Irvine Housing Blog

Posted: 30 Jul 2012 05:00 AM PDT

If somebody had offered me to give me more than double of my investment in seven years, or at least double it in twelve years, recession notwithstanding, I would have scoffed at the idea. But that’s exactly what two real estate investments have paid off in Northwood. From their initial price of around $600k in 1999/2000, both have managed to climb steadily to their offered price around $1.4 million today.

14 ARBORWOOD, IRVINE CA 92602

Beds: 5
Baths: 3.5
Area: 3,700 SF
Price/SF: $378
Lot Size: 7,172 Sq. Ft.
Year Built: 2000
Builders Tract Name: Somerton
Builders Tract Code: SOMT
Builders Model Code: 3
Property Type:Residential, Single Family
Style:Two Level, Mediterranean
View:Orchard/Grove, Pasture, Trees/Woods
Community: Northwood County

Sales History:
Jul 09, 2012 Listed (Active) $1,399,900
Jan 29, 2007 Sold (Public Records) $1,450,000
Sep 29, 2000 Sold (Public Records) $601,000

Monthly expenses:
Mortgage: $5029
Home Owner’s Association: $150
Property Tax + Mello Roos: $1265 Monthly ($15,178 Annually)

Fixed Monthly Expenses: $6444

9 GARNET, IRVINE CA 92602

Beds: 4
Baths: 3.75
Area: 3,700 SF
Price/SF: $386
HOA Dues: $156/month
Lot Size: 6,200 Sq. Ft.
Year Built: 1999
Builders Tract Name: Somerton
Builders Tract Code: SOMT
Builders Model Code: 4
Property Type:Residential, Single Family
Style:Two Level, Mediterranean
Community: Northwood

Sales history:
Jul 25, 2012 Listed (Active) $1,429,000
Jun 01, 2007 Sold (Public Records) $1,650,000
Sep 10, 1999 Sold (Public Records) $600,000

Monthly expenses:
Mortgage: $5,133
Home Owner’s Association: $156
Property Tax + Mello Roos: $1288 Monthly ($15,450 Annually)

Fixed Monthly Expense: $6577

My view:

A few hundred here, and a few hundred in monthly expenses do not make a difference for a buyer of these properties, but the floor plan does. Both the houses are beautifully upgraded and maintained. But 9 Garnet with it’s grand staircase steals the show.

Which one would you buy?
Do you look for elements of grandeur when you spend more than a million on the house?