Turtle Rock resale prices up 7.0% after recent shard declines. Rents are up 4.5%.
Median home price is $730,000. Based on a rental parity value of $640,097, this market is over valued.
Monthly payment affordability has been worsening over the last 4 month(s). Momentum suggests worsening affordability.
Resale prices have been rising for 2 month(s). Price momentum suggests unchanging prices over the next three months.
Resale prices that are unchanging generally causes payment affordability to decrease.
Rents have been rising for 9 month(s). Price momentum suggests rising rents over the next three months.
Rents that are rising generally causes payment affordability to decrease.
Today’s featured property is a Turtle Rock home for under $300/SF. With over 2,400 SF and a three-car garage, this is affordable by Turtle Rock standards.
Proprietary Irvine Housing News home purchase analysis 
12 MORNING Vw Irvine, CA 92612
$699,000 …….. Asking Price
$595,000 ………. Purchase Price
7/1/2003 ………. Purchase Date
$104,000 ………. Gross Gain (Loss)
($47,600) ………… Commissions and Costs at 8%
============================================
$56,400 ………. Net Gain (Loss)
============================================
17.5% ………. Gross Percent Change
9.5% ………. Net Percent Change
1.8% ………… Annual Appreciation 
Cost of Home Ownership
——————————————————————————
$699,000 …….. Asking Price
$139,800 ………… 20% Down Conventional
3.91% …………. Mortgage Interest Rate
30 ……………… Number of Years
$559,200 …….. Mortgage
$146,954 ………. Income Requirement
$2,641 ………… Monthly Mortgage Payment
$606 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$175 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$375 ………… Homeowners Association Fees
============================================
$3,796 ………. Monthly Cash Outlays
($607) ………. Tax Savings
($819) ………. Equity Hidden in Payment
$187 ………….. Lost Income to Down Payment
$107 ………….. Maintenance and Replacement Reserves
============================================
$2,665 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$8,490 ………… Furnishing and Move In at 1% + $1,500
$8,490 ………… Closing Costs at 1% + $1,500
$5,592 ………… Interest Points
$139,800 ………… Down Payment
============================================
$162,372 ………. Total Cash Costs
$40,800 ………. Emergency Cash Reserves
============================================
$203,172 ………. 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 # S687834 from our database. Please check back soon.
Competing Listings
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$825,000 8 EL PASEO |
0.34 miles 3 bd / 2.75 ba 2,104 Sq. Ft. |
|
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$1,090,000 31 SARENA |
0.35 miles 3 bd / 2.5 ba 2,328 Sq. Ft. |
|
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$948,000 28 SARENA |
0.35 miles 3 bd / 3 ba 2,108 Sq. Ft. |
|
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$1,090,000 8 GALAXY |
0.43 miles 3 bd / 2.5 ba 2,370 Sq. Ft. |
|
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$895,000 7 SAN RAMON Dr |
0.67 miles 3 bd / 3 ba 2,300 Sq. Ft. |
|
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$1,060,000 14 MONTEREY #1 |
0.67 miles 3 bd / 2.5 ba 2,328 Sq. Ft. |
|
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$824,900 12 MONTEREY #2 |
0.67 miles 3 bd / 2.5 ba 2,178 Sq. Ft. |
|
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$669,000 32 COOL Brk |
1.2 miles 3 bd / 2.75 ba 2,077 Sq. Ft. |
|
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$575,000 236 TERRA COTTA |
1.23 miles 3 bd / 2.5 ba 2,146 Sq. Ft. |
|
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$875,000 11 TEARDROP |
1.34 miles 4 bd / 2.75 ba 2,245 Sq. Ft. |
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Nearly 1 in 4 Households Use Over 1/2 of Income for Housing Costs
Even with falling home prices, a study from the Center for Housing Policy found that affordability is still becoming increasingly out of reach for homeowners and renters. According to the 2012 Housing Landscape report released by the Center, the share of working households paying more than half their income for housing between 2008 and 2010 went up from 21.8 percent to 23.6 percent.
As home prices dropped between 2008 and 2010, working homeowners also dealt with shrinking paychecks. For working homeowners over the two-year period, incomes dropped twice as much as housing costs, according to the study.
Jeffrey Lubell, executive director of the Whington-based Center, said this was primarily due to a drop in average hours worked among moderate-income homeowners.
“The data show that homeowners have been hit hard by the housing crisis in more ways than just lost equity,” Lubell explained. “Many working homeowners have been laid off or had their hours cut.”
According to the study, the monthly median income for working homeowners’ fell from $43,570 in 2008 to $41,413 in 2010, which is about a 5 percent decrease. The median number of hours worked per week dropped from 50 to 48 between the two years, which partly explains the decrease in income.
For renters, the monthly median income fell 4 percent from $31,570 to $30,229 between the two years. Housing costs for renters also increased, up by 4 percent over the same period.
Laura Williams, author of the report, said rent rose because of increased demand for rental housing, which was partly encouraged by the housing market crises.
“More and more people are interested in renting,” Williams said. “Some prefer it because it allows them to be more mobile in a tough job market. Others are postponing purchasing a home or facing difficulties obtaining a mortgage. Given the long lead times involved in responding to increased demand with increased supply, the rental market has tightened somewhat and rents increased.”
The five states with highest share of working households with a severe housing cost burden in 2010 were California (34%), Florida (33%), New Jersey (32%), Hawaii (30%), and Nevada (29%).
The five metropolitan areas with the highest share of working households with a severe housing cost burden in 2010 were Miami-Fort Lauderdale-Pompano Beach, Florida (43%); Los Angeles-Long Beach-Santa Ana, California (38%); San Diego-Carlsbad-San Marcos, California (37%); Riverside-San Bernardino-Ontario, California (35%); and New York-Northern New Jersey-Long Island, New York-New Jersey-Pennsylvania (35%).