Woodbury prices fall and rents rise

Mar 232012
 

Irvine: Woodbury Overview

Median home price is $420,000. Based on a rental parity value of $647,000, 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 declined from $310/SF to $304/SF.

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

Median rental rates increased $83 last month from $2,650 to $2,733.

Rents have been slowly rising for 2 month(s). Price momentum suggests unchanging rents over the next three months.

Market rating = 6

Proprietary Irvine Housing News home purchase analysis

88 TWIN GABLES Irvine, CA 92620

$739,000 …….. Asking Price
$720,000 ………. Purchase Price
7/14/2006 ………. Purchase Date

$19,000 ………. Gross Gain (Loss)
($57,600) ………… Commissions and Costs at 8%
============================================
($38,600) ………. Net Gain (Loss)
============================================
2.6% ………. Gross Percent Change
-5.4% ………. Net Percent Change
0.5% ………… Annual Appreciation

Cost of Home Ownership
——————————————————————————
$739,000 …….. Asking Price
$147,800 ………… 20% Down Conventional
4.03% …………. Mortgage Interest Rate
30 ……………… Number of Years
$591,200 …….. Mortgage
$164,681 ………. Income Requirement

$2,833 ………… Monthly Mortgage Payment
$640 ………… Property Tax at 1.04%
$333 ………… Mello Roos & Special Taxes
$185 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$263 ………… Homeowners Association Fees
============================================
$4,254 ………. Monthly Cash Outlays

($656) ………. Tax Savings
($847) ………. Equity Hidden in Payment
$208 ………….. Lost Income to Down Payment
$112 ………….. Maintenance and Replacement Reserves
============================================
$3,071 ………. Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$8,890 ………… Furnishing and Move In at 1% + $1,500
$8,890 ………… Closing Costs at 1% + $1,500
$5,912 ………… Interest Points
$147,800 ………… Down Payment
============================================
$171,492 ………. Total Cash Costs
$47,000 ………. Emergency Cash Reserves
============================================
$218,492 ………. Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..

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We're sorry, but it seems that we're having some problems loading MLS # P814971 from our database. Please check back soon.

15 HERRINGBONE, Irvine, CA $648,800
15 HERRINGBONE 		0.01 miles
3 bd / 3 ba
2,090 Sq. Ft.
96 TALISMAN, Irvine, CA $480,000
96 TALISMAN 		0.14 miles
3 bd / 2.5 ba
1,745 Sq. Ft.
101 TOWNGATE, Irvine, CA $475,000
101 TOWNGATE 		0.14 miles
3 bd / 2.5 ba
1,706 Sq. Ft.
77 HALLMARK, Irvine, CA $679,900
77 HALLMARK 		0.22 miles
3 bd / 3 ba
2,100 Sq. Ft.
175 INTRIGUE, Irvine, CA $650,000
175 INTRIGUE 		0.34 miles
4 bd / 3 ba
2,104 Sq. Ft.
85 LAMPLIGHTER, Irvine, CA $699,000
85 LAMPLIGHTER 		0.34 miles
4 bd / 3.5 ba
2,400 Sq. Ft.
87 LONG Mdw #82, Irvine, CA $449,000
87 LONG Mdw #82 		0.44 miles
2 bd / 3 ba
1,565 Sq. Ft.
49 CONCIERTO, Irvine, CA $480,000
49 CONCIERTO 		0.44 miles
2 bd / 2.5 ba
1,850 Sq. Ft.
23 CROSSPOINTE, Irvine, CA $499,000
23 CROSSPOINTE 		0.45 miles
3 bd / 3.25 ba
1,751 Sq. Ft.
339 BRONZE, Irvine, CA $724,000
339 BRONZE 		0.48 miles
4 bd / 4 ba
2,283 Sq. Ft.

Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
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  One Response to “Woodbury prices fall and rents rise”

  1. Irvine Renter says:
    March 23, 2012 at 6:22 am

    Radar Logic: 2011 Home Bargains May Continue This Year

    Last year was a good year for home bargain-hunters, according to the latest data from Radar Logic. The firm’s January report revealed a 5.42 percent decline in prices from January 2011 to January 2012 and a simultaneous 7.7 percent increase in transactions.

    Radar Logic surveys 25 metropolitan statistical areas on a monthly basis.

    However, despite the year-over-year increase, home sales decreased 23.5 percent in the month ending January 19. The decline was greater among traditional sales, which fell 25.9 percent, than distressed sales, which declined 15 percent.

    The discrepancy between traditional and distressed sales enhanced the overall price decline, according to the Radar Logic report, which stated, “the relative increase in distressed sales weighed on the RPX Composite, exacerbating its decline.”

    The 5.42 percent price decline over the year brought Radar Logic’s composite to its lowest rate since July 2002.

    However, the rate of decline did slow toward the end of 2011, but Radar Logic nonetheless suggests the market has not yet reached bottom.

    “Frankly, I don’t think we’ve reached the bottom in housing prices,” said Quinn Eddins, director of research at Radar Logic.

    Supply continues to outpace demand “particularly if you consider homes in the foreclosure process and those under water,” according to Eddins.

    “At very least the excess supply will delay the recovery in housing prices, and could well push prices lower,” Eddins said.

    Radar Logic predicts prices will remain flat this year and next before increasing “at an accelerating pace” in 2014 and 2015.