Canyon’s Edge Executive Retreat 56 Shade Tree $974,900

Scooting along Shady Canyon Drive, the view is all open wilderness, just minutes from Orange County’s urban nest of beaches and freeways. I was headed to Canyon’s Edge in Turtle Ridge, a gated community that sits next to the wilderness, and I was remembering visiting Quail Hill awhile ago. Both areas offer premium locations, delivering a big helping of the outdoors with easy access to all of the urban connections.

It’s a lifestyle worth considering. Spend the afternoon hiking, practically in your own backyard, and then head off for the next trip, or an evening out with the 73 Freeway and Orange County Airport nearby.

Turning into Canyon’s Edge, I found a community that may be a match for its surroundings. If it is to your taste, then you will recognize it instantly. At the back of the property there’s no urban neighbor on the other side of the fence, just a sweep of open wilderness.

New to the market , this Canyon’s Edge single family home compares well with Quail Hill, offering similar options with a bit more space.

Capturing some of the feel of a Tuscan farmhouse, this stone and stucco 2 bedroom, 3 bath single family home opens into a serene interior that promises more. Italian Tagina tile is used throughout the home and the 2,330 square foot open floor plan includes an extra downstairs room that could become a third bedroom. A formal dining room, casual dining area, and cozy family room with stone fireplace, overlook the backyard and wilderness beyond.

The gourmet kitchen with food prep island, large walk in pantry, granite counters, and breakfast bar is opposite the family room. Outfitted with recessed lighting, a 36” glass cooktop with five burners, under cabinet fluorescent lighting, and special deep roll out drawers for pots and pans, this kitchen looks equal to any task, whether it be an elaborate meal or a quick barbecue prep.

Outside is equally serene. Skillfully landscaped to blend into the surroundings, there is a patio and grassy area with fire pit, fountain, barbecue, heaters for chilly evenings, and dining area.

Throughout the home there is the feeling that each room is intended to be just right, functional, appealing and unobtrusive.

Upstairs, the master bedroom has a media niche off to one side, a walk in closet, and a master bath that has a separate shower and oversized tub. The other good sized bedroom has an adjacent private bath. There is a convenient upstairs laundry.

Some of the home’s many details include oil rubbed bronze hardware, raised panel doors, recessed lighting throughout, energy advanced dual glazed windows, prewired sound system, an interior sprinkler system, and retardant glazed tile roof. There is a double garage and wrought iron and masonry fencing.

Specifics for this two level Mediterranean:

Beds: 2

Baths: 3

Square Footage: 2,330

$/Sq.Ft.: $418

HOA Dues: $271/month

Forced air, central air

Property: Residential

Type: Single Family

View: Canyon

Year Built: 2003

Community: Turtle Ridge, Canyon Edge

County: Orange

On the Market: 22 days

Considerations and Comparisons: Canyon’s Edge compares well with Quail Hill and may offer a bit more space for the dollar. But this community is a selective choice. The dollars spent here are for space coupled with those other key ingredients of location, privacy, convenience, and distinctiveness. New to the market, this home will attract a certain buyer with some definite ideas of what the home should be.

Who will make this stone and stucco farmhouse theirs? A professional couple, a busy executive, or a small family who love the outdoors, might gravitate to this home. Quality schools, exceptional hiking and recreational areas, a remote, retreat lifestyle, and easy access to nearby beach communities could all be factors in the sale.

Nearby properties and recent sales: 19642 Sierra Santo Rd. sold for $835,000 in June and 19367 Sierra Bello Rd. sold for $940,000 in March. Current properties listed: 17 Shade Tree is listed for $869,000 and 5 Starlight is listed for $895,000.

Discuss below or on Talk Irvine.

If you are in the market for a large home, check out 11 Ravendale. This home was just listed and boasts five bedrooms (one downstairs) plus a huge third floor bonus room.

