$450,000 in 92602

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.


Astute Observations

Astute Observation by Let The Ponzimonium Continue
2012-04-30 12:18 PM

“Every penny in that down payment has a little back story”

Every penny in that 3.5% downpayment tells a story of FRAUD, SPECULATION and EMBEZZLEMENT because the only people “buying” right now are FHA-sponsored DEADBEATS using TAXPAYER FUNDED money, both for the downpayment itself AND for the loan.

Why would anyone with REAL savings wish to SQUANDER it by competing against government-manufactured ZOMBIE ‘BUYERS’ in order to purchase an ARTIFICIALLY OVERPRICED asset?

The FACT is that the United States of America suffers from INSTITUTIONALIZED FRAUD and is on the verge of C-O-L-L-A-P-S-E. It is NOT a time right now to take out a MORTGAGE (Mortgage = Death Grip in French language), it is a time to RUN FOR THE HILLS!!!

Astute Observation by SoCal78
2012-04-30 03:47 PM

This guy sounds like the same spammer as ItsTheFraudStupids and CantBeatEmJoinEm. They’re all one in the same posting identical and similar text.

Astute Observation by Let The Ponzimonium Continue
2012-04-30 05:29 PM

“This guy sounds like the same spammer as ItsTheFraudStupids and CantBeatEmJoinEm.”

1) What does writing ‘sound’ like?
2) What if it IS the same author?
3) ‘Spam’ is the use of electronic messaging systems to send unsolicited bulk messages indiscriminately. Expressing an opinion is not spam.
4) Attack the IDEA, NOT the author. The blog owners asks for ‘astute observations’ ..not obtuse ones.
5) If your comment reflects the general level of sofistication of this forum’s participants, I’m wasting my breath here.

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