What will you be able to get for 1 Million in Irvine in early 2010

[billbaldi_IHB]

Just curious. I have to say that the IQ of people on this site seems to be much higher than anywhere else. So here is the question. What will you be able to get in Irvine for 1M in early 2010. I'm really interested in the Turtle Ridge area. I appreciate everybodies input.

 

[GrewUpInIrvine_IHB]

At the rate that the gov't wants to put a "floor" into the housing market, I'd suspect that prices in Irvine might not see much more than a 10% discount from today. Builders are removing supply from the market... and many resellers are simply holding tight... so it is really a question of what the number of bank-owned properties will do to prices... at least, that is how it is starting to look for me. I find myself expecting less and less of a drop as time and events unfold.

 

[fumbling_IHB]

I was hoping for rental parity in Irvine before buying in Orchard Hills whenever they start building, but at the rate of decline per IPO's data, that day may never come, it seems. I'm very comfy in OH apartments but would pay a slight premium to my rent for nobody above me (everyone I talk to hears stomping feet overhead in apartments) and a small courtyard. and a little more square footage. However the total cost of owning a place like that (an OH equivalent to Plan 1 Paloma in Portola Springs currently around $700K is my idea of a nice little place to call home) is currently twice what I am paying in rent. I had hoped when I moved to Irvine earlier this year is the markets would drive down Irvine and OH home prices by 25% in a few years so I would only pay a small premium above my rent to live in a nice Irvine home, but my suspicion is a typical OH home in 2011 or whenever they start building is likely to still be at a price level where it's about double my rent. We have to move to a home in 3-5 years (there's a lot of psychological reasons to being in a home vs. an apartment) so if prices drop I'll have an easy decision, if they stay the same I'll have a tougher decision, if they actually go up it'll be really tough but I might have to hold my nose and just buy.

 

[irvine_home_owner_IHB]

I do think the midrange homes in the newer areas like Woodbury and Quail Hill are going to be in that range.



I would prefer them to be around $700k though.



Someone in QH told me they bought their house for $1M and equivalent homes list for about $1.5M so I don't think it's unreasonable to see them going back down to that level.