshelf, a low table, or a small desk.

A short hallway to the kitchen contains a coat closet and a half bath that has some upgrades but still looks dated.

The kitchen was remodeled about three or four years ago. It has stainless steel appliances (no fridge) and oak cabinets. It is in good condition, but it doesn’t look fancy or feel new. There are beige, Formica counters that make it hard to forget that the condo was built in the 1970’s. While the realtor’s flyer advertises a “large dining room,” I’d have to call it a small alcove.

A small laundry room directly off the kitchen has a washer and dryer (can be negotiated with the sale if you want the existing machines), but no sink or counter.

Upstairs, there are two bedrooms and a shared bathroom. Both rooms are a good size; they are bigger than a standard secondary bedroom but not as large as a normal master. One room has a sliding, mirrored closet that spans the length of one wall. Another wall has the room’s only window and a wall heating/cooling unit. It gets more light than the rooms downstairs and it also has a ceiling fan.

The other bedroom has a walk-in closet in one corner of the room, though it doesn’t have a door. It also has a ceiling fan and heating/cooling unit in the wall. The window here is in a bit of an alcove but, due to a large tree directly outside, it doesn’t provide much light.

The shared bathroom has a shower/tub combo and a single sink. Like the downstairs bath, it has been somewhat upgraded with a new vanity and fixtures, but still feels outdated.

Since the condo doesn’t have a garage, a covered, enclosed patio off the kitchen provides space to store items like bikes, but it isn’t fully covered. There is room for a grill back there as well. It has a small storage room (fully covered and with a door that locks) and a shed that could be negotiated into the sale. It leads to the carport, where the condo has one assigned, covered space. Ample unassigned parking offers room for a second car.

The condo has new windows and a new sliding door leading out to the patio. Most rooms have ceiling fans and some have recessed lighting. Downstairs features newer laminate floors and the carpet upstairs is clean and in good condition.

Despite the upgrades to the bathroom vanities and the kitchen, the house feels dated. It gets very little natural light and the lack of a garage and central heat and air will be a turnoff for many buyers. I suggest seeing this one in person, as the realtor’s listing definitely glorifies the unit.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3298.0.html

Open House Review: 1 La Ronda

Petite Package in Westpark

1 La Ronda $575,000

An inviting grassy lawn with small trees nicely frames this single family home at 1 La Ronda in Westpark. Then when you step inside, the story has a new twist. This time it is all about space, as this home makes the most of 1,085 square feet.

Significant Numbers: This single family home in Westpark is a single level home with 1,085 sq. ft. on a 3,320 square foot lot. Built in 1995, the home has been on the market 9 days. HOA dues are $150. The $/sq. ft. is $530.

Close Up: Effectively using an open floor plan with lots of light, this three bedroom, 2 bath single family home manages to handle everything without seeming crowded or close.

Choosing furnishings to fit and using a custom entertainment center with fireplace in the living room works to make the home feel functional and comfortable.

It is easy to see a young family going through their day here, moving through the living room, dining area, kitchen and patio. From breakfast on through dinner, with a movie later, this home could make it all work.

New to the market, and nicely remodeled, the home has ceramic tile and gleaming hardwood floors with crown molding, and granite countertops and newer stainless appliances in the kitchen.

The patio is a private enclosed area that could be a play spot for younger children with activities easily supervised from the kitchen.

There is the master and bath, plus two additional bedrooms, with one being used as an office.

Specifics:

Beds. 3

Baths, 2

Sq. ft., 1,085

Lot size, 3,320 sq. ft.

Type, Single Family

Year Built, 1995

Double Garage

Detached/No common walls

Forced Air Heating and Air Conditioning

Community: Westpark

Irvine Unified School System

Association: Barbecue, Sport Court, Tennis Courts

What will be considered here? The compact size of the house and lot will be factors to consider along with the price and a good location in Westpark. Convenience, great schools and an appealing park system will weigh in as positives. A young family looking to buy a first home in Irvine might find this to be a good choice.

Who will be the next residents of 1 La Ronda? A young family seeking good schools and nearby parks might be quick to settle in here. The compact space would be workable for a couple or a small family. This home might also appeal to a more mature couple seeking a single level home with space for guests.

Recent sales: 25 La Ronda sold for $500,000; 10 Marsala sold for $450,500.

