[quote author="acpme" date=1241232357]woodbury is contaminated with liar loans.
turtle rock is contaminated with uptight asian families who measure their self-worth by their child's SAT scores.
turtle ridge is contaminated with wanna-be's who measure their self-worth by the amount of faux stone-working on their house.
westpark, tustin ranch, and west irvine are contaminated with 90's style pink stucco.
woodbridge is contaminated with kids that attend woodbridge high. *THE HORROR* oh, and perhaps with TCE from el toro.
portola springs is uncontaminated, however. no one lives there.</blockquote>
LMAO!
<blockquote>I?m Jim Larson, a real estate analyst here in Irvine. The guy running this site is astute; Irvine?s housing market is falling substantially, but the even BIGGER slide hasn?t yet hit the Irvine housing market. When it does, it will reduce prices considerably more because of a culmination of the dumping of REO properties on the Irvine market, the resetting of Irvine Alt-A loans, and the contamination factor most Irvine residents don?t even know about. Once Irvine residents discover they bought homes on contaminated land and weren?t told about the contamination under the neighborhoods in which they bought (contamination from the El Toro base that?s well documented), the suits will start in earnest, and Irvine home values will plummet. I?ve seen this happen before?it?s only a matter of time. </blockquote>
Umm.. you say you're an "analyst?" I don't see any analysis, mostly conclusive statements like "is falling substantially" and "contamination factors." what does that mean?
First of all, the contamination is AT MOST affecting 10% of Irvine, and that is a VERY conservative estimate, so not even 10%. Secondly, if you reduce supply that prices actually INCREASE. That is simple primary school "analysis." Then again I don't blame you, I had the privilege of attending Irvine schools k-12.
Your counter argument: there is more contamination. Well, I have looked into this extensively, and yes there is more contamination, but that has nothing to do with Irvine. The reality is my friends that we have to import water for ALL of So Cal. The aquifer beneath all of southern california, NOT JUST IRVINE, is severely contaminated. The funny part: wait for it............................... EVEN THE WATER WE IMPORT HAS TRACE AMOUNTS OF PERCHLORATE. Its delicious. Who needs a thyroid anyway. And this is not an Irvine problem, this is a NATIONAL problem, do the research.
Unless you want to come forward with some real analysis dont even bother. Irvine prices might go down a little, but if Irvine stays true to its identity, there will absolutely be a fill in demand. Foreigners, savers, all types of people who are the next generation economy want to live in Irvine because everywhere else is trash, ive seen alot of california, and everywhere is trash except for the wilderness areas. Thats what makes california beautiful. Its Californias Gold. There is a natural balance in Irvine and that is because the people who designed this city are geniuses. Example: roadkill. Most cities send someone out to pick it up, what a waste of resources. Irvine has these mini vultures that devour road kill same day! Where the hell are you going to find planning and city design like that!!!??? Each bird is tagged too! Not to mention Irvine is a UC city (add $200 persqft).
When you look at all the facts in total Irvine prices will increase once this economy is sorted out.
