That's an excellent question. Either way, you are asking for an opinion, and none of us have a crystal ball.
I would recommend choosing the single-family detached dwelling for several reasons:
1) A SFR holds it's value and is not as affected by market fluctuations as condos/townhomes.
2) Quality of Life
3) Condo HOAs are unpredictable, and you may incur unexpected (and sometimes substantial) assessments.
4) You mentioned "newer" on the Tustin property... All condos built between 2004 and 2007 are projected to have a continual downward price pressure from Short Sales and REOs, since so many were financed with 100% financing through the builders. These units, in particular, may have a 10% or more price depreciation until after 2012.
5) You can write-off interest, not HOAs. You'll have a greater interest deduction with the house than the lower priced condo.
I hope this helps! Good luck. I can refer you to an agent that knows OC if you haven't selected one already.