Recent listings: 17 Woodrush is listed for $550,000; 25 Laconia is listed for $675,000.

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3291.0.html

Premium, Not Yet!

The inventory is dropping steadily and as of Sunday morning, it’s at 277. The pundits are dishing out article after article on how it’s a seller and a buyer’s market thanks to low inventory and low interest rates. I get at least two calls a week from Realtors representing foreign buyers who are willing to pay more than the market price for my detached condominium. Does that mean anything and everything will be cleared off the market under reasonable greed?

34 Olivehurst, Irvine CA 92602

(Open House review by Karen on Irvine Housing Blog)

Listing price: $559,000

HOA Dues, monthly: $271

Mello Roos +Property Tax: $656 Monthly

Mortgage, 3.23%: $1,937

Monthly Fixed Expenses: $2,864

Property Details as per MLS:

Bedrooms/ Baths: 3 Bedrooms/ 2.5 Baths

Area: 1500 SF

Builders Tract Name: San Simeon

Builders Tract Code: SANS

Builders Name: California Pacific Homes

Builders Model Code: 1

This is a San Simeon detached condominium in the gated community of Northpark. The house doesn’t have granite countertops or steel appliances, but it has combination wood and carpet flooring. The location isn’t close to any major street. The floor plan allows for ample daylight and air circulation in the house. It’s walkable to Hicks Canyon Elementary, Orchard Hills Middle School and Beckman High School. The MLS listing says in bold that “no children or pets have ever lived in this home”. So I think there won’t be stinky carpet, abstract art on the walls, or even braced dressers in the closet leaving holes in the wall when removed.

But this property has been on the market for 77 days. The asking price is $373/SF.

Here is a list of San Simeon sales in the gated community, and their price/ SF for the year 2012:

02/21/2012 68 Meadow Valley $350/SF

03/20/2012 63 Meadow Valley $354/SF

03/22/2012 40 Arcata $333/SF

06/26/2012 43 Meadow Valley $337/SF

There are no more similar properties listed for sale in the gated community.

The asking price is clearly adding a premium for the low inventory, and the fact that it hasn’t sold yet shows that buyers aren’t that desperate yet. Also, the property does not have three bedrooms as listed, it has a loft that can be converted into a bedroom.

What about the San Simeons on Night Bloom, which is not a gated community, but has the same schools as North Park? Here is a sale history for those properties in 2012:

44 Night Bloom $354/SF

54 Night Bloom $362/SF

20 Night Bloom $343/SF

14 Night Bloom $362/SF

All these properties were true three bedroom detached condominiums, and also newer than the North Park gated community San Simeon properties.

Does that mean the Kool-aid isn’t being passed around yet? No matter what the inventory may look like, and how low the interest rates might be, buyers don’t seem to be ready to pay above the market price. It is completely justified, given the new houses that are being built in Irvine.

What are your thoughts?

Would you be willing to pay a premium for a not-so-premium property?

Do you fear being priced out of the Irvine market?

Comment below, or share your thoughts at Talk Irvine.

Open House Review: 35 Waterway

Woodbridge Lakeside Hideway

35 Waterway $959,500

As you turn off of West Yale Loop and make your way through a nest of streets to reach 35 Waterway, the atmosphere drops back, and becomes positively mellow as you approach this lakeside community.

Inside, there is a distinct “this place has it together” feeling. Nicely done with a contemporary design on two floors, you can easily see life flowing through this condo, moving from the kitchen, to the dining room, on into the living room and family room and out to the balconies overlooking the water.

Significant Numbers: This 3 bedroom, 2.5 bath lakeside condo has 2,700 sq. ft. Built in 1985 it has been on the market 45 days. HOA dues are $292. $/sq. ft is $355. There is no Mello Roos. This is a standard sale. There are 80 units in the complex and an available boat ramp.

If you smile a lot when you think about never gardening again, and can easily see yourself lounging, lunching and relaxing by the water, this place may have your number.

The living room has a fireplace, garden atrium, and sliding doors opening to a large deck overlooking the lagoon. The separate family room has a brick fireplace, a vaulted ceiling and a sunny deck.

Plush carpeting, ceramic tile, travertine tile and laminated floors work well with shutters, recessed lighting and skylights to define the individual areas.

