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Are upgrades worth a $500K premium on this Irvine home?
November 6th, 2009, 5:00 am · 5 Comments · posted by Erika Chavez, Staff Writer
My husband likes to joke that he’d never buy the nicest house on the block, because that would make it Target #1 for thieves.
That’s not a concern in Irvine (if you believe the safety statistics), but this Turtle Rock home still caught my eye for what set it apart from its neighbors: the price.
The property at 19421 Sierra Noche Road is listed for $1,475,000, which seems steep for this neighborhood. According to Redfin, similar homes in neighboring “Sierra” streets have sold for between $855,000 and $939,000 in recent months.
The home’s exterior seems unremarkable. So why the hefty premium? The property description clues us in:
You really can have it all in Turtle Rock! Eco-conscious and technologically advanced home meets the most discriminating taste in high-end upgrades and materials. Over $600,000 spent in 2008 customizing from the studs. New everything throughout including insulation, electrical, plumbing, drywall, windows, doors, furnace, a/c, roof, appliances, floors, cabinetry, fixtures etc. No expenses spared…Walker Zanger glass in kitchen and baths. 2 dishwasher drawers and warming drawer. Blue Star commercial 48′ range. Vent-a-hood. All maple cabinets have upgraded box construction featuring dovetail joints and soft-close drawers. $80,000 solar system with off-grid battery backup to run power in the event of blackouts to customized ports like the refrigerator, lights and even the internet!
This home was last sold in March 2006 for $1,295,000. Which means that after the $600K in upgrades, it looks like the sellers will be taking a hefty loss.
CLICK THE PHOTOS for a closer look. As you can see, even the baby’s bedroom looks like it’s straight out of a magazine.
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So…what do YOU think? Would you buy the nicest/most expensive home in the neighborhood? Why or why not?
And when it comes to upgrades, what’s most important or valuable: kitchen, floors, bathrooms? What about extras like a solar power system? Weigh in!
5 Comments
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$600,000 in upgrades on a $1,000,000 house. Good luck getting that one appraised. What a waste. Sorry, just my opinion. I’d rather use a colman stove than spend $600,000 of my money on “pretty” things.
It’s a beautiful house. But, they over improved. They made the mistake, now they will never recoup their improvements.
No one ever gets their money back on over the top improvements like this. Realtors always say its better to buy the worst house on a nice street and improve to the level of the neighborhood than to buy a house like this.
When I’m looking for a property, I never can figure why people think that I want to buy their customizations.
There is a home I want to buy that has no upgrades and the seller wants top dollar for it. They are the smart ones if it sells. I passed on their counter offer.