Irvine Housing Blog

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Proclamation, Which Way? Posted: 02 Jul 2012 05:00 AM PDT 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.

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