Thanksgiving — George Winston
I hope you all are having a wonderful Thanksgiving. Despite all the bad news, we all have much to be thankful for. No matter how bad things look for us, Americans still have life far better than most people on this planet. We here in California have a great climate, plenty of activities to enjoy, and a peaceful existence. I am thankful for a loving family, a roof over my head, continued employment, and of course, Thanksgiving turkey.
Since we have been looking at Turtle Ridge properties this week, I wanted to show you the crumbling base of the property pyramid. Apparently Turtle Ridge is not immune, and the stress at the low end is taking its toll there too.
Asking Price: $320,000
Income Requirement: $64,000
Downpayment Needed: $80,000
Monthly Equity Burn: $2,666
Purchase Price: $445,000
Purchase Date: 3/25/2005
Address: 133 Danbrook, Irvine, CA 92603
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 822 |
| $/Sq. Ft.: | $389 |
| Lot Size: | – |
| Property Type: | Condominium |
| Style: | Other |
| Year Built: | 2004 |
| Stories: | 1 |
| Floor: | 1 |
| View: | Park or Green Belt, Has View |
| Area: | Turtle Ridge |
| County: | Orange |
| MLS#: | S521349 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 288 days |
 Unsold in 90+ days
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designer paint, berber carpet, upgraded bathroom, and much more. There
is a garage with direct access, a fireplace, and air conditioning. This
is a primo location with access to Newport Beach, Fashion Island, The
Spectrum and the Beach! There is a really nice community pool and spa
with clubhouse and nearby walking trails. only way to be in the area
for this price! Only one of a few 1 bedrooms every built!
Better than a model? Bull$hit.
every built?
This property was purchased from the builder on 9/15/2004 for $358,000. It was flipped to our current owner on 3/25/2005 for $445,000. The owner used a $400,500 Option ARM with a 2.62% teaser rate and a $44,500 downpayment. He opened a HELOC on 4/5/2006 for $60,000. Hopefully, he took out his money.
If this property sells for its asking price, and if a 6% commission is paid, the total loss on the property will be $144,200. That seems like a lot to lose on a property measuring only 822 square feet.
This property is being offered at 28% off its 2005 purchase price in Turtle Ridge.
I hope you are having a happy holiday. 🙂
{book}
$389 a square foot? It doesn’t even have a backyard to bury the extra $300,000.
I’m sure everyone is celebrating T-giving, so no comments at this point. Since I’m in Europe I still have to work today so I’ll start it off…
How much for a one-bedroom condo!?!? Even at it’s “reduced” price, it’s still WTF pricing.
I wonder how you get to the place where you say – OK, I’ll spend almost 500K on a ONE-BDRM CONDO!!
Sure the payments must have been low, but at some point there is that loan balance you need to pay off.
Unless the plan was to pay low, low monthly payments and then default when the rate resets. Does anyone actually plan to do that?
The plan for most of these people was to continually refinance from one loan into another and maintain the low teaser rate until they sell the property for a huge profit. Serial refinancing doesn’t seem to be working out too well for most borrowers.
Someone paid $445K for a one bed one bath place. Wow.
I mentioned this area to my brother, a contractor who’s done a lot of work in the Newport Beach area–renovations on older homes, mostly. When I brought up Quail Hill and Turtle Ridge, he snorted, “Oh, the million-dollar Cabrini Green!”
And so, despite the lovely fixtures, I can’t see this condo as anything but a high-priced efficiency unit in an Irvine yuppie ghetto. Minus, for the moment, the crime, graffiti, and gang life.
Happy Thanksgiving, IR! I am thankful for IHB. Cheers.