I think you're underestimating your candidacy.
You have a pretty strong profile overall for the schools you're targeting. From reading how you've conveyed your work experience, I would imagine that you'd have a LOT to say about the credit/housing crisis based on your experience, which can be invaluable (and there's no doubt that examining how our business environment has changed in the last few years will be front and center in any b-school curricula at this point).
As for part-time vs. full-time, if I were in your shoes I'd probably opt for a good part-time program especially since all the major part-time programs in CA (UCLA, USC, Berkeley, etc.) are great if you want to stay here, and even the backup schools like Irvine and Pepperdine may also be just fine. As you know, real estate is about being local and knowing the local market - not just the environment but the people, and unlike the east coast, the business community in California isn't quite as pedigree oriented. Full-time may be too risky given the job market in your industry. Part-time can be tough to juggle your schedule (your personal life will suffer), but having income coming in while you go to school may be your best bet.
Follow me on Facebook