Whispering Glen – Are we almost back to 2004?

Address: 213 Lonetree, Irvine, CA 92603 (Turtle Ridge)

Plan: 1790 sq ft – 3/2

MLS: L20117 DOM: 203

Sale History: 9/13/2004: $750,000

9/11/2003: $502,000

Price Reduced: 06/01/06 — $939,000 to $929,000

Price Reduced: 07/13/06 — $929,000 to $879,000

Price Reduced: 08/15/06 — $879,000 to $849,000

Price Reduced: 11/01/06 — $849,000 to $810,000

Current Price: $799,000 – $810,000

This Plan 5 in the Whispering Glen tract built by Shea Homes in Turtle Ridge was purchased in September 2004 with 100% financing. I wish I could find out what the original purchase price for this property was in 2003. Thanks to our visitor, Westpark, we know the original owner probably purchased in phase 1 and made a nice profit. The current owners will not be so fortunate.

The current owners put the property back on the market about 18 months after they purchased it. They were hoping to make over $132,000 this past April with the initial asking price of $939,000. In June, they also tried to rent the place out for about $3000/month. I don’t think they were successful as the listing says this place is currently vacant.

If they had originally listed it at $799,000 they probably would have found a GF during the summer. If sold at the current asking price of $799,000 and assuming 6% in selling costs, the sellers stand to make a profit of about $1,000! But if the property has been vacant since June, there’s probably another $23k in mortgage expenses they’ve had to pay.

Here’s what else is available in the Whispering Glen tract:

  • 211 Lonetree – Plan 1 – 1500 sq ft – $739,500 – 33 DOM

  • 123 Roadrunner – Plan 1 – 1500 sq ft – $724,000 – 52 DOM (~148 DOM Before)

  • 114 Roadrunner – Plan 3 – 1589 sq ft – $799,000 – 5 DOM

  • 28 Gingerwood – Plan 3 – 1600 sq ft – $824,999 – 126 DOM

  • 111 Roadrunner – Plan 3 – 1600 sq ft – $799,000 – 176 DOM

  • 236 Lonetree – Plan 5 – 1800 sq ft – $925,000 – 45 DOM

  • 124 Roadrunner – Plan 5 – 1800 sq ft – $957,000 – 33 DOM

It’s amazing how the other Plan 5s are listed for over $100k more. Our seller is motivated and will likely continue putting pressure on the this tract to lower their prices.

7 thoughts on “Whispering Glen – Are we almost back to 2004?”

  1. DrHousingBubble

    The fact that they have dropped over $100,000 in 5 months is telling. This shows how out of control prices have gotten. Actually, it demonstrates how whacky lending standards have become.

    Run the numbers on this and the monthly payment is out of sight.
    —–

  3. Kman

    $450k, I think it is still overpriced. I would buy it for $399. That would be a good deal. Wait until 2008 or 2009 and $450 might be possible.

  4. Westpark

    Original sales price $502k, closed on 9-11-2003. 50% return that first year. Wish I’d been that guy…

  6. ocrenter

    zovall, NOD was filed by First Franklin 12/22/06.

    the gal was in trouble when she placed the condo on sale back in 4/06. but she was greedy and wanted to walk away with $150,000 of profit.

    her condo was not worth the $750,000 she got the place for. and it definately wasn’t worth $939,000.

    this gal is going to stick with the $800,000 price tag because in her mind, she already gave up $139,000 of profit. She’s not going to pay commission out of pocket let alone put money on the table to get the place sold at a price less than her purchase price.

    look for a REO listing from First Franklin on this property come April of ’07.

  7. zovall

    Thanks for the update ocrenter! It looks like it’s just a matter of time before Whispering Glen sees some equity evaporation.

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