Anecdotal Evidence the Irvine "Gravity Defying" Property Bust is ON

NEW -> Contingent Buyer Assistance Program
no_vaseline_IHB

no_vaseline_IHB

New member
<a href="http://lansner.freedomblogging.com/2008/06/03/rent-or-buy-ocs-purchasing-math-improves/#comment-70733">http://lansner.freedomblogging.com/2008/06/03/rent-or-buy-ocs-purchasing-math-improves/#comment-70733</a>



"Mulliganville Says:

June 3rd, 2008 at 9:32 pm

That may be the case in Irvine or Anaslime?but homes in my community are renting for about $1.50 per foot. Not a ton of apartment options in Mission Viejo, Laguna Niguel, Dana Point, etc. That 1BR apt. in Newport goes for about $1600?hmmmm. I suspect you are correct that rents in Irvine and Anaheim will receive pressure?the rest of the OC?not so much."



One of Lasners' permabears (permadeinalbears?) has identified Irvine as "sub prime", equivlent to Anaheim, and not worth a premium over the "true" premium coastal properties. The ring of elite properties is now one member smaller.



This is not an insignificant concession. Plan accordingly.
 
i somewhat agree. when i first moved to OC, irvine was not all that desirable. good schools and proximity to commercial centers are key although the latter is somewhat subjective. the truly wealthy don't necessarily choose to live close to commercial centers. the larger irvine becomes, the less elite it becomes. so other than that, what makes irvine so great? the desirability has largely been manufactured by TIC's planning and for that we really have to give them credit. there are few places with such great commercial, retail, and suburban living just minutes from each other.
 
NO, you are absolutely correct....one more community that doesn't count towards the true value of OC real estate. After Irvine totally falls into the toilet, we will see the beach area go down........another 12 months till newport beach homeowners are selling for substantially reduced prices.
 
<blockquote>Not a ton of apartment options in Mission Viejo, Laguna Niguel, Dana Point, etc.</blockquote>




maybe because people who rent generally are concerned about proximity to jobs, shopping, nightlife, eh?





who wants a 40 minute commute to an apartment?
 
[quote author="acpme" date=1212624920] so other than that, what makes irvine so great? </blockquote>


As an Anaheim resident, I can answer this: Irvine isn't the ghetto. It's not even close to the ghetto. I went for a walk yesterday in a neighborhood next to my own, and found condemned/empty apartment buildings and a dude drinking "something" out of a paper bag while sitting at a lovely Anaheim resort busstop. Irvine should have a premium over areas like that. No, it's not a real coastal city, but it's not nearly blight either.
 
i believe irvine should command a premium, the question is what premium is justified. at the moment i think it's still way too high. i am beginning to consider this more heavily as i think about where to settle down in the future. we can stay in irvine and live in a mcmansion in a newer village. or we can move out of irvine and live in some fabulous estate-like homes in north tustin or the orange hills. it's not an easy decision because the amenities and conveniences of irvine are worth a lot to us. but given current pricing, i would say irvine needs to come down further than other desirable areas for me.
 
i don't think causal effect has ever been proven.



do the good schools make nice neighborhoods or nice neighborhoods make the good schools?
 
yeah i agree with that... pick a good (not just expensive) neighborhood and let the rest take care of itself.
 
You must log in or register to reply here.
Back
Top