Doing the Math In University Park

42 Gillman $690,000 Sale Pending

I have seen a couple University Park properties recently, and as I pulled up to 42 Gillman, this property brought to mind 14 Butternut and 21 Whitewood Way. Positioned on a quiet street with great parks and great schools, this single family home raised some questions.

Inside I found there were plus and minus points to tally. In this case the math was being done by many others too, and the property is now listed as “sale pending.”

In significant numbers, the home provides 4 bedrooms and 3 baths with 2,280 square feet on a 5,200 square foot lot in University Park for $690,000. The $/Sq. Ft. is $303. HOA dues are $123 a month. The home was built in 1965 and has been on the market 55 days.

From the entrance, there is a good sized living room and dining room on the right, a stairway to the upstairs bedrooms in the middle, and a kitchen, breakfast nook and family room in the rear. There is a downstairs bedroom and bath off to the left of the entrance.

The high ceilings, dramatic fireplace, and windowed dining room all up the appeal of this home. Heading to the back of the home, the kitchen has redwood cabinets, stainless appliances and granite counters. The breakfast nook with wood floor sits in a windowed corner, overlooking the backyard.

Outside, space feels a little tight and landscaping could be expanded or perhaps, redone to provide more green views from inside and more privacy.

Upstairs, the individual bedrooms and master are all good sized rooms, waiting for new occupants, and new hobbies, with ample room for computers, books and projects.

As I wondered about the house, I caught the spirit of an active family with a lot going on. This house seems ready for a new look with a new family bringing fresh ideas and fun projects.

Specifics of this Two Level:

Beds, 4

Baths, 3

Sq. Ft. 2,280

$/Sq. Ft.. $303

HOA Dues, $123

Lot Size, 5,200 sq. ft.

Property Type, Single Family

Year Built, 1965

On the market, 55 days

Considerations and Comparisons: Doing the math for this home starts with a good location in University Park and then focuses on the amount of space and number of bedrooms, versus the age and the price of the home. Overall, the new owners may want to factor in additional upgrades and more landscaping as they put their own mark on the home, maximizing the effect of the high ceilings, and windowed areas.

Who will be next at 42 Gillman? With a sale pending and backup offers encouraged, a new buyer should appear soon. I could see this as the pick of a good sized family attracted to the schools, parks, and pleasant location in University Park.

Recent sales: 28 Wintersweet way sold for $620,000 in July; 16 Norton sold for $685,000 in September. Recent listings: 44 Gillman is listed at $795,000; 7 Redwood Tree is listed at $625,000.

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3137.0.html

As we end the Summer of 2012, we all noticed that things didn’t turn as sour as predicted for Irvine. Inventory is at its lowest, hitting new lows with every passing month. Mortgage rates have followed the same trend, hitting the lowest of the lows and promising to stay so for a while to aid recovery. What will this mean to Irvine market in future, we are not sure.

Kool-aid again?

Here is the Condos Price/ SF chart for the past year in the zip code 92602:

Here is a relisted property in West Irvine, one of the few areas in Irvine that saw a huge swing in listing and sale prices in the past year.

117 Sapphire, Irvine CA 92602

Listing Price: $470,000

Beds/ Bath: 3 Bedrooms/ 2.5 Baths

Area: 1500 SF

Previous Sale Price: $313,000 in March 2002

Previous List Price: $495,000 in Summer of 2012

Monthly Expenses:

HOA Dues: $225/month

Property tax: $415/month

Mello Roos: $70

Mortgage at 3.25 per month: $1636

Fixed Monthly Expenses: $2346

Here is a brief sales history for Mandeville houses in 2012:

01/19 163 Topaz $274/SF

02/17 97 Sapphire $244/SF

03/31 109 Sapphire $290/SF

04/05 103 Sapphire $255/SF

04/13 161 Topaz $260/SF

04/13 65 Sapphire $258/SF

04/25 92 Topaz $233/SF – Lowest

05/16 33 Moonstone $286/SF

06/04 63 Sapphire $260/SF

08/31 19 Moonstone $253/SF

09/13 1 Moonstone $317/SF – Highest

06/27 56 Sapphire $303/SF

07/17 149 Topaz $271/SF

Now sales pending:

9 Moonstone with the list price of $317/SF

75 Sapphire with a list price of $260/SF

Comparable condominium from the Village of Northwood in Irvine:

Here is the Listing Price/ Sold Price graph for Northwood condos (92620):

425 Ridgeway, Irvine CA 92620:

Listing Price: $499,000

Bedrooms/ Bathrooms: 3 Beds/ 2.5 Baths

Area: 1481 SF

Price/ SF: $337

Monthly expenses:

HOA Dues: $284/Month

Property Tax: $440/ Month

Mello Roos: $117/Month

Mortgage (3.25): $1736

Fixed Monthly Expenses: $2577

Would you buy now, or wait for the temporary low interest rate frenzy to subside?

