Study: Irvine new-home values outpace the region

by TOM BERG

Enid and David Lim say long-term value is why they moved from San Diego to Irvine.

John Shumway knows Irvine’s housing market.

As a principal for The Concord Group, a national economic research firm, he pores over housing data every day.

He’s also an Irvine resident and bought his University Park home more than 30 years ago.

“Irvine has always provided great home values,” Shumway says. “In 1976, more than 10,000 people showed up to buy the first homes released in Woodbridge. Today, Irvine’s new homes are more valuable than those in other cities.”

And he’s right.

Irvine’s long-term value

New data shows that Irvine’s new home values have increased by 93% since 2010 versus 52% across the rest of California. This foretells longer-term values for Irvine homebuyers.

Asked what drives this data, Shumway doesn’t miss a beat. “Irvine’s value is about legacy,” he says.

“Other master plans tried to replicate Irvine, but none can,” he says. “They either lack the follow-through or don’t have the location and amenities. Irvine has it all – vision, ideal coastal location and the ingredients of a perfectly planned community. Most importantly, it has a landowner and a city govern- ment that have been committed to it all for the past 50 years. That’s the legacy.”

As an economist, Shumway sees this commitment as driving continual value for homebuyers.

“In my opinion, there’s no better place to buy than Irvine,” he says. “Market trends change, but Irvine won’t. Families have always wanted the best schools and a safe place to live with parks, shops and jobs nearby. The demand for the lifestyle Irvine offers will always be strong.”

 

 

Perfect for their family

That market strength and lifestyle attracted David and Enid Lim to Irvine from San Diego. They moved to Irvine in 2017 and more recently bought a new home in Eastwood Village.

“Everything is right here,” they say while walking in Mosaic Park with their son Adrian. “We’re close to all we need, which is what attracted us to Irvine and Eastwood.”

The Lims both work in Irvine’s booming life-sciences industry.

David bikes to his job at a startup med-tech company near The Market Place. Enid works at Edwards Lifesciences, just a short drive away.

Nearly every day, the couple passes their son Adrian’s future school, Eastwood Elementary, during walks along landscaped parks and paseos that are steps from their home.

While they enjoy the lifestyle today, the Lims also see their new-home purchase as a long-term investment.

“To be honest, long-term value was a big reason we chose a new home in Irvine,” he says.

“We’re not moving anywhere anytime soon. There’s peace of mind to live in a place that builds such great value over time.”