Closed Sales from 5/31/2012 to 6/6/2012

Airport Area
5/31/12 2253 Martin 307 92612 Metropolitan $240,000 1 934
6/1/12 3131 Michelson Dr 1603 92612 Marquee at Park Place $796,611 2 2063
6/1/12 585 Rockefeller 92612 Maxfield $380,000 1 1246
6/1/12 1424 Scholarship 92612 Avenue One $315,000 1 868
6/4/12 2120 Watermarke Pl 92612 Watermarke $208,000 1 635
6/6/12 5043 Scholarship 92612 The Plaza $600,000 2 1430
El Camino Real
6/1/12 12 Orangetip 92604 Irvine Groves II $503,900 3 1785
Northpark
6/6/12 106 Spring Vly 92602 Mendocino North $745,000 3 2300
Northwood
5/31/12 8 Prescott 92620 Sheffield Manor $308,000 2 1398
5/31/12 30 Phillipsburg 92620 Courtside $590,000 3 1538
5/31/12 46 Paisley 92620 Glenneyre at Lanes End $537,500 3 1400
5/31/12 19 Fremont 92620 Shady Hollow $670,000 4 1853
6/5/12 9 Harrisburg 92620 Woodside II $875,000 4 2450
Oak Creek
5/31/12 10 Mesquite 92618 Montilla $370,000 2 1350
6/1/12 1502 Elk Grove 92618 Oak Park $230,000 1 900
6/5/12 9 Birchwood 92618 Ashford Place $812,000 4 2273
Portola Springs
5/31/12 50 Deer Track 92618 Las Colinas $1,050,000 4 3109
6/6/12 34 Seedling 92618 Other $765,000 4 2304
Turtle Ridge
6/5/12 65 Summer House 92603 Amberhill $2,350,000 5 4333
Shady Canyon
5/31/12 26 Prairie Grass 92603 Sycamore $2,700,000 7 5227
University Park
6/2/12 13 Banyan Tree 92612 Park II (In Village Park) $575,000 3 1714
6/4/12 4 Ash Tree Ln 78 92612 Village III (Village Park) $505,000 3 1910
6/4/12 5265 Thorn Tree Ln 92612 Terrace $476,700 2 1224
6/5/12 27 Meadowsweet Way 92612 Village II $495,000 3 1498
University Town Center
5/31/12 28 Vassar Aisle 26 92612 Oxford Court $470,000 2 1682
5/31/12 135 Oxford 43 92612 Cambridge Court $410,000 2 1344
West Irvine
6/4/12 63 Sapphire 92602 Mandeville $379,900 2 1459
6/5/12 15 Weathersfield 92602 Andover $365,000 2 1364
Woodbridge
6/4/12 48 Woodleaf 92614 Alders $290,000 2 1060
6/5/12 3 Nutwood 92604 Park Homes $510,000 3 1650
6/5/12 2 Cedarlake 92614 Lakeside $556,000 2 1568
6/6/12 200 Greenmoor 92614 Stonegate $439,000 3 1406
Woodbury
5/31/12 27 Oakfield 58 92620 San Mateo $608,241 3 1804
6/1/12 63 Canal 92620 Cortile $380,000 2 1145
6/4/12 21 Costa Brava 92620 Bowen Court $380,000 2 1000

Discuss below or on Talk Irvine

A Review of The Grove at Lambert Ranch

A couple of weeks ago, I presented a review of The Field, a tract in the new community of Lambert Ranch. This week, I had the pleasure of visiting The Grove, the largest of the three tracts. Since the previous review gives a general overview of Lambert Ranch, I will jump right into my review of The Grove.

Lambert Ranch – The Grove Pricing 5/13/2012 (PDF)

Residence 1

4,278 – 4,956 Sq Ft

Downstairs Bedroom

5 Bedrooms, 5 ½ Baths, Great Room, Loggia, Formal Dining, Bonus Room, 3 Car Garage

Optional 6th Bedroom, Private Quarters, Office at Bed 5, Wine Room, Expanded Dining Room, Wok Kitchen, Conservatory

Starting from $1,351,800

If you’re looking for a home that combines indoor and outdoor living, this floor plan is perfect for you. It features a spacious courtyard, a loggia (or optional conservatory), a big backyard and rooms that flow freely between the various outdoor spaces. The great room sits between the courtyard and the backyard, with large doors opening to both.

