If you are interested in 31 Iceberg Rose, you’d better move fast.  While I was there for today’s open house, I saw two different people writing offers.  This former model is a short sale and, with a reduced price, it is finally seeing some seriously interested buyers.

The basics:
Asking Price: $460,000
Bedrooms: 3
Bathrooms: 2.5
Square Footage: 1750
Lot Size: n/a
$/Sq Ft: $263
Days on Market: 110 
Property Type: Condominium, End Unit
Year Built: 2006
Community: Woodbury

HOA dues are $325 per month and there are Mello Roos taxes.

31 Iceberg Rose is a short sale that the owners originally tried to sell on their own.  With an asking price of $570,000, there weren’t any offers.  The price has since been reduced to $460,000, bringing it in line with recent comps.

While this is an end unit, I found it awkwardly situated.  Instead of facing either the street or another row of homes, the front door of this unit faces the garages from a perpendicular row of homes.  When you enter through the front door, the garage door is to your left and a staircase immediately in front of you takes you up to the actual home, which is all on one level.  A coat closet is situated partway up the staircase.

At the top of the stairs, the bedrooms are all to the right and the great room is to the left.  The great room has tiled floors throughout the living room, kitchen and breakfast nook.  A large wall of built-ins anchors the living room.  The house isn’t currently furnished and I had a hard time imagining it as a cozy room.  A balcony off the living room has space for a small table and a couple of chairs, but the view is of the neighbors’ garages.

The kitchen is narrow, with an island separating it from the living room.  It has granite counters, stainless steel appliances that include a four-burner stove, and attractive mocha-stained cabinets.  While it does seem to have ample cabinet space, the counter space is limited.  Because it is so narrow and not really a separate room, it feels very small.  There is a breakfast nook off to the side that serves as the home’s only dining area.  Down a short hallway, I found a laundry room, half bath, and a pantry.

The first bedroom off the top of the stairs is the master, though I didn’t realize that when I first walked in.  The room itself is comparable in size to most secondary bedrooms and it wasn’t until I saw the bathroom that I realized it was the master.  The bath features a separate shower and tub, two sinks, and two walk-in closets.  The bedroom has a view of a park and pool.

The other two bedrooms are average sized.  One has a walk in closet; the other has a standard closet and a small balcony.  They share a bathroom with two sinks and a shower/tub combo.  All of the bedrooms are carpeted.  The bathrooms have tile floors and counters.

This home is in good condition and clearly has interested buyers, but the small master bedroom and kitchen and the cold-feeling living room were big turnoffs for me.  However, if it suits your style, I would get all of your paperwork in order and call the realtor ASAP.

UPDATE:  31 Iceberg Rose is now pending.

According to Altos Research, Irvine’s single-family housing market is similar to what it was the previous month. Altos gives Irvine’s single-family homes a Market Action Index of 22.03, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.)  Altos also states that the average single-family home has been on the market for about 115 days as of September 14, 2012.

Altos Market Action Index for  Single-family Homes in Irvine
Altos Research

According to Redfin, 221 houses were on the Irvine market in June, and 168 condos were on the market. Following is more data from Redfin on Irvine’s August 2012 housing market:

*The August 2012 median selling price was down 0.6% from August 2011.
**The May price per square foot was down 4.6%.

The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.

Redfin
If you would like to see some housing numbers for each of Irvine’s neighborhoods, see my previous post “Irvine Housing by the Numbers – September  2012 Update.”

Doing the Math In University Park      

42 Gillman   $690,000  Sale Pending

I have seen a couple University Park  properties recently, and as I pulled up to 42 Gillman, this property brought to mind 14 Butternut and 21 Whitewood Way. Positioned on a quiet street with great parks and great schools, this single family home raised some questions.
Inside I found there were plus and minus points to tally.  In this case the math was being done by many others too, and the property is now listed as “sale pending.”

In significant numbers, the home provides 4 bedrooms and 3 baths with 2,280 square feet on a 5,200 square foot lot in University Park for $690,000.  The $/Sq. Ft. is $303. HOA dues are $123 a month. The home was built in 1965 and has been on the market 55 days.