The basics:

Asking Price: $999,000

Bedrooms: 5

Bathrooms: 4

Square Footage: 3,537

Lot Size: 3,842

$/Sq Ft: $282

Property Type: Single Family Home

Year Built: 2002

Community: Northpark Square

HOA dues are $98 per month and Mello Roos are $1,104.66 per year.

When I entered 11 Ravendale, I saw the living room to my right and the dining room to my left. The living room has windows on three sides, crown molding, and wall to wall carpet. The dining room, like the entry, has tile floors, and is tucked in between the entryway and the staircase. Its location is a bit awkward, since it doesn’t connect to the kitchen, but that seems to be the case in many newer homes.

Across from the staircase, a short hallway leads to a small full bathroom and a bedroom.

On the other side of the stairs are the kitchen and family room. The kitchen has tile floors, an island, dark granite counter tops and maple cupboards. It has black appliances, including a double oven, and brushed nickel fixtures. It also has a huge pantry with tons of shelving and a large space in the back with low ceilings for storing infrequently used items.

The super family room is big, but not as big as other super family rooms I’ve seen. It has a fireplace at one end, windows along one wall, and is carpeted. The carpet here, as well as in the living room and the entire upstairs, needs to be replaced.

Upstairs, there are four bedrooms on the second floor. The master is at the top of the stairs. While it doesn’t have a designated retreat, it is a very big room and has a fireplace in one corner, so you could create a cozy seating area. There are two large walk in closets with built-ins, a separate tub and shower, and two sinks with tile countertops. I liked that the bathroom wasn’t as huge as those in many other newer model masters. It had adequate space without taking up too much square footage.

The other three bedrooms were surprisingly big. I am so used to seeing tiny secondary bedrooms in new homes that I was very pleasantly surprised by the rooms here. Each one also has a walk in closet with some built-ins. They share a bathroom with two sinks and a shower/tub combo. A large linen closet and a laundry room with sink complete the second floor.

A huge third story bonus room completes the house. It has sloped ceilings, two ceiling fans and a full bathroom. While it is one large space, it can easily be divided into different areas and used for multiple purposes. There is also an unfinished storage area that could probably be fixed up and turned into a usable attic.

The downfall to the house is the lot size, resulting in a small backyard. The owners did invest a lot in landscaping, including stone work throughout and a built in bbq. While they did well with what they had, the space is small and feels pretty closed in.

This home is big without feeling ostentatious. Each room is well-sized and, aside from the well-worn carpet, everything is in great condition.

The owners have already purchased a new home and are looking to sell quickly. While the price of $282 per square foot is on the low end of homes in the area, it should be noted that a nearly identical home (28 Thorn Hill) a block away sold two weeks ago for $935,000 ($266/sq ft).

Discuss below or on Talk Irvine.

Summer of 2012 was supposed to be the legendary bottom of Irvine Real Estate prices. But thanks to low inventory, Irvine home owners can breathe easy and continue to list their properties for exorbitant prices. The safest city just got voted as the sixth best place to live in the country! That might add a premium to the premium we are already paying to live in the safest city with the best school district. Currently there are only 399 homes in Irvine for sale, not including shadow inventory. That’s a huge drop from the 1200+ in July 2007, and the lowest in the past five years.

Every village in Irvine saw its bottom at a different time since 2008, and so far all the markets that crashed since the “Great Housing Depression” have rebound. Woodbury was another hard hit market in Irvine, many houses still under construction, some sold for buyers with creative financing, at risk of being foreclosed or sold short. The Great Park that was supposed to be the crowning glory of Irvine became an illusion, so much so that the surveys asked “do you think Great Park will be built in your lifetime”.

Today we will see if Woodbury has rebound from its lows, or has reached a new bottom.

76 Spanish Lace, Irvine CA 92620

Previous Sale: November 18, 2005 for $805,500.

(Most of these homes were sold in that range when they were offered by the builder)

Here is a brief sales history of Cachette homes with similar floor plan since 2006.

