Irvine Open House

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[quote author="irvinefan"]I checked out Grape Arbor today as well and there were a lot of people (all the parking on the street was full), and the majority of visitors were Asian, with the majority of those Chinese! [/quote]

It was packed. When I was there this afternoon around 3:20ish. I didn't see Chinese as majority. Mostly were Asian though.
 
Hehe... I got there at about 3:55pm... if you saw a big ugly troll... that was me.

The place is nice, great upgrades (travertine floors, upgraded carpet, dark crown molding matched with custom media center) and non-white tiles in showers. The front and backyard landscaping was simple but better than many of the homes I've seen. It could have been staged better... there was a lot of stuff everywhere but it's a family home so I can understand not being able to make it "model perfect".

Someone (homeowner or realtor) down the street with the same exact floorplan put out all these handwritten open house signs so I checked it out too.

http://www.redfin.com/CA/Irvine/23-Grape-Arbor-92620/home/5931551

Not as upgraded as 28 but the downstairs bedroom actually had the bedroom option (a door). But their asking price is $875k which based on comps is way too high. It's a better location as it's closer to the cul-de-sac (2nd house from the end actually) but comparing it the comps and even current listings (there is one in escrow on 27 Grape Arbor and a few more on Teak Bridge and Bamboo), this should be less than $830k.

So many Camelias for sale... if they settle around the $799k range... are these better or worse than Montecito/Sonoma?
 
[quote author="irvinehomeowner"]Hehe... I got there at about 3:55pm... if you saw a big ugly troll... that was me.

The place is nice, great upgrades (travertine floors, upgraded carpet, dark crown molding matched with custom media center) and non-white tiles in showers. The front and backyard landscaping was simple but better than many of the homes I've seen. It could have been staged better... there was a lot of stuff everywhere but it's a family home so I can understand not being able to make it "model perfect".

Someone (homeowner or realtor) down the street with the same exact floorplan put out all these handwritten open house signs so I checked it out too.

http://www.redfin.com/CA/Irvine/23-Grape-Arbor-92620/home/5931551

Not as upgraded as 28 but the downstairs bedroom actually had the bedroom option (a door). But their asking price is $875k which based on comps is way too high. It's a better location as it's closer to the cul-de-sac (2nd house from the end actually) but comparing it the comps and even current listings (there is one in escrow on 27 Grape Arbor and a few more on Teak Bridge and Bamboo), this should be less than $830k.

So many Camelias for sale... if they settle around the $799k range... are these better or worse than Montecito/Sonoma?[/quote]

I saw that, what an interesting tactic. Using your neighbor's open for your own. The house is definitely very nice. Even my wife agreed. I was saying if we bought the plan 2 of Montecito and this house sells for high 700s, I would be pissed. If they settle in the high 700's they would definitely be better than Montecito/Sonoma but the sad thing is they won't. I prefer those for the simple fact that they actually have a TV wall on some plans at least.

If you think about it, it's a very interesting dynamic going on here. The prices such as what we saw today will make HK collection sell. But the pricing of HK collection will support pricing like we saw today. Eerrr, this is driving me crazy.
 
Benchmark pricings feed off from each other. It will continue and peak at $375/sf. It will plateau there for a period of time. Instead of price increase which is not sustainable developer will play the lot size density game again because the public can't understand them.

The best way to describe it to sell toothpaste with less paste in the same size tube and the same size box. This is why we have 7-3/4 oz instead of 8oz. The price remains the same.
 
[quote author="graceomalley"]Benchmark pricings feed off from each other. It will continue and peak at $375/sf. It will plateau there for a period of time. Instead of price increase which is not sustainable developer will play the lot size density game again because the public can't understand them.

The best way to describe it to sell toothpaste with less paste in the same size tube and the same size box. This is why we have 7-3/4 oz instead of 8oz. The price remains the same.[/quote]
Very well put. When the developer lops off 800-1,000sf from the lot size that's another handful of homes being to be placed on the same acre. Most people are focused on the square footage of the home rather than the square footage of the lot so that's why the developers can get away with it. My question is...what wait point while things come to a head where developers can't squeeze anymore housing units on a given acre? Will city planners stand up to those developers?
 
I went to a couple of open houses in Turtle Rock this weekend.

