I never thought I would write today’s headline. The beach communities have always been inflated, but with falling prices, rising rents and super low interest rates, even Newport Beach is becoming affordable.
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Proprietary OC Beach Housing News home purchase analysis 
8 SEA ISLAND Dr Newport Beach, CA 92660
$475,000 …….. Asking Price
$250,000 ………. Purchase Price
2/3/1994 ………. Purchase Date
$225,000 ………. Gross Gain (Loss)
($20,000) ………… Commissions and Costs at 8%
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$205,000 ………. Net Gain (Loss)
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90.0% ………. Gross Percent Change
82.0% ………. Net Percent Change
3.6% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$475,000 …….. Asking Price
$16,625 ………… 3.5% Down FHA Financing
3.91% …………. Mortgage Interest Rate
30 ……………… Number of Years
$458,375 …….. Mortgage
$145,633 ………. Income Requirement
$2,165 ………… Monthly Mortgage Payment
$412 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$119 ………… Homeowners Insurance at 0.3%
$527 ………… Private Mortgage Insurance
$540 ………… Homeowners Association Fees
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$3,762 ………. Monthly Cash Outlays
($476) ………. Tax Savings
($671) ………. Equity Hidden in Payment
$22 ………….. Lost Income to Down Payment
$79 ………….. Maintenance and Replacement Reserves
============================================
$2,716 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$6,250 ………… Furnishing and Move In at 1% + $1,500
$6,250 ………… Closing Costs at 1% + $1,500
$4,584 ………… Interest Points
$16,625 ………… Down Payment
============================================
$33,709 ………. Total Cash Costs
$41,600 ………. Emergency Cash Reserves
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$75,309 ………. Total Savings Needed
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This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
We're sorry, but it seems that we're having some problems loading MLS # S683977 from our database. Please check back soon.
Competing Listings
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$699,000 17 SEA ISLAND Dr |
0 miles 2 bd / 2.75 ba 1,987 Sq. Ft. |
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$635,000 68 SEA ISLAND Dr #68 |
0 miles 2 bd / 2.5 ba 1,986 Sq. Ft. |
|
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$559,000 835 AMIGOS Way #5 |
0.18 miles 3 bd / 2.5 ba 1,867 Sq. Ft. |
|
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$1,525,000 2 RUE BIARRITZ |
0.28 miles 2 bd / 1.75 ba 1,900 Sq. Ft. |
|
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$895,000 38 RUE FONTAINBLEAU |
0.35 miles 2 bd / 1.75 ba 1,808 Sq. Ft. |
|
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$1,299,000 12 RUE CHATEAU ROYAL |
0.38 miles 3 bd / 2.75 ba 2,123 Sq. Ft. |
|
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$495,000 28 CANYON ISLAND Dr |
0.38 miles 2 bd / 2.5 ba 1,527 Sq. Ft. |
|
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$899,000 44 CANYON ISLAND Dr #44 |
0.38 miles 3 bd / 2.5 ba 1,986 Sq. Ft. |
|
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$795,000 665 VISTA BONITA |
0.43 miles 2 bd / 2 ba 1,591 Sq. Ft. |
|
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$1,350,000 5 RUE SAINT CLOUD |
0.46 miles 2 bd / 2.5 ba 2,123 Sq. Ft. |
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Investors flood Southern California housing market in December
By Alejandro Lazo
January 17, 2012, 10:41 a.m.
A record number of investors and second-home buyers flooded the Southern California real estate market in December, though not enough to give sales in the region a bump over the same month a year earlier.
With the investor dominance, low-cost homes reigned. That helped push the region’s median home price back down to its lowest level in 12 months, according to San Diego real estate firm DataQuick.
Sales fell 1.4% from the same month a year earlier, with a total of 19,247 homes bought throughout the six-county region. Sales fell the most in San Bernardino, down 7.2% from the same month a year prior.
The region’s median home price — the point at which half of the homes in the region sell for more and half for less — fell 6.9% to $270,000.
Nice to know our bailout dollars worked:
Wells Fargo earnings beat expectations, Citi falls short
By E. Scott Reckard
January 17, 2012, 9:55 a.m.
Wells Fargo & Co. reported a 20% jump in fourth-quarter profit, with better-than-expected returns from its giant mortgage business, while Citigroup Inc. earnings declined 11% on weakness in its investment bank operations.
The results underscored how the turbulent financial markets have affected banks with big Wall Street sales and trading operations, such as Citi. JPMorgan Chase & Co., the nation’s largest bank as measured by assets and another huge Wall Street player, kicked off the bank earnings season last week by reporting a 23% decline in profit, with investment banking revenue down 30%.
Wells Fargo, by contrast, is more focused on consumer businesses. It showed that it is working through the problems in its mortgage business, the nation’s largest with a 30% market share, as nonperforming assets fell 20% and its provision for future loan losses declined.
The San Francisco-based company, California’s largest bank and the fourth-largest nationally, said revenue from community banking, which includes branches and mortgages, was up 30% year over year.
Analysts at Keefe, Bruyette & Woods said Wells Fargo’s profit margin on lending beat their expectations and those of Wall Street overall, “and mortgage banking was much stronger [than expected].”
Citigroup, the third-largest U.S. bank as measured by assets, also reported improving credit quality, but said its capital-markets business, which includes sales and trading on Wall Street, saw its revenue decline by 10%.
Wells Fargo earned $4.1 billion in the fourth quarter, or 73 cents per share, up from $3.4 billion, 61 cents per share, a year earlier. Revenue fell from $21.5 billion to $20.6 billion. The bank’s shares were up 29 cents, or 1%, at $29.90 in trading Tuesday morning.
Citigroup reported a profit of $1.16 billion, 38 cents a share, compared with $1.3 billion, 43 cents a share, in the fourth quarter of 2010. Revenue fell from $18.4 billion to $17.2 billion. Its shares were down by $1.75, or 5.7%, at $28.99 on Tuesday morning.