You are surely right (I jest) unless u buy into LL's scenario of prices dropping for years.
If u want to really know what I think.......... u cannot have everything. If you want Irvine, u have to give up on SOMETHING and buying Lennar seems to be one option...... or pay up.
What will happen (and it's already showing up here in the Valley of the Sun in some areas...... once inventory is brought under control, prices are not dropping more and then they will start moving back up.
Buyers will realize prices are starting to go back up and will either drive farther and/or cut back on what they thought they just had to have (buy smaller, less upgrades)............ or miss the boat............. again.