Irvine Housing Blog

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Buy or rent at Tiempo in Westpark Posted: 31 Jan 2012 04:00 AM PST 166 Alicante Aisle is a 2bd/2ba condo in the Tiempo tract in Westpark.  Tiempo is bounded by the Peters Canyon Trail, Alton Parkway, Harvard Ave and San Marco Park.  Click the picture below for a closer view.  The streets in this tract are Alicante, Costero, Abrazio, Marbella and Giovanni. There are a number of floorplans here and it looks like this property is a plan D.  It looks like there is another Plan D listed currently at $389k: 132 Alicante.  The only recent sale I found for a Plan D looks to be 164 Alicante which closed on 12/29/2011 for $300k.  We'll use that price in the analysis. 166 Alicante Purchase Price $300,000     Closing costs $9,000 3%   Total price $309,000             Down payment $69,000 20%           Loan Amount / Percentage Of Price $240,000 80%   Interest Rate / Period (months) 4.00% 360             Monthly Yearly   Mortgage Payment $1,146 $13,750   Interest Component $800 $9,600           Property Tax $258 $3,101 1.03% Special Assessments $54 $644 0.21% Effective Tax rate     1.25%         Insurance $50 $600   HOA 1 $185 $2,220   HOA 2 $0 $0           Cash Out $1,693 $20,315   And here 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   $9,600   Property tax   $3,101   Total deductible   $12,701   Tax benefit $265 $3,175 25%         Opportunity cost of down payment -$115 -$1,380 2%         Principal paid in mortgage payment $346 -$4,150   As far as rentals, 36 Marbella was listed on 12/31 and is asking $1850/month.  And 86 Costero leased on 5/3/2011 at $1650/month.  Similar 2 bedroom apartments at San Marco Villa rent between $1,670 and $1,825.  Would you rent or buy this property?

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