The first one was http://www.redfin.com/CA/Irvine/1-Rimrock-92603/home/4743088. The realtor said it was picked up at an auction by an investment group. I wonder how much they paid because they're asking over $1.5 million and it looked like all they did was slap on some new paint.

The other house in the same neighborhood was much nicer and $100K less, but it didn't have a view and right off of Turtle Rock Drive.

http://www.redfin.com/CA/Irvine/52-Silver-Cres-92603/home/4743519
 
[quote author="locolocal"]I went to a couple of open houses in Turtle Rock this weekend.

The first one was http://www.redfin.com/CA/Irvine/1-Rimrock-92603/home/4743088. The realtor said it was picked up at an auction by an investment group. I wonder how much they paid because they're asking over $1.5 million and it looked like all they did was slap on some new paint.

The other house in the same neighborhood was much nicer and $100K less, but it didn't have a view and right off of Turtle Rock Drive.

http://www.redfin.com/CA/Irvine/52-Silver-Cres-92603/home/4743519[/quote]
Rimrock was picked up at the auction back on 7/17/09 (sure took them a long time to list it). It doesn't show on my MLS the price and it's dropped off foreclosure radar. They are gonna have a hard time selling this thing for $500/sf since you can buy in Turtle Ridge in the $425-$450/sf range.
 
[quote author="USCTrojanCPA"]
[quote author="locolocal"]I went to a couple of open houses in Turtle Rock this weekend.

The first one was http://www.redfin.com/CA/Irvine/1-Rimrock-92603/home/4743088. The realtor said it was picked up at an auction by an investment group. I wonder how much they paid because they're asking over $1.5 million and it looked like all they did was slap on some new paint.

The other house in the same neighborhood was much nicer and $100K less, but it didn't have a view and right off of Turtle Rock Drive.

http://www.redfin.com/CA/Irvine/52-Silver-Cres-92603/home/4743519[/quote]
Rimrock was picked up at the auction back on 7/17/09 (sure took them a long time to list it). It doesn't show on my MLS the price and it's dropped off foreclosure radar. They are gonna have a hard time selling this thing for $500/sf since you can buy in Turtle Ridge in the $425-$450/sf range.[/quote]

I could see it selling for $500/sf it the investors had actually put some work into the property, but the way the house looked at the open house, it seemed like they just went to Home Deptt, picked out the cheapest paint possible, put in an ugly bathtub and sink, and expected to make a killing.
 
[quote author="locolocal"]
[quote author="USCTrojanCPA"]
Rimrock was picked up at the auction back on 7/17/09 (sure took them a long time to list it). It doesn't show on my MLS the price and it's dropped off foreclosure radar. They are gonna have a hard time selling this thing for $500/sf since you can buy in Turtle Ridge in the $425-$450/sf range.[/quote]

I could see it selling for $500/sf it the investors had actually put some work into the property, but the way the house looked at the open house, it seemed like they just went to Home Deptt, picked out the cheapest paint possible, put in an ugly bathtub and sink, and expected to make a killing.[/quote]
I agree, if they used more higher end stuff they might get close to $500/sf...this property will probably close around $450ish/sf.
 
I went to an open house on 12 Mountain Ash yesterday... beautifully remodeled home in Woodbridge.  High-end upgrades and a big 7k sf lot...  very close to the lake and to an elementary school.  A big plus is that the owners are extremely clean/neat and you can tell they've taken great care of the place.

I suspected the home might be in the area of the dreaded plume (which it is) and when I asked the owner about it, he said he had never heard anything about it, and that his association would've mentioned something if it were a real problem.  :-/ 
 
usctrojancpa said:
[quote author="locolocal"]I went to a couple of open houses in Turtle Rock this weekend.

The first one was http://www.redfin.com/CA/Irvine/1-Rimrock-92603/home/4743088.  The realtor said it was picked up at an auction by an investment group.  I wonder how much they paid because they're asking over $1.5 million and it looked like all they did was slap on some new paint.

