Posted: 17 Sep 2012 05:00 AM PDT
Super investment in Irvine!
That covers the listing description.
It’s a tri-level old and dated property in need of incredible amounts of TLC. Some people actually like buying properties with character and a little bit of history rather than invest in yet another sparkling new perigraniteel dream sold by The Irvine Company.
It backs to the busy Culver Drive. According to some veteran Irvine residents, homes close to Culver Drive are blessed with the white noise of a smoothly flowing river.
That covers the initial analysis based on MLS pictures.
What’s the reality?
So what have buyers paid for a similar property in the same village in 2011?
14502 Larch Ave $230/SF
What’s the property in question listed at?
Listing price: $624,500
Fixed Monthly Expenses: $2820
A newer house with similar monthly fixed expenses would be most probably a detached condominium, with a much smaller backyard and higher Mello Roos and HOA dues.
Similar river noises are offered at a newer house on the other side of 5 with TUSD schools with Irvine addresses. It went into escrow within days of being listed (lower listing price as well). This detached condominium has all the bells and whistles associated with a newer property , but it’s smaller, and has higher HOA dues and Mello Roos.
Monthly cost of owning this detached condo:
HOA Dues: $156 Monthly
What would you do?
Comment below, or discuss at Talk Irvine.
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