Today’s featured property gives me a Zen-like sense of peace and tranquility as I see everything is right in the world; however, I imagine the seller probably does not feel the same way.

Asking Price: $787,000

Purchase Price: $919,000

Purchase Date: 7/22/2005

Address: 52 Tea Garden, Irvine, CA 92620

Beds: 3

Baths: 3.5

Sq. Ft.: 1,585

Year Built: 2005

Stories: 1

Type: Condominium

View: Park or Green Belt

County: Orange

Neighborhood: Northwood

$/Sq. Ft.: $497

MLS#: S494270

Status: Active on market

On Redfin: 10 days

From Redfin, “MODEL HOME BY LENNAR. Beautiful Single Level Home!Completely Upgraded T hru-out. Distinguished by its Custom Cabinetry, Antique Wood Floors, Gourmet Kitchen with Granite Counters & Stainless Steel Appliances. Master Bedroom includes Jacuzzi Tub & Walk-In-Closet. Living Room includes Fireplace & Built-In Media Niche. French Doors from Kitchen lead to open Paito w/ Outdoor Fireplace. Casita includes Third Bedroom with Private Bath. This one-of-a-kind Model is located directly across from Park and Pool.”

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Did you see the size of this rollback? The asking price is $132,000 less than this seller paid back in 2005. The original purchaser of this property paid $754,000 on 11/29/2004. That flipper got lucky. This may roll back the 2004 price before it sells, but assuming the seller gets asking minus a 6% commission, the total loss will be $179,220. Wow! This wasn’t just a rollback, this was a market steamroller…