Irvine’s Total Real Estate Value is the Highest of all O.C. Cities

According to an article in The Orange County Register, Irvine has a higher total assessed real estate value (this includes commercial and residential) than any other O.C. city. Newport Beach and Anaheim follow right behind with $40.2 billion and $35.9 billion, respectively.

However, when it comes to the city with the biggest gain in total assessed value over the previous year, a different story exists. With a year-over-year increase of 4.8%, Huntington Beach gets the top spot. And with a year-over-year gain of 3.6%, Newport Beach also surpasses Irvine in this category.

Orange County had a 2.1% year-over-year increase in combined assessed property value. And 33 of Orange County’s 34 cities had gains in taxable value. But it’s not all good news: “[T]he market continued to be a mixed bag last year, with more real estate parcels having value drops last year than increases, the assessor’s office said.” Of the 340,000 real estate parcel appraised by the assessor’s office, 101,000 had reduced taxable values, and 82,000 had increased values. New construction and property sales at increased prices are the reasons that the assessor sees as the root of increased property taxes.

Irvine has had increased construction. And when it comes to residential real estate, Redfin stats show that the overall median selling price of Irvine homes in June 2012 is down 7.8% from the previous year. But Irvine’s median sold price per square foot for the same period is up 1.2%. However, the assessor’s numbers are comparing 2011 numbers to 2010 numbers. Redfin’s numbers are comparing 2012 numbers to 2011 numbers.

So what do you think? Is Orange County limping along to an improved economy? And when it comes to the highest total assessed property values, what are the factors that give Irvine the top spot over cities like Newport Beach and Anaheim? And the last question: What factors are contributing to Huntington Beach and Anaheim’s higher percentage gains?

Note:

Here is more food for thought to consider when deciding what is going on with our economy: On a Marketplace report, Nigel Gault, chief U.S. economist at IHS Global Insight, stated that we are now back to making the same amount of goods that we made before the recession. However, 5 million less American’s are making that stuff. The reason given was an increase in productivity technology.

But a counter reason was also given. Gary Burtless of the Brookings Institute stated that we were overbuilding in our recent past, and these construction jobs are not coming back. “At the moment, our shortfall is not a technology-driven, productivity-driven phenomenon. It is a shortfall in the demand for what American workers can produce.” If either of these is true, where will the new jobs come from?

Open House Review: 18 Foxglove

Polished Single Family University Park Home – Price Reduced

18 Foxglove $749,000

Driving into the cul-de-sac for this open house felt very familiar. Not too long ago I visited two University Park open houses, and I was drawn to the parks that surrounded them. This time I found the same appealing cul-de-sac with mature trees and mild breezes.

I was curious about the specifics of this single family home at 18 Foxglove. This 2852 sq ft home with 4 bedrooms and 2.5 bath seems to generate questions.

The home has been on the market for 163 days and has just been reduced from $765,000 to $749,000. The realtor describes it as “the largest model in the tract with $100,000 in upgrades since 2009, including 180 square feet added to the master bedroom, and a brand new 40 year roof.”

Inside I found more to consider. The floors are the first thing that you notice. Hand scraped wood floors paired with carpet and stone tile provide an attractive stage for the house. Throughout the home there is a sense of pride and involvement.

The living room with good-sized brick fireplace, dining room and family room are all nicely positioned. But the kitchen is the real standout. This may be the hub for this busy household.

Ultra Craft cabinets with soft close hinges, granite counters, a 48 bottle temperature regulated wine cooler and all new stainless appliances including a convection oven, double oven and microwave, give the kitchen a lot of ‘can do’ energy. Stationed between the dining room and the family room, everything probably starts here, from having guests in for dinner, to whipping up snacks for an evening of movie watching.

All of the bedrooms are upstairs, and the master suite is a unit unto itself, large enough to encompass a complete entertainment area with no effort. There is a fireplace, skylights, dressing room and bath.

The home has dual paned energy efficient windows, full copper plumbing, inside laundry, a double garage, and whole house fans and ceiling fans.

Specifics for this two-level, contemporary:

Beds: 4

Baths: 2.5

Sq. Ft.: 2,852

$/Sq.Ft.: $262

HOA Dues: $179 month

2 Common Walls

Lot Size: 3,200 sq. ft.

