Was the bottom for Irvine back in March 2009?

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panda

panda

Well-known member
Currently the median home price in Irvine is $613,400. I am going to guess that $566,000 median home price in March 2009 was the bottom for Irvine. Prices have risen 7.7% from its bottom. Prices may drop slightly due to rising mortgage rates, but I don't think it will break below the March 2009 bottom nor do i think it will have a big impact on home prices in Irvine. Clearly the Woodbury 2010 Collection sales show that the buyers were willing to pay more than TIC's asking price for the Carmels and Sonomas.

What do the rest of you think?

Irvine median home price:
Month over month = -1.1%    Quarter over Quarter = -2.7%  Year over Year = +3.0%
 
I think until the foreclosure inventory (shadow and actual) has been fully dispersed... we can't know.

Plus we have to get past the end of the world in 2012.
 
I think all the panic and fear is gone.  People are now cautious and people with good credit and a job are opportunistic.
 
I foresee a 20% jump in 2011. If I were a buyer waiting on the sidelines to move into Irvine, I'd go in guns blazing. Offer 10% over listing price, and get in there quick, or be priced out.
 
IndieDev said:
I foresee a 20% jump in 2011. If I were a buyer waiting on the sidelines to move into Irvine, I'd go in guns blazing. Offer 10% over listing price, and get in there quick, or be priced out.
Click to expand...

I know I won't be selling my house unless you offer me over 20% from what I paid for it.  ;)
 
sonoma said:
IndieDev said:
I foresee a 20% jump in 2011. If I were a buyer waiting on the sidelines to move into Irvine, I'd go in guns blazing. Offer 10% over listing price, and get in there quick, or be priced out.
Click to expand...

I know I won't be selling my house unless you offer me over 20% from what I paid for it.  ;)
Click to expand...

You drive a tough bargain, but for the privilege of living in a city like Irvine, it's completely worth it.
 
"Was the bottom for Irvine back in March 2009?" The topic of this thread reminded me of the jpg posted in the comments today on IHB. Full credit to AZDave for his hilarious Photoshop skills. There are some really good ones in today's post.

28_Yorktown_Nothing_To_See_Here.jpg
 
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