University town center condos

[Irvinehomeseeker]

This is my first post on this forum.

I have been reading the posts so far to educate myself about about irvine Real estate.

Been a 5 yr resident(renting) in the University Town center area  of irvine  - With my  part time UCI school and work nearby I find this place very convinient.

I have recently been looking for houses or condos next to UCI  but sense that prices have shot up like crazy; some units by as much as 20% in a year.Would really like to buy a SFR but prices are just out of my reach.

What do you think about a university town centier condo purchase? Will values hold up in this area of irvine? Seems like a decent place to raise a family except for some nuisance frpm the UCI students at times.

Welcome thoughts from forum members.

 

[zovall]

Welcome!

I am a huge fan of the UTC area and have considered both purchasing and renting in the area. 

For a family, I like the Oxford Court court condos because they are close enough to the shopping center as well as Mason Regional Park and are large.  But they are expensive (WTF priced even):http://www.redfin.com/CA/Irvine/83-Lehigh-Aisle-92612/unit-63/home/5680766

Since there are only condos in UTC, the HOA fees are another factor to consider.  The one linked above says the HOA fees are $434/month!

Are there any particular homes on the market you want feedback on? 

 

[Irvinehomeseeker]

Thanks, Zovall!

Oxford court ones are beautiful and they are within a gated community, so very good for a family. But they are now beyond my bugdet. Researcing on refdin i saw 2 bed 2 bath oxford court condos sold for 450- 480K range last year, and the same size recently sold for 575K this year!

I also like the condos at intersection of harvard and california ave - the ones which have attached garage.But the recent ones here sold very quickly at high price. Like the one below:
http://www.redfin.com/CA/Irvine/22-Wellesley-92612/unit-17/home/5678754

The above was on market for just a day as my agent told me, and in 2011 one of my acqauintances bought similar size unit there for 450K. I feel like I missed out the best opportunity back then!

Very few homes coming on market in this neighbourdhood and ones that came are getting bought at high prices. A 3 bed 3 bed unit in that complex recently got offers close to 600K - the unit was very basic, the fixtures and appliances dated back to early 80's without any upgrades.

I am hoping that summer may bring some condos to market in this area, but with insane prices I am not sure how values will hold up.