Oak Creek bear rally knife catcher bleeds 20%

Feb 202012

In late 2007 knife catchers were the first wave of buyers after the peak. This group thought the initial stages of the price collapse was a brief respite from rapid price appreciation. To them, the dip was a buying opportunity. To anyone who understood valuation, it was obvious the initial drop was the first step toward a major decline in prices. The knife catchers from 2007 are severely underwater, and many like the previous owners of today’s featured property simple let them to back to the bank.

Proprietary Irvine Housing News home purchase analysis

2 PEARLEAF Irvine, CA 92618

$565,000 …….. Asking Price
$690,000 ………. Purchase Price
11/8/2007 ………. Purchase Date

($125,000) ………. Gross Gain (Loss)
($55,200) ………… Commissions and Costs at 8%
============================================
($180,200) ………. Net Gain (Loss)
============================================
-18.1% ………. Gross Percent Change
-26.1% ………. Net Percent Change
-4.6% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$565,000 …….. Asking Price
$113,000 ………… 20% Down Conventional
3.81% …………. Mortgage Interest Rate
30 ……………… Number of Years
$452,000 …….. Mortgage
$117,934 ………. Income Requirement

$2,109 ………… Monthly Mortgage Payment
$490 ………… Property Tax at 1.04%
$150 ………… Mello Roos & Special Taxes
$141 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$157 ………… Homeowners Association Fees
============================================
$3,047 ………. Monthly Cash Outlays

($337) ………. Tax Savings
($674) ………. Equity Hidden in Payment
$145 ………….. Lost Income to Down Payment
$91 ………….. Maintenance and Replacement Reserves
============================================
$2,272 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$7,150 ………… Furnishing and Move In at 1% + $1,500
$7,150 ………… Closing Costs at 1% + $1,500
$4,520 ………… Interest Points
$113,000 ………… Down Payment
============================================
$131,820 ………. Total Cash Costs
$34,800 ………. Emergency Cash Reserves
============================================
$166,620 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..

We're sorry, but it seems that we're having some problems loading MLS # S682832 from our database. Please check back soon.

Competing Listings

	$560,000 7 BLUEBELL		0.04 miles 3 bd / 2.5 ba 1,750 Sq. Ft.
	$719,900 6 PERIWINKLE		0.11 miles 4 bd / 2.5 ba 2,050 Sq. Ft.
	$499,900 18 CARNATION		0.41 miles 3 bd / 3 ba 1,525 Sq. Ft.
	$525,000 72 ALEVERA St		0.58 miles 4 bd / 2.5 ba 1,500 Sq. Ft.
	$515,000 29 WINTERHAVEN #9		0.69 miles 3 bd / 2.25 ba 1,373 Sq. Ft.
	$499,000 585 SPRINGBROOK		0.74 miles 3 bd / 2.5 ba 1,480 Sq. Ft.
	$475,000 517 SPRINGBROOK N #81		0.74 miles 3 bd / 2.5 ba 1,408 Sq. Ft.
	$669,000 41 WILLOWGROVE		0.87 miles 3 bd / 2.25 ba 1,987 Sq. Ft.
	$432,000 76 GREENMOOR #38		0.91 miles 3 bd / 2.5 ba 1,384 Sq. Ft.
	$360,000 228 GREENMOOR #101		0.91 miles 3 bd / 2.5 ba 1,406 Sq. Ft.

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