The great room itself is a large, multifunctional space. One end features a sitting area with optional fireplace and the other end has a beautiful gourmet kitchen. The island is massive, the appliances are top of the line, the pantry is big enough to hold food for an entire year, and there is a separate butler’s pantry, next to which I also discovered a big storage closet under the stairs.

Unlike the homes in The Field, where they had only a loggia and no formal dining room, this home provides three different options (four if you count the island) of where to dine. There is a casual dining area in the center of the great room, a formal dining room toward the front of the house (accessible from the kitchen through the butler’s pantry), and the loggia/conservatory at the back of the house. The courtyard has more than enough room for yet another table and chairs. If you entertain a lot, I’m sure you could make great use of all the different spaces. If not, you’d probably want to set up the loggia/conservatory as a different sort of room (office, playroom, etc).

While the home comes standard with a three-car garage, you can reduce to a two-car garage and add a larger formal dining room, a wine room, a home room (which I confirmed is a fancy term for a mud room) and/or a wok kitchen. What is a wok kitchen, you ask? It is a separate kitchen, featuring a fridge, sink, ample counter space, and a large wok. For someone who does a lot of deep frying, it’s a nice way to contain the grease (see photos of a wok kitchen below in Residence 3).

At the front of the home, you have the option for a bedroom, an office, or private quarters. All feature a bathroom and ample storage space. The private quarters includes a separate entrance and service bar. The model is set up with a standard bedroom.

Moving upstairs, I was greeted with an open bonus room that could be used in a variety of ways. The model has it as another sitting area with a wall of built-ins and a large TV. To one side, there are three bedrooms, each with a private bath and one with a walk in closet and balcony overlooking the street. None of the rooms share walls with the other bedrooms and only one shares a wall with the bonus room. As in The Field, the rooms all have many windows, are a good size, and laid out nicely so that you can actually put furniture in them. I’m always frustrated when bedrooms don’t have enough wall space, but that isn’t the case in any room anywhere in The Grove.

There is a laundry room and storage area off the bonus room as well. An optional 6th bedroom and bath can be added at the front of the house. This is a completely extra space and doesn’t take away from any of the existing rooms.

On the opposite side of the bonus room is the master suite. Overlooking both the backyard and the courtyard, it has huge windows and lots of light. The walk-in closet is as big as the secondary bedrooms and even has a window. The master bath features separate sinks and a large bathtub. All three homes in The Grove had very large showers in the master bath. I always wonder why designers include huge bathtubs and tiny stall showers, since most people I know shower daily but rarely use their tubs. These homes actually all have large showers with benches.

Residence 1 is absolutely gorgeous and my favorite of The Grove tract. It has great space, a nice flow, and various options to suit any family.

Residence 2

4,411 – 4,595 Sq Ft

Guest House at Courtyard

5 Bedrooms, 5 ½ Baths, Great Room, Loggia, Formal Dining, Bonus, 3 Car Garage

Optional 6th Bedroom, Super Great Room, Office, Exercise Room, Super Laundry, Enlarged Master Walk-In Closet, Wok Kitchen

Starting from $1,387,800

This home, while technically larger than plan 1, actually feels a bit smaller because much of its square footage is in the guest house at the back of the property. It is still plenty big, but the living space downstairs didn’t feel quite as vast. Upon entering, there is a room to one side that can be used as a formal dining room or as an office. If you choose an office, you get an additional bathroom. The sales consultant said if a bathroom is an option, never turn it down, so I would probably forgo the rarely-used dining room and put in an office. I find the idea of a dining room at the front of the house a bit odd anyway. Choosing the office eliminates the “dining pantry,” but since you still get a regular pantry and a butler’s pantry (which is expanded if you have an office), I hardly think you’d miss it.

The Great Room is a big space and can be turned into a Super Great Room if you take out the tandem third car garage. The garage would still have a storage area, but you get an additional 11 x 16 area inside the home, plus an optional fireplace. As in Residence 1, the kitchen island is very big and the appliances are top of the line. There is a morning room that has a built-in desk and could be set up with either a casual or more formal dining area. Beyond that is a loggia.

