My thoughts on West Irvine.

NEW -> Contingent Buyer Assistance Program
[quote author="bkshopr" date=1244550599]In the recent time West Irvine has received quite a bit of attention. This was a value village that started from the last recession. Lewis Homes, California Pacific and Greystone Homes were the earlier builders. Their products were not only straight forward but also very cost effective to build. All plans were not only basic with minimum bath counts they were also a giant box with some 3 car garages. The consumers were not sophisticated in style they were in for the cheapest home in West Irvine. Homes were $100/SF to start with in 1995 with a list of marginal builders. West Irvine was the location where the original owners sold their homes to the biggest knife catchers at the same time many Home owners felt victim to the HELOC.



Numerous $200,000 Lewis Homes were sold for $1.3 mil in less than 10 years. The original owners made a lot of money. This neighborhood price rose quickly because of the large footage in the big box when real estates market was purely based on footage and curb appeal was not a factor in a high demand market. In a slow market this neighborhood price also dropped the most compared to other newer villages. Experts believe the lack of home and community appeals are just some of the factor as well as the lower initial purchase prices.



Not all buyers are looking for the pretentious neighborhoods and found this understated community an ideal location. Under the guidance of the past TIC president this neighborhood was created under the premise of using the most standard materials such as split face concrete block for community walls and the least amount of land for the common area such as recreation, park, street width, parkway, and sidewalks. Pepper trees were spaced exactly 25? apart with a basic palette of ground cover and shrubs in bulks. This cheap approach utilized very little design and man power and the master plan was created instantly. The lack of monumentality and the less impressive show off styling also attracted a group interested buyers. Yes the design lacks the sophistication of the recent Italian flair but it did something that no one expected. The sense of honesty and simplicity were very appealing to buyers. Some may sense an inspiration of honest materials used similar to our national parks. Very little man made walls were constructed.



Many streets were narrow and single lane in each direction unlike the recent grand boulevards in newer villages. The tight streets forced careful drivers by slower speed thus promoting a safer place for younger children as well as parents. The tighter streets also promote quaintness and more intimate human scale.



Another element of marketing negativity backing up the toll road also was actually a benefit for the neighbors in creating a defensible community only opened to two major streets. The Heritage Park along Robinson is very small compared to the grand resorts of other villages but the clever landscape mound in front helps to shield the park from the busy street is a classic feng shui remedy. It looks great and very functional. The pedestrian path to Irvine Blvd was a left over after thought but none the less a vital connection to Target and the newly opened Library on the former Irvine agricultural headquarter. The Library was a huge bonus in its Proximity to West Irvine and added a sense of unique identity that few villages have.



Location is the most convenient to shopping, freeways and nature walks along the bike trail along the wash. What most predicted as the poor part of Irvine on the contrary is attracting younger families and down to earth people looking for emotional bond with neighbors instead of pretentious status. The focus is on family and the schools within this district are true testimony of the families? commitments and education.</blockquote>
Great analysis. I think you hit most of CK's most favorite things about West Irvine. What's your analysis of Quail Hill?
 
[quote author="bkshopr" date=1244550599]Location is the most convenient to shopping, freeways and nature walks along the bike trail along the wash. What most predicted as the poor part of Irvine on the contrary is attracting younger families and down to earth people looking for emotional bond with neighbors instead of pretentious status. The focus is on family and the schools within this district are true testimony of the families? commitments and education.</blockquote>






Thanks for the great post, BK.
 
bk, thanks for that insight...



we used to live in Rancho Vera Cruz TR across Jamboree; and frequently walk across to West Irvine.. we love that Peter's Canyon Trail and how it winds under Jamboree to the Park/Myford Elementary soccer field. Not to mention the Tustin Sports Park is great for kids of West Irvine.



One question, in doing a cost analysis is that the Glen Willow tract is that it has no HOA or Mellow Roos.. why is that? Seems like the only tract in Irvine post 95; that is like that. Are there any other?
 
For you devout Papists, another big advantage of West Irvine is that St. Thomas More will be moving into a massive new TIC approved Tuscan style church campus next year located on the corner of Marketplace and Irvine. This church will be accessable by foot from West Irvine via the lighted pedestrian trail. Next Christmas eve, WI catholics will be able to safely get drunk on hard egg nogg and walk to midnight mass!
 
[quote author="High Gravity" date=1244592485]For you devout Papists, another big advantage of West Irvine is that St. Thomas More will be moving into a massive new TIC approved Tuscan style church campus next year located on the corner of Marketplace and Irvine. This church will be accessable by foot from West Irvine via the lighted pedestrian trail. Next Christmas eve, WI catholics will be able to safely get drunk on hard egg nogg and walk to midnight mass!</blockquote>


...and you will be able to walk past some obscene Christmas light displays on your way over there. It gets no better than that.





