I was talking to a friend recently about investment properties, so I thought I’d take a look at a smaller home and see what it had to offer. I had heard that the Lane’s End neighborhood in Northwood Pointe had cute, detached townhomes, so I visited 170 Garden Gate Lane.

The basics:

Asking Price: $498,000

Bedrooms: 2

Bathrooms: 2

Square Footage: 1,039

Lot Size: 1,742

$/Sq Ft: $479

Days on Market: 40

Property Type: Single Family Home

Year Built: 1998

Community: Lane’s End, Northwood Pointe

HOA dues are $134 per month and there are Mello Roos taxes.

To get to this home, you take a walkway between two other homes and enter into a small courtyard area. I could imagine forming a close community with the neighbors and liked that aspect of the house. From the front, 170 Garden Gate Lane is cute, with a white picket fence and small courtyard. As the house lacks a backyard, this is really the only outside space it has. The garage is off an alley at the back of the house, so it doesn’t have a driveway.

This house has a small, tiled entry way that feeds into the living room. Featuring laminate flooring, a tiled fireplace, a built in bookcase/cabinet, and large French doors leading to the courtyard, the room is bright and cozy. It’s somewhat small and limited in how it can be arranged, but I found myself liking the feeling I got in the room. It was definitely my favorite part of the house.

The kitchen is behind the living room, with a small breakfast nook tucked up against the staircase. The nook, like many other areas in the home, has small cutouts in the wall that make cute display areas for vases, photos, or other home décor. The kitchen has white Whirlpool appliances and tiled counters. One side has white paneled cabinets and the other has glass paneled cabinets and an overhead rack for wine glasses. Counter space is limited but there is a lot of storage. It also has a sliding door that goes out to a small side yard.

The master bedroom is right at the top of the stairs. It has several windows, including one that could be used as a window seat or have a storage box built into it. There are two small mirrored closets and a small bathroom. While the shower is a nice size, it lacks a bathtub and only has one sink.

The other bedroom is fairly small and doesn’t have room for much beyond a bed and one other piece of furniture. The current owners removed the closet doors and put a desk in the closet area to create more space.

The other bathroom upstairs has a shower/tub combo and a single sink. Because there isn’t a bathroom downstairs, this would have to serve as the bathroom guests use whenever they visit the house. For me, this is a big negative and would deter me from buying this property.

This house would work well for a couple without children or for someone single. It’s too small to be comfortable for a bigger family. It is in excellent condition, needing only new paint and carpet upstairs.

The pros: I really liked the design of the house, with the cutouts for décor and the window seat option in the master bedroom. I also liked the feel of the living room and all of the windows throughout the house. The potential to form a close-knit community with the neighbors is also attractive to me.

The cons: No downstairs bathroom, limited counter space in the kitchen, a small secondary bedroom and the smaller closets and bathroom in the master.

The price, however, is the major problem in this house. At $479 per square foot, it is grossly overpriced and much higher than others in the area. Comparable homes have sold at an average of $312 per square foot over the last three months and current similar listings average $365 per square foot. If we were to price this one at $350/SqFt, it would bring the asking price down to $363,650. The realtor actually encouraged me to make an offer that was more in line with the comps, rather than even coming to close to the owner’s asking price. The house has been on the market for 40 days, has zero offers, and has open houses scheduled again for each of the next two weekends.

While I do think it’s a cute house in a nice neighborhood, for me, the negatives outweigh the positives.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3095.0.html

Parkside Find in University Park

21 Whitewood Way, $525,000 Sale Pending

This home is a surprise on many levels. The minute you approach the home you know a gardener lives here. Thriving plants line the walkway, and accent the inside/outside garden spots throughout the home. This is topped off with the lush greenbelt that is just over the wall from the back patio. I am sure the owners chose this single family home with this location in mind. As you step out the back gate, the park is yours to enjoy.

New to the market, this home is now listed as “sale pending, with backup offers accepted.” When I attended the open house, there were a lot of lookers and I thought the property might move quickly.

As you enter the home, overhead a sparkling chandelier shines down on polished wood floors that lead you to the rest of the home. There soaring ceilings, a towering fireplace and clerestory windows move this house beyond the ordinary.

You can sense the owner’s pride and enjoyment of their home. In the living room, the wood is carefully stacked in a fireplace niche, ready for a winter evening. On the patio, all is ready for a relaxing barbeque.

This three bedroom, one and three quarter bath home makes the most of its 1,493 square feet, utilizing space to the best advantage. The inside/outside views, immaculate condition and natural light make it seem larger than it is.

I could see a family happily navigating through daily tasks and special weekend events using this home as their base. The home is well planned and ready to handle a family’s busy schedule.

