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Two Homes in Woodbridge - South Lake

Posted: 12 Mar 2012 05:00 AM PDT

Sipping coffee in the morning surrounded by the cool and fresh air of the lake…
Watching the ducks swimming in the lake, circling the same spot everyday…
The reflection of the full moon in the peaceful and serene water…

That is Woodbridge in Irvine. Today, we will look at two properties in Woodbridge, near the South Lake. Listed around the same price range, both houses have almost identical monthly fixed costs. But 3 Waterway is 230SF more than 48 Cedarlake, and it is also a three level house.  3 Waterway has a peek-a-boo view of the lake, and 48 Cedarlake is a block away from the water.

Here is a quick comparison between the two properties:


3 Waterway #16

Irvine, CA 92614

48 Cedarlake #37

Irvine, CA 92614

Listing Price



Beds/ bath

2 Beds + 1 Den/ 1.75 Bath

3 Beds/ 3 Baths



1700 SF

Price/ SF




Three Levels

Two Levels

Year Built



Previous sale

$285,000 in 1998

$330,000 in 1989

Elementary School

Meadow Park Elementary

API 10, API Growth Score 947

Springbrook Elementary

API 9, API Growth Score 897

Middle School

Southlake Middle School

API Rank 10, API Growth Score 916

High School

Woodbridge High School

API Rank 10, API Growth Score 877

Down payment



Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$2351.00 Monthly

$2387.00 Monthly

Home Owner’s Dues

$195 + $82 = $277

$185 + $80 = $265.00


$93.28 Annually

$93.28 Annually

Property Tax (1.03383%)

$6460.40 Annually

$538.36 Monthly

$6559.65 Annually

$546 Monthly

Fixed Monthly Cost of owning



Neighborhood Analysis:

Here is a quick look on prices and inventory in Woodbridge:

Median Sold Price: $399,000 (-19.4% from 2011)
Median Sold/SF: $312 (-4.9% from 2011)
Inventory: 83 Homes (-23.1% from 2011)

54% of the houses in the community are owned, and 42% rented, with a very low vacancy rate of 4%. The median age of the population in 36.28, and the neighborhood is predominantly white collar with median income of $94,967. Woodbridge area comprises of two lakes, two beach lagoons, twenty-two pools, thirteen waders, twenty-four tennis courts and numerous parks. There are forty-one recreational facilities available for the residents in the village. More about the village here and here.

3 Waterway #16, Irvine CA 92614:

Builder Tract Name: Lakeshore
Model Name: Alborg

This is a three level condominium. There are two bedrooms, and a den as an optional third bedroom. Garage is on one level, living spaces and secondary bedroom + den on the second level, and the Master Bedroom with an attached retreat on the third level. The laundry is on the top floor, so I am assuming that this house is meant for a couple with occasional visitors to occupy the secondary bedroom. When we were looking to buy, I was smitten by the lake and we visited one of the houses in South Lake that backed to the lake. It is a lovely house, especially the Master retreat is something every couple would love, but with young children it will be hard to live in. The house boasts of the usual granite countertops, stainless steel appliances, plantation shutters and hardwood floors.

A quick look at the data shows that the peak value of this house was $757,000 in December 2005, and it retreated to $519,000 in Dec 2009.

48 Cedarlake #37, Irvine CA 92614

This is a two level condominium. There is a bedroom with a full size bathroom downstairs along with all living spaces. Two bedrooms are upstairs, and both of them have attached bathrooms. There are no walk-in closets, but there is a small bay window with a potential of becoming a reading nook. Compared to 3 Waterway, this property would be ideal for a family with young children or elderly parents, but there is no lake view. The lake is a block away from the house, you can enjoy the walk around the lake and all the other amenities except the view. The house has plantation shutters, granite counter tops and stainless steel appliances, but the floor is a combination of ceramic tiles and carpet.

A quick look at the data shows that the peak value of this house was $874,000 in January 2007, and it retreated to $560,000 in June 2009.

Which one would you buy?
Would you buy the view, or would you buy the floor plan?

37 Lakeview is listed for $999,000 in North Lake. It was last sold for $910,000 in August 2004. In April 2006, the house peaked to 1.1 Million, and retreated to $669,000 in September 2009. Would you buy a condo for $999,000 just because it has three balconies with three spectacular views of the lake?


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