Please click here to see the edition of BuilderBytes for 1/27/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• New home sales fall slightly from November to end worst year on record; inventory just 6.1 months at current sales rates
• Pending home sales ease in December but still above year-ago levels
• Federal Reserve Open Market Committee opts to keep rates low through at least late 2014
• FHFA house price index rose by 1% in November but still down 18.8% from its April 2007 peak
• Durable goods orders surge for second consecutive month in December
• Economy continuing to improve according to Leading Indicator Index
• Mortgage applications fall by 5% in latest survey
• Initial unemployment claims rise by 21,000 in most recent survey

Want to advertise in the newsletter and reach over 100,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Author

Original

Location: On Sand Canyon Ave., between Jeffery and Irvine Blvd. is the Village of Stonegate East.
Builder: Irvine Pacific Homes by the The Irvine Company.

Exploring the homes of Capistrano:

The Capistrano homes are two-story duplexes between 1823 sf to 1956 sf. Three plans are offered, and the price range is mid-$500,000 to low-$600,000. Various options for the elevations, as many as seven for Residence 2 ensure a unique property. According to the sales agent on site, Residence 1 is no longer available, but they have Residence 2 and Residence 3 available.

The townhomes/duplexes at Capistrano are housed in Stonegate East village. This is a rectangular space between Highway 133, SandCanyon, Irvine Blvd and Spring Meadow. Some of the houses back Sand Canyon and Spring Meadow. Noise and air quality will still be affected greatly, considering there is Highway 133 in the vicinity.

(From www.irvinepacific.com)

All three floor plans have generous island space, home management center, granite slab kitchen counters with 6-inch backsplashes, Stainless steel double basin kitchen sinks, white Thermafoil finish cabinetry with under the cabinet task lighting, stainless steel appliance package for the kitchen. The Thermafoil finish might emit fumes for the first few months, but clean up and maintenance will be easier than wood cabinetry. 

The Master Suites have Kohler tubs with ceramic tile surround, separate shower with clear glass enclosure, dual sinks with cultured marble countertops, backsplash and Kohler polished chrome faucets. Cultured marble countertops are inexpensive and look good, but they need daily cleaning.

The kitchen and entry have ceramic tiles, bathrooms and laundry have vinyl, carpet in other living areas.
The elevations are typical Irvine Santa Barbara/ Formal Spanish and Early California styles. California rooms are a feature in all the plans, and the model homes that I visited had lovely play of light and shade in these spaces. The weather in Irvine would put that space to a lot of use. The roof tiles are fire resistant concrete. The windows are energy efficient, and they have high efficiency air conditioning/gas furnace/ tankless water heater/radiant barrier roof/bathroom fixtures.

The houses will be ideal with a young family of four. Not all of the schools are walk-able, even though the elementary school (Stonegate Elementary as per the information sheet provided by Irvine Pacific) is touted as walk-able, it’s almost a mile. The upper elementary school kids are capable of walking or biking a mile, but it will be almost unrealistic to expect younger children (K-3) to walk or bike for a mile early in the morning.

Freeway 5, 405, 133 and 241 are close to the community, making commute easier. Woodbury Town center is across the street, and that includes all necessary services and shopping. Within five miles are Orchard Hills Village Center, Trabuco Grove Shopping Center, Irvine Spectrum Center and the Market Place. There are plenty of bike routes encouraging biking in the area.

Here is the breakdown of HOA and Mello-Roos for the Capistrano houses:
Property tax: 1.05% of sales price
AD tax (Mello-Roos): $1579 per yr
CFD tax(Mello-Roos): $1700 per yr
Other taxes: $156 per yr
Overall tax: 1.7% approximately
HOA due are $251 per month. (Stonegate East HOA- 125, Capistrano HOA -126)
Fixed annual cost would be Mortgage + Property Tax + $6447 (Mello-Roos and HOA)

Here is an overview of the three plans offered, with some pictures:

Plan 1:

Offers three elevations, in three similar color palettes.
Area: 1823 Sq ft approximately
3 bedrooms, 2.5 bathrooms
These houses are offered at mid-$500,000.

One of the houses in this plan, 26 Loquat is currently renting for $2950 according to public records.
One of the houses in this plan, 35 Bromeliad was sold for $549,715 according to public records.

Fixed monthly cost of this house assuming the sale price of $549,715 would be Mortgage + 1018.25
Assuming that someone bought this house with at $550,000 with 20% down payment at the current rate of 4.25 (0 Points, One West Bank) for 30 Yr Fixed, the mortgage would be $2165.

