Irvine Housing Blog

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Wisteria or Liberty Posted: 23 Jul 2012 05:00 AM PDT Two West Irvine detached condominiums on the market have the same floor plan, and same listing price of $609,900. But, around their listing price is a single family residence with wood flooring, crown molding and other upgrades. At $639,000, it might end up working cheaper to own a single family residence than a condominium. What compels people to buy the overpriced condominiums when the single family residences are listed for a better price? The community is still the same, and the schools are the same. 71 GLEN ARBOR #126 Listing Price: $609,900 Beds: 4 Baths: 2.75 Sq. Ft.: 1,730 $/Sq. Ft.: $353 Property Type: Residential, Condominium Style: Two Level, Mediterranean Year Built: 2001 Community: West Irvine Builders Tract Name: Wisteria Builders Tract Code: WIST Builders Model Code: Cabrillo, 4 Monthly expenses: HOA Dues: $174/month ($119+$55) Property Tax ( 1.0595%):  $6462 Annually Mello Roos: $1383 Annually Monthly Property Tax+ Mello Roos: $654 Monthly Mortgage (30 YR Fixed, 3.5%): $2,191 Monthly Fixed Expenses: $3,019 165 CHURCH PL, IRVINE CA 92602 Listing Price: $639,900 Beds: 4 Baths: 2.5 Sq. Ft.: 1,755 $/Sq. Ft.: $364 Property Type: Residential, Single Family Style: Two Level, Traditional Year Built: 1998 Community: West Irvine Builders Tract Name: Liberty Builders Tract Code: LIBT Builders Model Code: C Monthly expenses: Property Tax ( 1.0595%):  $6780 Annually Mello Roos: $1147 Annually Monthly Property Tax+ Mello Roos: $660 Monthly Mortgage (30 YR Fixed, 3.5%): $2,296 Monthly Fixed Expenses: $2,956 Owning a single family residence with its own lot is cheaper than owning a condominium in West Irvine. Which one would you? What justifies your decision? Do you think an HOA will keep the community in a better shape than a community without one?  If given a choice, I would pick the Single Family residence over the condominium in this case.

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