Where did 2011 home sale prices drop the most in Orange County?
Homeowners hoping to buy real estate in Orange County might want to consider where house prices dropped the most in 2011 compared to the previous year, according to DataQuick. Purchasing property in one of these areas may allow you to get it for under market value and eventually receive a greater return on your investment than you would in another community.
1. Newport Beach - Now may be the ideal time to buy in the quintessential seaside town of luxury. The Newport Beach area classified by zip code 92661 experienced the greatest decrease in median home sale price in 2011 in Orange County. The average home sale price was $1.4 million, and this is a 22.44 percent drop from 2010.
2. Foothill Ranch - One of the newest master-planned communities in South Orange County, Foothill Ranch provides a pleasant balance of residences, businesses and beautiful open spaces. Homes here are very affordable as the median sale price in 2011 was $337,500, a 16.67 percent reduction.
3. Irvine - The city of Irvine boasts some of Orange County's highest home sale prices, but also some of the most dramatic sale price percentage decreases. The area of the city corresponding to the 92620 zip code showed the most significant decrease in the city, falling by 14.69 percent to hit $610,000 in 2011.