In the tiny pocket of land tucked between the Mericort homes and Freeway 5 are the Tamarisk condominiums. All of them share walls with their neighbors and patio at the entrance (no backyards). Affiliated schools have great ratings even though they are technically in Tustin Unified School District. Of late, these homes are catching up with the market and moving up, up and away.

The current property to hit the market is priced above $500,000.

46 Trailing Vine, Irvine CA 92602

Listing Price: $525,000

Beds/ Bath: 3 Beds/ 2.5 Bath

Area: 1395 SF

Price/ SF: $376

HOA Dues: $290

Builders Tract Name: Tamarisk

Builders Tract Code: TAMR

In 2006, this house sold for $595,000. We haven't hit the 2006 prices yet, but here is a neat little tool that calculates inflation adjustment. (http://www.usinflationcalculator.com/) According to this website, if this property was sold at $595,000, the same item would cost $685,212.15 based on cumulative rate of inflation at 15.2%. So, technically we are not at the 2006 bubble level. But salaries haven't increased, unemployment hasn't decreased.

Here is a brief history of Tamarisk homes in the past three years:

2013:

33 Trailing Vine $329/SF

38 League $354/SF

81 Trailing Vine $330/SF

2012:

16 New Season $274/SF

80 New Season $257/SF

94 New Season $295/SF

74 Trailing Vine $267/SF

2011:

62 New Season $297/SF

37 Trailing Vine $306/SF

Going by the sales history from the time these homes were built in 2005, they have bottomed in 2012, and 2013 brought in a miraculous recovery of $100~ /SF. While we salaried people with the down payment + mortgage combination will gasp in shock and awe at the trend of the market in 2013, a foreign cash buyer will probably pick up the property as an investment and rent it out within a month. In Irvine, in current market conditions where inventory is struggling to reach the two hundred mark, anything and everything will sell. This too shall!

Here is what $525,000 can also buy in Irvine:

146 Hedge Bloom in Woodbury

Listed at $519,000 ($440/SF)

6 Stanford Ct #3 in University Park

Listed at $519,000 ($433/SF)

80 Deermont in West Irvine

Listed at $529,800 ($434/SF)

At $376/SF, 46 Trailing Vine is the cheapest option currently in Irvine, at this price range. Still not very affordable, or not a fair deal for those who have kept a tab on prices since 2007 waiting for the right market to make their move.

What would you do?

Would you buy an attached condominium for $500,000+?

Would you put in as much as cash you can in down payment?

Share your thoughts at Talk Irvine.