Turtle REOck

Welcome to the new Irvine Housing Blog. We have changed from WordPress to Expression Engine as our blogging software. It is a more powerful platform, and it should allow us to introduce some new and exciting features. There will be some growing pains (as I am experiencing right now in getting to know the new blog entry interface) but in no time, we will all be enjoying the new and improved Irvine Housing Blog.


Its been such a long time
I think I should be goin, yeah
And time doesnt wait for me, it keeps on rollin
Sail on, on a distant highway
Ive got to keep on chasin a dream
Ive gotta be on my way
Wish there was something I could say.

Well Im takin my time, Im just movin on
Youll forget about me after Ive been gone
And I take what I find, I dont want no more
Its just outside of your front door.

Foreplay/Long Time — Boston




Asking Price: $674,900IrvineRenter

Income Requirement: $168,725

Downpayment Needed: $134,980

Monthly Equity Burn: $5,624

Purchase Price: $564,678

Purchase Date: 1/25/2008

Address: 4992 Paseo De Vega, Irvine, CA 92603


Beds: 3
Baths: 2
Sq. Ft.: 1,414
$/Sq. Ft.: $477
Lot Size: 4,914

Sq. Ft.

Type: Single Family Residence
Style: Contemporary
Year Built: 1973
Stories: One Level
Area: Turtle Rock
County: Orange
MLS#: U8001483
Status: Active
On Redfin: 8 days


I like Turtle Rock too, but I don’t think it is fair to say it is “by far, this is one of the very best locations in Irvine.”



An REO in Turtle Rock? How can this be?

Sales History

Date Price Appreciation
Aug 20, 1999 $262,000

Aug 06, 2001 $395,000


Mar 11, 2002 $385,000


May 04, 2004 $669,000


Dec 22, 2005 $695,000


Jan 25, 2008 $564,678


As you can see, this property has changed hands many times. Perhaps there is a St. Joseph statue buried on the property? The lender must think they can still get peak prices in Turtle Rock. It will be interesting to see if they can. From the property records, it is not clear why the buyer let this property go into foreclosure. It appears as if he put 20% down. Maybe the lender won’t lose on this property. That would be a first.

40 thoughts on “Turtle REOck

  1. ET

    That house just makes me want to go to sleep. Boring.

    OK let me get this straight. The purchase price in 12/05 was almost $700,000 but was sold at $564,000 in 1/08 but in three months since then, they are listing at $675,000. What are these people smoking? Seriously. That is the only thing that accounts for that shit.

  2. 7

    IR, you misquoted the first line of the agent’s sale pitch. “Bar far…” Or is that intentional?

  3. Carl

    This house is attached too! Sardine living! I used to run through this neighborhood when I lived in TR Broadmoor. Not worth the money, except you do get to live in Turtle Rock.

  4. Kris

    I may be mistaken, but I don’t think the 1/2008 price is a sale. I think may just be the value of the first.

  5. george8

    I wonder if the owners did try to sell in 2007 at prices over their mortgage balance and failed to sell?

    If so, then why the lenders now think they can get 19% more?

    A knife catcher now should not pay more than $500k now. It will be at $400k point in 2010.

  6. Neekolaaz

    Can we propose a moratorium on “Entertainer’s delight?”

    That phrase always bugs me. Almost as much as insane, bubblicious prices bug me.

  7. ET

    Neekolaaz – I agree. I think they also need a moratorium on the whole description capitalized. Shouting to overcome the lack anything better to say about modern tract housing is way too obvious.

  8. SDChad

    How’s this for sales history?

    02/07/2006 $1,450,000 1y 8m 183% 83%
    05/21/2004 $512,500 3y -38% -14%
    04/30/2001 $825,000 5y 8m 56% 8%
    08/30/1995 $527,500 7y 3m 17% 2%
    05/20/1988 $450,000 1y 7m 31% 18%
    09/25/1986 $344,500 2m -3% -14%
    07/09/1986 $356,000 1y 9m 29% 15%
    09/14/1984 $275,000 n/a – –

    And it is now on the market for $1.6 million (mls 086025151). To be fair to one of the sales, the 2004 sale was most likely just the lot as the house probably burned in the Cedar Fire. Whenever I see a place like this selling so often, I have to wonder if there isn’t something inherently wrong with its particular location or something else. It just gives a bad vibe.