2007: 168 Vintage $766,000 – Highest

2007: 187 Rhapsody $738,000

2008: 79 Rinaldi $674,000

2008: 80 Spanish Lace $665,000

2009: 81 Sanctuary $738,000

2010: 106 Alhambra $675,000

2010: 199 Rhapsody $697,000

2010: 161 Rhapsody $700,000

2011: 187 Sanctuary $700,000

2011: 119 Sanctuary $675,000 (Foreclosed, and sold by the bank)

2011: 41 Lamplighter $639,00 (Short Sale) – Lowest

No property has sold after the short sale of 41 Lamplighter and the foreclosure – sale by the bank of 119 Sanctuary. 76 Spanish Lace is a regular sale, and according to the listing the owner has remodeled and upgraded extensively. In short, the owner is taking a loss from his purchase price, and willing to lose his remodeling dollars. Overall market says the inventory is low and prices will be inflated, but may be they are not inflated enough to pay a little less than a million for a detached condominium, just yet.

Listing Price: $739,900

Beds/ Bath: 3 Beds/ 2.75 Bath

Area: 1959 SF

Property type: Residential, Condominium

Year Built: 2005

Community: Woodbury

Price/ SF: $378

HOA Dues: $202/Month

Monthly mortgage: $2,699

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $4258

Property Tax (1.0595%): $7840

Monthly Mello Roos + Tax = $1008

Fixed monthly expenses: $3,909

An attached corner unit with similar square feet area is not a fair comparison, but here is what an attached wall will bring down the monthly cost of owning to:

70 Costa Brave #114, Irvine CA 92620

Listing Price: $588,000

Beds/ Bath: 3 Beds/ 3.5 Bath

Area: 1865 SF

Property type: Residential, Condominium

Year Built: 2010

Community: Woodbury

Price/ SF: $315

HOA Dues: $300/Month

Monthly mortgage: $2,145

(30 YR Fixed, 20% Down Payment, 3.625% Rate)

Mello Roos: $3311

Property Tax (1.0595%): $6230

Monthly Mello Roos + Tax = $795

Fixed monthly expenses: $3240

Would you buy now in Woodbury?

Now we know Summer of 2012 didn’t turn out as legendary and bearish as it was touted to be, but those of you who waited, are you buying now, or waiting for a further drop that shadow inventory influx ‘might’ bring?

Share your thoughts below or on Talk Irvine.

Last week, I reviewed 7 Aldea, a three bedroom home in Northwood’s Windstream community. Today, I will review 31 Entrada West, another three bedroom home in Northwood. This one is in the Park Paseo neighborhood, about half a mile away from 7 Aldea, and zoned for all the same schools.

The basics:

Asking Price: $649,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1910

Lot Size: 3,645

$/Sq Ft: $340

Property Type: Single Family Home

Year Built: 1979

Community: Northwood, Park Paseo

HOA dues are $83 per month and there are no Mello Roos.

Both homes have a lot in common. They were both built in 1979 and neither has remodeled the kitchen or bathrooms. They have similar prices per square foot and both have associations with pools and tennis courts. 7 Aldea is a bigger house on a bigger lot, and is in a gated community. 31 Entrada West offers a much lower HOA ($83/month vs. $174/month) and the lower asking price makes it more affordable for many families. While 7 Aldea is located on a corner, 31 Entrada West is near the end of a quiet Cul de Sac.

When I entered this home, the living room was immediately to my right, down one step, and the dining room was to my left. Both rooms have hardwood floors and vaulted ceilings.

The family room has a small wet bar at one end and a brick fireplace in the middle. It’s somewhat dark, since it only has windows on one side and it only has one small set of old track lighting. It is long and narrow and doesn’t really flow into any other rooms, so it feels very closed in.

The kitchen is also long and narrow. One half has several pantry-height cupboards, a large window and breakfast nook. The rest of the kitchen is pretty small, with one long tile counter and one smaller one. There are newer stainless steel appliances but original counters, cabinets, and fluorescent panel lighting. While it is in good condition, overall it feels outdated and small.

