Ok to Buy in Turtle Ridge?

NEW -> Contingent Buyer Assistance Program
Wow I'm surprised that someone bid this up to $1.4mil. I can't imagine standing around the Santa Ana court steps with $1.4 million in cashiers checks. Who wants to bet that it was Pacific Legacy RE & Investments who bought it? They have been buying up foreclosures like it was 2004. If it was them I bet they price it at $1,599,999. Does anyone know what the original prices for this tract started at?
 
Wow that is amazing!!!! And to think some ppl on this site were trying to convice others that Turtle Ridge would not get hit that hard.
 
Folks, as you know from my blog name and content of my prior comments, I am on the verge of purchasing in Turtle Ridge. I have a seller of a 3900 SF very nice home (seriously nice) ready to sell at $2M. i.e., $512 PSF (asking was $2.2M and a few months ago $2.4M). One could argue that this is a good price, with far less downside than the 600++ per sq. ft home littering Turtle Ridge. One could also argue that since it's a significantly sized home (3900), the PSF price is a deceptive analysis. I welcome your opinions! Hopefully no robotic urging to rent! Thanks!
 
Are you financing it? If you are have you seen jumbo rates lately?

If you can afford it, live finacially comfortably and you will not be concerned by the fact that the credit market died which could cause a 20% drop in value then go for it only if you love the place like it is your dream home. I knew that credit would tighten but this has happened much faster and harder than I thought.

Just keep in mind that NODs and foreclosures keep increasing and the more lenders who go bk will have to sell their inventory ASAP. July's foreclosures will be more than double of April's and with the credit market it coud get even worse. There are two on Crimson Rose and maybe one more on Rose Trellis in trouble.

I am not telling you to rent and I am not trying to scare you but to gibe you some gourmet food for thought.
 
"I welcome your opinions! Hopefully no robotic urging to rent!

No urging to rent from me. I urge you to pay as much as possible and lose as much equity as possible.

Seriously though. My opinion is that anyone with equity in residental So Cal re right now will have alot less equity in three years.
 
PB (and J -sorry, it's Friday):

You know where I stand on this. The conservative view is that house prices will stay flat. If that is the case, then you are simply renting (paying the bank instead of a landlord) and still have to take care of the property yourself. Furthermore, you lose the ability to invest the liquid assets that I presume you currently possess. Instead getting 5% return on your investment, you'll have to pay someone 6 percent for an investment that will not appreciate for at least 2 to 3 years. Of course, it gets worse if housing prices go down.

My bottom line is that whether you should buy depends on why you are buying. If you found a house that you love and would be happy to stay in for a while, go for it. But if you are buying with as a way to investment, I just do not think the economic signs support a purchase.
 
Thanks for everyone's comments. We are very likely going to rent instead of buy. Should be interesting to watch the real estate market from the sidelines during the next twelve months! Thanks again.
 
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