Today’s featured property was bought by Ponzis in 2002 for $250,000. They ran up a huge debt via mortage equity withdrawal and let the house go to foreclosure in July of 2009 for $382,500. The lender sold the REO to the current seller on 9/11/2009 for $450,000. Apparently the current owner spent a lot of money upgrading everything, a curious decision for a small, old house backing the railroad tracks. If he gets his current asking price, he stands to make $30,000, but he likely spent that and more on upgrades, so this is likely a loss — assuming he gets this asking price.
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Proprietary Irvine Housing News home purchase analysis 
4632 ROXBURY Dr Irvine, CA 92604
$519,000 …….. Asking Price
$450,000 ………. Purchase Price
9/11/2009 ………. Purchase Date
$69,000 ………. Gross Gain (Loss)
($36,000) ………… Commissions and Costs at 8%
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$33,000 ………. Net Gain (Loss)
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15.3% ………. Gross Percent Change
7.3% ………. Net Percent Change
5.9% ………… Annual Appreciation
Cost of Home Ownership
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$519,000 …….. Asking Price
$103,800 ………… 20% Down Conventional
3.87% …………. Mortgage Interest Rate
30 ……………… Number of Years
$415,200 …….. Mortgage
$97,966 ………. Income Requirement
$1,951 ………… Monthly Mortgage Payment
$450 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$130 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
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$2,531 ………. Monthly Cash Outlays
($313) ………. Tax Savings
($612) ………. Equity Hidden in Payment
$137 ………….. Lost Income to Down Payment
$150 ………….. Maintenance and Replacement Reserves
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$1,892 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$6,690 ………… Furnishing and Move In at 1% + $1,500
$6,690 ………… Closing Costs at 1% + $1,500
$4,152 ………… Interest Points
$103,800 ………… Down Payment
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$121,332 ………. Total Cash Costs
$29,000 ………. Emergency Cash Reserves
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$150,332 ………. 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 we couldn't find MLS # P810499 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
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3 Responses to “Overimproved home on the railroad tracks in El Camino Real”
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Are the RR tracks used only during waking hours 7AM to 11PM or anytime 24/7? I’ve seen house along daily communter line NEAR the station go for high price back east.
I don’t think the train goes by during sleeping hours, and the nearest crossing where they blow their horn is over at Harvard, so the noise isn’t too bad. This house is miles from the nearest trainstop, so there is no added value there. This house is so close to the rails, you probably feel the train pass though.
There are about 55 trains a day that go down that track, most of them commuter trains that don’t make too much noise. There is usually one heavy freight that comes by at 8 PM and makes a fair amount of noise. They blow the whistle at Harvard and Sand Canyon, although Sand Canyon is due to be replaced with an underpass in early 2014, they say.
I think the trains are of less concern than that the neighborhood isn’t tip-top and the elementary school (Greentree) is one of the lesser lights of IUSD.