Upstairs, there are three bedrooms and two baths. The two secondary bedrooms are on the smaller side, both with windows facing the front of the house and standard closets. Their shared bathroom only has one sink, despite having a counter long enough to fit two.

The master bedroom’s nicest feature is vaulted ceilings. Otherwise, there is nothing remarkable about the room. The bathroom has a stall shower and double sinks with newer fixtures, but everything else is original.

Overall, 31 Entrada has a lot of room for improvement. However, it is smaller than most homes in the neighborhood, resulting in a lower asking price (though its price per square foot is comparable to others). For a family with a lower budget, this may be their chance to get a more affordable house in a great neighborhood. Upgrades can come later, if desired.

Discuss below or on Talk Irvine.

Custom Woodbridge Entertainer’s Coup

17 Heron Irvine, CA 92604 $975,000

As I drove through Woodbridge to see this single family home, I was anticipating questions. Billed as an entertainer’s dream, this home brings up the two questions that people who entertain always ask: How many are there for dinner, and what’s the budget? I was interested to see how the cost versus space budget would play out at 17 Heron.

I had seen the floor plan and was looking forward to seeing the ‘great room.’ But seeing is believing, and that turned out to be pure fun. Stepping into a sunlit foyer and heading into a very together ‘great room,’ I could picture holidays flourishing here with friends and family, followed by one party after another.

Off to the right of the foyer there is a nicely finished living room with fireplace that will easily handle extra party traffic.

Soaring cathedral vaulted ceilings with lots of natural light accent the individual islands of color as the family area with fireplace, dining area, large counter bar, and kitchen all blend together. This is what open space always intends to be.

After seeing the space, a review of the figures shows this home as new to the market, with 2,450 square feet, at a $/Sq. Ft. cost of $398, with HOA dues of $82 a month, and a lot size of 5,000 square feet. The finished product has 4 bedrooms, 3 baths and 3 garages.

Remodeled in 2001, there are updates everywhere. The kitchen is a match for the great room with black granite counters, a large counter bar, under counter lighting, custom ceiling soffit with pendant lighting, top of the line appliances, ash cabinets and a tumbled marble backsplash, the party continues outside in the yard and on the patio with a gas barbecue island and a mini putting green.

There is one bedroom and a full bath downstairs. Upstairs the master bedroom and bath have been remodeled with custom jacuzzi tub, skylights, a huge walk in closet, and cathedral ceilings. There are two more bedrooms and a full bath upstairs.

The home has dual paned windows throughout, a larger capacity HVAC system, surround sound and woven blinds.

Specifics for this two level contemporary:

Bedrooms: 4

Baths: 3

Sq. Ft.: 2450 sq.ft.

$/Sq.Ft.: $398

HOA Dues: $82/month

Lot size: 5,000 sq. ft.

Property: Residential

Type: Single Family

Views: Tree Tops

Community: Woodbridge

Built: 1977

Schools: Irvine School System

Laundry in the garage

Association pool and spa

Listed: 19 days

Considerations and Comparisons: New to the market in a prime Woodbridge location near the lake, gives this home impetus. Sold in 2001 for $628,000 and also remodeled in 2001 with a strong floor plan, the question will be how the home fits the current market. Homes with similar prices and square footage have recently sold in Woodbridge and more are currently listed.

Who will be having parties at 8 Heron? Seasoned entertainers who love to plan big parties, and whip up instant get-togethers will be attracted to this home. There’s a lot of space and it all works. Families attracted to the school system and the parks and lake will consider this home. Having one bedroom downstairs will appeal to professionals who want a home office, or families with older members. The ready-to-move-in, polished space will appeal to professionals who want to unpack and maintain their schedule.

Recent Sales Nearby: 1 Vetrina sold for $998,000 in May; 27 Blue Jay sold for $912,000 in July; and 18 Mandarin sold for $925,000 in June. New listings nearby: 21 Bayside is currently listed at $958,000 and 26 Emerald is listed at $1,045,000.

Discuss below or on Talk Irvine.