Today, I stumbled upon 27 Ensueno West, an older but remodeled home not too far from where I live.

The basics:

Asking Price: $849,900

Bedrooms: 4 + loft

Bathrooms: 2.5

Square Footage: 2500

Lot Size: 5,050

$/Sq Ft: $340

Days on Market: 14

Property Type: Single Family Home

Year Built: 1978

Community: Northwood – Park Place

HOA dues are $85 per month and there are no Mello Roos taxes.

I have been inside other houses of this same model many times, so I already knew the layout and was curious to see what upgrades had been made. The first thing I noticed was attractive wood flooring throughout most of the house. The living room is immediately to the right upon entry and, oddly, is the only room in the house with carpet. It is new, but it’s Berber, which I don’t like and it seemed out of place since no other rooms are carpeted. The living room has vaulted ceilings and is painted a nice shade of yellow. The room is also sunken one step from the hallway and dining room, which is immediately behind it. The dining room is painted dark red and is more spacious than other dining rooms in the same tract.

At the back of the house, the kitchen is to the right and the family room to the left. The kitchen has been fully remodeled with high end, stainless steel appliances and granite countertops. A huge island in the middle doubles as a breakfast bar/dining table, though it only has seating on one side. All of the wall space is covered in various shades of small bluish-gray tiles. The cupboards are white, providing a nice contrast to the dark granite, tiles and steel. With ample counter, cupboard and drawer space, the only thing missing is a large pantry.

Down one step from the kitchen is the family room. It has a white brick fireplace and white mantel, with a sliding door out to the backyard.

Also downstairs is a half bath that has new fixtures, paint and wainscoting, but original counter and cabinets. A small laundry room (no sink) sits between the bathroom and the two-car garage.

Upstairs, there are four bedrooms and a loft. All of the rooms share the same wood flooring as downstairs. The three secondary bedrooms line up along the back of the house. One room is slightly larger than the other two and has bigger closet, but they are all pretty comparable. One has a large curtain instead of closet doors. The rooms all share a bathroom that hasn’t been remodeled at all. It has one sink and a tub/shower combo with older tile. While it is in good condition, the gold fixtures and outdated tile definitely show their age.

The loft overlooks the living room. It has two ceiling fans and a dark blue accent wall (the rest is painted beige like the upstairs hallway). The current owners have it set up as a gorgeous office, though I have seen it used as a playroom in other homes of the same model.

The master bedroom is fairly large with space for a small sitting area in addition to the bedroom furniture. It has three windows facing the front of the house, a ceiling fan, and a mirrored walk-in closet. The bathroom has been partially remodeled. The espresso colored vanity is new, with two sinks, brushed nickel fixtures, and lighted mirrors. The surrounding walls are covered in small gray tiles. However, the shower (which is in a separate room), hasn’t been remodeled at all. It has the original white tiles and old metal doors.

The backyard is a good size for the neighborhood, with a large grassy area and a patio. The house is near the end of a quiet cul-de-sac. A walk two blocks down a quiet greenbelt takes you to the large community swimming pool, clubhouse, and Santiago Hills Elementary School.

The biggest drawbacks to the house are that the windows are original and the bathrooms are mostly not remodeled. I also don’t like the step down into the living room and family room. Otherwise, it’s been beautifully updated and is in a good location. I think it’s a little overpriced. The sellers are looking to move quickly and would prefer a short escrow, so I would think a lower offer might be accepted.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3211.0.html

Quail Hill CloseUp

164 Weathervane $1,399,000

Awhile ago I reviewed two Quail Hill condo open houses. Both condos were sleek and compact, sitting in the midst of a park-like world, just minutes away from the 405 Freeway and Laguna Canyon.

Now I was headed to Quail Hill to see a single family home, 164 Weathervane, a two level Tuscan style home that just came on the market.

Looking at the numbers, this home was built in 2004. It has 3,000 square feet in a two level floor plan with 4 bedrooms, and 4.5 baths. The lot size is 5,294. $/sq. ft is $456. HOA dues are $252 month. It has Mello Roos tax.

Close-up: Turning onto the cul de sac and heading up the hill, this home sits at the top on the left, next to the rolling greenbelt park. From the dramatic sweep of the greenbelt to the ornate gate and entrance, a lot of positives click as you enter this home.

Inside, elegance, ease and thoughtful function are all dialed into an open floor plan. The entrance opens to a luxe living room on the left with a formal dining room on the right. Hardwood, travertine tile and carpet all work well here, along with many windows and recessed lighting.

Throughout the home there are all sorts of space options that will allow the buyers to tailor the house to their lifestyle and priorities.

Moving through the hall a “great room” with a view of the greenbelt/park provides the family room with fireplace, kitchen with breakfast bar, built in desk unit, and casual dining area overlooking the back yard and covered patio.