Monthly cost of owning would be = $3183 (Not including the interest lost on the down payment, the various insurances required by mortgage companies, closing costs)

A detailed calculation using the NY times Rent Vs Calculator says that after the sixth year, owning would be cheaper than renting at the sixth year.

According to the Sales Agent, this plan is sold out.

Pros:
- California Room
- Home Management center
- Laundry upstairs, close to the bedrooms
- Tech room upstairs that makes the perfect home office/homework station
- Two sinks in the secondary bath room
- The wall to wall counter in the kitchen
- Wall of windows in the Great Room, Dining Room and Master bedroom for ample day light.

Cons:
- The Kitchen Island with Dishwasher that opens towards the stove. Impossible for two people to work in tandem in the kitchen.
- The powder room downstairs is far off the living spaces.
- The coat closet door and garage door open into a constricted corridor between entry and living spaces.
- The secondary bedrooms are very tiny, and the closets are too small to hold the clothes and toys of a child.

Since this plan was sold out, there are no pictures of the model house, but here is the link to the builder, Irvine Pacific’s website:

Plan 2:

Offers seven elevations, in seven similar color palettes.
Area: 1904 Sq ft approximately
4 bedrooms, 2.5 bathrooms
These houses are offered at high-$500,000.

One of the houses in this plan, 37 Deergrass was sold for $571,121 according to public records.

Fixed monthly cost of this house assuming the sale price of $571,121 would be Mortgage + 1018.25
Assuming that someone bought this house with at $570,000 with 20% down payment at the current rate of 4.25 (0 Points, One West Bank) for 30 Yr Fixed, the mortgage would be $2238.

Monthly cost of owning would be = $3256 (Not including the interest lost on the down payment, the various insurances required by mortgage companies, closing costs)
Suitable comparable property in the community couldn’t be found for rent vs. own comparison.

According to the Sales Agent, this plan is sold out, almost. (I expressed interest in buying one of these plans and the sold magnets moved mysteriously)
Irvine Pacific’s website shows one home available prices starting from $570,121.

Here is the link to the builder, Irvine Pacific’s website: http://www.villagesofirvine.com/Villages-and-Neighborhoods/Stonegate-East/Residence/Capistrano/Residence-2. If you see last picture of the kitchen, you will notice the lack of space for two people to work in tandem in the kitchen. Irvine Pacific must really think kitchen is one man/woman domain considering the repetition of the same layout in most of their kitchens!

Pros:
- Spacious entry room without doors colliding into each other
- Powder room close to living spaces
- Home Management Center
- California Sun Room!
- Loft upstairs that can be the family room
- Laundry room upstairs
- Closet size in the secondary rooms is acceptable
- Windows for ample natural daylight
- Two sinks in the secondary bathroom

Cons:
- The kitchen island with dishwasher and stove opposite of each other of course!
- Pantry, refrigerator, sink and stove locations don’t make it easy for the cook with a tight work triangle, but the lengthy counter with cabinets makes up for it.
- The staircase opens very close to the entrance making it hard to keep track of who entered and who exited.
- Master Bath looks like everything is just crammed in. Lacks spacious and airy feeling.
- If the loft is turned into a bedroom, there will be a long corridor from the staircase ending into the laundry room giving it a dormitory feel.
Here are a few pictures:

Plan 3:

Offers four elevations, in four similar color palettes.
Area: 1956 Sq ft approximately
4 bedrooms, 3 bathrooms
These houses are offered at low $600,000.

One of the houses in this plan, 28 Flowerstalk is currently renting for $3350 according to public records.
One of the houses in this plan, 25 Bromeliad was sold for $601,121 according to public records.

Fixed monthly cost of this house assuming the sale price of $601,121 would be Mortgage + 1018.25
Assuming that someone bought this house with at $600,000 with 20% down payment at the current rate of 4.25 (0 Points, One West Bank) for 30 Yr Fixed, the mortgage would be $2361.

Monthly cost of owning would be = $3380 approximately (Not including the interest lost on the down payment, the various insurances required by mortgage companies, closing costs)
A detailed calculation using the NY times Rent Vs Calculator says “If you stay in your home for 6 years, renting is better. It will cost you $45,971 less than buying, an average savings of $7,662 each year”.
Another calculation at the Irvine Pacific website, assuming we stay in the house for ten years, and there is zero appreciation, 2% increase in rent annually, rest of the parameters same as above:

Of course, the Irvine Pacific website does not include lost interest on downpayment, costs associated with the maintenance of the house, the insurance cost that would definitely put a dent in that $177k savings over the period of ten years of owning.