The other house in the same neighborhood was much nicer and $100K less, but it didn't have a view and right off of Turtle Rock Drive.

http://www.redfin.com/CA/Irvine/52-Silver-Cres-92603/home/4743519
Click to expand...
Rimrock was picked up at the auction back on 7/17/09 (sure took them a long time to list it).  It doesn't show on my MLS the price and it's dropped off foreclosure radar.  They are gonna have a hard time selling this thing for $500/sf since you can buy in Turtle Ridge in the $425-$450/sf range.
[/quote]

This property was featured on the IHB.  I have to wonder if they were the delusional investors.
http://www.irvinehousingblog.com/bl...trustee-sale-property-as-a-primary-residence/
 
Wanted to revive this thread since we are supposedly in the Spring buying season:

genTmb.S658154_1.jpg

15 INGLENOOK
Irvine, CA 92602
$829,000
4 bd, 3 BATHS, 2315sqft
$358/sqft, LOT SIZE--4,393 Sq. Ft, COMMUNITY: Northpark Squarehttp://www.redfin.com/CA/Irvine/15-Inglenook-92602/home/7203022

I know there has been a lot interest in this floor plan albeit in Northwood II (i.e. the infamous Torrey Pines). I guess CalPac used the same floor plan in QH--Olivos, NWII--Camelia, and NPSQ--Campanile. Here is the link to the floor plan:http://www.garyfallis.com/img/floorplans/npsfp/campanile_p3.jpg

I saw this home last weekend and was being shown by Eric Fenchel. The home was empty but in good condition. Not much in terms of upgrades but the kitchen looked good. Upstairs bathrooms were stock. They did get the optional 2nd floor balcony off the master and a 2nd balcony per elevation on the front of the home. Backyard was strictly a concrete affair.

The interesting thing is that the latest comp shows a short sale that closed for $758K on 4/22/11 (http://www.redfin.com/CA/Irvine/8-Inglenook-92602/home/7203032), same floor plan down the street. There is also another home with the same floor plan (http://www.redfin.com/CA/Irvine/20-Longvale-92602/home/7213164) that is pending status with a list price of $848K. Should be interesting to see where this home closes.
 
Saw another home today at broker preview:

genTmb.S658422_1.jpg

$1,238,800
5 PASADENA
Irvine, CA 92602

5 Bd, 4 Bath, 3250sqft
$381/sqft, Lot size--5272 sqft, Northparkhttp://www.redfin.com/CA/Irvine/5-Pasadena-92602/home/5772704

This is the same floor plan as IndiDev & NonFCB's favorite 2 Malibu (http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647). Not sure why 2 Malibu lists for an extra 150sqft. The interior is not as upgraded as 2 Malibu but the location is quieter and in a cul-de-sac street. This property backs to Grass Valley instead of the busy Culver.  It does have garage space for 3--standard double + single car port. Price seems high, figure something like this might go closer to $1.1M.
 
iacrenter said:
Saw another home today at broker preview:

genTmb.S658422_1.jpg

$1,238,800
5 PASADENA
Irvine, CA 92602

5 Bd, 4 Bath, 3250sqft
$381/sqft, Lot size--5272 sqft, Northparkhttp://www.redfin.com/CA/Irvine/5-Pasadena-92602/home/5772704

This is the same floor plan as IndiDev & NonFCB's favorite 2 Malibu (http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647). Not sure why 2 Malibu lists for an extra 150sqft. The interior is not as upgraded as 2 Malibu but the location is quieter and in a cul-de-sac street. This property backs to Grass Valley instead of the busy Culver.  It does have garage space for 3--standard double + single car port. Price seems high, figure something like this might go closer to $1.1M.
Click to expand...

Do you have the loan information for this house? The owner paid $1.36m peak price for it. It's unlikely he has the equity to drop the price to $1.1m unless he wants to do a short sale.
 
Saw another broker preview today:
genTmb.S660365_0.jpg

$874,900
66 RISING SUN
Irvine, CA 92620
4 bd+office, 2.5 bath, 2270 sqfthttp://www.redfin.com/CA/Irvine/66-Rising-Sun-92620/home/5958993

Nice SFR home in WB--Portisol tract, detached traditional setup with driveway and yard.

Pluses:
+2 story tall foyer
+kitchen has lots of cabinets, counter space, and nice slate back splash
+all bedrooms have fans
+upgrades include crown molding, plantation shutters
+paver backyard with wider side yards than Maricopa or Sonoma
+finished flooring in garage with built in cabinets

Negative:
-price is high for the small sq footage. Looks like the owner bought in 2005 for $862K and now is pricing it hoping to break even. Can someone look up the mortgage?
-no bath/shower downstairs. If you want to convert that downstairs office to a bedroom you also need to spend $$ converting the 0.5 bath (it was a builder option)
-would have been nice if they extended the wood flooring to all of downstairs (only in office and family area)
-altough the foyer is tall and open, you see the staircase as you walk in (feng shui no no)
-IMHO, not a fan of the side door entrances--better curb appeal is seeing the doors from the street (double doors being even better).