This area can easily do double duty, handling a major part of the family’s daily activities, and then rolling out a super party with the overflow heading for an impressive backyard with covered patio, brick wall and wrought iron fencing.

The kitchen has granite counters and stainless appliances with an island counter. There is also a bedroom and bath on the main floor.

Upstairs there is an open staircase with loft, master bedroom with retreat, which could become two rooms, and bath that includes a tub with jets, plus the other bedrooms.

Specifics for this Single Family Home:

Bedrooms, 4

Baths, 4 full, 1 partial bath

3,000 sq. ft.

Lot size,

Built in 2004

Detached/no common walls

Double garage

Two parking spaces

Stone and stucco exterior

Roof: clay tile

Forced air heating

Central air

Association pool, spa

Irvine School System

Considerations and Comparisons: This home is a standard sale that’s new to the market. Its prime location, age, award winning schools and superb recreation facilities will all be factored in with the price and the number of properties currently available.

Who will move into this Quail Hill home? A family who values open areas and wants top schools will be attracted to this spacious home. Couples with extended families, or frequent guests, will be drawn to all of the home’s assets, and easy access to Orange County’s urban attractions, beaches and services.

Recent sales: 7 Stillwater, $1,220,000 in June; 1 Bluff Vw, $149,000 in April; Recent listings: 144 Treehouse, $1,049,000; 121 Lattice, $1,188,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3204.0.html

Over the weekend, I assembled a dollhouse for my daughter. It's a tri-level beauty. Kitchen, dining room and patio on the first floor. Living room/ Family room on the second floor. Bedroom with a small Juliette's balcony on the third floor. As I tightened the final screw on the roof, and stepped back to marvel at the end product, the first thing that came to my mind were the multilevel Irvine condominiums. When we were house hunting, our Realtor showed us a few of those cardio-masterpieces. How are they doing now? Let's take a look.

Entry and garage, an optional second bedroom on the first floor, living/dining/laundry /kitchen/deck and little technology space tucked in a corner make up the second floor, and third floor has the master suite. Just like a dollhouse, the 'Jasmine' homes come with all bells and whistles.

31 Flower Bud, Irvine CA 92603

Listing Price: $440,000 (Short Sale)

Beds/ baths: 2 bedrooms/ 2.5 bathrooms

Area: 1426 SF

Village: Quail Hill

Builder Tract Name: Jasmine

Builder Tract Code: JASM

Last Sale: $590,000 in June 2007 (that last sip of cool-aid!)

HOA Dues: $108 according to the listing

(But I think this property has two HOAs, $110+$186)

Mortgage/Month at 3.5: $1630

Property taxes: $4620 Annually

Mello Roos: $1820 Annually

Fixed Monthly Expenses: $2,462 Monthly

Sales history for similar houses in 2012:

45 Flowerbud $302/SF

54 Vermillion $325/SF

28 Perennial $318/SF

312 Dewdrop $303/SF

66 Vermillion $347/SF

205 Dewdrop $310/SF

50 Vermillion $340/SF

254 Dewdrop $318/SF

Also, here is a sales history of the year where cool-aid and its potential side effects were identified, but everybody thought their little nest was immune:

231 Dewdrop $448/SF

55 Flowerbud $485/SF

78 Dovetail $480/SF

50 Perennial $490/SF

92 Dovetail $464/SF

224 Dewdrop $475/SF

34 Dovetail $541/SF

36 Vermillion $483/SF

240 Dewdrop $450/SF

47 Flowerbud $414/SF

38 Vermillion $438/SF

The “Jasmines' have lost more than a $100/SF in the past six years. The property I have showcased in the blog today has lost 25% of its value. No wonder people are walking out on their properties. With lending rules a little relaxed and the record low mortgage rates, these properties will also get their due, and recover some of their losses in the next few years. But deflation and slow recovery of the job market will hold the prices back.

How did the housing bubble and the subsequent burst affect you?

Do you own a property that has lost more than 25% of its value?

Did you sell at the peak and lock in the profits?

Discuss below or at Talk Irvine.

Last week I wrote about some new homes (The Branches) that will be built in Irvine’s well established Woodbridge neighborhood. To get a better idea how these “coming soon” Woodbridge homes compare with existing Woodbridge homes, today we will take a look at Irvine’s Woodbridge neighborhood.

First, the numbers: Woodbridge—August 2012:

Area	List Price/ # Homes Listed	Sold Price/ #Homes Sold	Median List/SF	Median Sold/SF	% Chg Y-O-Y Sold Price/SF
Houses	$759K/11	$725K/6	$371	$368	-0.5%
Condos	$589K/23	$303K/24	$333	$303	4.8%
All Woodbridge	$678K/34	$475K/30	$352	$310	-3.1%
All Irvine	$736K/390	$536K/267	$362	$328	3.5%

The following graphs show the change in the number of Woodbridge homes on the market (inventory), the price per square foot of Woodbridge houses, and the price per square foot of Woodbridge condos, respectively.