If you have made up your mind to buy, and want some reassurance from a third party crunching the numbers in your favor, use the Irvine Pacific calculator. If you are still dillydallying, leaning towards not buying, use the NYT calculator. The number crazy people like me can always use both, and add their own expenses/ savings to the list and come up with their own number. The banks aren’t paying much in interest, the stock market is going through crazy ups and downs that need constant monitoring, so some people might not have second thoughts before locking that amount in the downpayment for the house.

Coming to the floor plan of the house,
Pros:
- California Room! I just loved this concept. May be it was the time of the day I visited, or the well maintained and well planned little yard of the model, it was just an amazing space to spend a morning reading your favorite book, sipping coffee.
- Laundry upstairs, close to the bedrooms
- Two sinks in the secondary bath room
- The wall to wall counter in the kitchen
- Wall of windows in the Great Room, Dining Room and Master bedroom for ample day light.
- Bedroom downstairs, with an attached bathroom, and the entry opens into the great room rather than the long corridors.

Cons:
- The washer in the laundry room shares a wall with secondary bedroom, assuming there isn’t much sound proofing, there will be a lot of noise when the washer is running.
- The Kitchen Island with Dishwasher that opens towards the stove. My gripe continues.
- The work triangle in the kitchen isn’t too convenient either.
- The coat closet door and garage door open into a constricted corridor in “launch room” a tiny space between garage and kitchen. Too far off for the guests to drop their coats, and too close to the kitchen- the smells of the heavenly cooking won’t spare the jackets/coats.

There are four more homes available in this plan, starting from $599,579.
Here is the link to the builder, Irvine Pacific’s website: http://www.villagesofirvine.com/Villages-and-Neighborhoods/Stonegate-East/Residence/Capistrano/Residence-3

Here are a few pictures:

Schools:

When I plug in one of the addresses from the community in “My school locator” on the IUSD website, these are the displayed results.

Elementary School:

As of now, Stonegate Elementary will be the assigned school for this area, but the online school locator tool for IUSD lists “Portola Springs Future School” as the assigned school starting 2014.

Stonegate Elementary (K-6)
100 Honors, Irvine CA 92620
API Rank 10, API Score 954
Cultural Diversity: 46% Asian, 31% White (Data from www.greatschools.org)
Median teacher experience is 15 years and the student to teacher ratio is 23:1
Distance from home: Approximately 1.1 miles.
For more information about the school: http://www.iusd.org/sg/

Middle School:
As of now, the Middle School would be Sierra Vista Middle School. But, 2012-2013 academic year will bring the changes. The new middle school, “Jeffery Trails” will open in September 2013, and accept students from the communities of Stone Gate. It will be located at the corner of Jeffery and Trabuco.

For more information on the new school : (http://www.iusd.org/district_services/facilities_planning_and_construction/documents/PA40MiddleSchoolsite.pdf)

Sierra Vista Middle School (7-8)
2 Liberty, Irvine CA 92620
API Rank 10, API Score 948
Cultural diversity:  47% Asian and 36% White (Data from www.greatschools.org)
Median teacher experience is 17 years and the student to teacher ratio is 29:1
Distance from home: Approximately 3 miles
For more information about the school : http://www.sierravistams.org/

High School:
Northwood High School
4515 Portola Parkway, Irvine CA 92620
API Rank 10, API Score 908
Cultural diversity:  45% Asian and 43% White (Data from www.greatschools.org)
Median teacher experience is 10 years and the student to teacher ratio is 23:1
SAT Scores for 2011: Math: 579   Reading: 640   Writing: 603
Graduation rate: 95%
Distance from home: Approximately 3 miles
For more information about the school : http://www.northwoodhigh.org/

Parks:

Bluebird Park will be the primary park for the community. It is located in the center of the community, making it accessible to people from all sides, and the size is good enough to serve the community.

Personal observations:

Price is an important factor for many while buying a home. While not all these houses are brand new as the Capistrano houses, here is what $550,000-$600,000 would get in other Irvine Villages based on the recent sales:

1. 25 Night Bloom, Irvine CA 92602
4 Bedrooms, 3 Bathrooms/ 1750 SF
Sold for $575,000. (TUSD Schools with Irvine addresses, Detached Condo)

2. 214 Tuberose, Irvine CA 92603
4 Bedrooms/ 2.75 Bathrooms/ 1850 SF
Sold for $602,000.

