$500,000 Condo, really-really-really!

231 homes for sale as of December 09, 2012

In 2008, there were articles everywhere about the doom and gloom that shadow inventory would create in 2012. Fear stopped us from buying, but hope and change brought by the low interest rates, and low inventory changed the scene by the time we hit 2012. Each village of Irvine hit a low once during this four year period, some recovering faster than others, some sliding faster than others. 2012 has become a happy transition year for the entire city from the great housing depression to the new era of zero growth. The property prices might be climbing, but when you compare the price with the rate of inflation and add in the low interest rates, not much has changed other than the outlook of the buyer.

How much has the outlook changed? What does $500,000 buy today in Irvine?

Woodbridge:

Address: 52 Wetstone #37

Listing Price: $499,900

Area: 1296 SF (2 Beds/ 2 Bathrooms)

Price/ SF: $386/SF

El Camino Real:

Address: 14821 Groveview Ln

Listing Price: $499,000

Area: 1156 SF (4 beds/ 2 baths)

Price/ SF: $432/SF

Turtle Ridge:

Address: 125 Jadestone

Listing Price: $498,000

Area: 1200 SF (2 beds/ 2 baths)

Price/ SF: $415/SF

Airport Area:

Address: 1118 Scholarship St

Listing Price: $490,000

Area: 1200 SF (3 Beds/ 2 baths)

Price/SF: $360/SF

Woodbury:

Address: 22 Calypso

Listing Price: $489,000

Area: 1441 SF ( 2 Beds/ 2.5 Baths)

Price/ SF: $339/SF

University Park:

Address: 9 Featherwood #1

Listing Price: $485,000

Area: 1185 SF (2 Beds/ 2.5 Baths)

Price: $363/SF

Quail Hill:

Address: 60 Reunion

Listing Price: $509,000

Area: 1145 SF (2 Beds/ 2.5 Baths)

Price: $445/SF

What are your thoughts?

Would you buy a condominium at any price, and update it if necessary, just to live in Irvine?

What brings you to Irvine? Is it the safety ranking? Is it the school district?

Share your thoughts at Talk Irvine, or comment below.

One thought on “$500,000 Condo, really-really-really!”

  1. I have been busily trying to find a decent sized Irvine condo in exactly this price range recently. I realized that there is no way I’m going to pay through the nose to “own” a tiny place. I’m going to wait. The cost of monthly HOA/Mello-Roos is why I sarcastically say “own”.

    To add insult to the injury is the notion of paying high HOAs and needing to upgrade the condo.

    Renting in Irvine looks like a sensible choice–safety and school districts can be bought for a much cheaper price, plus you can bail out if it doesn’t turn out as great as you envision.

    Easier said than done–the allure of trying to own something artificially made extremely expensive and scarce is hard to resist.

Comments are closed.