Airport Area Condo prices moving up

Irvine: Airport Condos Overview

Median home price is $391,000. Based on a rental parity value of $504,000, this market is under valued.

Monthly payment affordability has been worsening over the last 2 month(s). Momentum suggests worsening affordability.

Resale prices on a $/SF basis declined from $357/SF to $347/SF.

Resale prices have been weak for 2 month(s). Price momentum suggests unchanging prices over the next three months.

Median rental rates increased $83 last month from $1,975 to $2,058.

Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months.

Market rating = 8

Proprietary Irvine Housing News home purchase analysis

2243 MARTIN #320 Irvine, CA 92612

$375,000 …….. Asking Price
$174,000 ………. Purchase Price
12/28/1993 ………. Purchase Date

$201,000 ………. Gross Gain (Loss)
($13,920) ………… Commissions and Costs at 8%
============================================
$187,080 ………. Net Gain (Loss)
============================================
115.5% ………. Gross Percent Change
107.5% ………. Net Percent Change
4.1% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$375,000 …….. Asking Price
$13,125 ………… 3.5% Down FHA Financing
3.65% …………. Mortgage Interest Rate
30 ……………… Number of Years
$361,875 …….. Mortgage
$110,057 ………. Income Requirement

$1,655 ………… Monthly Mortgage Payment
$325 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$94 ………… Homeowners Insurance at 0.3%
$377 ………… Private Mortgage Insurance
$392 ………… Homeowners Association Fees
============================================
$2,843 ………. Monthly Cash Outlays

($249) ………. Tax Savings
($555) ………. Equity Hidden in Payment
$16 ………….. Lost Income to Down Payment
$67 ………….. Maintenance and Replacement Reserves
============================================
$2,121 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$5,250 ………… Furnishing and Move In at 1% + $1,500
$5,250 ………… Closing Costs at 1% + $1,500
$3,619 ………… Interest Points
$13,125 ………… Down Payment
============================================
$27,244 ………. Total Cash Costs
$32,500 ………. Emergency Cash Reserves
============================================
$59,744 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

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	$300,000 1236 SCHOLARSHIP		0.57 miles 2 bd / 2 ba 1,037 Sq. Ft.
	$349,000 1152 SCHOLARSHIP		0.57 miles 2 bd / 1.75 ba 1,037 Sq. Ft.
	$490,000 1118 South SCHOLARSHIP		0.57 miles 3 bd / 2 ba 1,360 Sq. Ft.
	$649,000 8052 SCHOLARSHIP		0.63 miles 1 bd / 1.5 ba 1,335 Sq. Ft.
	$618,000 8062 SCHOLARSHIP		0.63 miles 1 bd / 1.5 ba 1,335 Sq. Ft.
	$594,000 5034 SCHOLARSHIP		0.63 miles 1 bd / 1.25 ba 1,175 Sq. Ft.
	$685,000 5057 SCHOLARSHIP		0.63 miles 1 bd / 1.5 ba 1,335 Sq. Ft.
	$675,000 8042 SCHOLARSHIP		0.63 miles 1 bd / 1.5 ba 1,335 Sq. Ft.
	$459,000 21-416 GRAMERCY		0.66 miles 2 bd / 2 ba 1,285 Sq. Ft.
	$445,000 3222 WATERMARKE Pl		0.73 miles 2 bd / 2 ba 1,250 Sq. Ft.

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