University Park prices continue to drop

Irvine: University Park Overview

Median home price is $485,000. Based on a rental parity value of $532,000, this market is under valued.

Monthly payment affordability has been worsening over the last 3 month(s). Momentum suggests worsening affordability.

Resale prices on a $/SF basis declined from $299/SF to $293/SF.

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

Median rental rates increased $50 last month from $2,183 to $2,233.

Rents have been rising for 11 month(s). Price momentum suggests rising rents over the next three months.

Market rating = 6

Proprietary Irvine Housing News home purchase analysis

14 LAGO SUD #7 Irvine, CA 92612 

$453,900 …….. Asking Price
$650,000 ………. Purchase Price
5/19/2005 ………. Purchase Date

($196,100) ………. Gross Gain (Loss)
($52,000) ………… Commissions and Costs at 8%
============================================
($248,100) ………. Net Gain (Loss)
============================================
-30.2% ………. Gross Percent Change
-38.2% ………. Net Percent Change
-5.1% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$453,900 …….. Asking Price
$15,887 ………… 3.5% Down FHA Financing
3.78% …………. Mortgage Interest Rate
30 ……………… Number of Years
$438,014 …….. Mortgage
$130,958 ………. Income Requirement

$2,036 ………… Monthly Mortgage Payment
$393 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$113 ………… Homeowners Insurance at 0.3%
$456 ………… Private Mortgage Insurance
$384 ………… Homeowners Association Fees
============================================
$3,383 ………. Monthly Cash Outlays

($310) ………. Tax Savings
($656) ………. Equity Hidden in Payment
$20 ………….. Lost Income to Down Payment
$77 ………….. Maintenance and Replacement Reserves
============================================
$2,513 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$6,039 ………… Furnishing and Move In at 1% + $1,500
$6,039 ………… Closing Costs at 1% + $1,500
$4,380 ………… Interest Points
$15,887 ………… Down Payment
============================================
$32,345 ………. Total Cash Costs
$38,500 ………. Emergency Cash Reserves
============================================
$70,845 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

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	$485,000 37 MONTANAS ESTE #34		0 miles 2 bd / 2.5 ba 1,640 Sq. Ft.
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