[quote author="Goofy" date=1224898331]My take on Mission Viejo... I'll share what I know, having lived in the area for a long time.
The lake area is nice, and the surrounding hills. Pacific Hills and Canyon Crest have older homes that are nicely kept. This area will always be premium.
The "melinda" area which borders RSM has the best schools as far as I know.
There are some new McMansions out against the hills, which could make for some killer deals (foreclosures). Huge homes, nice views, but out against the hills and smaller lots.
The shopping has some slightly older plazas, but nicely kept up. They're not the Irvine Spectrum, but I don't particularly care for the spectrum anyway. Some convenient albeit older shopping centers make for an easier time getting to the necessities. The shopping is being re-done one at a time, much like older Irvine areas around Jeffrey/Walnut.
The bottom line for MV is that is mostly caucasian, and fairly Christian as well. So if you're an asian buddhist who loves 99 Market and HMart, then you'll want to stay further north. If Saddleback Church is in your weekend plans, and you sunburn easily, then MV is a great place to live.
Having a Mission Viejo address has "name dropper status" in many circles.</blockquote>
Having relatives that live here during the 80s, I don't think it's all Caucasian . I agree with the "name dropper status". The only thing is that MV is hot, heatwise. My preference is LN, which is as old as MV, but on the cooler side and I have seen prices dropping there that made it more affordable.