This week, I toured a home in the Arden Square community of Northwood Pointe.  Though technically categorized as a condo, this is a fully detached home with no shared walls and a private backyard.

The basics:

95 Shadywood  Irvine, CA 92620

Asking Price: $689,000

Bedrooms: 3

Bathrooms: 2.5

Square Footage: 1,800

Lot Size: 4,200

$/Sq Ft: $383

Property Type: Detached Condo

Year Built: 2002

Community: Northwood Pointe, Arden Square

There are two sets of HOA dues, for a total of $120 per month, plus Mello Roos.

The realtor mentioned that they did a fair amount of work to get the home ready for showing, but somehow my first impression was still that it felt a little tired.  It doesn’t have any major flaws and it is move-in ready; however, if I was buying it, I would definitely repaint and possibly change the carpet to give the home a fresher, cleaner feel.

Upon entering, the first thing you see is the formal living room, a somewhat small, square room.  While it isn’t large, it is a nice extra space that could be used as a living room, office, or playroom. The only downfall with using it for something other than a living room is the need to keep it clean if company comes over, since it is right in the open when you enter the home.  Beyond the living room is the great room, with a kitchen, dining area, and family room.  The family room has a fireplace, a small alcove for a TV where you could install built-in cabinets, as well as many windows and doors to the backyard.  It is a good sized room with lots of light, and it is totally open to the kitchen.

The kitchen has granite countertops and an average-sized island with room for two barstools.  The appliances are stainless steel and the cabinets are white.  It doesn’t have a lot of cabinet space and, aside from the island, there isn’t much counter space either.  Because it is open to the family room and dining area, it feels bigger than it actually is.  If you’re someone who cooks or entertains a lot, it’s probably going to feel a little too small for you.  On the bright side, there isn’t room to accumulate clutter!  The adjacent dining area has room for a large table and can work as either a formal or casual space.

Moving upstairs, there are three bedrooms and a laundry room, all off the same hallway.  The first bedroom is average sized with lots of windows and a two-door sliding closet.  The other secondary bedroom is much smaller.  Both rooms are pretty ordinary with nothing remarkable about them.  Likewise, their shared bathroom is fairly small, with only one sink and a shower/tub combo.

The master bedroom has four windows, so it gets a lot of light.  It is a large, square room, again without any interesting or notable features.  The master bath features two sinks, a bathtub, and a separate, somewhat small, shower.  It has tile countertops and white cabinets.  The walk-in closet is at the back of the bathroom and, while it will have plenty of room to store your clothes, it is pretty narrow and would definitely benefit from more shelving.

The backyard is surprisingly large.  About half is grass and half is the patio area.  It also has a wide side yard on one side of the house.  After seeing many tiny yards in other homes, it was nice to see a yard that you can actually use for entertaining, playing, or simply relaxing.

Overall, the house strikes me as very plain and it seems smaller than its 1800 square feet.  With a couple of exceptions, it lacks the nicer design elements of many other houses built around the same time, such as arched doorways, built-in cabinets, and extra large kitchens.  On the positive side, it is close to both the elementary and high schools and it has access to its own community pool in addition to the Northwood Pointe community pool.  It didn’t make a strong impression on me, but I’m sure it will be the right place for someone out there.

Discuss below or on Talk Irvine.

This property is not yet on the MLS but will be in the next week or so.

The 1309 sq ft condo has 2 bedrooms upstairs with their own bath and a ½ bath downstairs.  Condo has laundry inside, a private patio and an attached 2 car garage.  

For more info, contact David at david@irvinehousingblog.com.

Today we’ll take a look at Irvine’s University Park neighborhood. First, the numbers:

University Park—April 2012:

The following graphs show the change in the number of University Park homes on the market, the price per square foot of University Park houses, and the price per square foot of University Park condos, respectively.

To give more meaning to these numbers and graphs, I am listing some homes that are near the top, bottom, and middle of the price range for homes in the University Park real estate market.

4882 Rain Tree Lane

• Single-family built in 1974
• Beds/Baths: 5/2.75
• HOA Dues: $131/month
• Mello Roos Tax: No
• Price: $769,000/$306 per square foot

The Zestimate for this home is $741,100. The Zestimate estimated mortgage is $2,809 per month.

6 Cherry South

Note: According to Redfin, this is the least expensive University Park home that is not listed as “sale pending.”