3. 24 Land Grant, Irvine CA 92618
4 Bedrooms/ 3 Bathrooms/ 2077 SF
Sold for $604,400. (Detached Condo)

4. 37 Wild Trails, Irvine CA 92618
3 Bedrooms, 3 Bathrooms/ 2092 SF
Sold for $525,990.

All of them have their own set of pros and cons, and comparatively, Capistrano homes aren’t as overpriced as some other new homes are. But then, location plays a very important factor here. Capistrano homes are sandwiched between freeways and very busy streets. Air quality and noise levels will be a major concern for anyone planning to live in this community long term. The tall walls might not completely block all the motor vehicle exhaust from entering the community, and since this community is geared towards families with young children, it might be a huge risk for the residents.

Various health studies have shown that living close to major highways and very busy streets might elevate the risk of asthma and reduced lung function in children. Also, there have been associations with cardiac and pulmonary mortality. Most of the studies were conducted in the communities living in 200m of a highway.

The floor plans are good enough, with minor complaints about the kitchen work triangle. The bedrooms and closets in the first plan are very small. The California room will be my favorite aspect of the house. Master bathroom layout of the Residence 3 is designed very well, there is almost no wasted space. The tech room is another favorite. As someone who works from home a lot, I find it easier to be in an open space than be cooped up in a room. Some people like the long unending counters, but I feel it’s easier to work in the kitchen with L or U shaped counters.

What is your favorite part about the homes at Capistrano, Stonegate East?
What “con” did you notice? What would be your ideal blend of the three plans?
Do you agree with the proposed price tag?
Are you assuming that the HOA will remain low in the coming years?

Original

zovall: The post below is written by Michelle Jones

Hi, I’m Michelle! I’m originally from Sacramento, but I’ve been living in Newport Beach since 2001. Currently, my husband and I live on the edge of Newport Beach and Irvine, with our two dogs. Despite the fact that we are currently renters, we are both very interested in the real estate market, and house hunting. Our guilty pleasure is anything on HGTV. Currently, I work full time as an account manager for an internet company, and help with IHB in my spare time.

Today I’m going to review for you two homes that sold within the past three months for similar prices in the Westpark neighborhood of Irvine.

House 1: 22 Palermo, Irvine, CA 92614

Sold for $604,000 in October 2011
Beds: 3
Baths: 2.5
Sq. Ft: 1,787
$/Sq. Ft: $338
Lot Size: 5,751 Sq. Ft.
Property Type: Residential, Single Family
Style: Two Level, Mediterranean
Year Built: 1988

The house would definitely give you more space, but will require some upgrades to the kitchen. The appliances and tile counter tops need to be upgraded to stainless steel and granite, cupboards are slightly dated, the wallpaper border will need to be taken down, and backsplash added. However, the plantation shutters are a huge plus, and the kitchen windows look out into the backyard.

The backyard has a nice combination of both grass and concrete, and with the minimalist landscaping, at least there isn’t too much additional upkeep.

There are ceramic tile floors throughout the first floor of the house, which are at least durable and easy to clean, if nothing else. The second floor is fully carpeted, appears to be in good condition and is newer carpet.

Another bonus feature with this home is the HOA fee is low, at $41, and it offers a pool, spa and tennis courts in the community.

House 2 – 9 Palagonia Aisle, Irvine, CA 92606

$605,000
Beds: 3
Baths: 2.5
Sq. Ft: 1,500
$/Sq. Ft: $403
Lot Size: 2,500 Sq. Ft.
Property Type: Residential, Condominium
Style: 3+ Levels, Contemporary
View: Park/Green Belt
Year Built: 1999

This condo, on the other hand, offers views, an outdoor space with a BBQ and low maintenance landscape, and is 10 years newer than the house. Additionally, even though it is technically listed as a condo, it is actually a detached “villa”.  All pictures for this one were lo-res.

The living room brings in a substantial amount of light, but does lack some decent blinds.

And although the flooring in the kitchen is a step up from the house, the appliances and tile counters need to be upgraded to stainless steel and granite.

And the outdoor space is lacking.

The HOA fees for this one are also substantially more at $172, which apparently only gives you pool, BBQ access, and a gated community.

