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Wisterias Climbing

Posted: 04 Mar 2013 04:00 AM PST

Inventory on March 2nd, 2013: 201 Homes

On my blog "See spot buy or sell", I wrote about 95 Waterman #155 listed for $619,000:

"Given the market conditions, it might sell quickly also, at the listing price or even more. There are already talks about how all cash offers are pushing others away from the market. Remember those fairy tales where princes came from a land far away? I can imagine Realtors telling the story of the client coming from land far away with briefcases filled with dollars to make an all cash offer!"

The detached condominium sold for $630,000.

But two other comparative Wisteria homes sold within last six months didn't manage to reach the $600,000 mark. Low inventory has added the premium to all already overpriced Irvine homes. This is Irvine, this too shall sell, as long as there is someone ready to give an all cash offer. All along Irvine Boulevard, there is a lot of building activity. There will be a lot of new homes in the market soon. At this point, it's hard to state the effect of the influx of new inventory. New schools, new apartments in the neighborhood to help increase diversity or resale homes that have schools with proven track record?

Wisterias climb. It doesn't matter if they are climbing clockwise or counter clockwise- they just climb. Like the Wisteria homes in West Irvine.

85 Waterman,  Irvine CA 92602

Listing Price: $519,888

Bedrooms: 2 bedrooms
Bathrooms: 2.5 Bathrooms
Area: 1220 SF
Price/SF: $426
Year Built: 2002
Builder Tract name: Wisteria

I was in awe that the Wisterias went from $329/SF in October 2012 to $364/SF in February 2013.
Speechless as I note that it's listed for $426/SF. Low Inventory Fairy and her magic wand! As an Irvine homeowner myself, I am happy at the renewed irrational exuberance, but as a potential buyer, I feel priced out of this market. It's hard not to remember the Price/SF last year, and the four digit inventory in 2007.

Monthly Expenses:

Mortgage @ 3.625% : $1897
HOA Dues: $174
Property Tax: (1.0593%)$458
Mello Roos:  $110

Fixed  Monthly Expenses:  $2639

What would you do?
Will you buy before you are priced out?
Will you buy a new construction around the same price?

Comment below, or discuss at Talk Irvine.

The Real Estate Bloggers

The Real Estate Bloggers


Sinkhole Swallows Man Sleeping in Bed in Seffner, Florida

Posted: 01 Mar 2013 01:05 PM PST

SinkholePosterThis is about as scary as it gets. Imagine being asleep in bed and a sinkhole opens up right underneath your bed. While you are asleep…

Unfortunately this is what is presumed to have happened to Jeff Bush in Seffner, Florida on the evening of February 28th. His brother was saved by a sheriffs deputy who reached in and saved his life as he was being sucked in trying to rescue his brother. Investigators are still searching for the body but there is very little confidence Jeff Bush will be found alive.

“The floor was still giving in and the dirt was still going down, but I didn’t care. I wanted to save my brother,” Jeremy Bush said through tears Friday as he stood in a neighbor’s yard. “But I just couldn’t do nothing.”

The only thing sticking out of the hole was a small corner of a bed’s box spring. Cables from a television led down into the hole, but the TV set, along with a dresser, was nowhere to be seen. via the AP

What is even scarier is that from the outside the house it seems there is nothing wrong with it. The home seems to have no cracks or other problems. Inside is another story as the hole is over 30 feet wide spreads out to 100 feet the deeper you go. Florida is prone to sinkholes as the layer of limestone that forms the layer immediately below the ground will dissolve in water.

More about Florida Sinkholes (graphic at top taken from this site)

Video via NBC news

 

Visit NBCNews.com 

SCAM – The FBI Called And Wanted To Install A Security System

Posted: 01 Mar 2013 10:10 AM PST

Security-ScamA new scam is out there offering a free security system. The telemarketers are trying to trick you to install the new security system free of charge.

A telemarketer is offering a free install of a system, signs, and stickers. The system is automated and calling homes targeting the elderly it seems like.

First of all, the FBI is not in the security business. They are not even interested in residential crime. They deal with federal issues.

Secondly, the security installation business is cut throat. The government would not get involved in home security, at least for now…

So if you have gotten a message offering this installation, just ignore it. It is just another person lying to try to get into your wallet.

See this video from WTKR about the scam using the FBI to sell security systems…

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Closed Sales from 2/21/2013 to 2/27/2013

Posted: 01 Mar 2013 04:00 AM PST

Date Sold Address Zip Tract Sold Price Beds SqFt
Airport Area          
2/22/2013 5154 Scholarship 92612 The Plaza (5000 and 8000) $1,645,000 2 2000
2/27/2013 2212 Watermarke 92612 Watermarke $282,500 1 635
             
Columbus Grove          
2/21/2013 46 Snowdrop Tree 92606 Lantana $1,025,000 4 3000
2/25/2013 331 Silk Tree 92606 Savannah $520,000 3 1700
             
El Camino Real          
2/27/2013 8 Skipper 92604 Irvine Groves $479,000 3 1707
             
Northpark            
2/21/2013 7 Hallwood 92602 Santa Venetia $845,500 4 2300
2/21/2013 14 Walnut 92602 Saratoga $980,000 3 2700
2/21/2013 30 Whitford 92602 Rutherford (RUTH) $964,000 4 2850
2/26/2013 15 Bodega Bay 92602 Sonoma $865,000 4 2300
2/27/2013 10 Mineral King 92602 Evergreen (EVRG) $720,000 4 2477
2/27/2013 30 Pacific 92602 Huntington Collection $1,242,000 4 3500
             
