Irvine Housing Blog

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Kings of their domain Posted: 25 Jun 2012 08:15 AM PDT Is it enough if a school has a API rank of 10, or do growth scores govern the home prices of the school’s boundaries?  Today we look at two properties in two different villages of Irvine. Both have API 10 schools, but one has better growth rate than the other. Both properties have a good walk score to the assigned schools.  But for the same listing price, one of them has listed a single family home with four bedrooms and the other one is a detached condominium with three bedrooms. 10 MINERAL KING, IRVINE CA 92602 Listing Price: $699,800 Beds: 4 Baths: 2.5 Sq. Ft.: 2,477 $/Sq. Ft.: $283 Property Type: Residential, Single Family Style: Two Level, Other Year Built: 2000 Community: North Park Builders Tract Name: Evergreen Builders Tract Code: EVRG Builders Model Code: 4 Monthly expenses: HOA Dues: $328/month ($183+$145) Property Tax ( 1.0595%):  $ 7,414 Annually Mello Roos: $1,631 Annually Monthly Property Tax+ Mello Roos: $754 Monthly Mortgage (30 YR Fixed, 3.625%): $2,553 Pricing History: Jun 04, 2012 Price Changed $699,800 Feb 21, 2008 Sold (Public Records) $700,000 Feb 27, 2006 Sold (Public Records) $875,000 Mar 13, 2002 Sold (Public Records) $472,000 Jun 30, 2000 Sold (Public Records) $406,500 Monthly Fixed Expenses: $3,635 In the North Park area, there were 53 homes for sale in May 2012, with a median list price of $799,000 ($321/SF). The most expensive property on the market in North Park is 39 Vacaville at $1,499,000. The least expensive property on the market is 305 Terra Bella at $315,000. Even though the house comes under Tustin Unified School District, it has excellent schools. Assigned schools: Hicks Canyon Elementary (K-5) API rank 10 API Score of 942 Orchard Hills (Middle School 5-7 for 2011, K-8 planned) API rank 10 API score of 952 Arnold Beckman High School (9-12) API rank 10 API score of 866 154 KINGSWOOD #117, IRVINE CA 92620 Listing Price: $685,000 Beds: 3 Baths: 2.5 Sq. Ft.: 1700 $/Sq. Ft.: $403 Property Type: Residential, Condominium Style: Two Level, Other Year Built: 2001 Community: Northwood Builders Tract Name: Arden Square Builders Tract Code: ARDS Builders Model Code: 1 Monthly expenses: HOA Dues: $118/month ($78+$40) Property Tax ( 1.0595%):  $ 7,258 Annually Mello Roos: $2,481 Annually Monthly Property Tax+ Mello Roos: $812 Monthly Mortgage (30 YR Fixed, 3.625%): $2,499 Pricing History: Apr 19, 2012 Listed (Active) $685,000 Nov 12, 2004 Sold (Public Records) $620,000 Monthly Fixed Expenses: $3,429 In the Northwood area, there were 103 homes for sale with a median list price of $739,000 ($333/SF). The most expensive property for sale in this zip code is 75 New Dawn at $1,829,000, and the least expensive property is 2118 Timberwood at $265,000. Northwood homes also have the best Irvine schools.  Irvine School District recommends calling the district office to confirm the schools, but these are the tentatively assigned schools for the property. Canyon View Elementary API Rank: 10 API Growth: 966 Sierra Vista Middle School API Rank: 10 API Growth: 948 Northwood High School API Rank: 10 API Growth: 908 Which one would you buy? If both the houses are built around the same time, and both are in safe/ non-hazardous areas, would a ‘better’ school force you to buy a smaller detached condo vs. a single family home?  Is $400+/SF price justified for the Northwood condos? Discuss below or on Talk Irvine.

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