In summary, for a slightly older home that does require some upgrades, you will have more square footage, but will also need some extra cash to spend on making those upgrades to your home. However, for the newer home at the same price, you not only sacrifice the square footage, but your outdoor space as well, and you would still need to upgrade the kitchen on top of all that. So, since you’re going to need to upgrade the kitchens in either home, why not acquire the extra square footage? Sure, you’ll probably need to spend a little more money to upgrade the house, but at least it will be to your own personal taste, and you’ll have space and privacy from your neighbors, instead of them practically being on top of you in the condo.

Original

Please click here to see the edition of BuilderBytes for 1/25/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicator:

• IMF predicts mild European recession, lower global growth for 2012

Want to advertise in the newsletter and reach over 100,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Author

Hello readers, I'm Nilam and was one of the first original fans of IHB (might have something to do with the fact that I'm married to zovall/Omkar).  I've lived in Irvine since 2003 and am very happy to call the city home to our family of three, which includes our one year old daughter.  While I have no formal real estate training, I love to write and learn about our community, and do so from the perspective of a mother and wife.  I'm a stay at home mom these days but in my former life, I was a web marketing executive at an insurance company and hold an MBA from the University of Arizona and a BA from UCLA (go Bruins!).

Recently I took a tour of Plan 4 in the Esplanade tract in Woodbury.  I really wasn't interested in the smaller units so I spent my time in the Wisteria model. 

For some, it might seem strange that a home of this size would be attached.  I felt that way too, until I moved to Irvine and drank TIC's Kool-Aid became familiar with the more recent home offerings.  Land squeezing in Irvine has been discussed to death on this blog so I won’t belabor the point.  Honestly, I was just happy to see this square footage at this price (go ahead – judge away – but I haven't seen too much in Irvine with this kind of pricing on a new home of this size in a while so I was curious).  Here’s a link to the homes and here are the facts:

Village: Woodbury
Tract: Esplanade
Model: 4: Wisteria
Square Feet: 2074
Bedrooms: 3
Bathrooms: 3
Price: Release 5 span from $535,575 (may have builder incentives available)
Base Property Tax: 1.05% of sales price
Mello Roos: $4623 per year
Association fees: $105 for Woodbury community, $193 for Esplanade tract
Builder: Taylor Morrison

While I normally find something off about model homes and their décor, I must say, this one was impeccably furnished/finished.  So much so that when I first walked in I was enamored.  Let’s start downstairs.

Upon entry, you come into a short corridor.  To your right are the stairs to the second floor (Please excuse the stroller). 

To the left, an entry to the first bedroom and ¾ bathroom (no tub but very nicely finished shower).  The bedroom is a decent size and faces the front of the house.

Past the bedroom and stairs is a great room that I really liked.  It includes a kitchen with a large island spilling over into a family room with a dining area off to the side.  The family room and dining area are lined with windows and since there are no walls separating these areas, they really add light to the space.  The kitchen didn’t have a walk-in pantry but the cabinet space and counter space seemed ample and I likes me some space in the kitchen.

Whoever decorated this model did an outstanding job.  I walked into that room and thought, “Wow.  This is a space I’d love to live in.”  It felt big and I liked it!  But then I kept looking…

On the other side of the great room is the home management (?) center (fancy term for a couple desks along the wall) in a skinny corridor followed by a utility room.  The utility room is also long and skinny; the washer and dryer are lined up along one wall and had a sink on one side and a counter on the other.  Beyond that is the door to a side by side two car garage. 

The garage had additional space for storage.  Did I mention it was a side by side garage?  Sorry, that really appeals to me because our current garage is tandem and I am amazed at the ways my body has contorted to get in and out of our car.  But back to this model.

Off to the side of  the living space is a small (and I do mean small) courtyard.  I found this disappointing.  For 2074 square feet; it would be nice to see more outdoor space and in the description I had read before visiting, it seemed like there would be some space for a little one to play around in.  Well, at least the little one could stand around out there.

Despite the airiness of the great room, the layout of the home gives a slightly awkward feel upon entry because it is obvious that the home is long and thin, which reminds you that the layout is a condo.  It’s clear that the design was meant to fit this condo mold, rather than a home that was designed in an ideal way.  The more I thought about it, the more I realized that the decor was what I liked, not the home.  It's actually kind of like a submarine, long and skinny. 

