Enid and David Lim say long term value is why they moved to Irvine from San Diego.
John Shumway knows Irvine’s real estate market.
As a principal for The Concord Group, a national economic research company, he deals with housing data every day.
He is also based in Irvine and bought his house in University Park more than 30 years ago.
“Irvine has always delivered good home values,” says Shumway. “In 1976 more than 10,000 people came to buy the first released homes in Woodbridge. Today Irvine’s new homes are more valuable than those in any other city. “
And he’s right.
Irvine’s long-term value
New data shows Irvine’s new home values have increased 93% since 2010, compared to 52% in the rest of California. This predicts longer-term values for Irvine homebuyers.
When asked what drives this data, Shumway never misses a beat. “Irvine’s worth is about legacy,” he says.
“Other master plans have tried to replicate Irvine, but none can,” he says. “They either lack tracking or they don’t have the location and equipment. Irvine has it all – vision, ideal seaside location, and the ingredients of a perfectly planned community. Most importantly, there is a landowner and city government who have been committed to everything for 50 years. That is the legacy. “
As an economist, Shumway sees this commitment as providing continuous added value for homebuyers.
“In my opinion, there is no better place to buy than Irvine,” he says. “Market trends change, but Irvine doesn’t. Families have always wanted the best schools and a safe place to live with parks, shops, and workplaces nearby. The demand for the lifestyle that Irvine offers will always be strong. “
Perfect for your family
That market strength and lifestyle drew David and Enid Lim from San Diego to Irvine. They moved to Irvine in 2017 and recently bought a new home in Eastwood Village.
“Everything is right here,” they say as they go for a walk with their son Adrian in the Mosaic Park. “We’re close to everything we need that drew us to Irvine and Eastwood.”
The Lims both work in Irvine’s booming life science industry.
David rides his bike to work at a startup med-tech company near the marketplace. Enid works at Edwards Lifesciences, just a short drive away.
Almost every day, the couple passes by their son Adrian’s future school, Eastwood Elementary, on walks through landscaped parks and paseos that are only a few steps away from their home.
While enjoying the lifestyle today, the Lims also see their home purchase as a long-term investment.
“To be honest, the long-term value was a big part of the reason we chose a new home in Irvine,” he says.
“We’re not moving anywhere anytime soon. It’s comforting to live in a place that builds such high value over time. “