Shoots up through the stony ground
There’s no room
No space to rent in this town
You’re out of luck
And the reason that you had to care
The traffic is stuck
And you’re not moving anywhere
Beautiful Day – U2
We are running out of land. There’s no room, no space to rent in this town. You’re priced out forever, you’re out of luck — or so you thought. The market is stuck and houses are not moving. Don’t worry, it’s a beautiful day…
When Zovall first started this blog, he profiled many attempted flips. As 2006 gave way to 2007, there were fewer and fewer people making the attempt. Today, we have one complete with a WTF asking price. But what do we know. The seller is a realtor, and realtors know more about housing than we ever will…
Income Requirement: $182,250
Downpayment Needed: $145,800
Purchase Price: $639,000
Purchase Date: 1/17/2007
Address: 211 Lonetree, Irvine, CA 92603
First Mortgage $510,900
Sq. Ft.: 1,500
$/Sq. Ft.: $486
Lot Size: 1 sq. ft.
Year Built: 2004
Stories: Three or More Levels
View(s): City Lights, Hills, Mountain, Has View
Area: Turtle Ridge
On Redfin: 18 days
From Redfin, “Beautiful Dramtic Corner Town Home! No One Lives Below or Above, Double High Ceiling! Lots of Windows, Light, Warm Open Floor Plan, Highly Upgraded, Gorgeous Hardwood & Slate Floors & Seagrass Carpet, Slate Fireplace Surround, Designer Paints, Fabulous Designer Kitchen, Stainless Kitchen Aid Appliances, Concrete Counters! Loft Landing Office Area With Mountain, City Lights View. Master Suite With Walk In Closet Wth Mirrored Door. Enchanting Ceiling Fan, High Ceiling Master Bath. Covered Patio Off The Living Room. Laundry Room, Double Car Attached Garage with Built in Closets( Not Tandem) Community Pool, Spa, BBQ. Across Street, Park with Tennis Courts, Many Sports Fields and Activities.”
What Is The Deal With Title Case Writing? I guess it is more Dramtic.
What is Seagrass Carpet? Do you eat it, mow it, or smoke it?
Concrete Counters? Do you prepare your food on the sidewalk?
I guess we should not be too surprised. Turtle Ridge is the last place in Irvine where the kool aid is free flowing. Apparently, this seller has not seen the recent developments in Newport Coast. The high end is not immune, and people are simply not willing to pay ridiculous prices for Irvine tract homes. This seller wants over $700K for a 2 bedroom condo. WTF! I guess it is under $500 / SF, so it must be a bargain, right? If she gets her sales price and pays a 3% commission (she would make the other 3% as listing agent), she stands to make $68,130.
This will be a real test of your sales abilities. Good luck with that selling price, you are going to need it. Feel free to contact us if you succeed. I will post an update.
BTW, Trooper posted this hilarious video in our forums. Enjoy…