Posted: 28 Jan 2013 04:00 AM PST
Inventory on 25th January 2012: 2-1-6.
Irvine seems to be settling in the new normal of low inventory. As expected, property values are rising steadily keeping pace with the declining inventory. Condominiums that foreclosed for around $500,000 are now back into the market after some sprucing up for a bigger price tag. Good news for sellers, good news for Realtors and Brokers, and great news for flippers. Flipping as a career choice seems to be making sense again, just as day trading is.
Bed rooms/ Bathrooms: 4 Beds/ 2.5 Baths
Listing Price: $639,000
Fixed Monthly Expenses: $3144
This house was foreclosed in November 2012 for $498,000.
Comparable properties in the neighborhood:
1. 50 Alevera, 3 Bedroom-2.5 Bathroom detached condominium listed at $430/SF.
What do you think? Will the prices continue moving upwards to adjust to the spiraling inventory levels and push us into a bubble prematurely? Or does Irvine deserve a bubble bigger and faster than the rest of the nation because we are the safest, most desirable and fashionable city, and most recently one of the best run cities in the country? Will you still buy in Irvine if you see prices go up by more than 20% annually on the homes that you wanted to buy?
It’s too soon to predict buy and hold, but flip seems to be the mantra of the moment.
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