West Irvine prices still falling, now $290/SF

Irvine: West Irvine Overview

Median home price is $453,000. Based on a rental parity value of $608,000, this market is under valued.

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

Resale prices on a $/SF basis declined from $291/SF to $290/SF.

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

Median rental rates increased $25 last month from $2,457 to $2,482.

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

11 RED COAT Pl Irvine, CA 92602

$699,000 …….. Asking Price
$485,000 ………. Purchase Price
11/13/2002 ………. Purchase Date

$214,000 ………. Gross Gain (Loss)
($38,800) ………… Commissions and Costs at 8%
============================================
$175,200 ………. Net Gain (Loss)
============================================
44.1% ………. Gross Percent Change
36.1% ………. Net Percent Change
3.8% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$699,000 …….. Asking Price
$139,800 ………… 20% Down Conventional
3.67% …………. Mortgage Interest Rate
30 ……………… Number of Years
$559,200 …….. Mortgage
$129,805 ………. Income Requirement

$2,564 ………… Monthly Mortgage Payment
$606 ………… Property Tax at 1.04%
$8 ………… Mello Roos & Special Taxes
$175 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$3,353 ………. Monthly Cash Outlays

($405) ………. Tax Savings
($854) ………. Equity Hidden in Payment
$169 ………….. Lost Income to Down Payment
$195 ………….. Maintenance and Replacement Reserves
============================================
$2,457 ………. 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
$37,600 ………. Emergency Cash Reserves
============================================
$199,972 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

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	$739,000 53 DECLARATION Pl		0.13 miles 4 bd / 2.5 ba 2,300 Sq. Ft.
	$738,000 17 PROCLAMATION Way		0.15 miles 5 bd / 3 ba 2,300 Sq. Ft.
	$799,000 12 PROCLAMATION Way		0.17 miles 5 bd / 3 ba 2,268 Sq. Ft.
	$739,000 12 ROBINS TREE Ln		0.23 miles 4 bd / 2.5 ba 2,050 Sq. Ft.
	$855,000 7 HALLWOOD		0.26 miles 4 bd / 2.5 ba 2,266 Sq. Ft.
	$849,000 8 HALLWOOD		0.27 miles 4 bd / 3 ba 2,265 Sq. Ft.
	$799,000 74 LINHAVEN		0.33 miles 4 bd / 2.5 ba 2,478 Sq. Ft.
	$599,900 5 BOWIE Pl		0.36 miles 4 bd / 3 ba 1,755 Sq. Ft.
	$699,000 16 APPLE Vly		0.43 miles 3 bd / 2.5 ba 2,300 Sq. Ft.
	$898,000 23 VACAVILLE		0.44 miles 3 bd / 2.5 ba 2,300 Sq. Ft.

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