Turtle Ridge Condos 92603

[w0lfgang_IHB]

I respect the depth of knowledge on this blog and am looking for feedback on my calculations.



My wife and I are scoping out condo's and townhomes in Irvine.

We've got a 9 month time horizon.



I'm using an HP 12-C and am assuming the following:



30 fixed conforming is at 6.139% and jumbo is 7.091%

$100,000 down payment

Not taking taxes into consideration



73 Highland View, Irvine, CA 92603

http://www.redfin.com/CA/Irvine/73-Highland-Vw-92603/home/17170925



30 year @ 7.091%

Listed at $599,500 with 1,600 Sq Ft.

N = 30 * 12

I = 7.091 / 12

PV = CHS <$599,500 - 100,000>

PMT = ?

FV = 0



PMT = $3,353.76 a month

28% of income would mean that we would need to generate $143,732.95 in income to qualify for this loan.



30 year @ 6.139%

Listed at $599,500 with 1,600 Sq Ft.

N = 30 * 12

I = 6.139 / 12

PV = CHS <$599,500 - 100,000>

PMT = ?

FV = 0



PMT = $3,039.53 a month

28% of income would mean that we would need to generate $$130,265.92 in income to qualify for this loan.



**** Comparable rentals in 92603 ****



Tutlerock, Irvine, CA 92603

2 bedroom 2 bath with den (no Sq Ft information available)

$2,200 a month



N= 30 * 12

I = 6.139% / 12

PV = ?

PMT = CHS <$2,200>

FV = 0



PV = $361,535



@ 7.091% it would = $327,661.21



**** 1) Are my calculations any where near realistic ****

**** 2 ) What are the chances that these properties will reach rental parity within 9 months? ****



Obviously throwing taxes into the mix changes things around. We are in the 28% tax bracket

I'm also a retired military vetran and qualify for a VA loan (a lot of help that will do in SoCal)



Naturally I'd love these things to drop 60% .

Also, I work for WaMu Investments, Inc. a subsidiary of Washington Mutual and am very cautious as to my employment situation.

Even though I work in the Broker Dealer division, things are tenuous all over.



Thanks IHB for months of entertainment and a great real world education.

 

[CalGal_IHB]

<blockquote>I?m also a retired military vetran . . . </blockquote>
I don't have anything to contribute to your calculations,

but I wanted to give you a Big <span style="font-size: 16px;"><strong>THANKS</strong></span> for serving our country.



Good luck with your purchase.

 

[WestparkRenter_IHB]

This condo is not in Turtle Ridge as the title says but it's in Turtle Rock. In 2004, I paid $1700 for a brand new, luxurious 2 bedroom apatment in Turtle Ridge. I don't know if I would pay for this amount in Turtle Rock.