Monday, June 11, 2012

Irvine Housing Blog

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Listing Price and Monthly Expenses

Posted: 11 Jun 2012 05:00 AM PDT

When we talk about properties in a certain area, macro and micro, we tend to use Price/ SF as a gauge for market conditions. But when a buyer decides to buy, the monthly expenses change from one property to another even though the Price/SF might be almost be the same. All Irvine villages have different property tax rates, Mello Roos and HOA dues. Today, we will compare three 3 Bed-2.5 Bath condominiums in three very different Irvine villages.  Let’s see how monthly expenses vary with each village.

9 Ericson Aisle, Irvine CA 92620

Listing Price: $469,900

Beds: 3

Baths: 2

Sq. Ft.: 1,679

$/Sq. Ft.: $280

Property Type: Residential, Condominium

Condominium Style: Two Level, Spanish

Year Built: 1989

Community: Northwood

Builders Tract Name: Northwood Villas

Builders Tract Code: NV

 

Monthly expenses:

HOA Dues: $159/month

Property Tax ( 1.0595%):  $4,978 Annually

Mello Roos: $145 Annually

Monthly Property Tax+ Mello Roos: $427

Monthly Mortgage (30 YR Fixed, 3.75%): $1,741

 

Monthly Fixed Expenses: $2,327

According to the MLS, the house has been updated. Kitchen and bathroom have new cabinetry, vanities and countertops. There is new carpet and paint throughout.  But this property has one-car attanched garage, and the other one is ‘nearby’.

60 Chardonnay #43, Irvine CA 92614

Listing Price: $454,900

Beds: 2 Bedroom/ 1 Den

Baths: 2.5

Sq. Ft.: 1,600

$/Sq. Ft.: $284

Property Type: Residential, Condominium

Condominium Style: Two Level

Year Built: 1980

Community: Woodbridge

Builders Tract Name: Chateaux

Builders Tract Code: CT

Builder Model Code: D 

 

Monthly expenses:

HOA Dues: $284/month

Property Tax ( 1.03383%):  $4,702 Annually

Mello Roos: $93 Annually

Monthly Property Tax+ Mello Roos: $399

Monthly Mortgage (30 YR Fixed, 3.75%): $1,685

 

Monthly Fixed Expenses: $2,368

 

The kitchen is updated with new appliances, but going by the MLS pictures, this house might need some updating.

 

1002 Terra Bella, Irvine CA 92602

 

 

Listing Price: $445,000

Beds: 3

Baths: 2.5

Sq. Ft.: 1,614

$/Sq. Ft.: $276

Property Type: Residential, Condominium

Condominium Style: Two Level

Year Built: 2000

Community: Northpark

Builders Tract Name: Terra Bella

Builders Tract Code: TERB

Builder Model Code: E 

 

Monthly expenses:

HOA Dues: $405/month

Property Tax ( 1.0595 %):  $4,714 Annually

Mello Roos: $1246 Annually

Monthly Property Tax+ Mello Roos: $496

Monthly Mortgage (30 YR Fixed, 3.75%): $1,649

 

Monthly Fixed Expenses: $2,550

 

Granite countertops, stainless steel appliances, maple cabinetry, fire place and media cabinetry. This condo has it all, but the two car garage access is through common stairs.

 

Our lowest priced property, 1002 Terra Bella at $445,000 has the biggest monthly expense of $2,550.

Our highest priced property, 9 Ericson Aisle at $469,900 has the lowest monthly expenses of $2,337.

 

When you buy a property, do you do the necessary background check for Mello Roos, Property Tax rate and Home Owner’s Association dues? Do your buying choices depend on any of those factors, or it’s just the price/sf that dictates the choice? Would you buy an older property if it has less/no Mello Roos?

 

While comparing these properties, I checked another in West Irvine that sold recently.

 

 

44 Copper Leaf, Irvine CA 92602

 

 

Purchase Price: $575,000

Price/ SF: $303

Monthly Mortgage: 2,065

Property Tax + Mello Roos: $617

HOA Dues: $0

Fixed Monthly Expenses: $2,682.

 

For $132 more per month than 1002 Terra Bella, you can own a Single Family Residence in West Irvine.

 

If there isn’t much price difference after you factor in Mello Roos, Property Tax, HOA Dues, why do people still buy the overpriced condos?

Discuss below or on Talk Irvine


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