The sirens are screaming and the fires are howling
Way down in the valley tonight
Theres a man in the shadows with a gun in his eye
And a blade shining oh so bright
Theres evil in the air and theres thunder in the sky
And a killers on the bloodshot streets
And down in the tunnel where the deadly are rising
Oh I swear I saw a young boy
Down in the gutter
He was starting to foam in the heat
Oh baby you’re the only thing in this whole world
Thats pure and good and right
And wherever you are and wherever you go
Theres always gonna be some light
But I gotta get out
I gotta break it out now
Before the final crack of dawn
Bat Out of Hell — Meatloaf
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From the land of kool-aid, pretense, and noveau-riche nonsense, Turtle Ridge, we have a new race to the bottom, and they are going like a bat out of hell. This neighborhood first began to implode back in August when the credit crunch hit. We documented the troubles in the post Crimson and Clover. The property at 30 Crimson Rose went to auction at $1,400,000. Apparently the neighbors did not believe that was where the market stood for their houses. In their race to the bottom, they are almost there, and they still are not selling.
Income Requirement: $374,999
Downpayment Needed: $299,999
Purchase Price: $1,384,000
Purchase Date: 9/28/2005
Address: 46 Crimson Rose, Irvine, CA 92603
Beds: | 3 |
Baths: | 3.5 |
Sq. Ft.: | 2,863 |
$/Sq. Ft.: | $524 |
Lot Size: | 7,500 sq. ft. |
Type: | Single Family Residence |
Style: | Contemporary, Spanish |
Year Built: | 2005 |
Stories: | Two Levels |
View(s): | Hills |
Area: | Turtle Ridge |
County: | Orange |
MLS#: | S514390 |
Status: | Active |
On Redfin: | 53 days |
Dazzling ultra-luxury masterpiece perched on oversized lot in exclusive gated community of highly sought after Turtle Ridge. Dramatic curb appeal thanks to sharp contemporary styling. Remarkable entertainers floorplan complete w/ formal dining room, great room & guest house/casita. Magnificent European style gourmet kitchen w/ enormous granite island, slab countertops, full backsplash & breakfast nook. Huge master suite w/ retreat & lavish bath. Massive entertainers’ yard w/ fireplace. WOW!
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This property has already been sold to the lender, they just don’t know it yet. On 2/28/2007, this owner refinanced for $1,425,000, and three months later, they opened a HELOC for $284,990. For the lender’s sake, let’s hope they haven’t taken all this money out and spent it. Assuming this seller gets their asking price and pays a 6% commission, they will need to come out-of-pocket $15,000 to avoid a short sale. Of course, if they spent the HELOC money, then they have a different problem…
Income Requirement: $424,750
Downpayment Needed: $339,800
Purchase Price: $1,647,000
Purchase Date: 1/25/2006
Address: 47 Crimson Rose, Irvine, CA 92603
Beds: | 3 |
Baths: | 3.5 |
Sq. Ft.: | 2,900 |
$/Sq. Ft.: | $586 |
Lot Size: | 7,800 sq. ft. |
Type: | Single Family Residence |
Style: | Mediterranean |
Year Built: | 2005 |
Stories: | Two Levels |
Area: | Turtle Ridge |
County: | Orange |
MLS#: | S487879 |
Status: | Active |
On Redfin: | 258 days |
Unsold in 90+ days
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One of the LARGEST LOTS in Ledges * * * * * * * * * 7800 feet * * * * * * PRIVACY PLUS * * * * with huge wrap around yards. This home has it all with hundreds of upgrades. Rod iron stair case, front door with iron, travertine floors, upgraded cabinets thru-out, Wolf range and upgraded thru builder master retreat!!Total turn-key home. CORNER LOT LOCATION. You will not be disappointed !!!!!!!!!!!!!
What is the deal with all the ALL CAPS, asterisks and exclamation points? I count 13 exclamation points to end the description.
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These people have fallen $200,000 behind in the race to the bottom. At 258 days on the market, they don’t seem particularly motivated sellers. Perhaps the fact that any lowering of the price would make them lose money has something to do with their reluctance to lower it. I have news for them — they are more than $250,000 over market, and they are losing more every day !!!!!!!!!!!!!
Remember the property from the post Desperation? It appears that giving away the free Mercedes was not successful, and now they have reduced their price $200,000. Unfortunately, they are losing their race to the bottom, and they are already a rollback.
Income Requirement: $449,750
Downpayment Needed: $359,800
Purchase Price: $1,860,500
Purchase Date: 12/12/2005
Address: 37 Crimson Rose, Irvine, CA 92603
Beds: | 3 |
Baths: | 3.5 |
Sq. Ft.: | 2,900 |
$/Sq. Ft.: | $620 |
Lot Size: | 6,500 sq. ft. |
Type: | Single Family Residence |
Style: | Mediterranean, Spanish |
Year Built: | 2004 |
Stories: | Two Levels |
View(s): | City Lights, Ocean, Panoramic |
Area: | Turtle Ridge |
County: | Orange |
MLS#: | S495046 |
Status: | Active |
On Redfin: | 209 days |
Unsold in 90+ days
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FORMER MODEL HOME with PANORAMIC CITY LIGHTS/OCEAN VIEWS!One of the BEST and highest view lots in The Summit at Turtle Ridge; Over $500K in designer upgrades; Provencial Style Home; Casita with Bath, custom hardwood flooring/wainscoating walls, faux paint, stone walls and stone flooring, spa-like master bath; covered loggia with outdoor fireplace.
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This property is already underwater. If they get their asking price and pay a 6% commission, they stand to lose $169,440, and the same house across the street asking $300,000 less, so I think this asking price is a bit too high. OK, it is a WTF, and these sellers are probably going to lose $500K.
Turtle Ridge — a little HELOC abuse, a stubborn seller praying for breakeven, and a desperate seller who is both overpriced and underwater. Another day in hell for those who want to leave…
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BTW, if you didn’t see this great post at South OC Real Estate Tracker, go check it out. Let’s play…Match Game.