Westpark prices firming near $333/SF

Irvine: Westpark Overview

Median home price is $444,000. Based on a rental parity value of $592,000, this market is under valued.

Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability.

Resale prices on a $/SF basis increased from $332/SF to $334/SF.

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

Median rental rates increased $33 last month from $2,425 to $2,458.

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

Market rating = 8

Proprietary Irvine Housing News home purchase analysis

51 ABRAZO AISLE #169 Irvine, CA 92614

$284,900 …….. Asking Price
$125,000 ………. Purchase Price
6/22/1999 ………. Purchase Date

$159,900 ………. Gross Gain (Loss)
($10,000) ………… Commissions and Costs at 8%
============================================
$149,900 ………. Net Gain (Loss)
============================================
127.9% ………. Gross Percent Change
119.9% ………. Net Percent Change
6.3% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$284,900 …….. Asking Price
$9,972 ………… 3.5% Down FHA Financing
3.62% …………. Mortgage Interest Rate
30 ……………… Number of Years
$274,929 …….. Mortgage
$81,815 ………. Income Requirement

$1,253 ………… Monthly Mortgage Payment
$247 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$71 ………… Homeowners Insurance at 0.3%
$286 ………… Private Mortgage Insurance
$256 ………… Homeowners Association Fees
============================================
$2,114 ………. Monthly Cash Outlays

($188) ………. Tax Savings
($424) ………. Equity Hidden in Payment
$12 ………….. Lost Income to Down Payment
$56 ………….. Maintenance and Replacement Reserves
============================================
$1,569 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$4,349 ………… Furnishing and Move In at 1% + $1,500
$4,349 ………… Closing Costs at 1% + $1,500
$2,749 ………… Interest Points
$9,972 ………… Down Payment
============================================
$21,419 ………. Total Cash Costs
$24,000 ………. Emergency Cash Reserves
============================================
$45,419 ………. Total Savings Needed
——————————————————————————————————————————————-

This property is available for sale on the MLS.

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