Here is the floor plan (except it is reversed):
S660365_21_0.jpg
 
This is my favorite Portisol floorplan (other than the 5 which adds the 3rd floor bonus room and extra storage).

The Maricopa Plan 2 is better (I think I've said that before), but that extra room/space on the 2nd floor is nice. Also the dual master closets is something the Mrs. will like... but the price is high comparatively (a Plan 2 sold for $790k and a Plan 5, the same floor plan but with the 3rd floor sold for $870k).

The good thing about this is the location, pseudo single loaded street as it faces the sides of other homes.

How was the backyard?
 
NonFCB said:
iacrenter said:
Saw another home today at broker preview:

genTmb.S658422_1.jpg

$1,238,800
5 PASADENA
Irvine, CA 92602

5 Bd, 4 Bath, 3250sqft
$381/sqft, Lot size--5272 sqft, Northparkhttp://www.redfin.com/CA/Irvine/5-Pasadena-92602/home/5772704

This is the same floor plan as IndiDev & NonFCB's favorite 2 Malibu (http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647). Not sure why 2 Malibu lists for an extra 150sqft. The interior is not as upgraded as 2 Malibu but the location is quieter and in a cul-de-sac street. This property backs to Grass Valley instead of the busy Culver.  It does have garage space for 3--standard double + single car port. Price seems high, figure something like this might go closer to $1.1M.
Click to expand...

Do you have the loan information for this house? The owner paid $1.36m peak price for it. It's unlikely he has the equity to drop the price to $1.1m unless he wants to do a short sale.
Click to expand...
The owner of the home only got a loan of $800k to purchase the property so they definitely have room to drop the price down to $1.1m.
 
iacrenter said:
Saw another broker preview today:
genTmb.S660365_0.jpg

$874,900
66 RISING SUN
Irvine, CA 92620
4 bd+office, 2.5 bath, 2270 sqfthttp://www.redfin.com/CA/Irvine/66-Rising-Sun-92620/home/5958993

Nice SFR home in WB--Portisol tract, detached traditional setup with driveway and yard.

Pluses:
+2 story tall foyer
+kitchen has lots of cabinets, counter space, and nice slate back splash
+all bedrooms have fans
+upgrades include crown molding, plantation shutters
+paver backyard with wider side yards than Maricopa or Sonoma
+finished flooring in garage with built in cabinets

Negative:
-price is high for the small sq footage. Looks like the owner bought in 2005 for $862K and now is pricing it hoping to break even. Can someone look up the mortgage?
-no bath/shower downstairs. If you want to convert that downstairs office to a bedroom you also need to spend $$ converting the 0.5 bath (it was a builder option)
-would have been nice if they extended the wood flooring to all of downstairs (only in office and family area)
-altough the foyer is tall and open, you see the staircase as you walk in (feng shui no no)
-IMHO, not a fan of the side door entrances--better curb appeal is seeing the doors from the street (double doors being even better).
Click to expand...
The owner got a first mortgage if $625k and a second mortgage of $125k to purchase the home.  They seem to have refinanced the first mortgage down to $500k in Oct. 2010.
 
irvinehomeowner said:
How was the backyard?
Click to expand...

All block pavers in the back with minimal greenery--clean and low maintenance.

I think they are hoping for a price between the $790K-$870K comps. That also puts it right in the range of Maricopa's Plan 1 & 2. I also like the floor plan of the plan 2 as well but like the WB location over SG and having a bigger lot.
 
P793535_0.jpg
http://www.redfin.com/CA/Irvine/52-Barcelona-92614/home/4657711
$999,999
52 BARCELONA
Irvine, CA 92614
BEDS: 4
BATHS: 3
SQ. FT.: 2,138
$/SQ. FT.: $468
LOT SIZE: 5,213 Sq. Ft.
YEAR BUILT: 1987
COMMUNITY: Westpark

Besides being overpriced, what do you guys think of the "upgrades" ? Not really my taste but it looks like they spent way too much money for the area. I doubt they will get anywhere near their asking price.

If you are curious, they have an open house on Sunday 8/21/11 from 12-5.
 
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