Canyon's Edge – Is it worth more than it was in May 2005? – UPDATE #1

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?

15 thoughts on “Canyon's Edge – Is it worth more than it was in May 2005? – UPDATE #1

  1. Kman

    A clown just wishing to get his money back….There are a lot of stupid people in the world….All this seller needs is one rich dumbass….and he is set.

  2. Thomas

    I’ve been in this tract. The shared driveways are a HUGE deterrent. I believe it was originally designed for over 55; however, younger families have moved in.

  3. steve

    Canyon’s Edge? How about Canyon Bottom! The place is built at the bottom of a hole! One bad rainstorm/landslide and the entire development will be buried, plus the massive hill to one side is to the west so it blocks the sun completely at about 3:00 in the afternoon. Depressing!

    What are people thinking? There are hundreds of great homes in much better areas of Irvine for well under $1 million.

  4. OCjumper

    The location of the tract is actually pretty nice. It’s across the street from Turtle Rock and there are some great parks and hiking trails walking distance from the house. It is also about a 3 minute commute to UCI. If you work for Broadcom you will have an awesome commute when they move to UCI next year. I can’t speak to the points Steve and Thomas made, but the location of the tract is great.

  5. IrvineR

    r u suggesting brcm employees r that uncatious of market condition to pay over 1M for less than 2000sqft.
    btw, they are moving now.

  6. Mr Vincent

    I do not know much about the location, but the place looks pretty nice.

    I like the “detached condo” concept and the HOA dues are pretty low at $240. I wish I could see more pics of the inside and also curious about how the shared driveway thing looks like.

    The outside has an interesting look to it, almost like a mini castle. I think Irvine has some of the nicest designs in the country.

    That said, the pricing belongs at the 2003 level of about 700k. It wont be long now before people realize once again that 700k is alot of money.


    I have seen this neighborhood. It is actually really nice and the shared driveways are not as bad as people are making them sound. I don’t get why they call it Turtle Ridge though, it’s not even in Turtle Ridge.

  8. Bkshopr

    This project with the single story emphasis took up much of land and there were no land left for everyone to have their own driveway. The single level were to attract the older buyers who can not negotiate stairs but the price pretty excluded the affordability for some senior buyers. The project also was zero lot where one’s yard is next the the neighbor’s blank wall. The location is not in the heart of Turtle Ridge but some may like the proximity to Shady Canyon and Turtle Rock.

  9. Owen

    We were in the house. It is actually pretty nice but it is small. The neighborhood is a single street with about 70 homes. It is separated from the rest of Turtle Ridge and doesn’t have any parks, although it does have a pool. Seems set up for wealthy singles and retired types. We searched on some websites and it looks like it takes awhile for these places to sell, but there have been some recent sales over a million.

  10. ripcord

    The neighborhood is nice. You can go running in Turtle Rock or Shady Canyon, and walk to the top of the Turtle Rock hill and see most all of OC all the way to Hollywood on a clear winter’s day. That said… the price is CRAZY.

  11. Ponce

    Ahh, I remember viewing the model homes for Canyon’s Edge with my mother in 2003.

    The homes are very nice inside and are geared toward older people. We liked one of the plans, but someone bought the last one for 700k. I told my mom not to sweat it – it was overpriced and would come down soon. Ha!

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