West Irvine prices and rents are weakening

Irvine: West Irvine Overview

Median home price is $480,000. Based on a rental parity value of $585,000, 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 declined from $296/SF to $283/SF.

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

Median rental rates increased $285 last month from $2,183 to $2,468.

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

Market rating = 4

Proprietary Irvine Housing News home purchase analysis

9 TIOGA Pl Irvine, CA 92602

$895,000 …….. Asking Price
$405,500 ………. Purchase Price
11/5/1998 ………. Purchase Date

$489,500 ………. Gross Gain (Loss)
($32,440) ………… Commissions and Costs at 8%
============================================
$457,060 ………. Net Gain (Loss)
============================================
120.7% ………. Gross Percent Change
112.7% ………. Net Percent Change
5.9% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$895,000 …….. Asking Price
$179,000 ………… 20% Down Conventional
3.88% …………. Mortgage Interest Rate
30 ……………… Number of Years
$716,000 …….. Mortgage
$173,937 ………. Income Requirement

$3,369 ………… Monthly Mortgage Payment
$776 ………… Property Tax at 1.04%
$125 ………… Mello Roos & Special Taxes
$224 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$4,493 ………. Monthly Cash Outlays

($773) ………. Tax Savings
($1,054) ………. Equity Hidden in Payment
$237 ………….. Lost Income to Down Payment
$244 ………….. Maintenance and Replacement Reserves
============================================
$3,147 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$10,450 ………… Furnishing and Move In at 1% + $1,500
$10,450 ………… Closing Costs at 1% + $1,500
$7,160 ………… Interest Points
$179,000 ………… Down Payment
============================================
$207,060 ………. Total Cash Costs
$48,200 ………. Emergency Cash Reserves
============================================
$255,260 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..

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We're sorry, but it seems that we're having some problems loading MLS # P818784 from our database. Please check back soon.

	$1,227,000 2625 PALMETTO		0.53 miles 4 bd / 3.25 ba 3,400 Sq. Ft.
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	$989,000 28 THORN Hl		0.96 miles 5 bd / 4.5 ba 3,511 Sq. Ft.

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