But I think I could love her
Crimson and clover
Crimson and clover, over and over
Crimson and clover, over and over
Crimson and clover, over and over
Crimson and Clover — Tommy James and the Shondells
If your a bear, and you have been waiting for the sign of the apocalypse, this is it. Get ready because I suspect we will see this over and over…
Original Purchase Price: $1,722,000
Original Purchase Date: 12/23/2005
Auction Sale Price: $1,400,000
Auction Sale Date: 8/1/2007
Address: 30 Crimson, Irvine, CA 92603
Beds: 4
Baths: 4.5
Sq. Ft.: 3,403
$/Sq. Ft.: $558
Lot Size: –
Year Built: 2005
Stories: 2
Type: Single Family Residence
County: Orange
Neighborhood: Turtle Ridge
MLS#: S451259
Status: Active
On Redfin: 378 days
Unsold in 90+ days
From Redfin, “* * $100K PRICE REDUCTION!!FOR THIS TURTLE RIDGE SUMMIT HOME. MAIN FLOOR MASTER SUITE W/ CUSTOM CLOSET, KITCHEN W/ CTR ISLAND, NOOK, LIMESTONE FLOOR, STAINLESS STEEL APPLIANCES. FAM. ROOM W/ WOOD FLOORS & FIREPLACE OPENS TO BACKYARD COVERED PATIO W/ BUILT-IN BBQ BAR AND BUBBLY SPA. FORMAL LR, FORMAL DR OPENS TO COURTYARD. WINE ROOM AND 1BR CASITA W/ BATH & PRIVATE ENTRANCE. CUSTOM WINDOW COVERINGS. MEDIA ROOM W/ BUILT-IN 89′ TV. EACH SECONDARY BR W/ BATH SUMMIT ASSOC has POOL, SPA, PARKS, TRAILS”
I guess the big price reduction and the ALL CAPS didn’t inspire many buyers…
I bet that 89′ TV is cool (I suspect that is inches and not feet though.)
.
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If this were just a listing I was writing about, I would be wishing it a happy birthday. A full year on the market.
For any of you who don’t want to break out your calculators, this is a sales price at $411 / SF in Turtle Ridge. This doesn’t bode well for the argument that the high end is immune.
This is a scenario we are going to see a lot of over the next few years: Homedebtors unable to sell because they are above the market, and unable to lower their price because they don’t have the cash to buy their way out. They put the property on the market at breakeven and hope they get lucky. In the meantime, the carry costs destroy them, they stop making payments, they go into foreclosure, and in the end, their whole financial empire is obliterated in a crimson mushroom cloud.
Evict the Squatters
Someone asked me recently if we should feel sorry for people like this, as if they were victims of circumstance. No we shouldn’t.
These people were victims of their own greed and ignorance. The circumstances which lead to this debacle were visible to those willing to see. Greed blinds people to the truth just like denial is blinding them now. There is an element of Shakespearian Tragedy to all of this, but at the root of every morality play is the idea that people are responsible for their own choices in life. These people are no less responsible for theirs.
The sad part, if there is one, is that these people were led to believe they could have this home in the first place. Obviously, they could not afford it, or they would still be there. A great many people in this market have set up a circumstance where they rent from the bank on temporary terms. Now, they are surprised when the bank evicts them. It was “their” house in their own minds. It was all one great illusion they set up for themselves (with some enabling from a lender.) It is a dream which has since turned into a nightmare.
In essence these people are all squatters. They are in possession of real estate they don’t really own, and they are crowding out those of us who really could own. Real ownership requires an understanding of what you can and cannot afford. It requires financing terms which provide stability and security (Financially Conservative Home Financing.) Most homebuyers during the rally overlooked this simple fact. When someone is making less money than you are, and they take possession of property that is of superior quality to what you can obtain, they are crowding you out. They are squatting in your house. Would you feel bad evicting a squatter from your property? I don’t think so.
Do I feel sad for these people? Sure. It is very sad when someone’s dream evaporates into the ethers, but that is part of life. You deal with it, and you move on. I feel compassion for their plight, but it is tempered by the knowledge that they created their own circumstances, and in life, you have to accept the consequences of what you do whether you want to or not.
I would like to thank GavriloPrincip for providing the auction sales information in our forum.
