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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