West Irvine rents weakening

Irvine: West Irvine Overview

Median home price is $479,000. Based on a rental parity value of $588,000, this market is under valued.

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

Resale prices on a $/SF basis increased to $283/SF to $287/SF.

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

Median rental rates increased $0 last month from $2,468 to $2,468.

Rents have been falling for 1 month(s). Price momentum suggests falling rents over the next three months.

Market rating = 3

Proprietary Irvine Housing News home purchase analysis

31 ARDMORE Irvine, CA 92602

$525,000 …….. Asking Price
$533,000 ………. Purchase Price
1/20/2010 ………. Purchase Date

($8,000) ………. Gross Gain (Loss)
($42,640) ………… Commissions and Costs at 8%
============================================
($50,640) ………. Net Gain (Loss)
============================================
-1.5% ………. Gross Percent Change
-9.5% ………. Net Percent Change
-0.6% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$525,000 …….. Asking Price
$105,000 ………… 20% Down Conventional
3.76% …………. Mortgage Interest Rate
30 ……………… Number of Years
$420,000 …….. Mortgage
$109,570 ………. Income Requirement

$1,947 ………… Monthly Mortgage Payment
$455 ………… Property Tax at 1.04%
$71 ………… Mello Roos & Special Taxes
$131 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$226 ………… Homeowners Association Fees
============================================
$2,831 ………. Monthly Cash Outlays

($310) ………. Tax Savings
($631) ………. Equity Hidden in Payment
$132 ………….. Lost Income to Down Payment
$86 ………….. Maintenance and Replacement Reserves
============================================
$2,107 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$6,750 ………… Furnishing and Move In at 1% + $1,500
$6,750 ………… Closing Costs at 1% + $1,500
$4,200 ………… Interest Points
$105,000 ………… Down Payment
============================================
$122,700 ………. Total Cash Costs
$32,200 ………. Emergency Cash Reserves
============================================
$154,900 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

Click on image to email us for more information.

	$550,000 57 ARDMORE		0 miles 3 bd / 3 ba 1,900 Sq. Ft.
	$399,900 170 HAYWARD		0.55 miles 3 bd / 2 ba 1,588 Sq. Ft.
	$648,800 77 MODESTO #94		0.6 miles 3 bd / 2.5 ba 1,650 Sq. Ft.
	$589,000 3024 CASPER Pl		0.73 miles 3 bd / 2.5 ba 1,500 Sq. Ft.
	$629,000 2981 W BRADLEY Pl		0.78 miles 3 bd / 2.25 ba 1,500 Sq. Ft.
	$597,000 2504 TEQUESTRA		0.79 miles 2 bd / 2.5 ba 1,850 Sq. Ft.
	$619,900 81 AVONDALE		0.84 miles 4 bd / 2.75 ba 1,730 Sq. Ft.
	$529,000 74 GLEN ARBOR #116		0.91 miles 3 bd / 2.5 ba 1,435 Sq. Ft.
	$499,900 47 GRANADA		0.97 miles 2 bd / 2 ba 1,640 Sq. Ft.
	$564,900 56 AUTUMN		1.03 miles 3 bd / 2.75 ba 1,858 Sq. Ft.

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