Irvine Housing Blog

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Northwood or Westpark? Posted: 27 May 2012 10:58 PM PDT The most expensive house on the market in the Irvine today is 36 Boulder View at $14,999,000($1531/SF). On the other end of the spectrum is 205 Springview at $130,000 ($274/SF). The five-hundred odd properties that are on the market serve every taste, every price range. Usually I pick properties in the $500,000-$900,000 range, but today I have two properties under $350,000. Both properties are served by excellent Irvine schools, and have the same amenities as the rest of the village they are associated with. Both have the potential to be good starter homes, or investment properties.   192 Alicante Aisle #210 Irvine CA 92614 10 Monroe #27, Irvine CA 92620 Address 192 Alicante Aisle #210 10 Monroe #27 Village Westpark Northwood Area 858 SF 984 SF Price/ SF $384/SF $355/SF Beds/ Baths 2 Beds/ 2 Baths 2 Beds/ 2 Baths Listing Price $329,900 $349,500 Down payment $65,980 $69,900 HOA Dues $209 $198 Monthly mortgage, assuming an interest rate of 3.875% for 30 YR Fixed $1241 $1315 Property Tax +Mello Roos $3997 Annually $333 Monthly $3832 Annually $320 Monthly Fixed cost of owning $1783 Monthly $1833 Monthly Comparable Rental 2 Two bedroom units have rented at $1.81/SF in 2012.   Projected rent: $1552  to Monthly   3 Two bedroom units have rented between $1.66/SF to 2.10/SF in 2012.   Projected rent: $1633 to $2066 Monthly Personally, I would buy 192 Alicante Aisle. Comparable properties have sold in the range of $300,000. This property is updated, and since it’s being sold within two months of the last sale, I am assuming it’s being flipped for a quick profit. It was sold for $244,000 in March 2012. 10 Monroe will need some work. What do you think? Have Irvine homes reached rental parity, or will the prices go down further before that is achieved? Would you buy an investment property this summer? Would you buy a newer and updated property, or anything in a good locality would do? Also, when you rent a property in an area you like to buy, do you rent a condominium, or do you rent a property similar to the one you are planning to buy?

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