Off of the main hall there is a special little garden room that can be reached from one of the bedrooms too. The remodeled kitchen is compact and efficient with granite counters and a greenhouse window. A nice sized, light filled dining room sits between the kitchen and the living room, off of the main hall. There are double vanities and skylights in the bathrooms and the living room fireplace is set up for gas or wood.

Specifics:

Bedrooms: 3

Baths: 1.75

Square Ft.: 1493

$/Sq.Ft.: $352

Lot Size: 3200 sq.ft.

HOA Dues: $179/month

Property: Residential, Single Family

Year Built: 1968

Double Garage

One common wall attached

No Mello Roos Tax

Community: University Park

County: Orange

Considerations and Comparisons: Very new to the market, a sale pending is now listed for the property. The smart use of space, and desirable location on the greenbelt in a top flight community has made this a winner. The immaculate condition and landscaping add points too. The mural wallpapers in the bedrooms could be updated, and the atrium off of the bedroom could be filled with more low light plants and a fountain for an even more dramatic inside garden room.

Who will move into 21 Whitewood Way? With a sale pending we will soon see. It could be a young family who will love having a park right outside their gate and benefit from the community’s excellent schools might settle here. Professionals who work in or near Irvine, and appreciate the immaculate condition and appealing landscaping might see this as the perfect home retreat. A mature couple with older family members or visitors who need bedrooms on the first floor will appreciate the details of this home and the convenience.

Nearby homes recently sold and new listings: 27 Meadowsweet Way sold for $520,000; and 57 Alder sold for $525,000. 32 Mayapple Way is currently listed at $550,000 and 10 Senisa is listed at $599,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3088.0.html

You know you want to buy in Irvine, and you know how big of a house you want. But what you pay for the property, and what kind of property it will be depends on the village you will buy in. Today, I searched for a Single Family Residence between 2000 SF and 2250 SF in Irvine, on the other side of Freeway 5, away from the beach.

Here are the results:

North Park: 15 River Oaks, Irvine CA 92602

Listing price: $859,000

Beds/ Bath: 3 Beds/ 2.5 Bath

Area: 2,200 SF

Lot Size: 5,076

Price/ SF: $390

Mortgage(3.625%): $3,134

HOA Dues: $217

Tax + Mello Roos: $12,119 Annually

Tax+ Mello Roos Monthly: $1010

Monthly Cost of Owning in North Park: $4,361

Northwood: 34 Mount Vernon, Irvine CA 92620

Listing price: $815,000

Beds/ Bath: 4 Beds/ 2.5 Bath

Area: 2,173 SF

Lot Size: 3,000

Price/ SF: $375

Mortgage(3.625%): $2,973

HOA Dues: $133

Tax + Mello Roos: $10,706 Annually

Tax+ Mello Roos Monthly: $892

Monthly Cost of Owning in Northwood: $3,998

Portola Springs: 95 Keepsake, Irvine CA 92618

Listing price: $625,000

Beds/ Bath: 4 Beds/ 3 Bath

Area: 2,056 SF

Lot Size: Not listed

Price/ SF: $304

Mortgage(3.625%): $2,280

HOA Dues: $232

Tax + Mello Roos: $10,871 Annually

Tax+ Mello Roos Monthly: $906

Monthly Cost of Owning in Portola Springs: $3,418

(I have a feeling this is a detached condominium, but the MLS says it’s a Single Family Residence)

West Irvine: 9 Carriage Dr, Irvine CA 92602

Listing price: $735,000

Beds/ Bath: 4 Beds/ 2.5 Bath

Area: 2,237 SF

Lot Size: 3,740 SF

Price/ SF: $329

Mortgage(3.625%): $2,682

HOA Dues: $0

Tax + Mello Roos: $9096 Annually

Tax+ Mello Roos Monthly: $758

Monthly Cost of Owning in West Irvine: $3,440

Which one would you buy?

Will the age of the home matter more, or the real estate conditions in the area?

Do HOA Dues and Mello Roos influence your decision?

Discuss on Talk Irvine.

Holiday weekends generally don’t have as many open houses, so after driving around for awhile, I found myself at 34 Olivehurst in Northpark.

The basics:

Asking Price: $580,000

Bedrooms: 2 + loft

Bathrooms: 2.5

Square Footage: 1,500

Lot Size: not listed

$/Sq Ft: $387

Days on Market: 6

Property Type: Single Family Home

Year Built: 2001

Community: Northpark

HOA dues are $271.40 per month and there are Mello Roos taxes.

