Blue skies, smilin’ at me
Nothin’ but blues skies do I see
Bluebirds singin’ a song
Nothin’ but bluebirds all day long
Blue Skies — Frank Sinatra
Link to Music Video
Everyone on Grandview street in Turtle Ridge sees nothing but blue skies, hears nothing but birds singing, and thinks nothing but happy thoughts. Nothing is going to interrupt their rosy view of the housing market — not even reality. Apparently there is nothing that cannot be overcome by a positive attitude and large doses of kool aid.
Perhaps I pick on Turtle Ridge too much. It is certainly an easy target. Whenever I want to profile a WTF home, I need look no further than Turtle Ridge. There are so many to chose from, and the prices are so ridiculously high, that I have to stop myself from profiling every home for sale in this neighborhood. Perhaps it really is that valuable? Perhaps not.
Today I am going to look at two more properties on Grandview. The 25 Grandview property I skewered back in September has lowered the price by $500,000. He must be experiencing some severe kool aid withdrawals. The two neighbors are still on the sauce.
Asking Price: $4,999,000
Income Requirement: $1,249,750
Downpayment Needed: $999,800
Purchase Price: $3,397,500
Purchase Date: 7/31/2006
Address: 53 Grandview, Irvine, CA 92603
1st Loan $2,377,900
2nd Mtg. $509,624
Downpayment $509,976
Beds: 5
Baths: 5.5
Sq. Ft.: 5,700
$/Sq. Ft.: $877
Lot Size: 0.3 acres
Type: Single Family Residence
Style: Mediterranean, Other
Year Built: 2006
Stories: Two Levels
View(s): Catalina Island, City Lights, Coastline, Ocean, Panoramic
Area: Turtle Ridge
County: Orange
MLS#: S507242
Status: Active
On Redfin: 30 days
From Redfin, “Fabulous panoramic view of city lights, ocean & Catalina Island is this Luxury Estate built by Luxury Laing builder, featuring Dual master Suites(junior on main floor). 5 bedrooms suites with thier own baths. Huge upstair’s Bonusroom/balcony. Richly appointed Gourmet Kitchen/center island with top of the line granite slab counter top, complete with elegant cabinets. L. room, F. room, D. room open into gorgeous courtuyard /F. place creating an excellent flow for all your entertainments. Sparkling pool & spa”
top of the line granite slab counter top? Now we have to distinguish these granite tops from the run-of-the-mill granite tops everyone else has.
L. F. D. room? Is that where they do their kool aid?
Does anyone think this guy is going to get $5M for this place, particularly when you can buy the same house at 25 Grandview for $1,000 grand less?
Well, this owner is not the biggest dreamer on the block…
Asking Price: $5,200,000
Income Requirement: $1,300,000
Downpayment Needed: $1,040,000
Purchase Price: $3,857,500
Purchase Date: 10/16/2006
Address: 63 Grandview, Irvine, CA 92603
1st Loan $1,900,000
Downpayment $1,957,500
Beds: 5
Baths: 5.5
Sq. Ft.: 5,900
$/Sq. Ft.: $881
Lot Size: 0.36 acres
Type: Single Family Residence
Style: Mediterranean
Year Built: 2006
Stories: Two Levels
View(s): City Lights, Coastline, Ocean, Panoramic, Has View
Area: Turtle Ridge
County: Orange
MLS#: S500308
Status: Active
On Redfin: 83 days
From Redfin, “Incredible Panoramic Views from Ocean to City Lights. One of the Nicest Plan 2AX to come on to the Market. Extra Deep Backyard with a Spectacular Pool, Sunken Sit-Down Firepit and a Covered Outdoor Kitchen for Entertaining and Enjoying Spectacular Sunsets and Views. Large Expanded Jr Master Suite Downstairs with an Tranquil Expanded Loggia. Rare and Large Wine Rm. Upstairs the Main Master Suite with its Sitting Rm and Extra Long Deck, 3 Other Bedrms w/ Baths + Bonus Complete this Fabulous Home.”
This second kool aid drinker can probably hold out forever. He will need to in order to get this asking price, but with 50% down, he shouldn’t be facing near the financial distress of his neighbor above who borrowed 90% of $3.4M. How would you like to make that mortgage payment? Yikes!
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As a departure from my normal Friday sign off, I would like to leave you with the words of Frank Sinatra (and the link to the music video.) They express how I feel when writing for the Irvine Housing Blog.
Now this could only happen to a guy like me
And only happen in a town like this
So may I say to each of you most gratef’lly
As I throw each one of you a kiss
This is my kind of town
