Woodbridge 5 bedroom ‘cottage’

6 Racing Wind $865,000

Woodbridge comes in many flavors – close to the lake, inside the loop, single family or condo. This week I found one that I had not seen before, a single family detached “cottage,” on a greenbelt, with five bedrooms and 3.5 baths. This cottage that grew offers some surprises.

Significant Numbers: New to the market (about 12 days), this Cottage Homes two level single family house has 2,285 sq. ft. with 5 bedrooms and 3.5 baths. HOA dues are $137 and $/sq. ft. is $379. The lot size is 3,049 sq. ft. There is no Mello Roos.

Close-up: Walking up the greenbelt it’s easy to spot the cottage with the white picket fence and huge willow tree in front. Stepping inside, there is a good sized living room with custom fireplace and vaulted ceilings to the left, a staircase straight ahead, and a hall leading to the newly expanded portion of the home on the right.

Heading down the hall there is also a room off to the left that can be a formal dining room. It is now being used as an office. Next, there is a casual dining area in the corner, family area with built-in media center and granite trimmed fireplace, and upscale kitchen with granite counters, island with barstools, double oven, 5-gas burners, and recessed cabinet lighting. Crown moldings, ceiling fans and skylights complete the area.

On the right, sliding doors lead to a side yard patio that has been turned into a cool retreat with a River Rock planter and bamboo accents.

Upstairs there are 5 bedrooms, including the master with walk-in closet, and 3 baths.

Specifics:

Bedrooms, 5

Baths, 3.5

Detached, no common walls

Forced air heat

Ceiling fans, skylights

Association pool and spa

Laundry in garage

Attached double garage with keypad entrance

Two parking spaces

Irvine Unified School System

What will be considered here? A secluded Woodbridge location near South Lake and the Blue Lake Swim Club and park, a good sized addition resulting in 5 bedrooms and 3.5 baths, with a large family room area will make this property competitive. The tightness of lot space and outdoor private space will subtract a bit. Also, some buyers will be looking for a bedroom downstairs.

Who will move in? A good sized family looking for top schools, great recreation and lots of bedrooms, plus study areas, might be drawn to this home. Active families who entertain, have lots of guests or grandchildren visiting, and want some extra space for hobbies, music, etc. might be interested too.

Recent listings: 3 Onxy, $729,900 ; 12 Silkleaf, $881,000; Recent sales: 23 SunRiver, $1,060,000; 5 Spruce Tree Lane, $726,000

Inventory on 06/01/2013: 348.

This January, when the market started bubbling up, the inventory flirted with 200s. We wondered if the inventory will go to 150s, and then calculated the real inventory with the new homes The Irvine Company released. It was a confusing market. People are buying new houses and lapping up the resales for all cash deals as soon as they debuted on the market. I still remember the open house in the neighborhood that felt like Korean culture festival. There were so many people, it created a traffic jam of sorts for the residents in this little cul-de-sac.

But with inventory at 348 and rising, will the summer bring in a change? Have people realized that this is a short burst of unusual appreciation that will settle down? Here is West Irvine, making the most of the changing economic scenery. During the downturn, West Irvine prices suffered a lot, and being one of the neighborhoods bordering Tustin the prices ended up being confused like the teenage of the house- they didn't know where they could fit in, Irvine prices or Tustin regular prices or Tustin Ranch. Many got great deals, one of the Talk Irvine Realtors and a family close to us included.

Usually when I see West Irvine pictures on Redfin, the only thing exciting about them is the presence of a backyard and the prices. The design details, the floor plans, the exterior design- the condominiums of West Irvine have an edge on the Single Family Residences. But the price is right and the village is almost right for two thousand square feet home with a backyard. Here is 35 Boulder Creek, the house with the owner's touch, and 7900 SF of backyard.

35 Boulder Creek Way, Irvine CA 92602

Listing Price: $779,900

Beds/ bath: 4 Bedrooms/ 2.5 baths

Year Built: 1998

Lot Size: 7900 SF

Price/ SF: $390

HOA Dues: $0

Estimated mortgage: $3631/ month

Builder's Tract Code: Heritage – Rushmore A

Compared to other properties in the market in West Irvine, this is a good deal. A backyard that size is something un-Irvine. Price/SF is in line with the rest of the listings. The property has posted a $20,000 drop in listing price since it was listed- was it because the owners want to get a competitive edge and sell faster, or is it the changing market- it's hard to tell at this point. Many people are holding back their buying plans given the sudden market surge. Many are moving to surrounding areas feeling outpriced in Irvine. Million dollar homes with views and vistas, and almost good school district are luring new buyers. But Irvine still is the unicorn, almost mythical-magical with fairy dust sprinkled even at its borders. Bragging rights do come with a price tag.

