Orange County Real Estate Predictions 2009

Shady Canyon Irvine Home retains exclusive value

No matter where I go, I find that residents in Orange County have a deep knowledge of the real estate market.  While the news for 2009 does not look promising until the summer, I think one aspect that many of us are overlooking is the fact that real estate prices are once again becoming affordable.   At least in the under $500K range.  To the owners of homes in the Hills or near the beaches, lets be honest.  When a home in a desirable community loses 30% of its value and drops from $2 million to 1.4 million, such a drop does not really affect the common buyer.

While searching for predictions, I came across Bruce Norris, an active SoCal property investor and wanted to share his predictions for Orange County California real estate.

Eyeball: What gives you hope?

Bruce: I know California is a very desirable place to live. And we will eventually attract massive migration back to our state when things turn around.

Eyeball: What surprise or surprises will we be talking about a year from now?

Bruce: I think the surprises will be that our median price inverts with Washington, Oregon, Utah. This will continue in 2010 until our prices align also with Colorado, Arizona and Nevada. This sets off the possibility for migration to return to California in 2011.

What are you predicting?  How will population growth and economic growth effect values in the O.C.?

2prairiegrass.com - Irvine

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