Year Built: 1967

Community: University Park

Association Pool and Spa

No Mello Roos Tax

Considerations and comparisons: How this property will play out with the recent price reduction is the question. The ample floor plan with 2852 square feet of upgraded living space and a location near a regional park in a valued community looks promising. On the down side, there are no bedrooms downstairs for older family members or guests.

Some potential buyers might wish that they could redistribute some of the 180 square footage added to the master, but others might find the master to be just right. The sparkling kitchen and comfortable living room, family and dining room all work well. Outdoor space is inviting, but a little tight. Perhaps the University Parks, pools and tennis courts offer a good counterbalance.

Who will settle at 18 Foxglove? Someone who is attracted to the University Park community, with UCI and many urban attractions just around the corner, will see this property as an opportunity. Families with active children will welcome the nearby parks as a family centered resource and will be drawn to the excellent school system. Professionals who work in or near Irvine might choose this house for its ample size and many upgrades.

Recent sales of similar nearby properties: 21 Cypress Tree Lane sold in May for $700,000; 4501 Pinyon Tree sold for $735,000 in March. Current listings of similar properties: 42 Gillman is listed for $715,000; 8 Rainstar is listed at $889,000.

Discuss below or on Talk Irvine.

End to End on Sapphire

Mandeville houses in West Irvine have probably seen it all when it comes to the swings in Irvine real estate market. They doubled from their initial offering price of around $300,000 in 2001 to around $653,000 during 2007, and slid back to around $366,000 in 2012.

Prices seem to have stabilized again, with two properties with this area listed close to $500,000. Whether they will sell for the listing price is a different story, but here is a quick comparison of the two Sapphire properties – one on the market now, and the other sold four months ago, and then a six year history of the “Sapphire” homes of Mandeville.

117 SAPPHIRE, IRVINE CA 92602

Listing Price: $495,000

Beds/ Bath : 3 Beds/ 2.5 Bath

Area: 1500 SF

Price/ SF: $330

Monthly Fixed Expenses:

Mortgage, at 3.5% 30 YR Fixed: $1778

Home Owner’s Association Dues: $225

Property Taxes + Mello Roos: $507

Monthly Fixed Expenses: $2510

97 SAPPHIRE, IRVINE CA 92602

SalePrice: $366,000

Beds/ Bath : 3 Beds/ 2.5 Bath

Area: 1500 SF

Price/ SF: $244

Monthly Fixed Expenses:

Mortgage, at 4.1% 30 YR Fixed: $1415

Home Owner’s Association Dues: $225

Property Taxes + Mello Roos: $470

Monthly Fixed Expenses: $2105

Here is a six year history of the “Sapphire” properties:

2006:

02/2006 107 Sapphire $653,000 (Higest)

02/2006 113 Sapphire $599,000

04/2006 48 Sapphire $610,000

07/2006 43 Sapphire $630,000

07/2006 91 Sapphire $575,000

2007:

03/2007 50 Sapphire $600,000

04/2007 103 Sapphire $564,000

04/2007 111 Sapphire $589,000

06/2007 61 Sapphire $589,000

07/2007 53 Sapphire $632,000

2008:

05/2008 73 Sapphire $480,000

07/2008 59 Sapphire $510,000

08/2008 91 Sapphire $450,000

2009:

02/2009 131 Sapphire $485,000

04/2009 53 Sapphire $445,000

11/2009 54 Sapphire $514,000

2010:

01/2010 67 Sapphire $608,000

12/2010 36 Sapphire $490,000

2011:

09/2011 51 Sapphire $440,000

2012:

02/17/2012 97 Sapphire $366,000 (Lowest)

03/31/2012 109 Sapphire $435,000

04/13/2012 65 Sapphire $388,000

It does seem like the market is on a rebound in West Irvine going by the recent sales trends, and also the listing prices. A similar townhouse on 9 Moonstone is listed at $476,000.

Would you buy in this area with confidence now?

Do you think this rebound is temporary, and we will see more properties below the $400,000 range?

What are your thoughts about the floor plan? When I went to see one of these properties, I felt like I was playing hop-scotch, with each hop I was landing into a different living space of the great room. The bedrooms are tiny too, but still livable if you have very young children.

