My wife and I have lived in Newport Beach (Corona del Mar) for the last 15 years. It's a great place (excellent weather and lots to do), but keep in mind that rush hour traffice can be brutal. On a Sunday afternoon you can drive from Newport Beach to Irvine in 15 minutes. That same drive in rush hour traffic can easily be 40-60 minutes.
Turns out I have a cousin going to grad school at Irvine, so she is going to be a good resource for me. Regarding transportation during rush hour. If memory serves, doesn't Bill Gross ride a bicycle to and from work? Is Newport Beach/Irvine bike friendly? I'll get there 2morrow night so will have a look myself ... but everything I've heard sounds great. The biggest downsides are that the housing market looks a mess. Lots of homes underwater, homes on the market still overpriced. Just my impression. To those of you who live there, how is the housing market? Prices still falling? Fairly priced? Good online resources specifically for NB/Irvine real estate market & trends? Thanks all.
Housing prices here have fallen, but are still high compared to most places on the planet. There are bargains, I'm sure, but everything is relative. Houses that were going for $2k per square foot at the market peak are now selling for $1000-1500/sf. Is that a bargain? It's all relative. The real question is: How much are you willing to pay? Do you want a house with a view of the water? On the water? If so, expect to pay a premium, even on the back bay. On the other hand, there are well-located condos and some homes that are going for $400/sf. Still high, but as I said, everything is relative. Bottom line: There are many more sellers than buyers. If you're paying cash or have financing in place, I'm sure there are great deals to be made. (You can find real estate listings at www.realtor.com. You should do searches Newport Beach, Corona Del Mar and Irvine to make comparisons.) Regarding rush hour: When we moved here 15 years ago getting around was a snap. Since, then commute times have doubled, or worse, throughout most of the area. I see bikers everywhere, but I don't know if a commute from Newport Beach to Irvine is practical on a daily basis. We get a lot of fog along the coast in the early morning, and after riding ten miles through "the soup" to your office you'll look like hell.