<a href="http://www.ocregister.com/articles/parish-million-church-2084423-thomas-irvine">Detail on new church - OC Reg</a>
 
[quote author="CK" date=1244593782]

<a href="http://www.ocregister.com/articles/parish-million-church-2084423-thomas-irvine">Detail on new church - OC Reg</a></blockquote>


Oh, no! "...will mark the beginning of a project that will take 10 years to complete." So people of Ivywood will have to listen to construction for a decade? That might change my feelings on the location... but maybe it wouldn't be too bad if it's not very constant.
 
[quote author="SoCal78" date=1244594177][quote author="CK" date=1244593782]

<a href="http://www.ocregister.com/articles/parish-million-church-2084423-thomas-irvine">Detail on new church - OC Reg</a></blockquote>


Oh, no! "...will mark the beginning of a project that will take 10 years to complete." So people of Ivywood will have to listen to construction for a decade? That might change my feelings on the location... but maybe it wouldn't be too bad if it's not very constant.</blockquote>


I'd guess it would only bother the 10 or so houses on the part of Asbury which backs to the bike trail...But just think of it as an investment in the value of your home. ;) All these improvements to the area increase your home value. For instance, now that there is a Yogurtland right across Irvine Blvd, that's got to be worth at least $100k to my wife. Just like BJ's is worth about $100k to me.
 
[quote author="CK" date=1244594906][quote author="SoCal78" date=1244594177][quote author="CK" date=1244593782]

<a href="http://www.ocregister.com/articles/parish-million-church-2084423-thomas-irvine">Detail on new church - OC Reg</a></blockquote>


Oh, no! "...will mark the beginning of a project that will take 10 years to complete." So people of Ivywood will have to listen to construction for a decade? That might change my feelings on the location... but maybe it wouldn't be too bad if it's not very constant.</blockquote>


I'd guess it would only bother the 10 or so houses on the part of Asbury which backs to the bike trail...But just think of it as an investment in the value of your home. ;) All these improvements to the area increase your home value. For instance, now that there is a Yogurtland right across Irvine Blvd, that's got to be worth at least $100k to my wife. Just like BJ's is worth about $100k to me.</blockquote>


For all you vultures waiting for your 40% discount on Irvine RE, it won't happen because Irvine has the only 85C in North America. If the Yougurtland premium is $100k, then the 85C premium is at least $300k. I know many SGVers and 909ers who come to Irvine on weekends for no other reason than to buy bread at 85C.
 
Ok, one of the things I like about West Irvine are the floorplans for condos (mandaville at least) and the way they intermixed condos, townhouses and SFRs throughout the neighborhood. Too many of the newer villages (woodbury, portola springs) have their lower end condo offerings either a funky split level design or three stories. Not very livable imo.



Also, some of the other villages seem to ghettoize their small condo offerings such as Northwood and Oak Creek. Turtle Rock feels that way a bit too. I'm much more a fan of not having to enter the 'condo complex'.



Thanks for the good post BK.
 
I dunno where else to post this, but I thought it was a little ironic that I happened to notice this with all the West Irvine love around here. <a href="http://www.redfin.com/CA/Irvine/19-Amoret-Dr-92602/home/4794298">This home went back to the bank today for $535k</a>. Granted it is not the best location, but I'm curious what some of the West Irvine lovers would be willing to pay for this place. $535k or would you pay more, if more... how much?
 
[quote author="graphrix" date=1244643639]I dunno where else to post this, but I thought it was a little ironic that I happened to notice this with all the West Irvine love around here. <a href="http://www.redfin.com/CA/Irvine/19-Amoret-Dr-92602/home/4794298">This home went back to the bank today for $535k</a>. Granted it is not the best location, but I'm curious what some of the West Irvine lovers would be willing to pay for this place. $535k or would you pay more, if more... how much?</blockquote>


If the place had been listed at $550k it would have easily sold for $50k more.



BTW, those 1999 kitchens are so recognizable...honey oak cabinets, white appliances, and white tile countertops...ick.



SCHB
 
[quote author="graphrix" date=1244643639]I'm curious what some of the West Irvine lovers would be willing to pay for this place. $535k or would you pay more, if more... how much?</blockquote>


$500k or $250 sq ft. It's a nice size, but there is no premium whatsover attached to that tract.



My simple mind believes that $250 sq ft will be a "base" rate for a SFR in Irvine once this is all done, with premium locations (Quail Hill, TR) seeing an incremental increase, and less desireable (El Camino, etc.) something less than $250 sq ft. Places like West Irvine, Oak Creek, and Westpark will probably represent the median of Irvine. But I'm no real estate expert, just Joe six pack trying to figure out when to buy.



But I agree with SCHB that this would easily have sold today for $600k+ if priced right.
 
[quote author="CK" date=1244677622][quote author="graphrix" date=1244643639]I'm curious what some of the West Irvine lovers would be willing to pay for this place. $535k or would you pay more, if more... how much?</blockquote>


$500k or $250 sq ft. It's a nice size, but there is no premium whatsover attached to that tract.



