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If you can afford both homes, you can purchase a second home while the taxes will be assessed at today's level and then sale when the values are higher in Palo Alto in the following 5-8 years.Then if you change your mind about living in the Irvine area you still have your home and can always not renew the lease and then move back in.There are many good management companies that can assist you in finding the perfect tenant. Go with one that specializes in Leases (runs unlawful detainer searches, recognizes scams), not an agent that does it as a side job.Selling now, you are actually taking a loss since homes will appreaciate in the coming 5-8 years, if you can afford to take on a second home. If you can not afford two homes, moving straight across will save you money through taxes. Your home is down and so are the homes in Irvine. So this may be a great opportunity to get into a home while the assessment will be low, rather than buying and selling later when assessments will be high.
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For Sale: $2,195,000
For Sale: $2,630,000