Northpark prices showing signs of stabilization

Irvine: Northpark Overview

Median home price is $534,000. Based on a rental parity value of $624,000, this market is under valued.

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

Resale prices on a $/SF basis increased from $293/SF to $294/SF.

Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.

Median rental rates increased $83 last month from $2,506 to $2,590.

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

Market rating = 6

Proprietary Irvine Housing News home purchase analysis

30 PACIFIC Grv Irvine, CA 92602

$1,338,000 …….. Asking Price
$990,000 ………. Purchase Price
6/15/2003 ………. Purchase Date

$348,000 ………. Gross Gain (Loss)
($79,200) ………… Commissions and Costs at 8%
============================================
$268,800 ………. Net Gain (Loss)
============================================
35.2% ………. Gross Percent Change
27.2% ………. Net Percent Change
3.3% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$1,338,000 …….. Asking Price
$267,600 ………… 20% Down Conventional
3.62% …………. Mortgage Interest Rate
30 ……………… Number of Years
$1,070,400 …….. Mortgage
$263,651 ………. Income Requirement

$4,879 ………… Monthly Mortgage Payment
$1,160 ………… Property Tax at 1.04%
$283 ………… Mello Roos & Special Taxes
$335 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$155 ………… Homeowners Association Fees
============================================
$6,811 ………. Monthly Cash Outlays

($1,169) ………. Tax Savings
($1,650) ………. Equity Hidden in Payment
$315 ………….. Lost Income to Down Payment
$187 ………….. Maintenance and Replacement Reserves
============================================
$4,495 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$14,880 ………… Furnishing and Move In at 1% + $1,500
$14,880 ………… Closing Costs at 1% + $1,500
$10,704 ………… Interest Points
$267,600 ………… Down Payment
============================================
$308,064 ………. Total Cash Costs
$68,800 ………. Emergency Cash Reserves
============================================
$376,864 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

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	$988,800 28 CALISTOGA		0.11 miles 4 bd / 3.5 ba 2,839 Sq. Ft.
	$1,249,000 14 RIVERSIDE		0.19 miles 5 bd / 4 ba 3,250 Sq. Ft.
	$1,389,800 36 MALIBU		0.22 miles 4 bd / 4 ba 3,500 Sq. Ft.
	$1,098,800 7 MALIBU		0.29 miles 4 bd / 2.5 ba 3,029 Sq. Ft.
	$1,250,000 2 CRESTWOOD		0.29 miles 5 bd / 4 ba 3,200 Sq. Ft.
	$1,198,000 26 MAYWOOD		0.3 miles 5 bd / 3.5 ba 3,029 Sq. Ft.
	$1,275,000 36 VACAVILLE		0.31 miles 5 bd / 4 ba 3,200 Sq. Ft.
	$1,150,000 22 MAYWOOD		0.31 miles 5 bd / 4 ba 3,220 Sq. Ft.
	$1,499,000 39 VACAVILLE		0.34 miles 6 bd / 3 ba 3,500 Sq. Ft.
	$1,299,900 41 CANYONWOOD		0.43 miles 5 bd / 3 ba 3,120 Sq. Ft.

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