This weekend’s featured property is a Turtle Ridge knife catcher from 2007. If they are lucky, they will only lose about $100,000.
Asking Price: $549,900
Address: 266 Coral Rose Irvine, CA 92603
Here we stand or here we fall
History won’t care at all
Make the bed light the light
Lady Mercy won’t be home tonight yeah
You don’t waste no time at all
Don’t hear the bell but you answer the call
It comes to you as to us all
We’re just waiting
For the hammer to fall
Hammer of Fall — Queen
When will the hammer fall? We should begin to see more inventory and lower prices soon. How long will we have to wait?
Asking Price: $549,900
Income Requirement: $104,111
Downpayment Needed: $109,980
Purchase Price: $608,000
Purchase Date: 4/17/2007
Net Gain (Loss): -$91,094
Percent Change: -9.6%
Annual Appreciation: -3.9%
Address: 266 Coral Rose Irvine, CA 92603
Beds: 2
Baths: 3
Sq. Ft.: 1,181
$/Sq. Ft.: $466
Lot Size: –
Property Type: Condominium
Style: Rustic, Santa Barbara
Stories: 3+
Floor: 1
View: Greenbelt
Year Built: 2004
Community: Turtle Ridge
County: Orange
MLS#: S589191
Source: SoCalMLS
Status: Active
On Redfin: 4 day
Charming 3 story townhouse in Turtle Ridge. Lots of upgrades from granite counters, maple cabinets to tile & carpet. All stainless steel appliances, built-in in living room & master bed room. Sunny & bright private corner location. Just blocks from Newport Coast… but with out the Newport Coast price. Totally move in condition!!! Don’t miss this out standing home!
Totally move in condition!!! Like totally dude.
The picture with all of the houses in the background makes it look like a ghetto. With density like that, I have a hard time understanding how Turtle Ridge is considered the most exclusive (after shady canyon) neighborhood in Irvine. I just don’t get it.
Shady Canyon as exclusive makes sense since it’s nestled in its own hills, adjacent to the wildlife preserve and green belts. Parts of SC look really nice. It’s unbelievable that you are so close to civilization.
TRidge, OTOH, is a nice -but very crowded- extension to Turtle Rock. And overpriced from day one. IMHO, the price of TRidge has to come to parity to TR which is not good news for everyone that bought in that place since it was sold at a premium from day one.
On top of that, TRidge’s kids don’t get to use the elementary schools in TR, they are bussed over the UP. So, that sucks because from a school POV TR is tops (Bonita Canyon, TR, Rancho and Uni).
I don’t know where the kids from SC go, but if you can afford that place you should be sending with the chauffeur to private school, huh?
Well, every morning I see parents drop their kids off at Bonita, driving from Turtle Ridge. So, either they ‘can’ send their kids to Bonita, or they found a way to do it anyway.
“Shady Canyon as exclusive makes sense since it’s nestled in its own hills,”
Nestled in their own hills, is that a euphemism for head planted firmly in their asses?
LOL.. ;-D
No, it was meant literally.
Although, I love your interpretation. ;-D
BTW- TRidge is asigned to Vista Verde. Right off the ISUD web site:
http://www.iusd.k12.ca.us/schools/maps/documents/ElemMapCOIRevfor2009.pdf
So, if any parents from TRidge are taking their kids to Bonita Canyon then they likely applied for an opening and got it or somehow got a copy of a gas bill from someone within the area.
TRidge kids are assigned to Vista Verde elementary school and middle school (K thru 8th grade), which used to be in UP. However, it has been moved to the TRidge area, and in effect these kids now get a brand new school. It is located off Federation way.
However, it is pretty easy to switch to Bonita Canyon or Rancho San Joaquin. Vista Verde is a year round school, and if your kids are assinged to that school, all you have to do is say you dont want an year-round school. The alternate school is Bonita Canyon for elementary and Rancho San Joaquin for middle.
The assigned high school for both TR and TRidge is University High.
So, from a school POV, TRidge gets all the benefits of TR.
But, I do agree with you regarding the rest of your post. TRidge is extremely crowded, especially for houses/condos in this sqft range. We looked into some of these 3-story houses to rent, decided it was not worth it. So much space is wasted in the staircase and landings, that these feel more crowded even than the IAC apts.
The game changer has arrived! By instituting new rules (http://www.free-press-release.com/news-fha-adopts-hvcc-guidelines-coester-appraisal-group-responds-1253324444.html), FHA has effectively taken themselves out of the market for new loans as their cash reserves are expected to fall below the requirement mandated by law: http://www.washingtonpost.com/wp-dyn/content/article/2009/09/17/AR2009091704594.html . Or, if not taken themselves completely out of the market, they have at least retreated back from the market-leading position that they have held since Fannie and Freddie adopted these rules back in May 2009. This is the beginning of the next leg down, as rising foreclosures and high unemployment combine with the removal of the last risky lender.
