Irvine: Woodbury Overview
Median home price is $481,000. Based on a rental parity value of $667,000, this market is under valued.
Monthly payment affordability has been improving over the last 7 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased from $305/SF to $309/SF.
Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months.
Median rental rates declined $8 last month from $2,731 to $2,723.
Rents have been slowly rising for 3 month(s). Price momentum suggests unchanging rents over the next three months.
Market rating = 6
Proprietary Irvine Housing News home purchase analysis 
$699,000 …….. Asking Price
$392,000 ………. Purchase Price
4/29/2011 ………. Purchase Date
$307,000 ………. Gross Gain (Loss)
($31,360) ………… Commissions and Costs at 8%
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$275,640 ………. Net Gain (Loss)
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78.3% ………. Gross Percent Change
70.3% ………. Net Percent Change
47.2% ………… 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
$134,860 ………. Income Requirement
$2,564 ………… Monthly Mortgage Payment
$606 ………… Property Tax at 1.04%
$14 ………… Mello Roos & Special Taxes
$175 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$125 ………… Homeowners Association Fees
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$3,484 ………. Monthly Cash Outlays
($405) ………. Tax Savings
($854) ………. Equity Hidden in Payment
$169 ………….. Lost Income to Down Payment
$107 ………….. Maintenance and Replacement Reserves
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$2,500 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$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
$38,300 ………. Emergency Cash Reserves
============================================
$200,672 ………. Total Savings Needed
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This property is available for sale on the MLS.
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$628,000 14221 WYETH Ave |
0.41 miles 4 bd / 2.5 ba 2,268 Sq. Ft. |
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$869,000 6 RIVEROAKS |
0.58 miles 3 bd / 2.5 ba 2,200 Sq. Ft. |
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$935,000 35 BELLA ROSA |
0.61 miles 4 bd / 2.5 ba 2,600 Sq. Ft. |
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$839,990 15 STONEGATE |
0.62 miles 3 bd / 2.5 ba 2,000 Sq. Ft. |
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$870,000 15 RIVEROAKS |
0.62 miles 3 bd / 2.5 ba 2,200 Sq. Ft. |
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$648,888 3962 ASH St |
0.81 miles 4 bd / 2.25 ba 1,873 Sq. Ft. |
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$684,800 19 COLONIAL |
0.9 miles 3 bd / 2 ba 1,884 Sq. Ft. |
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$650,000 1 SHELBY |
0.91 miles 3 bd / 2.5 ba 1,841 Sq. Ft. |
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$624,500 3972 BANYAN St |
0.98 miles 4 bd / 2.75 ba 2,210 Sq. Ft. |
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$659,000 3921 BLACKTHORN St |
0.98 miles 4 bd / 2.25 ba 1,897 Sq. Ft. |
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Wells Fargo Group Reports Housing Gains, Cautions Against Optimism
In a report released Thursday, Wells Fargo’s Economics Group cautioned that although the housing recovery is picking up steam, the good news needs to be placed in the larger context of a weakened market.
The group’s Housing Data Wrap-Up for June 2012 shows that even with the overall economy slowing, the recovery in the housing market seems to be picking up momentum. A mild winter boosted construction in the Northeast and Midwest during what is traditionally a slow season, giving builders more inventory to sell in the spring. In addition, the new construction during the first five months of the year showed modest gains in employment, increased household formations, and resurgent demand for apartments.
New home sales through May ran 18.2 percent above their pace from a year prior, and the Northeast saw a 30.7 percent boost in sales. New home construction has increased with demand-single-family starts are up 20.4 percent in the first five months of the year compared to 2011, and multi-family starts increased 44.6 percent.
Home prices also solidified, with the S&P/Case-Shiller 20-City Home Price Index—- increasing 0.7 percent in April and showing a revised gain of 0.7 percent in March. Prices have increased for three straight months and are up at a 6.2 percent annual rate over that period. While the S&P/Case-Shiller Index shows prices falling 1.9 percent over the past year, the group believes that prices have hit a bottom.
On a regional basis, prices increased in 17 out of 20 markets covered by S&P/Case-Shiller, and no markets hit new lows. Prices came back up fastest in some of the hardest-hit markets, including Phoenix and Miami. The report speculates that those areas probably saw prices overshoot to the downside and are now seeing them rise as investors pursue “bargain-priced” properties. Further evidence of this can be found in the CoreLogic Home Price Index, which shows a price increase of 0.4 percent in May, marking the fifth consecutive month of increases.
Median prices for new and existing homes also improved in recent months, though the group contributes the boost to a changing mix of sales.
With all the good news coming out, the group stressed the need to keep recent improvements in the housing market in perspective.
“Even with the recent gains, new home sales and residential construction remain shadows of their former selves. Residential construction currently accounts for just 2.3 percent of GDP, down from 6.3 percent at the peak and 4.5 percent for a more typical period. The tiny foundation from which the housing recovery is beginning means that even large percentage gains in housing starts will make only a modest contribution to real GDP growth,” the group wrote in its report.