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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