On to the second floor!  At the top of the stairs, there is another awkward view of the long skinny floor plan.  When I saw the plan on paper, the space seemed more awkward than it did in reality but it's still strange.

The master bedroom was a decent size with a nicely upgraded bathroom attached.  The shower stall is large and the model had attractive earthen tiles next to a full sized tub.  Beyond the bathroom is a nice square walk-in closet.  The master also has a Juliet’s balcony that didn’t really add to the bedroom in my opinion.  Maybe if there was a view, or an area to sit, it would make more sense.  Or maybe if we were in Verona,  and there was a gentleman calling, it would make more sense.  In this place, it didn’t.  All in all the master was nice but not particularly outstanding.

The loft wasn’t huge – the designer had placed a flat screen on the wall but the space seemed small for that.  It might serve well as a playroom or hobby studio. 

Off of the loft is a linen closet and the third bedroom.  The third bedroom was larger than I expected.  This full bath was also nicely furnished and the space itself is pretty good and didn’t feel cramped.

Here are some of the pros and cons to this model as I see ‘em:

Pros:
• Large rooms
• Great room is open and airy
• Side-by-side garage
• Pricing is decent compared to other homes of this size
• Corner unit (only share one wall)
• None of the living space is above or below anyone else’s unit

Cons:
• Long, skinny plan is awkward
• Very small outdoor space
• Bedroom downstairs is not ideal for families with multiple young children (although if your in-laws are visiting, this might be a pro!)
• No powder room for guests

While there were some really nice things about this home, it wouldn't be a fit for our family.  Have you visitied Esplanade?  What do you see as the pros and cons?

Original

Please click here to see the edition of BuilderBytes for 1/23/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• Existing home sales in December show uptrend

Want to advertise in the newsletter and reach over 100,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.

Author

Wendy Larson has lived in Irvine for over twelve years. She graduated from Woodbridge High School, took some courses at Irvine Valley College and eventually graduated from Penn State University as the Student Marshal with Highest Distinction. After graduation, Wendy was awarded a teaching assistantship in the South of France. After a year of working abroad Wendy moved back to Irvine. She is currently a Senior Operational Trainer at a health care company in Costa Mesa. Wendy spends her free time writing, public speaking and mentoring individuals looking to improve their speaking skills.

Located in one of the most picturesque areas of Irvine, Woodbridge Village offers distinct housing communities, charming views and an atmosphere that appeals to families, couples and singles alike. Nestled between the major streets of Jeffrey and Culver, and intersected by Barranca Parkway (North Lake) and Alton (South Lake), Woodbridge Village is situated around two gorgeous lakes and is convenient to all community amenities.

The residential communities consist of a mixture between single family residences, condos and apartments. Take a drive on East Yale Loop and West Yale Loop to get a scope of the residential neighborhoods within Woodbridge Village. This area is intrinsically unique in look and feel from the rest of Irvine. Much of the community is maintained by the Woodbridge Village Association, to which residents must pay homeowner’s association dues. The Association owns and operates 41 recreational facilities and does a great job ensuring these facilities are clean and well landscaped for all to enjoy.

The area has a close proximity to dining, shopping, parks, and athletic fields. Dotted along Barranca Parkway are major shopping centers, including the Woodbridge Village shopping center, The Crossroads, Woodbridge Square and the District at Tustin Legacy. If you’re looking for entertainment, dining and shopping in one spot, Woodbridge Village is just a hop, skip and a jump away from the nearby Irvine Spectrum. If education is your top priority, Woodbridge Village is within walking distance to Eastshore Elementary, Stone Creek Elementary, South Lake Elementary, Meadow Park Elementary, Lakeside Middle School, Woodbridge High School and Irvine Valley College. The Woodbridge Village shopping center also offers extracurricular educational facilities including Kumon Math and Reading Center, Mission: Renaissance Fine Arts Classes, and Aloha Mind Math.

The most popular attractions of this region are the North and South lakes. Two bridges, one spanning across Alton and the other crossing Barranca Parkway, link together the pedestrian access to both lakes. Enjoy the mountain backdrop as you relax in the gazebo on the lake, and watch the children feed the ducks. Or, grab a window booth in Ruby’s Aqua Diner and enjoy a meal while gazing over the water.

If fitness is on your agenda, you’ll appreciate how the layout of the community encourages exercise by providing bike trails where cyclists and joggers can enjoy a pleasant and safe route through the neighborhoods. CorePower Yoga offers day, night and weekend classes for beginners to advanced yoga enthusiasts. And of course, nearly all major gyms are within fifteen minutes driving distance. 