What are your thoughts about the price fluctuations in this area? West Irvine has bled a lot in the past year, but with so many new properties being built in Irvine, many more permitted to build, will these slightly older properties see a permanent uptick, or is it just temporary?

Discuss below or on Talk Irvine.

Closed Sales from 7/26/2012 to 8/1/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
Airport Area
7/26/12 21 Gramercy 92612 Belvedere $594,000 2 1775
8/1/12 2253 Martin 113 92612 Metropolitan $360,000 2 1297
8/1/12 2305 Scholarship 92612 Avenue One $326,700 2 1037
El Camino Real
7/26/12 4 Butterfield 2 92604 Deerfield Townhomes $390,000 3 1250
7/30/12 4796 Winvale Ave 92604 El Camino Glen $635,000 4 2272
7/31/12 15332 Montpellier Ave 92604 Custom $1,100,000 5 3700
8/1/12 27 Snowberry 92604 Deerfield Townhomes $335,900 2 1150
Northpark
7/27/12 1 Olinda 92602 Sonoma $848,000 4 2268
7/31/12 15 Montelena 92602 Tiburon $545,000 3 1601
7/31/12 16 Ellistone 43 92602 Vintners Reserve $600,000 3 1950
8/1/12 170 Hayward 92602 unknown $420,000 3 1588
Northwood
7/26/12 803 yorkshire 92620 Greystone Villas $425,000 2 1260
7/26/12 6 Mccormick 92620 other $645,000 4 2077
7/27/12 46 Secret Gdn 92620 Camellia $837,000 4 2315
7/30/12 15 Urbino 92620 Windstream $830,000 4 3268
7/30/12 4132 Williwaw Dr 92620 Racquet Club $600,000 4 2472
Oak Creek
7/30/12 7 Henna 92618 Kenwood $952,000 5 3200
7/27/12 84 Orange Blossom 92618 Lake Condos $234,900 2 928
Orangetree
7/27/12 221 Tarocco 92618 Orchard Glen OT $275,000 2 1000
Portola Springs
7/26/12 48 Cactus Bloom 92618 Primrose $586,990 3 1873
Quail Hill
7/27/12 43 Windchime 92603 Sage $585,000 4 1500
7/30/12 36 Windchime 92603 Sage $390,000 2 1031
8/1/12 111 Lattice 92603 Olivos $1,039,000 4 2310
Turtle Ridge
7/26/12 127 DANBROOK 92603 Ashton Green $425,000 2 1400
Turtle Rock
7/26/12 8 El Paseo 92612 Pointe – Turtle Rock $785,000 3 2104
7/30/12 19 Centaurus 92603 Crest – Akins $980,000 3 2630
7/30/12 29 Charity 92612 Concordia $1,300,000 4 2910
7/30/12 18711 Paseo Cortez 92603 Campus View $656,000 3 1419
7/31/12 38 Vernal Spg 92603 Sycamore $2,675,000 4 4820
Walnut
7/28/12 3762 Blackthorn St 92606 College Park $528,500 4 1640
West Irvine
7/27/12 31 Halifax Pl 92602 Liberty $565,000 4 1755
7/30/12 57 Ardmore 92602 Sheridan Place $550,000 3 1900
7/30/12 31 Ardmore 92602 Sheridan Place $517,500 3 1650
8/1/12 17 National Pl 92602 Traditions $819,000 5 2830
Westpark
7/26/12 1305 Solvay Aisle 92606 Brio $265,000 1 785
Woodbridge
7/27/12 36 Claret 35 92614 Chateaux $310,000 2 1146
7/27/12 15 Waterside 92614 Landing I $945,000 4 2366
7/27/12 69 Lakeview 6 92604 Arborlake $600,000 3 2042
7/27/12 135 Rockwood 5 92614 Somerset $340,000 2 1098
7/27/12 7 Ironwood 92604 Creekside $745,000 4 2044
7/27/12 366 E Yale Loop 12 92614 Garden Estates $510,000 3 2100
7/27/12 34 Silkberry 92614 Briarglen $712,500 4 1900
7/30/12 52 Summerfield 92614 Seasons $499,000 3 1471
7/31/12 30 E Yale Loop 21 92604 Estates $500,000 3 1886
7/31/12 5 Woodgrove 10 92604 Grove $625,000 3 1840
7/31/12 41 Spinnaker 92614 Seaport $479,988 2 1087
8/1/12 643 Springbrook 20 92614 Laurels $388,000 2 1171
8/1/12 6 Cedarspring 92604 Gables $774,000 4 2314
Woodbury
7/26/12 118 Chantilly 92620 Garland Park $455,000 3 1737
7/26/12 127 Chantilly 92620 Garland Park $410,000 2 1367
7/27/12 35 Regal 92620 Lombard Court $274,000 1 1135
Woodbury East
7/27/12 20 Strata 92618 Ivy $480,000 3 1500

