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 OC Housing News home purchase analysis 
$959,000 …….. Asking Price
$410,000 ………. Purchase Price
11/27/2001 ………. Purchase Date
$549,000 ………. Gross Gain (Loss)
($32,800) ………… Commissions and Costs at 8%
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$516,200 ………. Net Gain (Loss)
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133.9% ………. Gross Percent Change
125.9% ………. Net Percent Change
8.2% ………… Annual Appreciation
Cost of Home Ownership
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$959,000 …….. Asking Price
$191,800 ………… 20% Down Conventional
4.32% …………. Mortgage Interest Rate
30 ……………… Number of Years
$767,200 …….. Mortgage
$196,060 ………. Income Requirement
$3,806 ………… Monthly Mortgage Payment
$831 ………… Property Tax at 1.04%
$133 ………… Mello Roos & Special Taxes
$240 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$55 ………… Homeowners Association Fees
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$5,065 ………. Monthly Cash Outlays
($898) ………. Tax Savings
($1,044) ………. Equity Hidden in Payment
$300 ………….. Lost Income to Down Payment
$140 ………….. Maintenance and Replacement Reserves
============================================
$3,563 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$11,090 ………… Furnishing and Move In at 1% + $1,500
$11,090 ………… Closing Costs at 1% + $1,500
$7,672 ………… Interest Points
$191,800 ………… Down Payment
============================================
$221,652 ………. Total Cash Costs
$54,600 ………. Emergency Cash Reserves
============================================
$276,252 ………. Total Savings Needed
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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 # S695578 from our database. Please check back soon.
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$719,000 10 MINERAL KING |
0.56 miles 4 bd / 2.5 ba 2,477 Sq. Ft. |
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$799,000 12 PROCLAMATION Way |
0.61 miles 5 bd / 3 ba 2,268 Sq. Ft. |
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$717,000 17 CRESCENT CITY |
0.61 miles 4 bd / 2.5 ba 2,477 Sq. Ft. |
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$1,195,000 19 WHITFORD |
0.62 miles 3 bd / 3 ba 2,800 Sq. Ft. |
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$679,000 28 PROCLAMATION Way |
0.66 miles 4 bd / 2.5 ba 2,005 Sq. Ft. |
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$925,000 15 RIVEROAKS |
0.67 miles 3 bd / 2.5 ba 2,200 Sq. Ft. |
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$838,000 - |
0.73 miles 3 bd / 2 ba 2,086 Sq. Ft. |
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$979,800 35 BELLA ROSA |
0.75 miles 4 bd / 2.5 ba 2,600 Sq. Ft. |
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$899,900 2301 PINEHURST Dr |
0.82 miles 4 bd / 2.5 ba 2,400 Sq. Ft. |
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$829,000 15 ELIZABETH Ln |
0.85 miles 4 bd / 2.5 ba 2,872 Sq. Ft. |
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As a consequence of restricting inventory, lenders are obtaining more money for each REO.
REO Prices Increase, Fair Market Prices Drop, Home Values Stabilizing
According to data from Clear Capital, over the last year, REO prices have increased 5.5 percent, while fair market prices dropped 2.9 percent. The real estate data provider explained that demand for REOs is most likely causing the increase in prices and named Carrington Holding Company, Amherst Securities Group, and Waypoint Financial as examples of investors purchasing single-family REOs with the purpose of converting them into rental properties.
“There has been quite a bit of buzz in the housing industry surrounding turning REOs into rentals. Our data suggests early activity from these programs could be starting to take effect, with national REO-only home price gains on a price per square foot basis vastly outpacing fair market prices on a national level,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital.
According to data from the Census Bureau, rental vacancy rates have also seen a steep decline, with the rate at 8.8 percent in the 2012 first quarter, a significant decline from the 2010 first quarter, when the vacancy rate was 10.6 percent.
Villacorta also added that if investor interest continues to expand the REO-to-rental programs over the next several months, this could lead to a significant impact on the market in terms of increasing home values.
REO saturation, or the portion of REO sales relative to total sales, increased on a quarterly basis in April for the third straight month. Nationally, REO saturation increased quarterly from 25.3 percent in December 2011 to 27.9 percent in April 2012.
The Midwest regions saw the greatest quarterly increase of REO saturation, increasing to 37.1 percent in April compared to 31.1 percent in December.
In the West, REO saturation increased from 31 percent to 33.3 percent during the same quarterly period, and in the South, saturation increased from 24.2 percent to 25.3 percent. In the Northeast, REO saturation remained low compared to other regions; the region posted a quarterly increase from 8.4 percent to 10.2 percent.
Presenting further evidence that the housing market may be stabilizing, Clear Capital released its Home Data Index (HDI), which showed that overall, home prices fell 0.2 percent on a quarterly basis, and 1 percent year-over-year.
The data gathered was good through April 2012, and the HDI includes both fair market and REO transactions.
Based on regions, the Midwest was the only one that posted quarter-over-quarter losses, declining 2.7 percent. The West (+0.5 percent), Northeast (+0.2 percent), and South (+0.6 percent) all posted small quarterly gains. Year-over-year, all regions posted loses except for the Northeast, which saw a 0.7 percent increase.
Compared to the March 2012 report, the West and South posted improvements, decreasing their year-over-year losses by 1.4 and 0.3 percentage points, respectively.
The Midwest was the only region not following the positive trend and posted a yearly loss of 0.2 percent compared to the previous month’s report.
Hard hit market Phoenix posted the greatest quarterly price gains and yearly increases at 8.4 and 12.5 percent, respectively.
Miami posted the second highest quarter-over-quarter increase at 4.6 percent, closely followed by Tampa (+4.4 percent); Richmond, Virginia (+4.4 percent); and Washington, D.C. (3.6 percent).
On a yearly basis, Orlando posted a 9.8 percent increase, while Miami saw a 9.1 percent gain.
Milwaukee saw the greater quarterly drop in prices, decreasing 12.5 percent. Columbus had the second greatest quarterly drop in prices at -7.5 percent, following by Birmingham, Alabama (-6.1 percent), Memphis (-5.4 percent), and Detroit (-4.2 percent).
Year-over-year, prices in Birmingham, Alabama fell 13 percent, Memphis 11.4 percent, Milwaukee 9.4 percent, Philadelphia 8.3 percent, and Columbia 6.2 percent.