Originally posted November 17, 2006
Address: 29 Shade Tree, Irvine, CA 92603 (Turtle Ridge)
Plan: 1993 sq ft – 3/2.5
MLS: U6603755 DOM: 4
Sale History: 5/13/2005: $1,010,000
06/02/2003 — $701,500
Current Price: $1,150,000
Here we have a detached condo in the Canyon’s Edge tract built by Standard Pacific in Turtle Ridge. This home was purchased in May 2005 with 5% down.
I don’t have much to say on this one yet. If they get their asking price, they stand to make about $71k after 6% in selling costs. Pretty nice return on their $50,500 investment in 18 months.
Has anyone been inside this tract? It’s part of Turtle Ridge but it is completely separated from the rest of the homes in Turtle Ridge which are all off Summit Park. Strange location…
UPDATE #1 – March 26, 2007
Thanks to a tip from Owen in the forums, I’ve come to realize that this home has been relisted (MLS U7000708) and the price has now been reduced to $1,099,000. Assuming 6% in selling costs, their expected profit is now about $23k. Where did the other $48k go?