As you move back through the loggia, you come to the guest house. At approximately 42’ x 17’, this separate residence is perfect for a family with frequent out of town visitors, live-in family members who still want some independence or office space. You could also rent it out. The model has it set up with a large living area that includes a sitting room and a small kitchen featuring a fridge, sink, microwave and dishwasher (no stove or oven), with room for a table and chairs. The single bedroom is as big as the home’s secondary bedrooms, with a large bathroom and walk-in closet. The guest house also has its own washer and dryer. As an alternative, the guest house can have two bedrooms, each with a private bath and walk-in closet, and a family room. If you opt for the second bedroom, you lose the kitchen or laundry room. My choice would be for the great room and single bedroom.

Because of the guest house, this model lacks a backyard. However, it has a huge courtyard that, combined with the loggia, provides plenty of outdoor space.

As in Residence 1, there is an open bonus room at the top of the stairs. Each bedroom is at a separate corner of the upper floor, so none share walls with each other or with the bonus room. The secondary bedrooms all have a private bath and regular (not walk-in) closets, and two have balconies. They maintain the standard of large rooms and many windows. You can choose to have two or three bedrooms, in addition to the master. If you opt out of the third bedroom, you lose a bathroom. Your other choices are an exercise room (accessible only from the master) with expanded closet in the master, an exercise room plus super laundry room or a third walk-in closet for the master and a super laundry room. I’d opt for the bedroom, which could be used as an exercise room, as it affords a lot more flexibility than a room which is only accessed through the master. Since the master already has two walk-in closets, I don’t see the need to expand one or to create a third.

The master bedroom has a small retreat. Its bath has separate sinks and, again, features a much bigger shower than I’ve seen in many other homes. Because it is separated from the other rooms upstairs, it feels very private. The two walk-in closets provide more than enough storage.

It’s pretty hard to find anything to complain about in this home. While I did like Residence 1 a bit more, Residence 2 is certainly nothing to scoff at!

Residence 3

4,573-5,125 Sq Ft

Downstairs Bedroom With Optional Second Master Downstairs

5 Bedrooms, 5 ½ Baths, Great Room, Loggia, Formal Dining, Bonus Room, 3 Car Garage

Optional Private Quarters, Office, Music Room, Wok Kitchen, Conservatory

Starting from $1,426,800

The largest home in all of Lambert Ranch, this home has many living areas downstairs. When you enter the house, there are rooms to both sides (other models have a room only on one side with the garage on the other). One side is a music room (a.k.a. living room) and the other is a formal dining room with optional fireplace. This is the only model with an actual living room, so this is the choice for someone who really wants a formal living space. Again, I’m not used to seeing the dining room at the front of the house and might choose to use the space differently, but there is not an option to create a bedroom here.

Since I teased you at the beginning of the post with the idea of a Wok Kitchen, let me finally show you a photo. Opting for the Wok Kitchen does eliminate a large pantry, but the home still has a big butler’s pantry. I also found another closet under the stairs in this model.

I know I called the kitchen islands in the previous models massive, but this one makes the others look small. As in the other homes, the kitchen has a built-in refrigerator and multiple ovens. A morning room can be used for casual dining.

The Great Room is bigger than in the other two models, even if you opted for the Super Great Room in Residence 2. Behind it is a loggia or optional conservatory. Because it is adjacent to the backyard, it creates a nice patio area and allows the backyard to still have a grassy space.

This model has several options for the back of the house downstairs. All options have a powder room and home room off the garage, which is behind a motor court area. Option 1 has a tandem, three-car garage with extra storage in the front space and a bedroom, including a walk-in closet and private bath, at the back. Option 2 has a two-car garage and private quarters. Similar to the guest house from Residence 2, the private quarters here feature a separate sitting room and bedroom. This one has a service bar but not a kitchen. Option 3 is a two-car garage with a second master bedroom and a small, private patio at the back. Finally, Option 4 is tandem three-car garage with a Music Room that includes a bathroom and walk-in closet. Options 1 and 4 are very similar. The key difference is that option 1 has storage in the garage whereas option 4 eliminates that space and adds it to the room inside. The bedroom is 12 x 12 and the music room is 12 x 18. My choice is a bigger room inside, since a 3-car garage would already give me the extra storage space I needed.

