Irvine Housing Blog

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Buy or rent at Monticello in Northpark Square Posted: 19 Jan 2012 04:00 AM PST 28 Taquitz is a 3bd/3ba 1,826 sq. ft. attached condo in the Monticello tract in Northpark Square.  Monticello is located across from Beckman High and is bounded by Bryan, Rubicon, Rosenblum, and Montellena.  The streets inside Monticello are: Taquitz, Leucadia, Cosentino, Cabazon, and Idyllwild. Monticella has 4 main floorplans: Plan 1 - 2 Bed / 2 Bath 1211-1289 square feet Plan 2 - 2 Bed / 2 Bath 1398 square feet Plan 3 - 2 Bed / 2 Bath 1471-1663 square feet Plan 4 - 3 Bed / 3 Bath 1826 square feet 28 Taquitz is a Plan 4 and is listed at $499,000 There is one other Plan 4 that is active and that is 27 Leucadia which is listed at $509,900. And there is one Plan 4 that is Pending Sale: 9 Cabazon which is a short sale listed at $425,000. A quick search revealed 3 Plan 4's sold in the last year: 10/20/2011 9 Leucadia $430,000 9/16/2011 10 Taquitz $470,000 6/27/2011 28 Taquitz $481,000 Yes, 28 Taquitz was purchased just about 6 or so months ago.  It looks like it was bought for cash and the agent is the owner - not sure why they are selling now. Seems like the sales prices have a pretty wide range.  I'll use an average of the closed and pending sales for the analysis - $451,500 Here's what the numbers might look like if purchased by someone with excellent credit and 20% down: Purchase Price $451,500     Closing costs $13,545 3%   Total price $465,045             Down payment $103,845 20%           Loan Amount / Percentage Of Price $361,200 80%   Interest Rate / Period (months) 4.00% 360             Monthly Yearly   Mortgage Payment $1,724 $20,693   Interest Component $1,204 $14,448           Property Tax $399 $4,784 1.06% Special Assessments $107 $1,285 0.28% Effective Tax rate     1.34%         Insurance $50 $600   HOA 1 $227 $2,724   HOA 2 $74 $888           Cash Out $2,581 $30,973   There are some possible adjustments that may apply to your situation.  Be sure to also consider how long you may own the property (average is around 6 years), what kind of financing you actually qualify for, how much you put down, the effect of giving up the standard deduction, potential price declines, costs to sell the property, etc.  The NY Times Buy or Rent calculator is a great tool that helps with some of these. Possible Adjustments       Interest paid   $14,448   Property tax   $4,784   Total deductible   $19,232   Tax benefit $401 $4,808 25%         Opportunity cost of down payment -$173 -$2,077 2%         Principal paid in mortgage payment $520 -$6,245   So, what do these Plan 4s rent for?  I didn't find much in terms of closed leases but 43 Leucadia is listed at $2550/month. Based on this info, would you buy 28 Taquitz for $451k or rent it for $2550/month?  If you wouldn't buy it fo $451k, what price would you pay for it?

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