From the entrance, there is a good sized living room and dining room on the right, a stairway to the upstairs bedrooms in the middle, and a kitchen,  breakfast nook and family room in the rear.  There is a downstairs bedroom and bath off to the left of the entrance.

The high ceilings, dramatic fireplace, and windowed dining room all up the appeal of this home.  Heading to the back of the home, the kitchen has redwood cabinets, stainless appliances and granite counters.  The breakfast nook with wood floor sits in a windowed corner, overlooking the backyard.

Outside, space feels a little tight and landscaping could be expanded or perhaps, redone to provide more green views from inside and more privacy.

Upstairs, the individual bedrooms and master are all good sized rooms, waiting for new occupants, and new hobbies, with ample room for computers, books and projects.

As I wondered about the house, I caught the spirit of an active family with a lot going on.  This house seems ready for a new look with a new family bringing fresh ideas and fun projects. 

Specifics of this Two Level:
Beds, 4
Baths, 3
Sq. Ft. 2,280
$/Sq. Ft.. $303
HOA Dues, $123
Lot Size, 5,200 sq. ft.
Property Type, Single Family
Year Built, 1965
On the market, 55 days

Considerations and Comparisons:  Doing the math for this home starts with a good location in University Park and then focuses on the amount of space and number of bedrooms, versus the age and the price of the home.   Overall, the new owners may want to factor in additional upgrades and more landscaping as they put their own mark on the home, maximizing the effect of the high ceilings, and windowed areas.

Who will be next at 42 Gillman?  With a sale pending and backup offers encouraged, a new buyer should appear soon.  I could see this as the pick of a good sized family attracted to the schools, parks, and pleasant location in University Park. 

Recent sales:  28 Wintersweet way sold for $620,000 in July; 16 Norton sold for $685,000  in September.     Recent listings: 44 Gillman is listed at $795,000;  7 Redwood Tree is listed at $625,000.

As we end the Summer of 2012, we all noticed that things didn’t turn as sour as predicted for Irvine. Inventory is at its lowest, hitting new lows with every passing month. Mortgage rates have followed the same trend, hitting the lowest of the lows and promising to stay so for a while to aid recovery. What will this mean to Irvine market in future, we are not sure.

Kool-aid again?

Here is the Condos Price/ SF chart for the past year in the zip code 92602:

Here is a relisted property in West Irvine, one of the few areas in Irvine that saw a huge swing in listing and sale prices in the past year.

117 Sapphire, Irvine CA 92602

Listing Price: $470,000
Beds/ Bath: 3 Bedrooms/ 2.5 Baths
Area: 1500 SF
Previous Sale Price: $313,000 in March 2002
Previous List Price: $495,000 in Summer of 2012

Monthly Expenses:
HOA Dues: $225/month
Property tax: $415/month
Mello Roos: $70
Mortgage at 3.25 per month: $1636
Fixed Monthly Expenses: $2346

Here is a brief sales history for Mandeville houses in 2012:

01/19 163 Topaz $274/SF
02/17 97 Sapphire $244/SF
03/31 109 Sapphire $290/SF
04/05 103 Sapphire $255/SF
04/13 161 Topaz $260/SF
04/13 65 Sapphire $258/SF
04/25 92 Topaz $233/SF - Lowest
05/16 33 Moonstone $286/SF
06/04 63 Sapphire $260/SF
08/31 19 Moonstone $253/SF
09/13 1 Moonstone $317/SF - Highest
06/27 56 Sapphire $303/SF
07/17 149 Topaz $271/SF

Now sales pending:
9 Moonstone with the list price of $317/SF
75 Sapphire with a list price of $260/SF

Comparable condominium from the Village of Northwood in Irvine:

Here is the Listing Price/ Sold Price graph for Northwood condos (92620):

425 Ridgeway, Irvine CA 92620:

Listing Price: $499,000
Bedrooms/ Bathrooms: 3 Beds/ 2.5 Baths
Area: 1481 SF
Price/ SF: $337

Monthly expenses:
HOA Dues: $284/Month
Property Tax: $440/ Month
Mello Roos: $117/Month
Mortgage (3.25): $1736

Fixed Monthly Expenses: $2577

Would you buy now, or wait for the temporary low interest rate frenzy to subside?
Do these houses make a good investment property?

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3133.0.html