Irvine lost 3% in Market Value from 2006-2007. The absorbtion rate in Irvine is currently 6.5.
The average absorbtion rate in Orange County is 8.7 months.
Although Irvine only went down 3%, inventory levels are the same or a little greater than at the same time in previous year. In Anaheim Hills, inventory has been steadily declining.
Depending on what you mean by market value(holding value or biggest discount), either area is a great choice. If you are leaning towards Irvine, you know that it holds it's value better in comparison to other areas in Orange County, but if you are leaning towards Anaheim Hills, it is 6% cheaper now than the previous years with inventory tightening.
More important than market value, unless you are paying all cash is the window of opportunity that will be closed as of March 1, 2008 with the banks. There is a government mandate that goes into effect on this date that changes the way ALL banks are allowed to qualify buyers. It is possible that you will lose 30%-35% buying power at the end of the month. That means that if you are looking at $700,000 home, you may only qualify for a $500,000 home at the end of THIS month.
A lot of people are waiting to see if the conforming loan limits change (I say waiting because it hasn't been signed into effect by the President who can choose to veto it.) . This will save some people up to 1% on their interest rate by using a conforming loan instead of a jumbo loan, but that may not matter if you no longer even qualify for the home you want after this February.
If you haven't already spoken to a lender, I would at least check that out before the opportunity is lost.
Both of these things going on in the mortgage industry are bringing buyers back into the market. Most people don't know about the March 1, 2008 deadline, but most know about the conforming loan limit changes because they are all over the news.
If you have any other questions, feel free to call (949) 278-4807 or email me SandraCarlisle@firstteam.com. I have a lot of Orange County information on my blog, just click on the Web Reference below and it will take you there.
Generally the market resale value for the highest priced homes in Irvine edge out those in Anaheim Hills. But you also have to remember that with many newer communities in Irvine, you have Mello-Roos fees on top of your property tax. Anaheim Hills and the area of Villa Park offer exceptional housing opportunities with excellent schools, without the mello-roos fees.
If you are looking for a condo/townhome, I would guard myself against going into the 'low rise' apartment style condo's in Irvine. Although they do offer great amenities, their resale value is not holding up very well and they have high Home Owners Association (HOA) fees.
Shirley, I realize you are in the information gathering stage of your house hunting. You can freely visit my website http://www.MyRealtorRobert.com, 24 hours a day, to view thousands of available properties in Orange County. If I can be of future assistance or guidance, contact me when you are ready.
Robert M. van der Goes
Why would any rational person pay 2 to 3 times more money to own than to rent while also incurring more risk in the process?
I laugh at all home buyers in the market right now They are making a very dumb decision. The smart money is selling. The smarter money sold 2 years ago and laughed all the way to the bank.
I am going to post a link that has a city by city breakdown of what happened between 2006 and 2007 in Orange County in the Web Reference below this. That should help answer your market value question, you can even check out how Yorba Linda fared. It really depends on the price range and type of property you are looking at because some ranges are severe buyer market conditions, while others are leaning back towards the seller side.
Are you thinking condo, SFR, R-2? What price range?
Take a look at the numbers and if you would like me to narrow the areas for you by price and type of property, call me at (949) 278-4807.
Yorba Linda also has terrific market value. It is well known for its award winning schools. For the most part Yorba Linda is older than Anaheim Hills and Irvine, however there are a lot of new homes and nieghborhoods in Yorba Linda in the Black Gold Community as well as towards the east end of Yorba Linda.
Prudential California Realty, Anaheim Hills
Anaheim Hills' Average Sold Price in October of 2007 was $722K and in December of 2007 it was $628K, in Irvine of October 2007 the Average Sold Price was $775K and in December of 2007 it was $817K.
In Irvine, however, there are a little more than twice as many homes on the market than there is in Anaheim Hills. Also, these statistics are taking into consideration all homes/condos available, at all prices.
When you look at just condos/townhomes under the maximum price being $699,999, then in Anaheim Hills you have an Average Sales Price of $501K in October of 2007 and $453K in December of 2007. In Irvine the Average Sales Price in October of 2007 was $511K and $526K in December of 2007.
Hope this has helped.
Many of the people that tend to enjoy Anaheim Hills better than Irvine, enjoy it because it is more developed and has a nice blend of both old and new properties along with an overall well maintained city. Irvine tends to look a lot alike - and some people like that, it just depends on what you are looking for.
I myself live in the city of Irvine, but work in the city of Anaheim Hills! I have lived in both cities and like them equally as well. I would love to help you more with deciding which city might be better for you and your family - again it depends on a variety of different things that you are looking for as a buyer in your new home. If you would like to give me a call or email me to ask me any further questions just to pick my brain about the cities and the market, feel free to do so. You can also check out my website below for more information.
I hope this has helped!
Prudential California Realty, Anaheim Hills
I would be happy to set you up to receive emails of newly listed properties that meet your needs. Please email me at firstname.lastname@example.org with your information. I will also provide you with comparable information. Thanks and good luck
Generally speaking, Irvine prices will be higher than Anaheim Hills. What size and type of property were you interested in? If you provide that information, I could give you some comparable data.