University Park prices rebounding, still below $300/SF

Irvine: University Park Overview

Median home price is $483,000. Based on a rental parity value of $575,000, this market is under valued.

Monthly payment affordability has been worsening over the last 4 month(s). Momentum suggests worsening affordability.

Resale prices on a $/SF basis increased from $297/SF to $299/SF.

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

Median rental rates increased $16 last month from $2,333 to $2,350.

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

14 BUTTERNUT Ln Irvine, CA 92612

$970,000 …….. Asking Price
$1,085,000 ………. Purchase Price
8/23/2006 ………. Purchase Date

($115,000) ………. Gross Gain (Loss)
($86,800) ………… Commissions and Costs at 8%
============================================
($201,800) ………. Net Gain (Loss)
============================================
-10.6% ………. Gross Percent Change
-18.6% ………. Net Percent Change
-1.9% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$970,000 …….. Asking Price
$194,000 ………… 20% Down Conventional
3.65% …………. Mortgage Interest Rate
30 ……………… Number of Years
$776,000 …….. Mortgage
$185,847 ………. Income Requirement

$3,550 ………… Monthly Mortgage Payment
$841 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$243 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$168 ………… Homeowners Association Fees
============================================
$4,801 ………. Monthly Cash Outlays

($800) ………. Tax Savings
($1,190) ………. Equity Hidden in Payment
$232 ………….. Lost Income to Down Payment
$141 ………….. Maintenance and Replacement Reserves
============================================
$3,184 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$11,200 ………… Furnishing and Move In at 1% + $1,500
$11,200 ………… Closing Costs at 1% + $1,500
$7,760 ………… Interest Points
$194,000 ………… Down Payment
============================================
$224,160 ………. Total Cash Costs
$48,800 ………. Emergency Cash Reserves
============================================
$272,960 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

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	$749,000 18 FOXGLOVE Way		0.96 miles 4 bd / 2.5 ba 2,862 Sq. Ft.
	$1,339,000 11 BETHANY Dr		1.35 miles 5 bd / 4 ba 3,400 Sq. Ft.
	$1,049,500 3751 HENDRIX St		1.36 miles 5 bd / 4 ba 3,450 Sq. Ft.
	$1,198,000 24 SOUTHERN WOOD		1.45 miles 4 bd / 3 ba 2,550 Sq. Ft.
	$849,900 5 BIRCHWOOD		1.52 miles 4 bd / 2.5 ba 2,907 Sq. Ft.
	$1,350,000 10 WINDFLOWER		1.53 miles 4 bd / 3.5 ba 2,956 Sq. Ft.
	$998,000 19 ASHFORD		1.57 miles 4 bd / 2.5 ba 3,100 Sq. Ft.
	$1,575,000 4 FLINTRIDGE		1.69 miles 5 bd / 3.75 ba 3,142 Sq. Ft.
	$1,249,900 19431 SIERRA RATON Rd		1.71 miles 5 bd / 3 ba 2,650 Sq. Ft.
	$1,099,000 31 MORNING GLORY		1.73 miles 3 bd / 2.75 ba 2,700 Sq. Ft.

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