Among the new FHA rules:
* Modification of Procedures for Streamline Refinance Transactions
* Adoption of Home Valuation Code of Conduct Guidelines (some not all)
* Updated Appraisal Validity Period
* New Appraisal Portability Regs
* New Requirement of Lenders to Submit of Audited Financial Statements for Review
* Adjustments to the Approval Process for Participation in FHA Loan Origination
* Increased Net-Worth Requirements for Lenders
One of the more important changes above is the adoption of HVCC guidelines. One of these guidelines prohibits “any commissioned based lender staff member from ordering an FHA appraisal”.
-Darth
**(Akismet decided that my post with 2 links might be spam, so I’m reposting with only 1 link per post)
The game changer has arrived! By instituting new rules, FHA has effectively taken themselves out of the market for new loans as their cash reserves are expected to fall below the requirement mandated by law: http://www.washingtonpost.com/wp-dyn/content/article/2009/09/17/AR2009091704594.html . Or, if not taken themselves completely out of the market, they have at least retreated back from the market-leading position that they have held since Fannie and Freddie adopted these rules back in May 2009. This is the beginning of the next leg down, as rising foreclosures and high unemployment combine with the removal of the last risky lender.
Among the new FHA rules:
* Modification of Procedures for Streamline Refinance Transactions
* Adoption of Home Valuation Code of Conduct Guidelines (some not all)
* Updated Appraisal Validity Period
* New Appraisal Portability Regs
* New Requirement of Lenders to Submit of Audited Financial Statements for Review
* Adjustments to the Approval Process for Participation in FHA Loan Origination
* Increased Net-Worth Requirements for Lenders
One of the more important changes above is the adoption of HVCC guidelines. One of these guidelines prohibits “any commissioned based lender staff member from ordering an FHA appraisal”.
-Darth
Link to press release about new FHA rules: http://www.free-press-release.com/news-fha-adopts-hvcc-guidelines-coester-appraisal-group-responds-1253324444.html
-Darth
1100 sq feet spread over three stories. Well, at least you will get your excercise walking up and down all those stairs. It must be like living in a submarine.
Exactly my point. 1100 sq ft in three stories. How do you do that? What is the floor area of each story? How do you design a home which has 2 bedrooms and three stories and costs 1/2 mil? And some people in this forum say $/sq ft in Irvine will not fall below $250.
I will wait to see what happens next year…
And don’t stick your hand too far out the window, it could get hit by a passing car…
I agree, the first thing I noticed about that place was that it looks like you’d get hit by a car everytime you try and go in the front door!
Here are some more details on the changes. Will need to wait for next year to see how this changes things.
http://www.mortgagenewsdaily.com/09182009_drastic_fha_guideline_changes.asp
To me, this neighbourhood was built to serve as a buffer between the more up-scale homes and the former dump. My memory is cloudy, but this property sits inside the just on the edge of the former dump. Too scary to think of what sits in that dump… old cars, car parts, oil, antifreeze, household cleaners, industrial cleaners, refrigerators, tvs… you name it. They should pay you to have your family live their and potentially suffer the future consequences to your health.
I think the dump proper is on other side of the 73.
Just think about all of those Newport Coast homes with a view of that funny “meadow” with them funky pipes sticking up from the ground (CO2 vents).
probably methane vents.
The methane is captured and used as fuel for I forget what.
The dump was there long before the highway… about 10 yrs. The highway was laid over the dump.
The way I remember it was that the dump was more of a ravine. So the slope of the dump now seems natural. But in its day, there was a deep gorge, and they loaded layer upon layer of garbage in it. It looked sort of like a mini copper mine in Chile (see here http://www.ddbstock.com/chilecopper.html).
Yes, it was Bonita Canyon Rd that went from Jamboree all the way to the back of Culver.
A very fun road but you had to watch out for trucks.
The entry was about where the 73 crossover over Bonita Canyon Rd.
When the dump was closed in the late 80s the Irvine Co. underwrote the construction of Newport Coast Dr. just so they could build homes.
Later they built the toll road and took the section Newport Coast. They made a section (Bison to Bonita Canyon) a toll road even though it used to be free earlier. There was a lawsuit but that got killed in our corrupt (money talks) legal system.
So, today, I drive through UCI to Bison rather than pay the toll. Besides, they got sooo many lights on those roads nowadays. Once upon a time there were NO lights between Jamboree to the intersection of Culver and Campus.
