The North Park guard-gated community boasts of properties ranging from $300s to $1.5 Million. It’s the area between Bryan, Portola Parkway, Culver and 261 Toll Road. The lower end listings talk about the proximity to the freeway, and the ease of access to the main streets. The higher end talks about the proximity to the Peter’s Canyon Trail, part of the Mountain to Sea trail. Today we will look at the high and the low in this area, and the monthly cost of owning them.

The High: 39 Vacaville, Irvine CA 92602

Listing Price: $1,449,000

Sales History:
09/29/2004: $1,100,000
08/31/2001: $652,000

Estimated Monthly Payment: $6,758
Mortgage at 3.25%: $5,048
Property Tax at 1.0595%: 15,352 Annually
Mello Roos: $3,247 Annually
Tax + Mello Roos Monthly: $1,550
HOA Monthly: $160

Property Details:
Builders Tract Code: Brentwood/ BRTW-2
Beds/ Bath: 6 Beds/ 3 Baths
Area: 3,500 SF/ Lot Size 7,500 SF
Price/ SF: $414

The low: 305 Terra Bella, Irvine CA 92602

Listing Price: $315,000

Sales History:
12/29/1999: $231,000

Estimated Monthly Payment: $1,954
Mortgage at 3.25%: $1,162
Property Tax at 1.0595%: $3,338 Annually
Mello Roos: $1,246 Annually
Tax + Mello Roos Monthly: $382
HOA Monthly: $410

Property Details:
Builders Tract Code: Terra Bella
Beds/ Bath: 2 Beds/ 2.5 Baths
Area: 1,167 SF
Price/ SF: $270

So those were our highs and lows. The lowest prices condominium’s Mortgage, Property Tax and Mello Roos are almost equal to the highest priced Single Family Residence’s Property Tax and Mello Roos. But, the lower priced condominium pays almost two and half times the HOA dues as the higher priced home. Of course the HOA dues cover a lot of maintenance costs for the condominium as opposed to the single family residence.

What are your thoughts?
Why are the lower priced properties lining up as short sales while the higher priced properties just take a loss and move on?
Comment below, or share your thoughts on Talk Irvine.