woodburyowner
Well-known member
Perspective said:Whoa, "wrong"? I believe Irvine prices fell dramatically in 2008 like everywhere else, no? The Fed enacted unprecedented measures to stem the tide. The 30-year mortgage rate fell from ~6.5% to sub-4%. If you do the math on most Irvine houses, they're selling for near rental parity. Our net monthly housing cost at Strada will be right at rental parity, mainly due to the 3.625% 30-year mortgage rate.
Are you including MR, HOA, Property Tax, and Insurance in your calculation? Also, I'm assuming 20% down? I definitely don't think it's the norm that Irvine properties are near rental parity.
For a condo in Woodbury -
3/3 townhouse
575k purchase price
460k loan @ 3.75% 30 yr fixed - $2130
Property Tax - $480
MR - $250
HOA - $300
Insurance - $40
Total - $3200
This property could rent for $2850.