Alright... you Irvine lovers have drawn me out... Having grown up in OC and seeing Irvine develop into the community that it has...
First, Irvine was meh, in the late 80s and early 90s. It was barely developed and the product that was there... was U G LY! People with money wanted to live in Orange, N. Tustin, and Villa Park. The Chinese and Koreans moved in hard and fast. Ask acpme, and ask to see my yearbook that progressively became even more dark haired. FWIW, I thought this was cool and welcomed the culture and love my best friend who is Korean. The Asians with money were not moving to Irvine, but the Asians with work ethic were and they instilled that in their kids. As long as they didn't turn to gangs. Think the Triads and k-gangs aren't in Irvine... LOL... you are only fooling yourself.
During the mid-90s, when Bill Lyon and Bren's son (CalPac) took over the defaulted projects in Westpark and even Tustin Ranch, Irvine started to come into its own. The Marketplace became a major shopping center, and businesses were added to the area. The Spectrum started off as disaster, who the hell would go to an open air mall with crappy chains when you have Fashion Island? Well... it changed, along with the demographic. I had friends that moved to Westpark in the late 90s/early 00s, and I could see where this was going. I didn't care for it, a bunch of chains with Chilis and Blockbuster being in the shopping center, but many other people would love the convenience.
Anyway, I have the data from the 90s in Irvine, and it dropped pretty hard but not as hard as elsewhere. It stayed flat for many years, with a few drops that only a smart few could take advantage of (FCBers back then got screwed, take note). So buy when you you can buy the house you love at a price you can afford. I have always said that, buy the house YOU LOVE, THAT YOU CAN AFFORD.
$250 a sqft. in Irvine is a joke, and if it ever hits N. Tustin I will not let you know because I don't want the competition, but it isn't there yet. Make sure you adjust for inflation, because you can find homes in N. Tustin for those prices, Irvine is getting close... but it is not there yet. I think there will be deals to be had, but you better know your market... just know there is a serious shadow inventory... will that ever come to fruition... I don't know... The guberment is screwing those who are prudent.
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