Of all the Irvine villages, West Irvine real estate can boast the reputation of having seen it all during the Housing Depression of our times. Prices appraised more than twice the original purchase price during the bubble, and then came sliding down. The houses are getting a little old, and the school district is Tustin Unified even though they have Irvine physical addresses. But the schools are excellent, shopping district is close by, and major freeways are easily accessible. Then why the price drop?

Today we will look at two single family homes on Proclamation Way in West Irvine. Both have the same square feet area, but one of them has a bigger lot size than the others. The property with the smaller lot size has a bigger price tag though. Let’s see if the price tag is justified.

12 PROCLAMATION WAY, IRVINE CA 92602

Listing Price: $799,000
Beds: 5
Baths: 3
Sq. Ft.: 2,268
$/Sq. Ft.: $352
Lot Size: 3,332 SF
Property Type: Residential, Single Family
Style: Two Level, Mediterranean
Year Built: 1999
Community: West Irvine
Builders Tract Name: Heritage
Builders Tract Code: HERI
Builders Model Code: D

Monthly expenses:
HOA Dues: $0/month
Property Tax ( 1.0595%):  $ 8,465 Annually
Mello Roos: $1,147 Annually
Monthly Property Tax+ Mello Roos: $801
Monthly Mortgage (30 YR Fixed, 3.625%): $2,915

Pricing History:
Apr 20, 2011 Listed (Active) $799,000
Jul 08, 2004 Sold (Public Records) $814,500
Jan 27, 1999 Sold (Public Records) $319,000

Monthly Fixed Expenses: $3,761

17 PROCLAMATION WAY, IRVINE CA 92620

Listing Price: $738,000
Beds: 5
Baths: 3
Sq. Ft.: 2,300
$/Sq. Ft.: $321
Lot Size: 4,494 SF
Property Type: Residential, Single Family
Style: Two Level, Mediterranean
Year Built: 1998
Community: Northwood
Builders Tract Name: Heritage
Builders Tract Code: HERI

Monthly expenses:
HOA Dues: $0
Property Tax ( 1.0595%):  $ 7,820 Annually
Mello Roos: $1,147 Annually
Monthly Property Tax+ Mello Roos: $747
Monthly Mortgage (30 YR Fixed, 3.625%): $2,693

Pricing History:

Jun 28, 2012 Listed (Active) $738,000
Jun 28, 2005 Sold (Public Records) $785,000
Apr 19, 2001 Sold (Public Records) $425,000
Jan 27, 1999 Sold (Public Records) $322,000 -- Public Records

Monthly Fixed Expenses: $3,440

Which one would you buy?

When you scan through the MLS pictures, you will notice that 12 Proclamation is upgraded to suit today’s homes, but 17 Proclamation could use some upgrades. Would you rather buy a house with a bigger lot size for cheaper and upgrade it yourself, or buy a house that is already done?

Discuss below or on Talk Irvine.