real estate investing

Monday, August 15, 2005

Metro Orange County Median Home Price 2nd Highest in California

The Orange County Median Home Price is now at $603,000...It's about time !  Orange County was due.... It's finally been discovered... After decades of living in the shadows of Los Angeles, Orange County has finally come into it's own, and is reflected in the Median price of $603,000 as compared to the median price of Metro Los Angeles of $474,700.I have felt for years that Orange County, especially south Orange County, has been a fantastic place to call home as compared to metro Los Angeles. One, our air is cleaner the Los Angeles (important to all of us outdoor active types).  Two, we have some of the lowest crime rates in the Nation in South Orange County (Mission Viejo was voted the lowest crime city in America a few years back), while LA Metro has some of the highest.  Three, south Orange County was developed starting mostly in the 70's and later, and the city planners did a fantastic job of dedicating open land, parks and green belts along roadways... you won't find the concrete jungle and the Vegas Neon lights in good old South OC... but you will in LA Metro. Fourth, it's the Beaches!  and I'm talking some of the most beautiful beaches in the Nation... Yes, Malibu is great but the beaches in Laguna Beach are better.Fifth, although LA has always been in the lead compared to Orange County in higher paying jobs, that lead has diminished in the past ten years.  With the growing business core centers in Irvine, Santa Ana, Costa Mesa and elsewhere, and the diversification of the Orange County labor force in the past 10 years, The OC has been running at about a 3.7% un-employment rate, which has been about the lowest in the country for several years now.What does the future hold for Orange County home prices?  It's hard to know, but as I stated in my July 10 Blog (Orange County Real Estate Bubble... NOT!), I don't see a bubble bursting scenario.  Possibly a flattening of price appreciation for several years... but who knows according to Walter Hahn, a veteran real estate economist... Orange County median price will reach $1.4 Million by the year 2014.  Maybe now Art Modell will rename the team to the  "Orange County Angeles" ... or how about the "The OC Angeles" ?If you would like to see what homes are selling for in Orange County, visit our website belowSee AlsoSearch the Orange County MLS for Homes for SaleMLS Home Search, Prices, Photos and more. more...
Originally Posted on 8/15/2005 1:26:24 PMContent source:


Post a Comment

<< Home