Buying an Irvine home turns out to be one of the nation’s smartest investments
BY TRACY CHILDS & TOM BERG
Irvine is known for its schools, parks and safety.
But did you know that over the past 20 years, Irvine home values have increased 73 percent more than the U.S. average, according to Zillow statistics?
That means a $300,000 home would now be worth about $944,000 in Irvine — versus $586,000 elsewhere.
This helps explain why 60% of new and resale home purchases in the city are by existing residents — they recognize the value.
“Irvine’s three pillars — schools, parks and safety — increase home values,” says John Shumway, principal of The Concord Group, a national provider of real estate advisory services.
“And these pillars all stem from Irvine’s original Master Plan that has guided, and continues to guide, the city.”
Many people are drawn to Irvine because of its schools — even if they don’t have children, says Dana Roberts, an agent with Coldwell Banker Residential Brokerage.
“Homebuyers take into consideration the resale value aspect of a desirable school district when purchasing a home,” and that gives Irvine a leg up over other communities, she says. “The second reason, of course, is Irvine’s reputation for being ranked as one of America’s safest cities year after Year.”
Irvine’s growing acclaim as an innovative hotbed for entrepreneurs and cutting‑edge companies doesn’t hurt the city’s appeal with potential homebuyers, either.
“Many of my clients are looking for business opportunities, and they find them in Irvine,” says Lin Fan, an agent with Realty One Group. “The city is very financially sound and offers lots of opportunities to start a business or invest in companies.” The bottom line? Irvine’s 20-year average annual appreciation rate is 5.9% while the U.S. average is 3.4%. Which means buying in Irvine is a good move for families’ bottom line, agents say.
“People come to Irvine for a certain quality of life they want – and a feeling of safety,” says Ara Kasarian with RE/MAX Premier Realty. “I’ve been here almost 40 years and I tell myself everyday how lucky I am to have moved to Irvine. It changed my life Completely.”
That’s by design, according to Shumway.
“The Master Plan is the foundation that has maintained the city’s consistency over the years,” he says. “It’s something you can count on.”