Irvine: Airport Condos Overview
Median home price is $377,000. Based on a rental parity value of $476,000, this market is under valued.
Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability.
Resale prices on a $/SF basis increased from $342/SF to $357/SF.
Resale prices have been weak for 1 month(s). Price momentum suggests weak prices over the next three months.
Median rental rates declined $33 last month from $2,008 to $1,975.
Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 9
Proprietary Irvine Housing News home purchase analysis 
3131 MICHELSON Dr #502 Irvine, CA 92612
$415,000 …….. Asking Price
Cost of Home Ownership
——————————————————————————
$415,000 …….. Asking Price
$14,525 ………… 3.5% Down FHA Financing
3.62% …………. Mortgage Interest Rate
30 ……………… Number of Years
$400,475 …….. Mortgage
$137,645 ………. Income Requirement
$1,825 ………… Monthly Mortgage Payment
$360 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$104 ………… Homeowners Insurance at 0.3%
$417 ………… Private Mortgage Insurance
$850 ………… Homeowners Association Fees
============================================
$3,556 ………. Monthly Cash Outlays
($392) ………. Tax Savings
($617) ………. Equity Hidden in Payment
$17 ………….. Lost Income to Down Payment
$72 ………….. Maintenance and Replacement Reserves
============================================
$2,636 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,650 ………… Furnishing and Move In at 1% + $1,500
$5,650 ………… Closing Costs at 1% + $1,500
$4,005 ………… Interest Points
$14,525 ………… Down Payment
============================================
$29,830 ………. Total Cash Costs
$40,400 ………. Emergency Cash Reserves
============================================
$70,230 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale on the MLS.
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$650,000 3131 Michelson Dr Unit 1108 |
0 miles 2 bd / 2 ba 1,293 Sq. Ft. |
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$525,000 3141 MICHELSON Dr #1005 |
0.09 miles 2 bd / 2 ba 1,293 Sq. Ft. |
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$598,800 3141 MICHELSON Dr #801 |
0.09 miles 2 bd / 2 ba 1,293 Sq. Ft. |
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$419,900 3141 MICHELSON Dr #405 |
0.09 miles 2 bd / 2 ba 1,297 Sq. Ft. |
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$459,000 21-416 GRAMERCY |
0.31 miles 2 bd / 2 ba 1,285 Sq. Ft. |
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$546,000 21-318 GRAMERCY |
0.31 miles 2 bd / 2.5 ba 1,681 Sq. Ft. |
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$489,500 1118 South SCHOLARSHIP |
0.67 miles 3 bd / 2 ba 1,360 Sq. Ft. |
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$390,000 128 AGOSTINO |
0.72 miles 3 bd / 2.5 ba 1,407 Sq. Ft. |
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$430,000 2305 WATERMARKE Pl |
0.74 miles 2 bd / 2 ba 1,123 Sq. Ft. |
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$445,000 3222 WATERMARKE Pl |
0.81 miles 2 bd / 2 ba 1,250 Sq. Ft. |
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Amend-extend-pretend is becoming more tenuous in the commercial market. Currently, $59 billion in loans are delinquent.
Trepp Reports CMBS Delinquencies Hit All-Time High
The delinquency rate for commercial mortgage-backed securities (CMBS) moved up 12 basis points in June to 10.16 percent, reaching an all-time high, according to a report from Trepp.
The delinquency rate includes loans 30 days delinquent or in foreclosure. In May, the rate surpassed 10 percent at 10.04 percent. A year ago, the delinquency rate was 9.37 percent and prior to breaking through the 10 percent barrier, the delinquency rate was 9.80 percent in April.
The percentage of loans seriously delinquent, or 60-plus days past due or in foreclosure, REO, or non-performing balloons, is at 9.73 percent. A year ago, the rate for seriously delinquent loans was 8.75 percent.
Trepp cited weak performance among lodging, office, and retail loans as reasons for the rise in the delinquency rate. However, the industrial segment showed improvement in June and multifamily loans remained unchanged for the month.
Late last year, Trepp predicted that the market could see an increase of 70 basis points in the short-term, and the rate has actually increased 64 basis points since late 2011.
There was one positive side to the report. Trepp stated that most five-year loans originated in 2007 were made in the first six months of that year, and so now that we are halfway into 2012, this means the number of five-year loans from 2007 are reaching their maturity dates and will fall off over the next six months.
“The soaring temperatures across the U.S. made for a very uncomfortable June in many places. With the level well over 10% now, the delinquency rate is equally uncomfortably high for CMBS investors. Driving the rate up has been the fact that only 28% of the loans from 2007 due to mature in 2012 managed to pay off in full. Just as the heat should break by September, investors should see some relief, too. Now that most of the 2007 loans coming due in 2012 have passed their maturity date, the delinquency rate should start to level off soon,” said Manus Clancy, senior managing director at Trepp.
Currently, $59 billion in loans are delinquent.
Based in New York, Trepp is a provider of information, analytics and technology to the CMBS, commercial real estate and banking markets.