This small condo was purchased near the peak of the 90′s housing bubble. Over the last 20 years, it has gained less than 20% in value for an annual appreciation of less than 1%. The owner who paid $104,500 in 2004 sold it two years later for $215,000. That buyer got wiped out. The 70% decline is similar in scale to a Las Vegas property.
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This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
sales@ochousingnews.com…..
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Proprietary OC Housing News home purchase analysis
306 East CHESTNUT Ave #207 Santa Ana, CA 92701
$68,000 …….. Asking Price
$215,000 ………. Purchase Price
3/28/2006 ………. Purchase Date
($147,000) ………. Gross Gain (Loss)
($17,200) ………… Commissions and Costs at 8%
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($164,200) ………. Net Gain (Loss)
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-68.4% ………. Gross Percent Change
-76.4% ………. Net Percent Change
-19.5% ………… Annual Appreciation
Cost of Home Ownership
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$68,000 …….. Asking Price
$2,380 ………… 3.5% Down FHA Financing
3.95% …………. Mortgage Interest Rate
30 ……………… Number of Years
$65,620 …….. Mortgage
$29,489 ………. Income Requirement
$311 ………… Monthly Mortgage Payment
$59 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$17 ………… Homeowners Insurance at 0.3%
$75 ………… Private Mortgage Insurance
$299 ………… Homeowners Association Fees
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$762 ………. Monthly Cash Outlays
$0 ………. Tax Savings
($95) ………. Equity Hidden in Payment
$3 ………….. Lost Income to Down Payment
$29 ………….. Maintenance and Replacement Reserves
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$698 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$2,180 ………… Furnishing and Move In at 1% + $1,500
$2,180 ………… Closing Costs at 1% + $1,500
$656 ………… Interest Points
$2,380 ………… Down Payment
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$7,396 ………. Total Cash Costs
$10,700 ………. Emergency Cash Reserves
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$18,096 ………. Total Savings Needed
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