Originally posted on September 30, 2006
Address: 235 Danbook, Irvine, CA 92603 (Turtle Ridge)
Plan: 1155 sq ft – 2/2.5
MLS: P537174 DOM: 18
Sale History: 04/21/2006: $625,000
Current Price: $619,000
The interesting thing here is that they listed it for less than what they purchased it only 5 months ago! They’ll have to go lower if they want it to move. This plan 2 has PLENTLY of direct competition:
- 205 Coral Rose – Plan 4 – 1181 sq ft – $619,000 – 57 DOM
- 121 Jadestone – Plan 4 – 1181 sq ft – $619,000 – 3 DOM
- 250 Coral Rose – Plan 2 – 1155 sq ft – $619,000 – 80 DOM (~125 DOM Before)
- 266 Coral Rose – Plan 2 – 1155 sq ft – $625,000 – 183 DOM
- 127 Jadestone – Plan 4 – 1181 sq ft – $625,000 – 123 DOM (~38 DOM Before)
- 207 Danbrook – Plan 3 – 1185 sq ft – $639,000 – 44 DOM (~160 DOM Before)
Factoring in an estimated 6% to be paid out in commissions, the owner will be in the hole for at least $43,000. OUCH!
UPDATE #1 – October 31, 2006
I just noticed that the price on this home was reduced on 10/24 to $612,500. I don’t know if the lower price will bring in (m)any offers considering the competition has also lowered their prices (notice that some have played the relist game):
- 205 Coral Rose – Plan 4 – 1181 sq ft – $599,000 – 88 DOM
- 121 Jadestone – Plan 4 – 1181 sq ft – $609,000 – 34 DOM
- 250 Coral Rose – Plan 2 – 1155 sq ft – $619,000 – 111 DOM (~125 DOM Before)
- 266 Coral Rose – Plan 2 – 1155 sq ft – $615,000 – 29 DOM (~188 DOM Before)
- 127 Jadestone – Plan 4 – 1181 sq ft – $615,000 – 25 DOM (~170 DOM Before)
- 207 Danbrook – Plan 3 – 1185 sq ft – SALE PENDING $639,000 SOLD at $610,000 – 56 DOM (~160 DOM Before)
How low could these go? Many of these sellers have a lot of wiggle room since their homes appreciated so much since they’ve bought. But our featured flipper at 235 Danbrook unfortunately does not have that luxury. If they sell at the current asking price, their loss including 6% in selling costs will be almost $50,000!
UPDATE #2 – November 15, 2006
We’ve got another price reduction on this home. On 11/13 the price was reduced to $599,000. The pricing by the competition is still the same as the last update. After 6% in selling costs, a sale at $599,000 will cause the flippers to lose almost $62,000! RiDiCuLouS!
UPDATE #3 – August 14, 2007
Well, 235 Danbrook finally sold about 8 months later on 5/21/2007 for $604,000. The loss was about $57,000 (assuming 6% in selling costs).
Here’s what else is going on in the tract:
- 110 Jadestone – Plan 4 – 1200 sq ft – $578,000 – 2 DOM
- 239 Coral Rose – Plan 3 – 1181 sq ft – $580,000 – 73 DOM
- 240 Coral Rose – Plan 4 – 1181 sq ft – $588,000 – 29 DOM
- 127 Jadestone – Plan 4 – 1181 sq ft – $589,000 – 146 (+119 +41 + 129 + 42) DOM
- Original asking price was $695,000
- 234 Coral Rose – Plan 2 – 1181 sq ft – $594,000 – 193 DOM
- 231 Danbrook – Plan 4 – 1200 sq ft – $599,000 – 82 (+180) DOM
- 217 Danbrook – Plan 2 – 1155 sq ft – $599,000 – 22 DOM
- 227 Coral Rose – Plan 4 – 1181 sq ft – $610,000 – 17 (+153) DOM
- 105 Coral Rose – Plan 4 – 1181 sq ft – $619,000 – 109 DOM
- 100 Coral Rose – Plan 2 – 1155 sq ft – $629,000 – 13 DOM
- 107 Coral Rose – Plan 3 – 1181 sq ft – $648,000 – 21 DOM
- 116 Jadestone – Plan 2 – 1155 sq ft – $659,000 – 109 DOM
- 145 Danbrook – Plan 7 – 1400 sq ft – $659,900 – 39 (+379) DOM
- Original asking price was $804,995
- 226 Coral Rose – Plan 7 – 1400 sq ft – $669,000 – 49 (+92) DOM
- 103 Jadestone – Plan 5 – 1324 sq ft – $675,000 – 120 DOM
- 142 Coral Rose – Plan 7A – 1445 sq ft – $679,000 – 22 DOM
- 126 Coral Rose – Plan 7A – 1445 sq ft – $689,000 – 120 (+27) DOM
- 129 Jadestone – Plan 5 – 1500 sq ft – $729,000 – 25 DOM
Yes, there really are 18 properties on the market in this complex. I believe all the Plan information above is correct, although some of the square footage numbers are suspect.
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The description for 129 Jadestone says: “Rarely on the market, largest floorplan with premium corner location. Highly upgraded with travertine flooring, crown mouldings, gourmet kitchen with stainless steel appliances, granite counters, back splash, custom paint and large master bedroom with gorgeous master bath. Enjoy the many amenities which include pool, spa, BBQ, hiking trails and parks. Model perfect!“
The Plan 5 is the only 3 bedroom and it is 1324 sq ft (not 1500) and it is not the largest. Hopefully the agent corrects this information soon.
Looking at the listings, I noticed that there are a few that continue to chase the market down. In this market, you really need to price aggressively if you want to sell quickly.