The kitchen has granite counters, updated cabinets, newer stainless appliances, a good sized nook with many windows, and wood laminate floors.

Upstairs the space is equally tranquil. The large master retreat has a separate sitting area and a balcony overlooking the lagoon. There are skylights and a walk-in closet. The master bath has been redone with dual granite vanities, soaking tub, and separate shower. The guest bath has also been remodeled with granite.

The other two bedrooms have balconies too. One of the bedrooms is being used as an office. The laundry room with sink is also on the second floor. There is a double attached garage and the home has 9 ceiling fans and central air.

Specifics:

Bedrooms, 3

Baths, 2.5

Sq. ft., 2,700

$/sq.ft., $355

HOA dues, $292

Built 1985

Double Garage, attached

1 Common wall, attached

Two parking spaces

Forced air heating, central air

Association pool

No Mello Roos tax

Community, Woodbridge

Irvine Unified School District

What might be considered here: This polished condo on a prime Woodbridge waterside corner lot might be targeted for its investment potential. Interested buyers will be attracted to Woodbridge’s many community assets and the ample 2,700 square foot home with its numerous upgrades.

Who will move in to 35 Waterway? This could become home base for a couple who travels a lot, but always want to return to the perfect retreat. People who work in or near Irvine and want a community atmosphere with all of the recreational bonuses of the lakes will also be drawn to this home.

Recent sales: 29 Waterway #4 sold for $1,065,000 in May, 2012. Recent listings: 53 Lakeview #25 is listed at $999,900; 8 Harborcrest is listed at $749,800.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3266.0.html

Kool-Aid 2.0?

If you are one of those people who loves incorporating a cardio workout in everyday activities, you will love this house. Forgot your wallet on the bedside drawer last night after you finished online shopping? All you have to do is climb two floors to get them. It's fun, running up and down with little children also, they will never want to go to the yard. It’s another matter that there is no yard at all, it’s just balconies.

Where is this property that could save you thousands in gym membership?

65 Passage, Irvine CA 92603

Listing Price: $519,800

Beds/ Baths: 3 Beds/ 3 Baths

Area: 1600 SF

Price/ SF: $325/SF

Year Built: 2003

Total floors: 3

Builders Tract Name: Casalon

Builders Tract Code: CASA

Builders Model Code: F

Listing History:

April 2006 : $660,000

August 2006 : $800,000

September 2008 : $463,500

December 2008 : $471,000

This condo has seen the highs and lows, and now it is on the market for a reasonable price. It’s not like the condo is all about running up and down the stairs. If you have a home office, there is nothing like working from home on a private floor. Also, the master bedroom has good views, and the house is close to the Quail Hill Preserve and trails. There is a shopping center close by. The house caters more to young couples than people with young children. It might also make a suitable space for those with a teenage kid, ensuring enough privacy for the kid and parents.

Here are the median condominium values:

Quail Hill: $370/SF

Zip Code 92603: $380/SF

Irvine : $367/SF

Orange County : $263/SF

Here is the sales history for the Casalon homes for 2012:

22 Nightshade $268.75

37 Nightshade $305.86

29 Stepping Stone $298.90

71 Stepping Stone $300.88

36 Stepping Stone $304.42

87 Stepping Stone $317.11

44 Seasons $309.38

35 Stepping Stone $284.23

23 Stepping Stone $312.83

27 Nightshade $305.52

135 Stepping Stone $303.03

124 Stepping Stone $276.88

Estimated Monthly Expenses:

Monthly mortgage at 3.3%: $2,146 Monthly

Property Tax: (1.04938) $5454 Annually

Mello Roos: $2,078 Annually

Property tax + Mello Roos : $628 Monthly

HOA Dues: $368/ Monthly

Total fixed expenses: $3,142

In the zip code 92603, there are 77 homes for sale and the inventory is down 11.5% from last month, and 45.4% down from last year. The low inventory in Irvine generally, and in Quail Hill might get the seller the price he is asking for.

What are your thoughts?

Would you buy a three level condo?

Would you pay $500,000 to a house without even an itty-bitty backyard?

Inventory news: 281 properties for sale as of Sunday, and it includes the mobile homes too.

Time to pass the Kool-aid yet?

Are you ready to buy or sell, or cash out the equity?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3265.0.html