On the other hand, if you live in Nevada or Arizona you can drive there whenever you want and enjoy the good stuff without having to endure the downsides.
If California ever becomes a Republican state again, Orange County real estate prices will probably double from these levels. :)
We have lived in S. Orange County since 1985.
We bought our current House in 1991 when it was brand new.
Back in 2006, we could have gotten $900,000 for it. After the Bubble burst it went down to around $500,000.
Nowadays we might get $725,000, maybe a bit more of we do some upgrades. About 2,000 S.F. for the House and about 9,000 S.F. for the Lot which is pretty big for this area.
We have yet to hit the high values that we had ten years ago, even with the cheap Mortgage Interest Rates.
Thanks to Prop 13, our Property Taxes are about $3,600 a Year. Whoever buys our House will pay double that amount.
Beautiful area. We are three Miles from the Ocean and 10 Minutes from Laguna Beach. Gorgeous Weather, no bugs or humidity.
The area is somewhat Conservative. I have been driving around with my TRUMP 45 License Plates for a couple of Months and my Car hasn’t been Keyed yet.
The In-Laws live in Natchez, MS. We only visit in the Fall and Winter. Cheap to live there, but not our cup of Tea.
We can’t move away due to Family and Job issues. To rent a comparable Home in this area would cost us $3,500 a Month.
Our $1,900 a Month Obamacare Premiums are killing my IRA, so we may have to Sell early next year and live off the Equity. Hopefully the Market will remain strong until then.