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Northpark prices steadily falling becoming undervalued
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Irvine: Northpark Overview Median home price is $427,000. Based on a rental parity value of $615,000, this market is under valued. Monthly payment affordability has been improving over the last 1 month(s). Momentum suggests unchanging affordability. Resale prices on a $/SF basis declined from $291/SF to $290/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates increased $101 last month from $2,480 to $2,581. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 7 Proprietary Irvine Housing News home purchase analysis [raw_html_snippet id=”post snippet”] 2 PENDELTON Irvine, CA 92620 $350,000 …….. Asking Price $392,000 ………. Purchase Price 4/29/2003 ………. Purchase Date ($42,000) ………. Gross Gain (Loss) ($31,360) ………… Commissions and Costs at 8% ============================================ ($73,360) ………. Net Gain (Loss) ============================================ -10.7% ………. Gross Percent Change -18.7% ………. Net Percent Change -1.2% ………… Annual Appreciation Cost of Home Ownership ——————————————————————————————————————— $350,000 …….. Asking Price $12,250 ………… 3.5% Down FHA Financing 3.80% …………. Mortgage Interest Rate 30 ……………… Number of Years $337,750 …….. Mortgage $99,346 ………. Income Requirement $1,574 ………… Monthly Mortgage Payment $303 ………… Property Tax at 1.04% $0 ………… Mello Roos & Special Taxes $88 ………… Homeowners Insurance at 0.3% $352 ………… Private Mortgage Insurance $250 ………… Homeowners Association Fees ============================================ $2,566 ………. Monthly Cash Outlays ($240) ………. Tax Savings ($504) ………. Equity Hidden in Payment $16 ………….. Lost Income to Down Payment $64 ………….. Maintenance and Replacement Reserves ============================================ $1,901 ………. Monthly Cost of Ownership Cash Acquisition Demands ——————————————————————————————————————— $5,000 ………… Furnishing and Move In at 1% + $1,500 $5,000 ………… Closing Costs at 1% + $1,500 $3,378 ………… Interest Points $12,250 ………… Down Payment ============================================ $25,628 ………. Total Cash Costs $29,100 ………. Emergency Cash Reserves ============================================ $54,728 ………. Total Savings Needed —————————————————————————————————————————————————————————————————————- This property is available for sale via the MLS. Please contact Shevy Akason, 01836707 949.769.1599…… sales@ochousingnews.com….. [raw_html_snippet id=”contact”] [idx-listing mlsnumber=”S696837” showpricehistory=”true” showlocation=”true”] $588,800 43 MEADOW Vly 0.09 miles 3 bd / 2.5 ba 1,650 Sq. Ft. $648,800 77 MODESTO 94 0.09 miles 3 bd / 2.5 ba 1,650 Sq. Ft. $562,500 53 MODESTO 108 0.09 miles 3 bd / 2.5 ba 1,600 Sq. Ft. $475,000 76 BURLINGAME 0.58 miles 2 bd / 2.5 ba 1,670 Sq. Ft. $685,000 171 KINGSWOOD 86 0.58 miles 3 bd / 2.5 ba 1,800 Sq. Ft. $685,000 154 KINGSWOOD 117 0.59 miles 3 bd / 2.5 ba 1,700 Sq. Ft. $438,000 1302 TERRA BELLA #1 0.66 miles 3 bd / 2.5 ba 1,614 Sq. Ft. $525,000 47 GRANADA 0.68 miles 2 bd / 2 ba 1,640 Sq. Ft. $629,000 2981 W BRADLEY Pl 0.69 miles 3 bd / 2.25 ba 1,500 Sq. Ft. $469,800 56 SAPPHIRE 0.7 miles 3 bd / 2.5 ba 1,500 Sq. Ft. [raw_html_snippet id=”closing”]