I was hoping to eventually move up to the Summit in Turtle Ridge but was hoping to stay as close to 1 million as possible. I am not in a rush and am willing to wait several years. I noticed that the cheapest home ever closed was 28 Rose Trellis for $1,050,000 on 12/10/08. This was a Ledges plan 1 with no view. Is this the cheapest floor plan in all of the Summit? I am curious to see what happens to the prices of these high end homes once the 729k jumbo conforming limit lowers to 625k on Oct 1.
Cheapest home in Turtle Ridge's Summit
- Thread starter NoSoup4U
- Start date
NoSoup4U said:
Best deal currently is 25 Arcade and it has a view:http://www.redfin.com/CA/Irvine/25-Arcade-92603/home/5900430
The house has been in escrow for three months. Something is wrong here. If you are interested, you may check with the listing agent.
20 Topiary may go to foreclosure. But you still need around $1.1m cash to win it from the courthouse.
Jumbo limit dropping from $729k to 625K will have almost zero impact for the area. Most new buyers have high down payment or pay with all cash. You also need to budget the following possible monthly cost:
1. HOA: $440
2. Gardener: $100
3. Pool/spa: $60
4. Housekeeper: $90
$1m is no longer considered high end these days and a lot people can afford it. Even some Woodbury houses can sell for more than $1m. It's unlikely the price will get to $1m as you wish.
irvinehomeowner
Well-known member
Shouldn't IndieDev be chiming in here? I thought he was an expert on QH/TRidge... esp when it comes to price valuations. 
abcd1234 said:
Fiore tract has the cheapest products in Turtle Ridge. Most houses are tri-level. The entry looks ugly with a lot of steps leading to the front door. You get what you pay for. Next affordable tract is Ledge and you need to budge $1.3m now. If you have a lot of cash, you may still get deals. 39 Crimson Rose was banked owned a few months ago for around $1.15m. It may hit the market soon for around $1.3m.
Thanks for the replies. So does it look like the Summit prices will only be going up from here on out? I know this is pretty much a dumb question since the direction of home prices always gets different answers but this case may be different since the Summit is pretty much the nicest community in Irvine outside of Shady Canyon my opinion stated as a fact )
Its kind of like the "irvine is different" argument times 10.
)Its kind of like the "irvine is different" argument times 10.
NoSoup4U said:Thanks for the replies. So does it look like the Summit prices will only be going up from here on out? I know this is pretty much a dumb question since the direction of home prices always gets different answers but this case may be different since the Summit is pretty much the nicest community in Irvine outside of Shady Canyon my opinion stated as a fact
Its kind of like the "irvine is different" argument times 10.
By that argument, shouldn't Shady only going up from here on out?
NoSoup4U said:Thanks for the replies. So does it look like the Summit prices will only be going up from here on out? I know this is pretty much a dumb question since the direction of home prices always gets different answers but this case may be different since the Summit is pretty much the nicest community in Irvine outside of Shady Canyon my opinion stated as a fact
Its kind of like the "irvine is different" argument times 10.
I would rather say that in your price range, I don't see the price to go down much. Even Olivo tract in Quail Hill with similar size is selling $1m+ these days.
freedomcm said:
I don't bet on waiting. "Going down" has been predicted by many people from year 2005. Condo and townhouse price do drop a lot. But quality SFRs hold value much better. Turtle Ridge also corrected in the last few years. The correction is 10% -30% from the peak based on the tract and desirability of individual houses.
IndieDev
New member
Seriously, I'd hate to see someone lose money on "advice" from a guy like NonFCB.
He has made claims on here before about the "worth" of a home, how well priced these homes are, how quickly they would sell under a supposed "pricing strategy", only to have the home sit for 2 months without a nibble.
If you want to make an educated decision about the course of the housing market in Irvine, the information is out there in raw data. $1+ million dollar homes are not selling very well. Not a lot of people have a million dollars to spend on a home. There are plenty of $1+ million dollar listings (not even including shadow inventory). You do the reasoning in your own head about these market fundamentals.
He has made claims on here before about the "worth" of a home, how well priced these homes are, how quickly they would sell under a supposed "pricing strategy", only to have the home sit for 2 months without a nibble.
If you want to make an educated decision about the course of the housing market in Irvine, the information is out there in raw data. $1+ million dollar homes are not selling very well. Not a lot of people have a million dollars to spend on a home. There are plenty of $1+ million dollar listings (not even including shadow inventory). You do the reasoning in your own head about these market fundamentals.
usctrojancpa
Well-known member
Ummm, and why are you bringing me into this? Last I checked I didn't say anything on this matter.NonFCB said:
IndieDev
New member
NonFCB said:
It's not personal, you simply give bad advice, and have proven that you know very little about the high end market except what you "think" these homes should sell for.
You're trying to tell people that the $1m+ home range is highly competitive when it's not. You're also trying to say that those same homes have no more room to fall when they do. You tried to claim that a home priced at $1.2m next to Culver was priced right and would sell based on a pricing strategy, and 2 months later, it has not. I even accepted a $10,000 bet with you that the house wasn't priced right for the current market, and you ran away from the bet when you realized that you were wrong.
In fact in one thread you claim one thing:
NonFCB said:
The house closed for $1.475m, so according to your premise above, the TR market is weak. But here in this very same thread, you're claiming that the market is hot. Which is it? Your analysis of neighborhoods is scattershot, and you really never have a coherent point. It's all "guessing", with a little bit of "cheerleading" thrown in for good measure and you try to pass if off as advice to people here who ask for it.
I don't care about winning any arguments with you, but I do care that you're giving out bad information, so I'm going to call you on it.