• Single-family built in 1975
• Beds/Baths: 2/1.75
• HOA Dues: $218/month
• Mello Roos Tax: No
• Price: $445,000/$364 per square foot

The Zestimate for this home is $414,400. The Zestimate estimated mortgage is $1,625 per month.

71 Oak Tree Lane

• Single-family built in 1969
• Beds/Baths: 2/1.75
• HOA Dues: $222/month
• Mello Roos Tax: No
• Price: $585,000/$390 per square foot

The Zestimate for this home is $509,700. The Zestimate estimated mortgage is $2,137 per month.

Source: Redfin

The House is a Jewel.  The Park is a Gem.

71 Oak Tree Lane  Irvine, CA 62612  $585,000

As I entered the cul de sac to see this home there was a flash back to the home that I saw last week at 34 Redwood Tree Lane.  That home was also just steps away from the rolling green fields of University Park.

 Having a private park in your back yard that’s completely free of urban traffic and noise has to be a daily pleasure.

This cul de sac has the same quiet, well planted look and there is a short walk running up to the park right next to this home.

Inside I found a different, but equally intriguing home.  This property is a smaller slice of space, very striking, but more contained. Newly remodeled, it is finely finished and nicely executed. Surfaces of tumbled stone, wood, marble, and granite have all been used to advantage. The polished surfaces, crown moldings, recessed lighting, and  high ceilings give the home a distinctive look.

The soaring spiral stairway to the loft and French doors complete the effect.  This home has obviously been enjoyed by its owner. Perhaps, as a place to listen to music, sit and talk with friends, and work on weekend projects.

From the kitchen on through the dining area, into the living room and out onto the covered patio, the space is all open and functional.

The upstairs loft is small, but dramatic.  I had the feeling that you could be working on a project up there, somewhat apart, but still enjoying the overall space.

The master bedroom is tucked away off the entryway, and across from the second bedroom, which could easily become a small office or library. There is also a murphy bed.

The kitchen, and baths have all been redone. There is new AC, newer furnace and plumbing, and double paned windows throughout.

Property Specifics:

Beds: 2

Baths: 1.75

Sq. Ft.: 1,500

$/Sq. Ft.: $390

HOA Dues: $222/month

No Mello Roos Tax

Lot Size: 3,300 Sq. Ft.

Single Family

Single Garage

Style: One Level, Traditional

View: Trees/Woods

Year Built: 1969

Community: University Park

Schools: Irvine Unified School District

Drawbacks:  A potential buyer will have to weigh the desirable location and the overall size of the home.  What the buyer values most might determine if this is the right space for the money.  It is very nicely finished, but compact.  If the size fits, then the surrounding community with a private park may tip the balance.

Who will call this spot home?  An individual or couple that is drawn to University Park’s established community and excellent facilities might settle in here.  Busy professionals who work, travel, and entertain casually would be happy here. Young families needing bedrooms and play space probably will not fit.

Comparisons:  If you like the University Park area, you might also check 12 Redwood Lane (pending) at $549,000 with three bedrooms and 2 baths.

Discuss below or on Talk Irvine.

The most expensive house on the market in the Irvine today is 36 Boulder View at $14,999,000($1531/SF). On the other end of the spectrum is 205 Springview at $130,000 ($274/SF). The five-hundred odd properties that are on the market serve every taste, every price range. Usually I pick properties in the $500,000-$900,000 range, but today I have two properties under $350,000. Both properties are served by excellent Irvine schools, and have the same amenities as the rest of the village they are associated with. Both have the potential to be good starter homes, or investment properties.

192 Alicante Aisle #210 Irvine CA 92614

10 Monroe #27, Irvine CA 92620

Personally, I would buy 192 Alicante Aisle. Comparable properties have sold in the range of $300,000. This property is updated, and since it’s being sold within two months of the last sale, I am assuming it’s being flipped for a quick profit. It was sold for $244,000 in March 2012. 10 Monroe will need some work.

What do you think? Have Irvine homes reached rental parity, or will the prices go down further before that is achieved? Would you buy an investment property this summer?

Would you buy a newer and updated property, or anything in a good locality would do?

Also, when you rent a property in an area you like to buy, do you rent a condominium, or do you rent a property similar to the one you are planning to buy?