Residence 3 is similar upstairs to the other models. There is a big bonus room at the top of the stairs with three secondary bedrooms and a master suite. Two of the secondary bedrooms have balconies, all have private baths, none have walk-in closets and none shares a wall with another bedroom.

There are three (yes, three!) separate linen closets/cupboard areas and a laundry room that is so large it even has a built in desk.

The master suite is huge, with a large bedroom, beautiful bathroom including separate sinks, big tub, large shower, and two huge closets.

I like all the different options in this house and the flexibility that they provide. It is a nice layout and every room is big and bright.

The homes in The Grove are elegant, beautiful, and spacious. The possibilities for upgrades and options, not to mention use of the space, seem endless. While they have a hefty price tag, it does seem that you’re getting your money’s worth. Even if buying one of these homes isn’t in your future, I highly recommend visiting the models just to see how gorgeous they are. I might go back again just for fun.

Stay tuned next week for a review of The Hill, the third and final tract in Lambert Ranch.

How Will the Orange County Great Park be Built without Redevelopment Money?

A while back I wrote about affordable housing in Irvine and the question came up: How will Irvine build affordable housing now that there will no longer be any redevelopment money? However, redevelopment funds are a relatively new invention in Irvine. The redevelopment district was built to aide with the development of the Orange County Great Park. Redevelopment money generated from this redevelopment district was to be used for the Great Park development. So this brings up two questions: Now that the $1.4 billion that Irvine had expected to receive from the redevelopment agency over the next 45 years will not be available, how will the Orange County Great Park be built? And since redevelopment money was not available for past affordable housing development, how was affordable housing in Irvine previously funded? Today I will focus on the effect that the lack of redevelopment funds will have on the build out of the Great Park.

Anyone who follows Irvine politics will not be surprised that a difference of opinion exists among city council members on what this means. Councilmember Lalloway has stated that without the redevelopment funds the current plans will need to be drastically scaled back. However, Mayor Pro Tem Krom stated on a recent AirTalk interview that she is not willing to lower the high standards that have been set for the Great Park development. “What we are not willing to do is lower the standards in how the project is developed.” And Krom was quoted in an Orange County Register article as stating that “We will continue to move the project forward by any means necessary. We have succeeded before, and we will succeed again.”

Councilmember Agran concurs with Krom. As quoted from a KCRW interview in another Orange County Register article, “We have faced obstacles before.” And Agran continues, “First, in defeating the proposed international airport; then in negotiating a deal with the U.S. Navy for the sale of the property and its redevelopment.”

Some of the ways that are proposed to continue the development of the Great Park at the same high standards as previously planned are:

  • Build out will take 20 to 30 years instead of 15 to 20 years.

  • More public-private partnerships will be pursued. For example, the Ducks are interested in building an ice rink at the Great Park.

  • Negotiations with Fivepoint Communities Management Inc. will continue. Fivepoint wants to reduce the amount of commercial development and increase the number of homes that will be built to approximately 10,500 from 4,894. The thought is that in exchange for this concession additional money from Fivepoints is possible.

  • Lease agreements, such as the RV storage leases, will continue to bring in funds. Currently the Great Park receives about $10 million from land leasing.

  • Hosting events, such as Cirque du Soleil and the next Solar Decathlon, will bring in funds.

  • Irvine owns the Great Park land. Although both Agran and Krom state that this is not something that is currently being pursued and will not necessarily be pursued in the future, selling small parcels of land to fund development is an option.

  • Some planned features of the Great Park were contingent on Fivepoint putting in needed infrastructure. Due to the poor economy and Fivepoint therefore deciding to delay the installation of some of this infrastructure, Irvine’s development of some public features at the Great Park have been delayed. As Fivepoint, a private partner in the Great Park development, puts in this infrastructure, more possibilities for installation of public features will become available.

