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
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Address
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192 Alicante Aisle #210
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10 Monroe #27
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Village
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Westpark
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Northwood
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Area
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858 SF
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984 SF
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Price/ SF
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$384/SF
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$355/SF
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Beds/ Baths
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2 Beds/ 2 Baths
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2 Beds/ 2 Baths
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Listing Price
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$329,900
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$349,500
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Down payment
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$65,980
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$69,900
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HOA Dues
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$209
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$198
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Monthly mortgage, assuming an interest rate of 3.875% for 30 YR Fixed
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$1241
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$1315
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Property Tax +Mello Roos
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$3997 Annually $333 Monthly
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$3832 Annually $320 Monthly
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Fixed cost of owning
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$1783 Monthly
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$1833 Monthly
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Comparable Rental
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2 Two bedroom units have rented at $1.81/SF in 2012.
Projected rent: $1552 to Monthly
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3 Two bedroom units have rented between $1.66/SF to 2.10/SF in 2012.
Projected rent: $1633 to $2066 Monthly
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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?
Discuss below or on Talk Irvine.
Well, some of this is good. Notice that nicer areas now have condos and some tract houses that are older but not too old reduce in price compared to poorer cities. So Orange might even grow again, now its growing by a snail’s pace at .7 in most cities. Irivine to San Clemente in condos and older tract houses pricing similar to cities in the north like Anaheim or Buena Park. So, a demographic in OC that has flight for the past 20 years might slowdown.
Not sure how these can be good for investment when they aren’t even close to rental parity or am I missing something?