OC Irvine versus Palms Springs Desert Area (Orange, Palm Desert: apartment, leasing)

[OC4ever]

Okay my fellow OC folks! I have some good questions for you:

I am currently in escrow on a 2005 condo in the Quail Hill Area of Irvine (west of 405). An area that I truly love. And you all may know those condos average around $600K. However, i have the opportunity for a new job in the Desert area paying 20% more than my current salary. I dont mind the job part, but the desert is so HOT the majority of the year. So my questions are:

1. Decline the opportunity and extra cash, keep current job and condo?
2. Take the job and buy a very nice home for the same or less that i would buy the OC condo? (thus forgo purchuse if Irvine Condo)
3. Keep the OC condo, rent with someone in the Desert -- come back to my OC Irvine Condo on the weekends?
4. Keep the OC condo--but rent it out. Buy a small condo or rent apartment in the Desert.
5. (any other suggestions... )

I love the condo and the area...I think the Quail Hill area of Irvine is very nice and an up-incoming part of Orange County. However I am afraid to close the deal with how the market is currently acting. I love the opportunity in the Desert, but not sure if I like the heat...and I dont want to loose the investment (if there is one) of the Quail Hill Condi in Irvine Area...

Please Help!! Thx

[MelissaB]

Personally I think we're in a buyers market right now and for you to get the most for your condo you should wait until we hit the sellers market again. I'd say rent it out.

I don't care for Palm Desert. Too hot and humid and nothing compared to OC. JMO, though.

[newportbeachsmostwanted]

I too love the Quail Hill area. You are very privileged. When can I come over? ..j/k.

Some things to think about...
How much you put down on your condo? What your payments? Will leasing cover the payments+expenses? Think about taxes, util., landlord insurance.. ..it add's up quick! It may be an investment, but really only if it can provide short-term positive cash flow. Irvine is tough place to enter the leasing market. Crunch some numbers and see if you can make it work.

Otherwise, keep your job! OC is a great area. I don't know what part of IE, but I'm sure it won't beat Irvine, Guaranteed!

[SandyCo]

A 20% increase in salary? Wow! I'm jealous.

Disregarding the dollars and cents of this, where would you ultimately be the happiest? In Irvine, it sounds like (and I can't say I blame you!). That being said, you should probably either stay in Irvine altogether or find a way to hang onto the condo while you're exploring this new job. If the job doesn't work out, you can always fall back on the condo. I would hate to see you give up the condo, find out you either hate the job, the location, or both - and then not be able to return to Irvine!

I'm not sure you should rent out the condo, unless you find someone you trust implicitly. Most renters aren't going to take the same care with it as you will. Yes, I'm generalizing! I'm a renter, too, but my point is a valid one. If you could visit on weekends (wow, that's a long drive!), that might be your best option. The only problem with that is you'd be an "absentee resident" in Palm Desert, which would preclude getting to know any nice people out there.

Anyway, these are my thoughts. I'm not taking the housing market into consideration, because this is about your peace of mind and where you want to be, so I'm thinking long term. A job isn't everything!

[OC4ever]

Thanks to all that responded (ur awesome!) Not sure if this helps but I was able to get the 2005 built (roughly 1,500 sqft) Irvine Quail Hill Condo for $565K (with closing cost included.) Would that change any of the current responses or suggestions?