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.

Like the Sapphire condominiums of West Irvine, Timberwood condominiums of Northwood have seen a lot of action too. When they were built in 2000, they sold in the $225,000-$250,000 range. Later as the Kool-Aid was passed around in 2006, they doubled in their value, selling in the range of $500,000-$530,000. Then came the drop, and the race to the bottom, they are in the $350,000 range now, and we don’t know if most of the inventory has dried up, or there will be more dragging the prices further. Today, we will compare two Timberwood properties currently for sale, and go over the 2012 sale data.

1300 Timberwood, Irvine CA 92620

1900 Timberwood, Irvine CA 92620

Here is a look at the sales history for Timberwood homes:

2011:

1008 Timberwood $316.67/SF

1200 Timberwood $269.23/SF

2212 Timberwood $320.51/SF

2100 Timberwood $255.91/SF

2110 Timberwood $307.09/SF

610 Timberwood $289.29/SF

308 Timberwood $289.29/SF

2012:

1410 Timberwood $286.74/SF

518 Timberwood $298.34/SF

820 Timberwood $261.74/SF

And the properties on the market now are listed for $268/SF and $308/SF.

What do you think? The prices will go down further for these condominiums, or the worst was over in 2012 and lack of inventory will stabilize the sales?

The area has excellent schools in Irvine School District. The condos are not new, but they are all maintained as new. Three levels might be a bit of an issue for families with young children, or seniors, but almost every Irvine village has a set of three level condominiums.

Would you buy now?

Would you wait for prices to go down a bit more?

One of the listings mentions that the rents are in the $2200-$2400 range in this area. Would you buy an investment property here?

Discuss below or on Talk Irvine.

Today I visited another home in the Windstream neighborhood of Northwood. This house is located in a gated community and is a short walk to the community swimming pool and tennis courts. While it is a corner lot, offering a larger than average front yard, it is right next to the gate where cars come in and out of the neighborhood.

The basics:

Asking Price: $799,900 – $849,900

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 2452

Lot Size: 5,500

$/Sq Ft: $347

Property Type: Single Family Home

Year Built: 1979

Community: Northwood, Windstream

HOA dues are $174 per month and there are no Mello Roos.

My first question to the realtor was why there was a range rather than a set asking price. She said it was to encourage buyers with different ranges to view the house, but also said it was expected to sell in the higher end of the range. She also predicted three or four offers to come this week, as multiple buyers were seeing the house for the second time.

When you walk in, the living room is immediately on the left, with several windows, a vaulted ceiling and a burnt reddish/orange carpet that is found throughout the house. Immediately behind it, and separated by a railing, is the dining room, which also has vaulted ceilings. I didn’t care much for the carpet color, but the rooms are nice otherwise.

The family room features a small walk-in bar area and, like the living room, a brick fireplace. It has recessed lighting and speakers in the ceiling. Off the family room are a small laundry room (with a sink) and a half bath.

The kitchen has dark red tile countertops that look to be original from 1979, as well as original cabinets. The stovetop is in the peninsula and there is a double oven. Some appliances are stainless steel, but the fridge is black. The ceiling still has the old fluorescent panel-style lighting. There are new porcelain tile floors in the kitchen, matching those in the hallway, bathroom, and laundry room. The kitchen also has a large eat-in area and a sliding door out to the backyard.

The yard is all hardscaped with a nice patio cover over half of it, a small waterfall and a gas fire ring.

Upstairs, there are three bedrooms. The master is right at the top of the stairs. It has vaulted ceilings and a large retreat area. The bathroom also has high ceilings with many windows. There is a sunken tub and small stall shower, both with older red tile and gold fixtures that match the two sinks and vanity. There are two large mirrored closets.

Down the hall are the two secondary bedrooms and another full bathroom. The bath has two sinks and a shower/tub combo, again with older tile (though newer looking floor tiles). The bedrooms are large, with multiple windows and mirrored closets. Even the hallway has multiple windows to keep it bright.

7 Aldea is a great floorplan and Windstream is a wonderful neighborhood. While the house is in good condition and very well maintained, it lacks major upgrades in the kitchen and all bathrooms. I also really dislike the carpet that is found in almost the whole house. Being situated next to the entry gate and backing to Hicks Canyon make the location rather undesirable.

There are other comparable homes on the market with either lower prices or more upgrades (or both). 6 Urbino, just around the corner from this one, is a much bigger model with a lot more upgrades. It sold in July for $922,000. At $282 per square foot, that is a much better deal than the $347 per square foot that 7 Aldea is asking for (based on the $849,900 asking price). Since the realtor mentioned that she expected several offers on the home this week, I don’t think it’s worth trying to get in on this one.

Discuss below or on Talk Irvine.