Is it enough if a school has a API rank of 10, or do growth scores govern the home prices of the school’s boundaries?  Today we look at two properties in two different villages of Irvine. Both have API 10 schools, but one has better growth rate than the other. Both properties have a good walk score to the assigned schools.  But for the same listing price, one of them has listed a single family home with four bedrooms and the other one is a detached condominium with three bedrooms.

10 MINERAL KING, IRVINE CA 92602

Listing Price: $699,800
Beds: 4
Baths: 2.5
Sq. Ft.: 2,477
$/Sq. Ft.: $283
Property Type: Residential, Single Family
Style: Two Level, Other
Year Built: 2000
Community: North Park
Builders Tract Name: Evergreen
Builders Tract Code: EVRG
Builders Model Code: 4

Monthly expenses:
HOA Dues: $328/month ($183+$145)
Property Tax ( 1.0595%):  $ 7,414 Annually
Mello Roos: $1,631 Annually
Monthly Property Tax+ Mello Roos: $754
Monthly Mortgage (30 YR Fixed, 3.625%): $2,553

Pricing History:

Jun 04, 2012 Price Changed $699,800
Feb 21, 2008 Sold (Public Records) $700,000
Feb 27, 2006 Sold (Public Records) $875,000
Mar 13, 2002 Sold (Public Records) $472,000
Jun 30, 2000 Sold (Public Records) $406,500

Monthly Fixed Expenses: $3,635

In the North Park area, there were 53 homes for sale in May 2012, with a median list price of $799,000 ($321/SF). The most expensive property on the market in North Park is 39 Vacaville at $1,499,000. The least expensive property on the market is 305 Terra Bella at $315,000. Even though the house comes under Tustin Unified School District, it has excellent schools.

Assigned schools:
Hicks Canyon Elementary (K-5)
API rank 10
API Score of 942

Orchard Hills (Middle School 5-7 for 2011, K-8 planned)
API rank 10
API score of 952

Arnold Beckman High School (9-12)
API rank 10
API score of 866

154 KINGSWOOD #117, IRVINE CA 92620

Listing Price: $685,000
Beds: 3
Baths: 2.5
Sq. Ft.: 1700
$/Sq. Ft.: $403
Property Type: Residential, Condominium
Style: Two Level, Other
Year Built: 2001
Community: Northwood
Builders Tract Name: Arden Square
Builders Tract Code: ARDS
Builders Model Code: 1

Monthly expenses:
HOA Dues: $118/month ($78+$40)
Property Tax ( 1.0595%):  $ 7,258 Annually
Mello Roos: $2,481 Annually
Monthly Property Tax+ Mello Roos: $812
Monthly Mortgage (30 YR Fixed, 3.625%): $2,499

Pricing History:

Apr 19, 2012 Listed (Active) $685,000
Nov 12, 2004 Sold (Public Records) $620,000

Monthly Fixed Expenses: $3,429

In the Northwood area, there were 103 homes for sale with a median list price of $739,000 ($333/SF). The most expensive property for sale in this zip code is 75 New Dawn at $1,829,000, and the least expensive property is 2118 Timberwood at $265,000. Northwood homes also have the best Irvine schools.  Irvine School District recommends calling the district office to confirm the schools, but these are the tentatively assigned schools for the property.

Canyon View Elementary
API Rank: 10
API Growth: 966

Sierra Vista Middle School
API Rank: 10
API Growth: 948

Northwood High School
API Rank: 10
API Growth: 908

Which one would you buy?
If both the houses are built around the same time, and both are in safe/ non-hazardous areas, would a ‘better’ school force you to buy a smaller detached condo vs. a single family home? 
Is $400+/SF price justified for the Northwood condos?

Discuss below or on Talk Irvine.