Inventory creeping up?

Hi guys, newbie here.  Apologize in advance if these questions are stupid.

Do you guys think it will finally be a good time to purchase this summer? 
Will we ever go down as low as 2009 prices?

What's a good area in irvine for young professionals?
 
irv81 said:
Hi guys, newbie here.  Apologize in advance if these questions are stupid.

Do you guys think it will finally be a good time to purchase this summer? 
Will we ever go down as low as 2009 prices?

What's a good area in irvine for young professionals?
Click to expand...

If you haven't noticed, housing is not doing well like last year. Some builders are reducing price such as in PS. (according to some other posts)
 
Everytime I think we are at the high and prices will be dropping, I see ridiculous prices pop up. Some realtors say prices will drop next year.
 
eyephone said:
irv81 said:
Hi guys, newbie here.  Apologize in advance if these questions are stupid.

Do you guys think it will finally be a good time to purchase this summer? 
Will we ever go down as low as 2009 prices?

What's a good area in irvine for young professionals?
Click to expand...

If you haven't noticed, housing is not doing well like last year. Some builders are reducing price such as in PS. (according to some other posts)
Click to expand...
That's one specific development.  PP homes are selling well and have been increasing prices at every phase release.  The market is a very weak seller's market and prices are flatish.  If you price a property within comps it'll go into escrow within a week or two.
 
irv81 said:
Hi guys, newbie here.  Apologize in advance if these questions are stupid.

Do you guys think it will finally be a good time to purchase this summer? 
Will we ever go down as low as 2009 prices?

What's a good area in irvine for young professionals?
Click to expand...
To get back to 2009 would take a big recession or some bad things happening in China and/or Europe.  Prices are flat this year as the market is digesting the 20%+ increases in 2013.  Each village in Irvine has a lot to offer and it comes down to what you are looking for and what your budget is.
 
Yups don't want to live in Irvine... anyone who doesn't live in Irvine primarily for the schools is a fool.*

*The OS Postulation
 
thanks for the advice guys.  I was hoping to purchase a property this summer/fall, but since it is not a must, I guess I could wait up another year.  :-\

As far as location, I wanted to live in an area with young professionals but cannot commute to LA as has too much traffic from where I work,  I guess Irvine makes more sense for me. 

Ideally, I would like a 3 bedroom house or condo, with young professionals in the area and stuff to do at night with a budget of 500-800k.  I do not care much about schools, but I would like the property to gain value in 5 years or so, when I probably would like to have a family and move on to something more family/school oriented. 
 
There are lots of good schools with very high API in OC outside Irvine where the prices are much much cheaper. So school is one factor but not the reason prices are high because you can easily find good schools elsewhere. Irvine premium comes from having fewer riff-raff along with the combo of safety, parks, location, weather, etc people like. Whole package only in irvine.
 
no, not primarily because of the schools.  But having good schools around mean more education oriented people, better property value, better re-sale value, all of which I am interested in. 

I am primarily looking at irvine because of proximity to family and work, but also things to do, safety, weather, beach, I just am wondering if there are communities which more 20 to 30 somethings
 
thatOSguy said:
irv81 said:
no, not primarily because of the schools.  But having good schools around mean more education oriented people, better property value, better re-sale value, all of which I am interested in. 

I am primarily looking at irvine because of proximity to family and work, but also things to do, safety, weather, beach, I just am wondering if there are communities which more 20 to 30 somethings
Click to expand...

The coastal communities have more nightlife. Fullerton and downtown Orange would be inland alternatives that also have a decent night life. Outside of that, Irvine is pretty dull. This is chain restaurant and curfew heaven.
Click to expand...

The chain restaurant thing is actually kind of dying down.  You see more and more unique restaurants these days.  THANKS YELP!
 
irv81 said:
no, not primarily because of the schools.
Click to expand...
thatOSguy might think you're a fool... you and the large number of other young professionals who choose to buy in Irvine despite not needing to send any kids to a school. And the seniors, and the dinks, and the families with kids that are homeschooled, private school etc etc.

But that's beside the point, to answer your original question, any real estate purchase should be a long term proposition, appreciation should be secondary... buy what you can afford and where you think you can live for an extended period of time.

Good luck irv81 and welcome to TI.
 
@thatOSguy:

The difference between this horse and yours... this is someone that is not me verifying what I said.

And, have you ever thought that it is the OTHER factors that make the school factor better? There are other cities that have schools as good as or better than Irvine yet it's Irvine that has the premium? Why... because it's not just the schools that contribute to that premium.

Your situation is contrary to your opinion, why do you pay a premium to live in NP if the schools are NOT IUSD? Hmm.

#zombiehorse
 
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