[OCReg] "Lots" of options in Irvine under $200k...

This is one of the dumbest articles I've seen from them. No only from what you had said, but how are "7" current active homes under 200k "lots" of options.
 
i'm probably going to get ripped for this... and i wouldn't do this myself, but for sake of playing devil's advocate...

assuming you have to pay $1600 to rent a place like this...
http://www.redfin.com/CA/Irvine/3313-Watermarke-Pl-92612/home/5952589

*a 1/1 villa sienna goes for $1525 for a 1/1, 550sq ft and a 1/1, 740 sq ft goes for $1725

to rent this place for 2 years it would cost you ~$38400 (1600 X24 months)

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now... say you had 200k in the bank and to "own" it for 24 months...

$200,000 x .08 = $16,000 (buy and sell costs)
$309 x 24 = $7,500 (HOA)
+$4000 (1% lost interest over 2 years)
$2,472 x 2 =  $4994 (prop tax 2010)

~$32500... that's how much you would "pay" (or lose) over 2 years, this assumes prices don't drop further, also, this is a shortsale... the only non shortsale for watermarke goes for $220k
 
I don't think anyone is arguing about the rental parity... more about the fact that there are not many of these available as standard sales ("lots")... and there isn't much "options" in a 1/1.

With 20% down, there are many homes near rental parity in Irvine... but considering rents in Irvine are also high... that says something about comparative real estate value in Irvine.

 
USCTrojanCPA said:
IndieDev said:
OC Register = Realtor adver-mag.
I guess that's the only sort of advertising the OC Register can sell nowadays.  haha

I'm surprised the OC Register is still in business. I can't think of a single writer of note who works on staff.
 
Soylent Red toiled worked for years at the OCR. She has plenty of contacts there today and yes, it's amazing they still print. Once their TV station and OC Post dreams crashed, they hollowed out the core reporters and lowered content to AP wire stuff, often 48 hours old.

Surprising to most, local newspapers are actually thriving because they focus on the kind of local stuff/ news the Web has yet to effectively delivery. The people running the SS OCR into the iceberg today still don't get how to improve content and boost readership. They run articles like this one and merely drive more nails into their coffin. If only I was in control....

My .02c
 
took me 1.2 seconds to read that article. As soon as I saw the author's picture and that she was a broker, I closed the window... ::)
 
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