  9. Family Guy

    Hi everyone…long time.

    Need some assistance, was hoping collective expertise could provide.

    What do people say about Lake Forest. eg, what do the local say, what are the + / -?

    Anyone help?

  10. lendingmaestro

    Some douchebag must’ve bought this as a foreclosure and thought he/she could relist it for profiy.

    Newsflash! If you were the only person willing to buy it for $564,678, that’s all it’s worth. I love when people tell me that they’re going to make money buying Foreclosures, it’s hysterical.

  11. houseonlegs

    Lake Forest is nice, but not as aesthetic as Irvine, areas of Lake Forest look a bit ghetto but they have been cleaning it/updating it a bit lately. It seems like a lot of older people live their too, not as much shopping/dining as Irvine. Prices are dropping significantly in that area.

  12. alan


    “I love when people tell me that they’re going to make money buying Foreclosures, it’s hysterical.”

    News Flash…

    I bought a foreclosure and made money!!!!

    I bought in 94 and sold in 98. People will make money buying foreclosures. They just wouldn’t do it in 2008 or 2009. People who buy foreclosures in 2010-12 will probably make money if the buy then and hold for several years. The hysterical thing is the people talking of buying foreclosures now are not the people who will buy and make money on foreclosures 2 or three years from now. Those people aren’t saying anything right now.

  13. tenmagnet

    The description says “Single Family Attached”
    However, it doesn’t look attached to me.
    Is that a misprint or is this one attached?

  14. 7

    If you take a look at the property map in redfin, you will see that the house shares its western boundary with its adjacent property.

  15. Dano

    There are some nice areas of Lake Forest but I think it suffers from comparrisons to Irvine to the North and Mission Viejo to the South. LF is not a “planned” community so you can get some real mixed areas – check out the traffic screaming down Bake Parkway towards the 5 freeway some day. You’ll get more house for your dollar but you may not get that sense of community that some areas of Irvine have. The school district is probably considered a notch lower but you get out of your school what you are willing to put into it. Irvine has several colleges (UCI, IVC, Concordia) while I don’t think LF has any.

    Now, on the plus side, LF does have Captain Creams….


  16. furious sugar

    Haa Haa- My elderly mother always seems to pick out that Capt. Creme sign and ask what it is when we drive by. I tell her it is an ice cream parlor!

  17. Zornundo

    So this dillhole is trying to flip this thing? How friggin funny is that!? Why does he/she think that they can just buy a home in foreclosure and then flip it later? And at a profit! how laughable! Anybody would just look at the sales history and other records and totally avoid this. I would not let this person profit at my expense.

    I, too, just recently bought a foreclosure. It was REO. I don’t plan on selling anytime soon, as I actually want to live in the thing. I was already house hunting the sucker just landed on the market at an awesome price. We ended up paying less than somebody paid almost ten years ago!

  18. dpstrand

    I miss the comment nesting that we had with the old blog software. Is there any way to turn that back on?

  19. NoWow!way

    At a party at Xmas time, I was talking to a “professional flipper” who was about 26 years old and he was planning on buying something early in January and flipping it in the spring market.

    Maybe its THIS guy? Whoever says there’s not much speculation left in this market is crazy.

    Still hate the format, IR.

  20. Formerbanker

    This is an REO, currently owned by Deutsche Trust…it was financed in 12/05 by Homecomings Financial with a 1st and a 2nd DT totaling $625,500, and the 01/08 sale amount appears to be the 1st DT plus fees, interest, etc. (first was likely securitized). Still, makes me think the owner didn’t think it was worth $625,000 and change…and I wonder who ultimately held the 2nd DT of $121,250 -looks to have 100% loss on that loan if it got foreclosed out by the 1st DT. Yikes!