Northwood          
2/21/2013 73 Grant 92620 Show Case $742,500 4 2557
2/22/2013 192 Garden Gate 92620 Glenneyre at Lanes End $485,000 2 1200
2/25/2013 92 Trailing Vine 92602 Tamarisk $441,000 3 1498
2/25/2013 265 Pineview 92620 Lakes, The $267,500 1 1050
2/26/2013 50 New Dawn 92620 RoseGate $1,900,000 7 4800
             
Quail Hill            
2/25/2013 26 Dovetail 92603 Jasmine $455,000 2 1200
2/25/2013 93 Canopy 92603 Laurel Quail Hill (LAUR) $800,000 4 2000
2/25/2013 225 Terra Cotta 92603 Soltice $685,000 3 1850
             
Turtle Ridge          
2/21/2013 115 Jadestone 92603 Ashton Green $435,000 2  
             
Turtle Rock          
2/22/2013 29 Trinity 92612 Concordia $1,402,000 5 3200
2/25/2013 34 Golden Eagle 92603 Shady Canyon Custom $4,390,000 5 5630
             
University Park          
2/26/2013 8 Acacia Tree 92612 Village III (Village Park) $420,800 2 1300
             
West Irvine          
2/25/2013 81 Linhaven 92602 Fieldstone Communities Inc $808,000 4 2478
2/26/2013 80 Linhaven 92602 Amberwood (W.I.) $775,000 4 2478
2/27/2013 63 Exeter 92612 Columbia Square $280,000 1 826
2/27/2013 78 Avondale 92602   $557,000 3 1622
             
Westpark            
2/22/2013 21 Giovanni Aisle 92614 Tiempo $387,000 2 1104
2/22/2013 1201 Reggio Aisle 92606 Aventura $435,000 2 1050
2/25/2013 18 Ghiberti 92606 Montage $888,000 4 2310
             
Woodbridge          
2/25/2013 54 Emerald 92614 Landing II $1,050,000 4 2860
2/27/2013 38 Willowgrove 92604 Grove (GR) $640,000 3 2040
             
Woodbury            
2/22/2013 6 Nature 92620 Santa Barbara $570,000 3 1559

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Open House Review: 22 Glenn

Posted: 28 Feb 2013 04:00 AM PST

This week, I visited 22 Glenn, an older (1980) home in Northwood.  It is located on a quiet cul-de-sac with a park at the end of the street and it backs to a greenbelt that divides it from the newer Northwood II neighborhood.

The basics:
Asking Price: $865,000
Bedrooms: 4
Bathrooms: 2.5
Square Footage: 2900
Lot Size: 5,820
$/Sq Ft: $298
Days on Market: 23
Property Type: Single Family Home
Year Built: 1980
Community: Northwood

There are no HOA dues or Mello Roos taxes.

The house is being sold “as is,” with obvious needs to paint and replace the carpet.  The sellers will give a credit back for both, giving the new buyers an opportunity to choose their own colors and styles.  The entryway, front hall, and kitchen have white tiles that, along with the dark grout, create an outdated look.  The house does have newer windows throughout.

The living room is just inside the entryway and one step down.  It has vaulted ceilings that make the large room feel even bigger.  Just past it, and on the same level as the hall, is the dining room.  It is an average size for the area and has a large window looking out to the yard.  Both rooms are currently carpeted and have older vertical blinds.

The kitchen and family room are at the back of the house.  The family room is a step down from the kitchen.  It has newer laminate flooring with a brick fireplace at one end and a wet bar in the back corner.  One wall still has wallpaper but the rest are painted.  The ceilings haven’t been scraped.  Several windows and a door look out to the backyard.

The kitchen has been updated with granite counters and stainless steel appliances.  There is ample counter and cabinet space, plus several pantry cupboards.  There is plenty of room for a casual dining table and many windows to make the room bright.  There is still an older style panel light, which has a rather strange floral design on it.

Off the family room, a small alcove leads to a half bath with a door to the outside.  This is a nice feature since there is a pool in the backyard.  Also in this alcove are a closet and the washer and dryer hookups, separated by a pocket-style door.  Garage access is off the laundry area.

The home is located on an inside corner, so the yard is bigger than average and wraps around the house.  A pool and spa sit in the corner.  On one side, there is a rock bed and, on the other side, a large patio.

Upstairs, there are four bedrooms.  The master sits by itself on one side and is a step up from the hallway.  It is a big room with vaulted ceilings and a huge retreat.  The retreat is one step down and separated by a railing.  Like the family room, it has a brick fireplace at the end and a wet bar in one corner.  Sliding doors from the retreat lead out to a balcony overlooking the yard.

The master bath has a large soaking tub and a big, separate shower.  These have both been remodeled with attractive tiles and sit next to large, frosted windows that give the room nicely filtered light.  In contrast, the vanity area – two sinks with a long counter in between – still boasts its original 1980s look from top to bottom.  Finally, there is a large, L-shaped walk-in closet.

The other three bedrooms are pretty standard.  They are all average-sized.  Two have sliding door closets and one has a walk-in.  Each room is carpeted and has one window with older-looking window treatments.  The bathroom they share has two sinks and a shower/tub combo.  The original fixtures and gold-trimmed shower doors, along with gray tile, definitely give the room a tired look.

Overall, you’re getting 2900 square feet of living space, with large rooms downstairs and a huge master bedroom for under $300 per square foot.  Plus, you get a backyard that is bigger than most others in the neighborhood.  Yes, the house needs some work, but the sellers will make up for some of it with a paint and carpet credit.  The bathrooms are old but in decent condition, so a remodel isn’t critical if it’s not in the budget right away.  I couldn’t find any other single family homes in Northwood for under $300/ft, so I think 22 Glenn is definitely worth checking out.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3582.0.html

 
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