Irvine Housing Blog

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Sale!  40% off in Westpark Posted: 27 Mar 2012 05:00 AM PDT In the gated community of Corta Bella in Westpark where half of the housing inventory is rented, there are two identical two bedroom condominiums for sale. They would make good rental properties, or starter homes. In 2011, these homes had rented between $1900 to $2100 per month. Both have a two car garage on one floor, living/dining spaces and kitchen on another one, and bedrooms on the top floor. The community has a mix of 83% white collar, and 17% blue collar workforce with a median income of $95,883.   19 PALMIERI AISLE Irvine, CA 92606 15 BETTONI AISLE Irvine, CA 92606 Listing Price $360,000 $341,900 Beds/ bath 2 Beds + 2 Baths 2 Beds + 2.5 Baths Area 1302 1302 SF Price/ SF $276 $263 Levels Three Levels Two Levels Year Built 1993 1993 Previous sale $177,000 in May 1994 $186,000 in Feb 1998 $375,000 in July 2003 $537,500 in Aug 2005 Discount from peak: $177,50 $186,500 in Dec 1994 $571,000 in May 2006 $360,000 in June 2011 (Foreclosed) Discount from peak: $229,100 Floor Plan Builders Tract Name: Corte Bella Builders Tract Code: CB Builders Model Name: IL Romantico Builders Model Code: B Builders Tract Name: Corte Bella Builders Tract Code: CB Builders Model Name: IL Romantico Builders Model Code: G Type of Sale Short Sale Standard Sale Elementary School Westpark Elementary School (Year Round School) API Rank 9 API Growth: 913   Culverdale Elementary School API Rank: 8 API Growth: 857   Middle School Southlake Middle School API Rank: 10 API Growth: 916   High School University High School API Rank: 10 API Growth: 908   Down payment $72,000 $68,380 Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 3.875% $1396.00 Monthly $1326.00 Monthly Home Owner’s Dues $305 + $41 = $346 $292 + $43 = $335 Mello-Roos $643.63 Annually $53.63 Monthly $643.63 Annually $53.63 Monthly Property Tax (1.18681%) $4272.50 Annually $356 Monthly $4057.70 Annually $338 Monthly Fixed Monthly Cost of owning $2151.63 $2052.63 Westpark Sales History of similar homes since 2006: 2006: 1 Torrigiani Aisle $598,000 15 Bettoni Aisle $571,000 1 Cigliano isle $570,000 3 Palmieri Aisle $550,000 3 Imperial Aisle $530,000 2007: 2 Arese Aisle $550,000 1 Crivelli Aisle $530,000 20 Palmieri Aisle $529,000 3 Crivelli Aisle $484,000 2008: 2 Arese Aisle $485,000 2009: 3 Crivelli Aisle $449,000 2 Crivelli Aisle $443,000 3 Cigliano Aisle $440,000 2010: 1 Palmieri Aisle $445,000 21 Palmieri Aisle $441,000 1 Mozzoni Aisle $429,000 14 Bettoni Aisle $427,000 3 Cuzzano Aisle $410,000 1 Arese Aisle $399,000 2011: 26 Crivelli Aisle $358,888 Over the period of five years, the price of these condos has fallen from $598,000 to $358,888. That is a loss of $239,112, or forty percent loss on the investment. 2012 listing prices are in the $340,000 to $360,000 range. The market is still in correction mode. According to Trulia,” The median sales price for homes in Irvine CA for Dec 11 to Feb 12 was $480,000. This represents a decline of 2.7%, or $13,500, compared to the prior quarter and a decrease of 12.6% compared to the prior year. Sales prices have depreciated 29.4% over the last 5 years in Irvine.” Would you buy one of these condominiums as a starter home or an investment property? Which one would you prefer? Short Sale or Standard Sale? Plan G (15 Bettoni) has a half bathroom downstairs, but Plan B (19 Palmieri) has bathrooms only with the bedroom spaces. Plan G has laundry in the garage, while Plan B has laundry with the living spaces. Going by those two, I would prefer Plan G. Would the half bathroom and laundry space matter to you in a three level house?

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