Two West Irvine detached condominiums on the market have the same floor plan, and same listing price of $609,900. But, around their listing price is a single family residence with wood flooring, crown molding and other upgrades. At $639,000, it might end up working cheaper to own a single family residence than a condominium. What compels people to buy the overpriced condominiums when the single family residences are listed for a better price? The community is still the same, and the schools are the same.

71 GLEN ARBOR #126

Listing Price: $609,900
Beds: 4
Baths: 2.75
Sq. Ft.: 1,730
$/Sq. Ft.: $353
Property Type: Residential, Condominium
Style: Two Level, Mediterranean
Year Built: 2001
Community: West Irvine
Builders Tract Name: Wisteria
Builders Tract Code: WIST
Builders Model Code: Cabrillo, 4

Monthly expenses:
HOA Dues: $174/month ($119+$55)
Property Tax ( 1.0595%):  $6462 Annually
Mello Roos: $1383 Annually
Monthly Property Tax+ Mello Roos: $654
Monthly Mortgage (30 YR Fixed, 3.5%): $2,191

Monthly Fixed Expenses: $3,019

165 CHURCH PL, IRVINE CA 92602

Listing Price: $639,900
Beds: 4
Baths: 2.5
Sq. Ft.: 1,755
$/Sq. Ft.: $364
Property Type: Residential, Single Family
Style: Two Level, Traditional
Year Built: 1998
Community: West Irvine
Builders Tract Name: Liberty
Builders Tract Code: LIBT
Builders Model Code: C

Monthly expenses:
Property Tax ( 1.0595%):  $6780 Annually
Mello Roos: $1147 Annually
Monthly Property Tax+ Mello Roos: $660
Monthly Mortgage (30 YR Fixed, 3.5%): $2,296

Monthly Fixed Expenses: $2,956

Owning a single family residence with its own lot is cheaper than owning a condominium in West Irvine. Which one would you? What justifies your decision? Do you think an HOA will keep the community in a better shape than a community without one?  If given a choice, I would pick the Single Family residence over the condominium in this case.