Orange County Information Center - Market Conditions

I've heard that for the cities surrounding the Costa Mesa area, Irvine and Newport have somewhat maintained their market value in comparison to other cities in Orange County. Is this true? Do you think it is worth it to buy an older property (i.e., built in 1977 or earlier)? It seems like there are a lot of older properties on the market. However, I'm a little hesitant to purchase one because it will probably require a lot of upgrades. Am I approaching this in the wrong way?

Costa Mesa is an appealing area to buy in because you tend to get more for your money than Newport Beach and Irvine. Parts of Irvine and Newport Beach have held their value better than others, while other parts have not, so it's hard to generalize by city. It would be easier to break it down by zip code. It would be a great idea to ask whichever agent you choose to work with to provide you with this information. As agents, we have access to all of the closed sales and can provide you with a graph showing the relative increases and decreases for each area.

Your concern about purchasing a property built in 1977 or earlier is well founded. For re-sale purposes, the older the home, the longer it will take to sell. You may also see an increase in electrical or plumbing problems with older homes if they have not been well maintained. Moreover, even if the home has been completely remodeled, it will still be undesirable to some buyers who want to purchase a home built within the last 5 or 10 years. Since Irvine and Newport Beach both have a lot of new developments, you would definitely be competing with these properties when it comes to resale.

I hope this helps! Feel free to post additional questions or contact me directly if you need additional help.

Warmest Regards,

Amanda Wheeland
Orange County Real Estate Advisor

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