  21. NoWow!way

    I notice that the link I posted was not done in a format that made it “clickable” and will have to be copied/pasted as a url.

    Any way to fix this or am I doing something wrong?

  22. May

    Believe it or not, there are still a lot of flippers, mostly are agents and realtors.

    I recently tried to buy some REO homes and experienced many competitions from Agents.
    Since Agent can save buyer/seller commissions for about 6%. If they buy REO and able to sell it right away, they can still make profit.

  23. fencewalker

    I drove past this listing. It must be a foreclosure, as it’s empty with final notices on the front door to remove any personal belongings. From what I could see through the windows, it’s not in good repair — old, dirty carpet, some holes in the walls — and completely unimproved over the years.

  24. fencewalker

    Oh, just noticed this from the ad: “AN ENTERTAINERS DELIGHT WITH MANY UPGRADED FEATURES.”
    Have to laugh. Not sure how that can be claimed!

  25. Eric U

    that is a funny listing. Seems like Steve Martin was in a comedy with a similar theme: the old owner took everything with them. Around here it seems like there would be a problem with financing a house you couldn’t live in.

  26. TurtleRidgeRenter

    33 Kirk: When people get foreclosed, they trash the house before they leave. There’s a lot of anger out there!

  27. pencipa

    IR… Is there a way to hire you to do some research? I-pay-$$ and you produce one of your $$-history reports on a specific property?

    News: I just rented in Irvine. Quail Ridge townhome (only opening out of 14 units). This because where I really wanted to go, Woodbury (hope I got that right) went from 6-vacancies (a week ago) to zero today (i.e. my desired/biggest floorplan).

    I had to put up with the dildo-saleslady telling me she was “…letting the place go to me for *below market* pricing…”. Save me.

    But, fact: Rents (esp “quality”) are drying-up-fast…

    Realtor-sales: A realtor (doofus) is putting his place on the market in a “silert listing”. Anybody know what this means?

  28. IrvineRealtor

    Prencipa –

    A silent listing, or “pocket” listing, is not really a listing at all. A listing, by definition, is listed on the MLS publicly.

    See also: “shenanigans” “b.s.” and “cockamamie.”

    Often times people will tell you that they have a silent listing because a friend-of-a-friend says they have maybe thought about selling, renting, optioning, etc. If they were serious, however, they would get an agreement (in writing) and get maximum advertising.

    There are only three legitimate reasons I know of to have a listing kept off of the open market:

    1. The property needs time to be prepped/staged/pre-marketed and the seller doesn’t want to waste valuable “days on market” numbers. Buyers are suspicious of a property on the market for a long time, and usually command a deep discount for a property with a high DOM.

    2. The agent wants to double-end the deal and not have to split commission. The downside to this for the seller is that they now have just one agent working for them instead of 5000 in Orange County. FYI, in Orange County a seller needs to sign a separate agreement specifically requesting to be held off of the MLS, to protect them from unscrupulous use of this agenda.

    3. The sellers don’t really want to sell. That happens more often than you’d think.

    If this was the agent’s own property, I’d guess this is a combo of 2 and 3. Sounds like someone who doesn’t believe in the value of what they do, though, if they’re keeping their own property off the MLS. Somewhat like a waiter who doesn’t tip well? I don’t know if that’s a great simile but it’ll suffice.

    BTW… any Realtor, Broker, or person with public access can give you the sales/mortgage history on a property if you give them the APN or address. You can also call a title company directly for the history. But if you’d like it done with a lot more style, I’d suggest a heavy tip-jar donation and I’m guessing IR will do you right.

  29. pencipa

    First of all, thanks to IrvineRealtor (above) for the guidance 🙂

    Info: A realtor-buddy (female, PhD, like me retired-aerospace) just told me things are “hot” in L.A. especially the West Side (West L.A. and the Marina area). Properties routinely get 3+ offers within 30 days of coming to market.

    Can’t say anything about “prices” (she certainly doesn’t care). But realtors up there are busier-than-ever *selling* not just dealing with lookie-loo’s…

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