Monday, April 30, 2012

Irvine Housing Blog

Irvine Housing Blog

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$450,000 in 92602

Posted: 30 Apr 2012 05:00 AM PDT

Like the first child, buying the first house is also an emotional experience. Every penny in that down payment has a little back story. Every tour of the home has the buyer’s imagine their life in that house. Today, we will look at the inventory of starter homes in 92602, keeping the budget from $400,000 to $425,000. One is a short sale, and other two are standard sales.

5 Cabazon #19, Irvine CA 92602

Listing Price

$400,000

Beds/ bath

2 Beds/ 2 bath

Area

1663 SF

Price/ SF

$241

Down payment

$80,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1505 Monthly

Home Owner’s Dues

$225

Mello-Roos

$1284 Annually

Property Tax (1.0595%)

$4238 Annually

Monthly Property tax +Mello Roos

$460 Monthly

Fixed Cost of owning

$2190 Monthly

40 Chula Vista #107, Irvine CA 92602

Listing Price

$415,000

Beds/ bath

3 Beds/ 2.5 Baths

Area

1510 SF

Price/ SF

$275

Down payment

$83,000

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1561

Home Owner’s Dues

$352

Mello-Roos

$1311

Property Tax (1.0595 %)

$4397

Monthly Property tax +Mello Roos

$475

Fixed Cost of owning

$2388

41 Burlingame, Irvine CA 92602

Listing Price

$425,600

Beds/ bath

2 Beds/ 2.5 Bath

Area

1475 SF

Price/ SF

$289

Down payment

$85,120

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875%

$1601

Home Owner’s Dues

$358

Mello-Roos

$1388

Property Tax (1.0595%)

$4509

Monthly Property tax +Mello Roos

$491

Fixed Cost of owning

$2450 monthly

Here is how the monthly fixed costs of owning stack up:

5 Cabazon $2190
41 Chula Vista $2388
41 Burlingame $2450

Even though the listing price is around the same price, the mortgage is around the same amount, the property tax and home owner’s association dues vary. If you were to buy a starter home, or an investment property, which one would you buy? Of course floor plan comes first, but would a price difference in Mello Roos, Property tax and HOA dues impact your decision?

Also, a couple of months ago, there was a huge influx of $375,000-$450,000 condos in the West Irvine area. The inventory seems dry as of now. Does that mean the market has picked up for the condos in that area?

In April, 2012:
92 Topaz was sold for $350,000
163 Topaz was sold for $403,000
161 Topaz was sold for $390,000
103 Sapphire was sold for $375,000

But a quick listing scan on redfin shows no more ‘gems’ from the West Irvine area. What do you think? We will see them racing to the bottom again in the ‘Summer of 2012’?

Discuss below or on Talk Irvine.


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