Irvine: Westpark Overview
Median home price is $401,000. Based on a rental parity value of $580,000, 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 increased to $333/SF to $335/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $16 last month from $2,466 to $2,450.
Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months.
Market rating = 9
Proprietary Irvine Housing News home purchase analysis 
$899,800 …….. Asking Price
$455,000 ………. Purchase Price
5/17/1997 ………. Purchase Date
$444,800 ………. Gross Gain (Loss)
($36,400) ………… Commissions and Costs at 8%
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$408,400 ………. Net Gain (Loss)
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97.8% ………. Gross Percent Change
89.8% ………. Net Percent Change
4.6% ………… Annual Appreciation
Cost of Home Ownership
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$899,800 …….. Asking Price
$179,960 ………… 20% Down Conventional
3.88% …………. Mortgage Interest Rate
30 ……………… Number of Years
$719,840 …….. Mortgage
$179,566 ………. Income Requirement
$3,387 ………… Monthly Mortgage Payment
$780 ………… Property Tax at 1.04%
$200 ………… Mello Roos & Special Taxes
$225 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$47 ………… Homeowners Association Fees
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$4,639 ………. Monthly Cash Outlays
($777) ………. Tax Savings
($1,060) ………. Equity Hidden in Payment
$238 ………….. Lost Income to Down Payment
$132 ………….. Maintenance and Replacement Reserves
============================================
$3,173 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$10,498 ………… Furnishing and Move In at 1% + $1,500
$10,498 ………… Closing Costs at 1% + $1,500
$7,198 ………… Interest Points
$179,960 ………… Down Payment
============================================
$208,154 ………. Total Cash Costs
$48,600 ………. Emergency Cash Reserves
============================================
$256,754 ………. 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 # S691150 from our database. Please check back soon.
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$617,400 41 ALTEZZA |
0.21 miles 4 bd / 2.5 ba 1,900 Sq. Ft. |
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$679,900 12 DEL CARLO |
0.47 miles 4 bd / 2.5 ba 1,960 Sq. Ft. |
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$865,000 3 GHIBERTI |
0.5 miles 4 bd / 2.5 ba 2,200 Sq. Ft. |
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$599,000 25 WOODLAND Dr |
0.66 miles 3 bd / 2.5 ba 1,851 Sq. Ft. |
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$649,000 30 TOSCANY |
0.74 miles 4 bd / 2.75 ba 1,998 Sq. Ft. |
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$759,000 24 MEADOWGRASS |
0.83 miles 4 bd / 2.25 ba 1,950 Sq. Ft. |
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$679,000 35 MORNING DOVE |
0.84 miles 3 bd / 2.5 ba 1,943 Sq. Ft. |
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$839,000 12 MONTELEGRO |
0.85 miles 4 bd / 2.5 ba 2,350 Sq. Ft. |
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$879,000 10 ANDALUCIA |
0.95 miles 4 bd / 2.5 ba 2,500 Sq. Ft. |
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$789,000 15 BAHIA |
1 miles 4 bd / 2.75 ba 2,000 Sq. Ft. |
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Sales in California Up in February, Median Prices Down
Home sales in California showed signs of improvement for February compared to the previous month of January and year before in February 2011, according to data from the California Association Of Realtors (C.A.R.).
For February, sales were up 2.1 percent from January’s revised 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded a year ago. The statewide sales figure represents the total number of homes sold during 2012 if sales maintained the February pace throughout the year, with adjustments for seasonal factors.
While the state followed the national trend of declining home prices, C.A.R. reported other signs are pointing towards stabilization.
“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”
The statewide median price of an existing, single-family home dropped 0.6 percent to $266,660 in February compared to January’s $268,280 median price. The median price was down 1.7 percent a year ago, with a revised $271,370 median price recorded in February 2011.
The number of single-family detached homes that closed in California totaled 528,010 in February, according to information collected by C.A.R. from more than 90 local realtor associations and MLSs statewide.
“February sales posted a stronger than usual performance with sales in major metropolitan areas such as Los Angeles, Orange County, San Diego, and San Francisco all logging double-digit gains from the previous year,” said C.A.R. VP and chief economist Leslie Appleton-Young.
California’s housing inventory also declined in February, with the Unsold Inventory Index for single-homes down to 5.3 months in February, compared to a revised 5.7 months in January and down from the 7.5-month supply in February 2011. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
The median number of days it took to sell a single-family home fell to 58.9 days in February 2012, down from a revised 64.7 days for the same period a year ago.