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12-30-2008, 06:56 PM
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Member
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Join Date: Oct 2007
10 posts, read 7,230 times
Reputation: 11
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Buying in Aliso Viejo
Hi,
I read a few discussions on OC Home prices. I've zeroed in on a house in Aliso Viejo and hoping I can get some help opinions from this forum. I moved from Bay Area about a year back and have been renting an apartment in Irvine.
My parameters - Married with no kids, no plans so no school issue but don't want to get into crappy school district for resale purposes
1) Location - Aliso Viejo does not seem to come up as favorbale cities as often as Lake Forest/MV. Any particular reason. Other than personal choice, should I be concerned about that?
2) Price - Looking at a SFR ~1600 sqft, 3/2.5 bd, with a gorgeous view for less than 500k. I feel there is still a downside risk, but hoping I'm not buying high either. It last sold for over 700k.
3) Commute - My commute from Irvine in the last year has been over 35 mins only a handful times, so I'm assuming the 45mins-1hour range. (not great, but doesn't seem to like anything for the price range closer)
4) Affordability - Annual income not including bonuses 140k.
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12-30-2008, 11:24 PM
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Senior Member
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Join Date: Feb 2007
Location: Earth
1,071 posts, read 765,789 times
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Fortune is projecting a 25%+ decline for Los Angeles and about 22% for OC, it would be wise to wait 2009 out. Usually Fortune is conservative, I think decline will be more like 30% from current levels.
Factors are mounting job losses, state of the economy going from bad to worse, avalanche of foreclosures, continued unavailability of credit and the reluctance of buyers resulting in lack of demand.
Doesn't look good.
10 worst real-estate markets for 2009 - Los Angeles (1) - FORTUNE |
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12-31-2008, 06:54 PM
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Not a member
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Join Date: Dec 2008
35 posts, read 5,477 times
Reputation: 16
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Quote:
Originally Posted by grv
Hi,
I read a few discussions on OC Home prices. I've zeroed in on a house in Aliso Viejo and hoping I can get some help opinions from this forum. I moved from Bay Area about a year back and have been renting an apartment in Irvine.
My parameters - Married with no kids, no plans so no school issue but don't want to get into crappy school district for resale purposes
1) Location - Aliso Viejo does not seem to come up as favorbale cities as often as Lake Forest/MV. Any particular reason. Other than personal choice, should I be concerned about that?
2) Price - Looking at a SFR ~1600 sqft, 3/2.5 bd, with a gorgeous view for less than 500k. I feel there is still a downside risk, but hoping I'm not buying high either. It last sold for over 700k.
3) Commute - My commute from Irvine in the last year has been over 35 mins only a handful times, so I'm assuming the 45mins-1hour range. (not great, but doesn't seem to like anything for the price range closer)
4) Affordability - Annual income not including bonuses 140k.
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Buying a home in times like these is known as "catching a falling knife" for a reason. I can almost guarantee you that you could put that "previously sold for $700K" home on the market right now for $400K and not draw a single offer. And even if you did the financing would probably fall thru and boom: back on the market.
Rent. Wait til you see the white of their eyes before pulling the buying trigger. You'll thank me.
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