Do these houses make a good investment property?

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3133.0.html

Today’s open house search took me to 1 Ticonderoga, a J.M. Peters home in the Woodside II neighborhood. This house is the biggest floor plan in the neighborhood, featuring four bedrooms (one downstairs), three full baths, a large bonus room and a three car garage. It is on a corner lot, so the yard is slightly bigger than average, and the street it borders isn’t too busy.

The basics:

Asking Price: $929,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 3,112

Lot Size: 5,800

$/Sq Ft: $299

Days on Market: 237*

Property Type: Single Family Home

Year Built: 1980

Community: Woodside II

There are no HOA dues or Mello Roos taxes.

*The days on the market number is slightly misleading. It was previously listed and had a buyer, but subsequently fell out of escrow. It was taken off for awhile and upgraded, then put back on approximately six weeks ago.

There is a covered walkway leading up to the house. The entryway has vaulted ceilings and the staircase is right in front of you. The downstairs is a combination of travertine floors and carpet, both put in about a year ago, and the same carpet was installed throughout the entire second floor.

To the left, there is a sunken living room with several windows. The dining room is behind the living room, but two steps higher. Both rooms are a good size. To the right of the entry, there is a closet, a full bathroom with new granite counters (but old cabinets), and a small laundry room (no sink or counters) that leads to the garage.

The downstairs bedroom has a small closet and a set of built in shelves. It would work well as a bedroom but, with the darker wood used for the built-ins, I like it better as an office.

Past the bedroom is the family room, featuring two side-by-side fireplaces and a wetbar. I don’t really see the point of the dual fireplaces and, apparently neither does the current owner, because the couches are set up in front of them. The family room has travertine floors, which always feel cold and impersonal to me, but is a popular look these days. The family room can be accessed from the hallway in two different places – one near the downstairs bedroom and another around the back of the stairs – as well as through the kitchen. Like the living room, the family room is two steps lower than the other rooms.

The kitchen overlooks the family room. It has a breakfast nook surrounded by windows and new granite counters. The appliances are a mixture of black and stainless steel and a variety of brands. The cabinets are painted white and haven’t been updated, creating a strange contrast with the new counters and new backsplash, so a buyer might want to upgrade the cabinets as well.

The backyard has a saltwater pool and spa, with patios on each side providing space for lounge chairs, a bbq and a casual dining table. The side yard is grassy and slightly wider than in most houses, so it could be used as a small play area for young kids.

Upstairs, there are three bedrooms and a huge bonus room. The two secondary bedrooms have mirrored closets and are an average size. They share a bathroom that is covered in tiles and looks very outdated.

The master bedroom has vaulted ceilings, a fireplace and many windows. There are two closets with mirrored doors, but they are actually walk-ins (one larger than the other). The bathroom has been partially remodeled, with new granite counters and new tile in the shower and bathtub, but the cabinets are still old. I thought the shower was a little too small and didn’t like the wide tile ledge in front of it.

The bonus room stretches the length of the three car garage. It has vaulted ceilings and two ceiling fans (most rooms in the house have at least one fan). The room can easily be divided into different areas and used for multiple purposes.

Overall, I like the general layout of the house, but I dislike how the downstairs has all the different levels. I also don’t like the travertine floors, but I did like the carpet in the rest of the house. There is a big open area under the stairs that could be closed in to create storage and to give the house a more modern feel. All of the windows have attractive plantation shutters and the ceiling fans throughout are a nice touch. I wish that the cabinets had been upgraded along with the counters to give the rooms a more uniform feel, instead of the contrast of old and new.

At $929,000, the price sounds high but it is in line with recent sales for comparable homes.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3122.0.html

Weighing Options in University Park

14 Butternut Lane $899,000

Butternut is a private lane in University Park. And 14 Butternut sits near the end of the lane. From the street this home has a park-like landscape with a rose bordered brick walk leading to a tiled entry.

Space is a focus here. This 3,200 square foot single family home sits on a 6,313 square foot lot. Five bedrooms and 2.75 baths make room for guests, grandchildren, and hobbies too. High ceilings and good sized rooms give the whole house a light, airy feeling. Built in 1974 and completely remodeled, the home has been reduced from $970,000 to $899,000.

If you have a stash of antiques and dreams of extra rooms for a library, art studio or other projects, this home could provide answers.

The tiled entry leads to a large living room with a handsome fireplace and wood floors. The living room is really a hub for the house with vaulted ceiling, and stairway with balcony-like view above. A formal dining room is off to the left with a patio to the right. Beyond the living room, a roomy family room sits opposite the country kitchen and overlooks a wrap-around park-like yard with spa and garden.