When the toll road was first built, I think that exit cost $.25. Now it’s $1.00 to go a quarter of a mile on a formerly free road. That’s progress.
Let me requote the RE write up.
Only minutes from “Turtle Rock” but without the “Turtle Rock” price.
That is, TRidge is way higher.
As I’ve noted before, TRidge has a way to fall.
And for that matter, Newport Coast…. Big Canyon it ain’t… and Big Canyon is not immune to this mess.
What a great house, for Huntington Beach! As it is, it is probably 10 miles from the nearest water. What were they thinking? The “planned” community of Irvine just makes me shake my head. The only planning seems to start with the Irvine Company bottom line, and work backwards.
TRidge is downwind from the old dump and the odor is noticeable on humid windless days. Most of the time there is a breeze, so it not noticeable. IMHO the old dump makes TRidge a less than desirable place.
Addition property description: Natural sliming of owners.
Businessweek (Sept 28, 09 page 028) has the latest scheme: USDA loans at $0 down, 100% financing, guaranteed loan program allocated $10.5 billion for 2009, up from $6 billion in 2008 and $3 billion in the past. Just another round of toxic loans and govt bailouts. Only $3 billion lose for taxpayers in 4 years.
USDA = US Dept of Agriculture?
I’m still trying to figure out what “natural sliming” is. Is this an obscure Ghostbusters reference?
MalibuRenter,
That’s right the Agriculture Dept. There’s all sorts of ways the govt hides the $ spent and it’s usage. I wonder how much $ is funneled through the VA?
Natural Slimming of the owners will be three fold:
1. Less money for food (to pay for the mortgage and HVAC cost)
2. Less appetite due to the odor from the old dump and
3. The work-out from the built-in “stair masters” of running up and down all the stairs (3+ floors).
Likely over 150-200 sf are taken up the by stairs and landings (or ~15% of the unit’s space).
I guess that’s supposed to help farmers deal with deflation…. good luck with that.
Hmmmm.
A weeks worth of Pink Floyd and now a Spicoli Collage?
IR…
Are you on DOPE???
😉
Teenage had a race for the night time
Spent my cash on every high I could find
Wasted time in every school in L.A.
Getting loose, I didn’t care what the kids say
We’re white punks on dope
Mom & Dad moved to Hollywood
Hang myself when I get enough rope
Can’t clean up, though I know I should
White punks on dope
White punks on dope
Other dudes are living in the ghetto
But born in Pacific Heights don’t seem much betto
We’re white punks on dope
Mom & Dad live in Hollywood
Hang myself when I get enough rope
I can’t clean up, though I know I should
White punks on dope
White punks on dope
I go crazy ’cause my folks are so fucking rich
Have to score when I get that rich white punk itch
Sounds real classy, living in a chateau
So lonely, all the other kids will never know
We’re white punks on dope
Mom & Dad live in Hollywood
Hang myself when I get enough rope
Can’t clean up, though I know I should
White punks on dope
White punks on dope
[img]http://3.bp.blogspot.com/_EBs6Hg6MnNQ/SkOpA-EamlI/AAAAAAAAAVg/WevslqpBxCw/s400/Mr+hand.jpg[/img]
What are you people on dope?
I noticed this just now on Calculated Risk:
San Francisco: $30 Billion Option ARM Time Bomb.
From Carolyn Said at the San Francisco Chronicle:
From 2004 to 2008, “one in five people who took out a mortgage loan (for both purchases and refinancing) in the San Francisco metropolitan region … got an option ARM,” said Bob Visini, senior director of marketing in San Francisco at First American CoreLogic, a mortgage research firm. “That’s more than twice the national average.
“People think option ARMs (will be) a national crisis,” he said. “That’s not really true. It’s just in higher-cost areas like California where you see their prevalence.”
…
First American shows more than 54,000 option ARMs issued here with a value of about $30.9 billion. Fitch shows more than 47,000 option ARMs here with a value of about $28 billion. Both say their data underestimate the totals.
…
Fitch said 94 percent of borrowers elected to make minimum payments only.
…
Unlike subprime loans, which were more commonly used for entry-level homes, option ARMs started out with high balances. In the five-county San Francisco area, option ARMs average about $584,000 and were used to buy homes averaging $823,000, according to an analysis of First American data.
That means they’ll spawn foreclosures among upper-end homes.
…
“The average option ARM borrower is significantly underwater, so much that they don’t think they’ll get out,” Sirotic said. On average nationwide, option ARM borrowers … owe is 126 percent of their home’s value, based on depreciation and not including the effects of negative amortization, Sirotic said.
. . . here comes the flood.