My simple mind believes that $250 sq ft will be a "base" rate for a SFR in Irvine once this is all done, with premium locations (Quail Hill, TR) seeing an incremental increase, and less desireable (El Camino, etc.) something less than $250 sq ft. Places like West Irvine, Oak Creek, and Westpark will probably represent the median of Irvine. But I'm no real estate expert, just Joe six pack trying to figure out when to buy.



But I agree with SCHB that this would easily have sold today for $600k+ if priced right.</blockquote>
That may be true, but you can see that it wasn't worth $535k to a cash buyer. This home will be below $500k next year.
 
[quote author="CK" date=1244677622][quote author="graphrix" date=1244643639]I'm curious what some of the West Irvine lovers would be willing to pay for this place. $535k or would you pay more, if more... how much?</blockquote>


$500k or $250 sq ft. It's a nice size, but there is no premium whatsover attached to that tract.



My simple mind believes that $250 sq ft will be a "base" rate for a SFR in Irvine once this is all done, with premium locations (Quail Hill, TR) seeing an incremental increase, and less desireable (El Camino, etc.) something less than $250 sq ft. Places like West Irvine, Oak Creek, and Westpark will probably represent the median of Irvine. But I'm no real estate expert, just Joe six pack trying to figure out when to buy.



But I agree with SCHB that this would easily have sold today for $600k+ if priced right.</blockquote>


When El Camino opened during 1968-1976 the homes were well sought after. Buyers were from central OC leaving Garden Grove, Westminster, Costa Mesa and etc. What are your thought on this? What might have caused it? Would this repeat for the newer part of Irvine? How is El Camono different from the newer villages that the newer neighborhoods would not fall into despairs like Walnut Village and El Camino? Ray Watson also cleverly planned it back then. Pocket parks, Yale recreational area, Library, aquatic center, tennis courts, baseall fields, tot lots, and integration of apartments mixed with different for sale product type. HOA, landscape buffers, and neighborhood retail center were also a part of the master plan. Many homes even have 3 car garages and bigger yards. The neighborhood planning also won numerous awards.



Builders like Bren, Irvine Pacific, Presley, Warmington, Shapell S&S, Broadmoor, William Lyon and American Standards were all considered the best builders of that era but yet 35-40 years even Irvine has its shadier side of town.



Just some food for thought and to challenge your mind. Here is a hint: all homes designed during that era have a common denominator.
 
[quote author="bkshopr" date=1244700090][quote author="CK" date=1244677622][quote author="graphrix" date=1244643639]I'm curious what some of the West Irvine lovers would be willing to pay for this place. $535k or would you pay more, if more... how much?</blockquote>


$500k or $250 sq ft. It's a nice size, but there is no premium whatsover attached to that tract.



My simple mind believes that $250 sq ft will be a "base" rate for a SFR in Irvine once this is all done, with premium locations (Quail Hill, TR) seeing an incremental increase, and less desireable (El Camino, etc.) something less than $250 sq ft. Places like West Irvine, Oak Creek, and Westpark will probably represent the median of Irvine. But I'm no real estate expert, just Joe six pack trying to figure out when to buy.



But I agree with SCHB that this would easily have sold today for $600k+ if priced right.</blockquote>


When El Camino opened during 1968-1976 the homes were well sought after. Buyers were from central OC leaving Garden Grove, Westminster, Costa Mesa and etc. What are your thought on this? What might have caused it? Would this repeat for the newer part of Irvine? How is El Camono different from the newer villages that the newer neighborhoods would not fall into despairs like Walnut Village and El Camino? Ray Watson also cleverly planned it back then. Pocket parks, Yale recreational area, Library, aquatic center, tennis courts, baseall fields, tot lots, and integration of apartments mixed with different for sale product type. HOA, landscape buffers, and neighborhood retail center were also a part of the master plan. Many homes even have 3 car garages and bigger yards. The neighborhood planning also won numerous awards.



Builders like Bren, Irvine Pacific, Presley, Warmington, Shapell S&S, Broadmoor, William Lyon and American Standards were all considered the best builders of that era but yet 35-40 years even Irvine has its shadier side of town.



Just some food for thought and to challenge your mind.</blockquote>




The new neighborhoods have stringent CC&R that will keep them nice. Also, TIC will be very careful with the remaining developable land in Irvine such as the strawberry fields along Sand Canyon. 20 years from now and into the future, Sand Canyon will be Champs-?lys?es of Irvine and Culver will be the Ho Chi Minh Trail of Irvine.
 
[quote author="High Gravity" date=1244701034]

20 years from now and into the future, Sand Canyon will be Champs-?lys?es of Irvine...</blockquote>
you mean it'll be lined with GAP, cell phone stores, and gross tourist bistros with chef statue menu boards? because i really, really hope not.



<img src="http://69.90.174.250/photos/display_pic_with_logo/6354/6354,1114301887,2.jpg" alt="" />
 
You must log in or register to reply here.
Back
Top