To give more meaning to these numbers and graphs, I am listing some homes that are near the bottom, top, and middle of the price range for homes in the Woodbridge real estate market.

193 Briarwood (http://www.redfin.com/CA/Irvine/193-Briarwood-92604/unit-37/home/5506026)

Note: This home is one of the least expensive homes in Woodbridge that is not “sale pending” or a manufactured home.

• Condo built in 1978 (one common wall and one carport space)

• Beds/Baths: 3/1.25 (1135 sf)

• HOA Dues: $372/month

• Mello Roos Tax: No

• Price: $355,000/$313 per square foot

35 Waterway (http://www.redfin.com/CA/Irvine/35-Waterway-92614/unit-1/home/5642920)

Note: Although this is not the most expensive home in Woodbridge, it is one of the more expensive Woodbridge homes.

• Condo built in 1985 (one common wall)

• Beds/Baths: 3/2.5 (2700 sf)

• HOA Dues: $210/month and $82/month

• Mello Roos Tax: No

• Price: $975,900/$361 per square foot

89 West Yale Loop (http://www.redfin.com/CA/Irvine/89-W-Yale-Loop-92604/unit-6/home/5463973)

• Condo built in 1977 (one common wall)

• Beds/Baths: 4/2.5 (2156 sf)

• HOA Dues: $442/month.

• Mello Roos Tax: No

• Price: $649,900/$301 per square foot

Source: Redfin

Targeting Perfection in Woodbridge

3 Woodland Drive $535,000

As I turned the corner onto Woodland Drive, the neighborhood was quite familiar. A few months ago, I watched a swarm of people surge through the open house at 22 Tanglewood in this same area, the Park Homes tract in Woodbridge. That house was new to the market, listed at $545,000 at the end of June, and reported by Redfin as sold for $585,000 in early August.

The story and the properties are similar. This two level, single family attached home, is also new to the market, immaculate, and priced to fit the market. This home is slightly smaller and closer to the edge of the neighborhood, with outside traffic noise at the end of the street. Also, the other property had some upgrades that this one does not.

In addition to pristine appearance, it is interesting to consider the size of the property. The square footage in this single family home is 1,681 sq.ft. and the lot size is 2,500 sq.ft.

Inside, with an open floor plan, perfectly scaled furniture, and large sized sliding doors leading to the patio, there is no sense of tightness. Outside, the bricked, covered patio is well executed. Of course, 10 more feet would be wonderful. 22 Tanglewood was slightly larger with 1,850 square feet, a lot size of 2,645 sq. ft., and a similar patio.

Looking further into the numbers, there are three bedrooms, all upstairs, and 2.5 baths. The HOA is $322. The $/sq.ft. is $318. The home was built in 1976. There is no Mello Roos tax.

Moving through the home, double doors open into the foyer and a light, bright carpeted living room with fireplace, and built-in bar. Crown moldings, plantation shutters, multi windows, and vaulted ceilings suggest elegance and ease. The dining area capitalizes on a “corner of light” overlooking the patio.

In the kitchen, there is a custom counter eating area with shuttered windows overlooking the patio. The counters are Formica. The home on Tanglewood had granite counters and stainless appliances.

To the right of the entrance, carpeted stairs lead to bedrooms with shuttered windows. A built-in storage unit sits at the top of the steps. The master suite has a walk in closet, and double vanity in the bath. One of the bedrooms has been made into an office/study. Laundry is inside and the double garage is oversized.

Specifics for this 2 level home:

Bedrooms, 3

Baths, 2.5

Sq. Ft, 1,681

Lot Size, 2,500

$/Sq.Ft. $321

HOA, $322

Double Garage

1 common wall attached

Community, Woodbridge

Association pool, spa

Irvine Unified School District

Built, 1976

On the market, 7 days

Considerations and Comparisons: Size, price, the desirable Park Homes location, and skillful use of an open floor plan can all be considered here. Woodbridge’s prime assets with the lakes, small town feeling, exceptional recreational facilities and top schools all come into play. Additional upgrades could be done, and some might choose to soften the patio with more foliage.

Who will be the new owners at 3 Woodland Drive? An upbeat family looking for great recreation facilities and equally great schools, or a professional couple who value home time, and want everything in place right now, will be attracted.

Nearby recent sales: 22 Tanglewood sold for $585,000 in August; 25 Woodland Drive sold for $527,000 in June. Recent listings: 59 Eagle Run, $619,000; 7 Santa Victoria, $635,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3182.0.html