With its convenient location, stunning views, and alluring housing, it’s worth giving Woodbridge Village some consideration if you want to buy in the city of Irvine. If you’re thinking it seems too good to be true, you may want to scope out the area to see if it’s right for you. Let me point out a few things you may want to consider should you decide to take a deeper dive into the community.

The oldest parts of Woodbridge date back to the 1970s, and it is obvious the housing is more dated than the rest of Irvine. The majority of Woodbridge Village was designed to reflect the New England Cape Cod style, which is visually prominent in the housing tracks bordering the lakes. But let’s be honest here folks. This is not Cape Cod, nor does it feel like Cape Cod! You can only pull off the Cape Cod style on the East Coast. It doesn’t belong in Orange County. California has its own coastal flair. We are deeply rooted in a contemporary look and feel, which the newer communities celebrate. The early architects of Irvine may not have fathomed the growth and development of the planned communities that currently populate the city. The California stucco and neutral color palette that characterize the newer housing and retail developments make Woodbridge Village stick out like a sore thumb. Because of the change in aesthetics, Woodbridge Village seems old.

The Woodbridge Village shopping center is drab. It’s one of the few timber constructed centers in all of Irvine. The wooden shingle exteriors and deeper paint colors make the center seem dark with too much shade. Other than Ruby’s, Stein Mart and Barnes & Noble, there aren’t any big name retail draws. Sometimes I wonder how these businesses keep their doors open. Ten years ago it used to be full of boutique style shops, but newer strip malls attract more crowds and the center is now home to more medical offices rather than stores. While the Woodbridge Village shopping center contains a movie theatre, the movies are several months old and have already cycled through the regular circuit. By the time the movies reach the Woodbridge Village theatre you’ll have read the reviews online or have gotten the Cliff’s Notes version from your kids. There is a sandbox area with over-sized concrete frogs that the kiddies can climb on, but let’s face it, with awesome lakes flanking both sides of the center the frogs seem a little lame. I don’t want to paint the wrong picture of the center. It’s a nice center to walk through and relax in. I just think the whole center, much like Woodbridge Village, needs an overhaul or at least a facelift.

There are additional areas that need some love. The scars of failed businesses and empty buildings give the area a depressive feel. For example, the Waters Restaurant is now an empty shell sitting on the lake. With its premium location, the restaurant was once an impressive dining experience. Currently it’s boarded up. A razed gas station surrounded by a chain link fence in the parking lot of the Woodbridge Village shopping center, is an eyesore. The timber constructed Bank of America has packed up shop and the space is now inhabited by a less well-known credit union. Then there’s the dark wooden shingle Wachovia building. It looks like it’s sagging. Maybe it’s because Wells Fargo bought them out. Other areas look downright deserted. Some people might call the neighborhoods quiet. Others would describe it as a reminder of tough times. I think that if retail traffic increased and if the buildings could be updated, Woodbridge might have a fighting chance. The truth is however, that Woodbridge Village has been overrun with medical offices that cater to the nearby retirement community. It would be hard to restore it. 

Woodbridge Village is still a wonderful community to live in. Just because it’s an older community doesn’t mean it lacks charm. My advice: look at the big picture and decide if Woodbridge Village matches your preferences.

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Please click here to see the edition of BuilderBytes for 1/20/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

• NAHB Housing Market Index rises to highest levels since June of 2007
• Housing starts fall more than expected in December to cap worst year on record; building permits remain flat
• Philadelphia Fed survey shows continued moderate growth in January
• Initial unemployment claims drop by 50,000 from previous week
• CPI unchanged in December but up by 3.0% for 2011
• Industrial production rose by 0.4% in December and by 3.1% in 4Q 2011
• Wholesale prices fall in December but still up by 4.8% for all of 2011
• Mortgage applications rise sharply in second week of new year

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Author

Here are the closed sales in Irvine over the last week (1/12/2012 – 1/18/2012).  See anything interesting?  Did you visit any of these homes?

43 Copper Creek and 27 Vernal Springs are actually in Shady Canyon. For such a difference in size, it is interesting that the price is so similar. Any ideas why that may be the case?

The house on Doheny seems to be a low price for a detached SFR (that what it seems to be to me). The listing shows that it definitely needed some work. It is on a 6,000 square foot lot though.  

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