This house is situated on a corner lot, which the realtors refer to as a “prime location.” However, it is on the corner of Spring Valley, one of the main streets that run through the community of Northpark, so it will be busy. The lot is also tiny. I can’t actually find the lot size listed anywhere, but the fully hardscaped backyard of this house contains a small table and chairs and there really isn’t room for anything else. The garage is on the side of the house and has no driveway.

Downstairs, everything is very compartmentalized. The small living room is to the right of the entryway. The current owners have one couch and a large entertainment unit and it doesn’t really seem like there is much room to put in a second couch or loveseat. The highlight of the room, and the downstairs in general, are the nice hardwood floors.

The dining room is to the left of the entryway. It has windows on two sides and is bordered by the staircase on a third side. Like the living room, it has attractive wood floors.

The kitchen is on the other side of the stairway, so it doesn’t connect or flow into the dining room. It is a good size, but lacks an island or breakfast nook. The cabinets and appliances are all white (with the exception of a stainless steel fridge) and even the counters are a very light shade of gray, creating a very monochromatic and somewhat boring look. There isn’t really a place to put a table, so the only option is to eat in the formal dining room for every meal. The only access to the backyard is through a sliding door in the kitchen.

Moving upstairs, there is an open loft overlooking the staircase. It is a good-sized room with windows on two walls and a cutout area that could be converted into a closet. It would be fairly easy to convert it into a third bedroom, but makes a nice office space the way it is now. The secondary bedroom also has windows on two walls and a standard two-door sliding closet. While the loft has hardwood floors, the bedrooms, staircase and common areas upstairs have a bluish-gray carpet. It’s in fairly good condition, but I don’t care for the color. The upstairs bathroom has tile floors, one sink and a shower/tub combo. Like the kitchen, it is mostly white.

The master bedroom is also unremarkable. It is on the smaller side for a master, especially in a newer home and doesn’t have space for a sitting area. It has one large walk-in closet. The bathroom counters are oddly high and you have to step over a very high wall to get into the shower/tub combo. This bathroom is also all white.

The house is in good shape with everything well maintained. However, that is not enough to sell this house. I really dislike the floor plan. The downstairs is too closed off and the living room is too small. The lack of anywhere to eat in the kitchen is a big turnoff. The corner location isn’t good and the lot is tiny. The price per square foot is much too high (higher than most other homes I’ve looked at), especially when you consider that Northpark has high association dues and Mello Roos taxes. And, because it’s in Northpark, you don’t even get the benefit of Irvine schools. I can usually see an upside to most of the houses I visit. This time, I cannot. I’ll be very interested to see what happens with 34 Olivehurst.

Discuss on Talk Irvine.

Three Bel-Aire properties with similar floor plans are for sale in the Northpark Square area. Northpark Square is the tiny area between Irvine Boulevard and Bryan, and Culver and toll-way 261. They are a walking distance from Beckman High School and Hicks Canyon Elementary School, and around a mile from Orchard Hills Middle School. Not to be confused with Northpark which is a guard gated community, Northpark square is partially gated, and none of the Bel-Aire homes are gated.

8 Rosenblum, Irvine CA 92602

Listing Price: $988,000

Previous sale: $714,000 in 2003

Beds/ baths: 5 beds/ 3.5 baths

SF Area: 3,511

Price/ SF: $281

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3605

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10,468

Monthly expenses: $4,821

49 Pacific Crest, Irvine CA 92602

Listing Price: $949,000

Previous sale: $623,000 in 2002

Beds/ baths: 6 beds/ 4.5 baths

SF Area: 3,511

Price/ SF: $271

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3466

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10054

Monthly expenses: $4,648

11 Ravendale, Irvine C A 92602

Listing Price: $998,000

Previous sale: $597,500 in 2002

Beds/ baths: 5 beds/ 4 baths

SF Area: 3,537

Price/ SF: $282

Fixed Monthly Expenses:

Mortgage, 30 YR Fixed at 3.625%: $3641

Home Owner’s Association Dues: $98

Annual Mello Roos + Special Assesments: $2,956

Annual Property Tax: $10574

Monthly expenses: $4,866

Recent comparative summer sales:

21 Amargosa

Sold for $836,000 in June 2012 for $238/SF.

28 Thorn Hill

Sold for $935,000 in August 2012 for $266/SF.

12 Ravendale

Sold for $945,000 in August 2012 for $319/SF.

Which one would you buy?

None of them back high traffic streets, all of them were built around the same time, all of them were owned by the same owner for the last decade, and all are maintained and upgraded to keep with the current trends. Recent sales trend shows a wide Price/SF range, but all three properties are priced within the highs and lows of the summer.

Discuss on Talk Irvine.