Speaking of bragging rights, how many people have tried to convince you that their detached condo is in fact a Single Family Residence, and their Realtor told them so? My count is two. Both were in North Park, both owners of San Simeons.

Here is one listing I very much suspect is a detached condo like other San Simeons.

59 Meadow Valley, Irvine CA 92602

But 55 Meadow Valley (sold $10,000 above list price) was also listed by the same realtor, and was listed as a single family residence. Recently in one of the Talk Irvine discussions, people were questioning the ethical aspect of listing wrong schools and telling buyers that the kids can be sent to IUSD schools even though the schools for the property are TUSD with open enrollment. In my opinion listing a detached condominium as a single family residence is also unethical. I haven't verified if the San Simeons on Meadow Valley are single family residences are not, but usually two HOA dues are for condominiums.

We will discuss that on Talk Irvine!

The original owners of 4 Alondra have listed their house for sale at a low price of $317 per square foot. Why so low? They haven’t done any upgrades, so it’s a great opportunity for a buyer to come in and customize the home to their liking.

The basics:

Asking Price: $760,000

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2,400

Lot Size: 4,792

$/Sq Ft: $317

Days on Market: 48

Property Type: Single Family Home

Year Built: 1977

Community: Northwood, Woodside

HOA dues are $97 per month and there are no Mello Roos.

Let’s start with the biggest downfall of the house: it backs to Irvine Blvd. This may be a deal breaker for some. Others may be enticed by the three car garage and the chance to remodel. For a home that hasn’t changed much since 1977, it is in very good condition.

A very small entryway leads right into the living room, which is carpeted and has high ceilings. It has several windows, but it doesn’t get a lot of light because of their placement. It leads directly back to the dining room, also carpeted, and with high ceilings. One large window looks into the backyard.

A doorway from the dining room leads to the kitchen at the back of the house. As was the style in the 70’s, the kitchen has u-shaped counters and panel lighting in the ceiling. The counters are white tile with plain wooden cupboards and a nice tile floor. While the dishwasher looks newer, the oven and stove are original. There is a large breakfast nook, surrounded by large windows and sliding doors that lead to the backyard. This kitchen has a lot of potential, as it is a good size and can easily be opened up and reconfigured.

The family room is through the other side of the kitchen and, unfortunately, the rooms don’t open up to each other. I’m not sure if it would be possible to open them up during a remodel, but it would be something to consider. The family room is big, with another sliding door out to the yard. There is a niche cut out for an entertainment unit, a wetbar, and a brick fireplace that is centered between the two. It doesn’t get a lot of light, since all the windows are down at one end. From the family room, you can access the three car garage, laundry room and the half bath.

The home has an L-shaped yard, with the back and side being about equal widths. The big patio has several large cracks in it and a cover over part of it. The owners just planted new grass in the back.

Upstairs, there are four bedrooms. The master is to the right of the stairs and the other three are down the hall to the left. The master is very big but doesn’t leave a lot of space for furniture. One wall is covered with mirrored closets; another with a long, low window. The master bath has a long counter with two sinks, a sunken bathtub and a separate stall shower. The tub and shower are pretty dingy.

One of the secondary bedrooms has double doors and is a little smaller than the other two. It would make a nice office or playroom, but has a closet and could definitely work as a bedroom too.

The other two bedrooms are mirror images of each other. They each have a two-door sliding closet and a set of low, built in cabinets in a niche under the window. With a nice cushion, it would make a great window seat and a storage area for toys or off-season clothes. The upstairs bathroom has one sink and a shower/tub combo that has the original tile but seems pretty clean, though it is missing the shower head.

This home has a lot of potential. A buyer can get in at a lower price with a lower mortgage, and then spend the difference on remodeling. I recently reviewed 34 Alegria, which is just down the street and a comparable size. That one is fully remodeled and priced at $900,000. Which would you prefer? The higher price but not having to do any work, or get in for less, but have to put more money into it and spend the time and energy remodeling?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3926.0.html