Discuss below or on Talk Irvine.

Open House Review: 71 Festivo

I ventured out to a new neighborhood again today and toured a house in Westpark. While Westpark itself is about 15-20 years old, it was the first time I had been inside a home there. I visited 71 Festivo, a corner lot directly across the street from Plaza Vista School, a K-8 facility.

The basics:

Asking Price: $975,000

Bedrooms: 4 + office (listed as 5 bedrooms)

Bathrooms: 3

Square Footage: 2,616

Lot Size: 5,116

$/Sq Ft: $373

Property Type: Single Family Home

Year Built: 1995 (per redfin) 1997 (per realtor)

Community: Westpark

HOA dues are $47 per month and Mello Roos taxes are about $3,200 per year (expected to end in 11 years).

Let me start by talking about the asking price. It has been on the market for about three months and was recently lowered from $999,800 to $975,000. While there were several offers at the original asking price, the owners didn’t feel any were high enough. The price has since been lowered, but is still much higher per square foot than many comparable homes in Irvine. The house was remodeled beautifully about a year ago, but I don’t know that it warrants the price.

When I entered the home, I was greeted by an attractive spiral staircase with iron railings and wood accents. I also saw the living room/dining room combo, which has lots of tall windows, making great use of the vaulted ceilings. The floors downstairs are all tile, which isn’t really my style, but is something I see a lot.

To the left of the entryway is an office. While the listings call it a fifth bedroom, it lacks both a closet and a door. It is a nice room though and is a perfect space for an office or playroom. Also, while there is a full bath downstairs (with very nice tile work), it isn’t adjacent to the room, as bathrooms usually are when the room is intended to be a bedroom. There is a laundry room next to the bathroom; both are off the family room.

The family room is one of the biggest I’ve seen, with enough space to actually divide it into two separate living areas if you desired. The way it’s set up now, the couches seem awfully far from the TV. Rather, they are situated across the room in front of the fireplace in a cozier setting. There is also a cutout space in the wall for a small display area.

The kitchen has been fully remodeled with granite countertops, stainless steel Kitchenaid appliances, and espresso-colored cabinets. There is a five burner stove and plenty of storage. There is an eating area between the kitchen and family room with room for a six person table.

Upstairs, there are four bedrooms. The master is at the top of the stairs and is quite large. While it doesn’t have a retreat, it does have room for a comfy chair. It also has slightly elevated ceilings, making it feel even bigger. The master bath has a separate tub and nice-sized shower, as well as separate sinks, one of which has an attached vanity area. The bathroom has two large windows and a smaller window in the shower, so it’s very bright. There is a walk-in closet as well.

On the other side of the stairs, there is a full bathroom with two sinks and a tub/shower combo, plus three bedrooms all clustered together. I generally prefer a little more space between the rooms so there aren’t noise issues and so many shared walls. All three bedrooms have standard closets with two sliding doors and high quality beige carpet (the master has the same carpet). Each room is a good size, not huge but certainly not too small, with plenty of room to arrange the furniture.

I thought the home was beautiful. It is in wonderful condition and doesn’t need much, if any, work done to it. It has a nice backyard with a patio and large grassy area, as well as a big front yard since it is on the corner. My concern is with the price, since it doesn’t sound like the owners are willing to consider offers much lower than the asking price. There are plenty of other 4-5 bedroom houses in Irvine with similar upgrades for a much lower price. While I liked the house a lot, I wouldn’t make an offer on it at this price.

Discuss below or on Talk Irvine.