This particular property is in "Pending" status, which generally means that all contingencies have been removed and things should be progressing to close escrow, which opened on 12/8/08.
However, in Irvine there are currently 27 other condominiums that are "active" listings that are priced at $550,000 or less and have a minimum of three bedrooms, 2 baths and a 2 car garage. Additionally, there are currently 16 single family homes that are considered to be "active" listings that fit the same criteria.
Please feel free to visit my website provided below to view the various available properties and let me know if you have additional questions or if you would like for me to arrange to show you any of the properties. I have been a resident of Irvine for over 20 years and would be glad to share any information about our community that might be of interest to you.
As I'm sure you are already aware, home prices are better than they have been in some time and interest rates are very good for buyers.
Happy New Year!