The kitchen has a garden window and brick framed cooking top. Granite counters, breakfast bar, stainless appliances and custom cabinets have all been added.

Upstairs, there is a light filled, large master bedroom and bath and three other bedrooms and a bath, available for guests or to become a home office or hobby center. There is also a main floor bedroom and bath with sitting area and walk in closet. The home has custom vanities, dual paned windows, central air, newer exterior and interior paint, and a double garage.

Specifics for this two level home:

Beds: 5

Baths: 2.75

Sq. Ft: 3,200

$/Sq.Ft.: $291

HOA Dues: #$168/month

Lot size: 6313 sq. ft.

Association Pool

Private Spa

Forced air, central air, ceiling fans

Property: Residential

Type: Single Family

No Mello Roos Tax

Year Built: 1974

Community: University Park

County: Orange

On the Market: 64 days

Considerations and Comparisons: Weighing the options here involves the age, size, upgrades and price for this home. This home was built in 1974 and sold in 2006 for $1,085,000. In 1992 it sold for $445,000. Now it has has been reduced from $970,000 to $899,000, and it has been on the market 64 days. Completely remodeled, the home’s classic looks have been enhanced with quality upgrades. The lot and home size on a secluded private lane in the desirable University Park community make this home an interesting competitor in the Irvine market. On the minus side, there is some noise out front on the street from University Street traffic and other homes with 5 bedrooms might include another bath.

Who will be the next one to welcome guests to 14 Butternut Lane? A good sized family with active kids will benefit from the space and the excellent schools and parks. A couple who entertain, travel and act as frequent hosts to guests or grandkids will see the potential here. People who work in Irvine, or who are involved with the University of California Irvine, might find this home to be a natural.

Recent Sales and Listings nearby: 18 Charity sold for $1,300,000 in July; 16 Wondering Rill sold for $1,390,000 in July. Nearby current listings: 2 Angell is listed at $1,495,000 and 8 Rainstar is $889,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3114.0.html

Super investment in Irvine!

Four bedrooms and three bathrooms!

Low HOA Dues! Low Mello Roos!

Cul-de-sac location! Single Family Residence with high ceilings and double doors!

That covers the listing description.

It’s a tri-level old and dated property in need of incredible amounts of TLC. Some people actually like buying properties with character and a little bit of history rather than invest in yet another sparkling new perigraniteel dream sold by The Irvine Company.

It backs to the busy Culver Drive. According to some veteran Irvine residents, homes close to Culver Drive are blessed with the white noise of a smoothly flowing river.

That covers the initial analysis based on MLS pictures.

What’s the reality?

Reality is a property can be listed at any price the seller and his agent deem appropriate, and it sells for any price the buyer and his agent deem appropriate.

So what have buyers paid for a similar property in the same village in 2011?

14502 Larch Ave $230/SF

3641 Myrtle St $271/SF

14581 Fir Ave $307/SF

14592 Oak Ave $326/SF

3531 Pecan St $253/SF

3832 Magnolia St $259/SF

3501 Pecan St $309/SF

14647 Beach Ave $326/SF

3932 Banyan St $313/SF

14561 Mango Ave $316/SF

What’s the property in question listed at?

At $283/SF, it might very well sell within the listed range.

3932 Banyan St, Irvine CA 92602

Listing price: $624,500

Beds/ Bath: 4 Beds/ 2.75 Baths

Area: 2210 SF

Year Built: 1972

Lot Size: 5400 SF

Village: Walnut

Price/ SF: $283

HOA Dues: $40 Monthly

Property Tax: (1.00381%) $6268 Annually

Mello Roos: $172 Annually

Mortgage (3.5%): $2243

Fixed Monthly Expenses: $2820

A newer house with similar monthly fixed expenses would be most probably a detached condominium, with a much smaller backyard and higher Mello Roos and HOA dues.

Similar river noises are offered at a newer house on the other side of 5 with TUSD schools with Irvine addresses. It went into escrow within days of being listed (lower listing price as well). This detached condominium has all the bells and whistles associated with a newer property , but it’s smaller, and has higher HOA dues and Mello Roos.

44 Night Bloom, Irvine CA 92602

Monthly cost of owning this detached condo:

HOA Dues: $156 Monthly

Property Tax: (1.0595%) $5878 Annually

Mello Roos: $2492 Annually

Mortgage (3.5%): Monthly

Fixed Monthly Expenses: $2844

What would you do?

Would you invest in an older property like this in need of work?

Would you buy a newer property that will be move-in ready?

Comment below, or discuss at Talk Irvine.