Last year the Great Park had approximately 600,000 visitors. Some of the attractions that these visitors made use of were the numerous events held at the park (such as the summer music and dance concerts), the weekly farmers market, a monthly green market, the free tethered balloon ride that gives a view of Orange County from about 400 feet, the free carousel ride, picnic and multiuse lawn areas, and the farm and food lab.

A few interesting tidbits about some of these attractions: First, the carousel was once a feature at Fashion Island. After being put in storage, the carousel was refurbished with a Great Park theme and transported to the Great Park. Next, Second Harvest is located at the Great Park. Food from the Great Park agricultural land is donated to Second Harvest. Second Harvest distributes food to various programs that provide food to those in need, including the Sunday Supper program, a program in which I am particularly interested. In addition, the Great Park owns some historic vintage aircraft including a N3N-3 Canary and SNJ-5. “The N3N-3 Canary is a 1942 World War II biplane used by the Navy and the Marine Corps to train pilots. The SNJ-5 is a 1944 World War II aircraft used to train fighter pilots for the Navy, Army Air Corps and the Royal Air Force.” These planes were obtained for display in the Museum of Heritage and Aviation.

The city council has recently allocated $22 million to build the next phase of the Great Park. Time will tell if the original expectations for the Great Park will be met, fall short, or be exceeded.

Sources:

AirTalk

“Great Park to fight on without $1.4 billion,” Brian Martinez

“State denies $1.4 billion for O.C. Great Park,” Brian Martinez ()

“Great Park Lands Two Vintage Aircraft,” PRNewswire

“Great Park Seeks to Bring Carousel Back to OC,” PRNewswire

Photo courtesy U.S. Department of Energy

Discuss below or on Talk Irvine

This Old House, or Brand New Beginnings

When you set out to buy a house, an important question that comes to mind is, old or new? An old house might need repairs, upgrades, and maintenance, but a new house comes with its own set of issues. You might have to pay significantly more for a new house than an old house. You will end up buying a cookie cutter beige box mostly when opt for new, but an older single family house will be unique. What do you prefer?

Today we will look at two properties, one in Northwood, and one in Woodbury. One of them is thirty-three years old, and the other is around four years old. One of them is a single family residence with its own pool in the backyard, and other is a detached condominium.

88 Twin Gables, Irvine CA 92620

Listing Price: $739,000

Beds: 3

Baths: 2.75

Sq. Ft.: 1,964

$/Sq. Ft.: $376

Property Type: Residential

Condominium Style: Two Level, Other

Year Built: 2008

Community: Woodbury

Builders Tract Name: Stonetree

Builders Tract Code: WDST

Builders Name: John Laing Homes

Builders Model Code: 1

Monthly expenses:

HOA Dues: $263/month ($158+$105)

Property Tax ( 1.0595%): $7,830 Annually

Mello Roos: $4,052 Annually

Monthly Property Tax+ Mello Roos: $990

Monthly Mortgage (30 YR Fixed, 3.75%): $2,738

Monthly Fixed Expenses: $3,991

16 Bragg, Irvine, CA 92620

Listing Price: $750,000

Beds: 4

Baths: 2

Sq. Ft.: 1,897

$/Sq. Ft.: $395

Lot Size: 7,480 Sq. Ft.

Property Type: Residential, Single Family

Style: One Level, Cottage

View: Pool, Trees/Woods

Year Built: 1978

Community: Northwood

Builders Tract Name: Shadow Run

Builders Tract Code: SR

Builders Model Code: B

Monthly expenses:

HOA Dues: $0 (No HOA)

Property Tax ( 1.0038%): $7528 Annually

Mello Roos: $172 Annually

Monthly Property Tax+ Mello Roos: $642

Monthly Mortgage (30 YR Fixed, 3.75%): $2,779

Monthly Fixed Expenses: $3,421

My opinion:

Both the properties have good Irvine schools. Both the properties have the required granite and wood upgrades. Both floor plans are without any major flaws. But 16 Bragg is a Single Family Residence with a 7500 SF lot. 88 Twin Gables is a Detached Condominium with a tiny backyard. 16 Bragg has a pool in the backyard, but 88 Twin Gables uses a community pool. 16 Bragg has no HOA dues, but 88 Twin Gables has $263/ month in dues. 16 Bragg has very low Mello Roos, but 88 Twin Gables has significantly higher Mello Roos.

By buying a single family home with all the upgrades to match a newer Irvine home, I will be saving roughly $570 per month. If I add that as an extra principal payment per month, I will be paying off my mortgage earlier than the scheduled thirty year term.

But by buying an older house in an older community, I might spend more on repairs. Also, since there is no HOA, my neighbor might not color his house the shade of beige I am comfortable with. The community is aging, and if not all homeowners are not proactive about maintaining the exterior of their properties, it affects all home prices in the neighborhood.

Which one would you buy?

Will the Mello Roos and HOA dues impact your decision?

Does the size of a backyard matter if there are enough parks in the neighborhood within walking distance?

Is it more work to maintain a pool in the backyard than visit the well maintained community pool?

Share your views below or on our Talk Irvine thread.

Open House Review: 18762 Via San Marco

A Super Sized Find in Turtle Rock Hills

18762 Via San Marco, Irvine CA

The minute you step into this home you are caught by the light. It is everywhere, streaming through the bay windows, bouncing off the burnished wood floors, flooding the kitchen and the family room.

The light leads the way through a spacious open floor plan flowing around the huge living room that is perfectly positioned in the center of the house to capture the best view of a very private, very large backyard with a steep green hillside.

The French doors and bay windows frame the many views.

Situated on an oversized 10,000 sq. ft. lot, this in many ways, is a super sized property, made even better by its secluded location on the quiet streets of Turtle Rock Hills.

Off to the right, a formal dining area competes with the living room for attention, positioned near French doors opening onto the backyard. Beyond there is the kitchen, an informal dining area, and the family room, all nicely done and linked with tile and hardwood floors.

Off to the left, down the hall, the four bedrooms and two baths all fit together, each providing another big helping of natural light. They offer big bay windows and window seat views of the backyard. The home has new carpets and paint throughout.

The owners have lived here over thirty years and clearly enjoyed their home. The house is being shown with some furnishings to set the stage. With the bedrooms, family room and adjoining eating area all open, the viewer can pencil in a variety of options.

That openness leads to ‘what if’s.’ What if the family room grew bigger? Or that very private backyard acquired a pool or added patio accessories? What if the bedroom with the wonderful view of the backyard became a library with built in bookcases, or a home office?

This home could be sold as the starting point for a whole new round of innovations or as a welcoming site ready for a new family to move in. The huge private backyard could acquire a spa, chill pool, barbeque, and added patio accessories, becoming a great entertaining area, flowing perfectly from the line of French doors in the living room.

Up front a new great room could be created from some of the extra driveway space, or be developed from the existing garage with a new garage added.

Either way, there are supersized assets here. Situated in a quiet spot in Turtle Rock Hills with the oversized lot and a private hill in the back, this house has a great presence

Where it goes from here is the question.

Specifics:

Beds: 4

Baths: 2

Sq. Ft.: 1,925

$/Sq. Ft.: $571

HOA Dues: $140/month

Lot Size: 10,725 Sq. Ft.

Single Family Style:

One Level, Ranch

Central Air

Two Car Garage

Irvine Unified School District

Year Built: 1968

No Mello Roos Tax

Community: Turtle Rock

Limitations: Competition in this price range might find buyers looking for extra features. Right next door there is a similar home for sale that offers a salt system pool and spa. In this price range, a buyer might be looking for more kitchen upgrades, or an enlarged family room. This might lead to an evaluation of the home, with the buyer’s requirements, and the development potential and cost involved, making the final call. In April this home was listed for a hundred thousand more.

Who will make this property their home? A family needing bedrooms, yard space and excellent schools could opt for this home. A family seeking a floorplan with all of the bedrooms on the main floor might choose this home. Or, a couple who like to entertain and want to develop the property with even more supersized assets might select this home.

In Comparison – The house next door at 18782 Via San Marcos is pending at $1,299,000, offering 4 bedrooms and three baths, a salt pool and spa and waterfall. Also in Turtle Rock, 5 Morning Glory is listed at $1,199,000. It is a two level Craftsman with three bedrooms, two baths, and a view.

Discuss below or on Talk Irvine.