Shady Canyon

Another $500,000 price decrease, <a href="http://www.redfin.com/CA/Irvine/27-Needle-Grass-92603/home/7213088">27 Needle Grass</a>, this time for just the dirt. Looks like prices in Shady are collapsing.
 
Collapsing from what? If you got in on the initial lot offerings, would you still be several million dollars ahead, would you just be breaking even or would you be underwater? When you have houses that were initially listed for over $10,000,000 and then the get reduced to $8,888,888 would you consider that collapsing when the previous asking price was more than ridiculously high?
 
[quote author="ABC123" date=1249600621]Collapsing from what? If you got in on the initial lot offerings, would you still be several million dollars ahead, would you just be breaking even or would you be underwater? When you have houses that were initially listed for over $10,000,000 and then the get reduced to $8,888,888 would you consider that collapsing when the previous asking price was more than ridiculously high?</blockquote>
Collapsing from the peak when the folks involved with Shady were saying that any declines in the residential re market would not affect the high end areas and would defintely not affect Shady Canyon because it was too desireable and there was too much demand for the properties.
 
It appears all work has stopped on 67 Canyon Creek - I wonder if that is the reason for the low $3,795,000 price. Maybe the builder ran out of money and is looking for someone to buy it as-is? If that is the case, it's not such a great deal compared to other offerings, and it is a fairly boring home by Shady standards.



That being said, I'd ten times rather own this house than one of the ones on Vernal Springs, which are asking around the same price. If you could buy it at, say, $3.2m and put a couple hundred thou into it, you could have a really nice home in Shady at a "Turtle Ridge" price.
 
anyone have any info on 30 Sage Creek? I am dreading the thought that it sold immediately after the huge price reduction, and before I scraped together 3.7 Mil to rush over and buy it
 
[quote author="Zulu" date=1249707481]It appears all work has stopped on 67 Canyon Creek - I wonder if that is the reason for the low $3,795,000 price. Maybe the builder ran out of money and is looking for someone to buy it as-is? If that is the case, it's not such a great deal compared to other offerings, and it is a fairly boring home by Shady standards.



That being said, I'd ten times rather own this house than one of the ones on Vernal Springs, which are asking around the same price. If you could buy it at, say, $3.2m and put a couple hundred thou into it, you could have a really nice home in Shady at a "Turtle Ridge" price.</blockquote>
The bank may have pulled the plug on the funding of the construction because they realized that they'd be underwater even if the property did get completed.
 
This from Lansner's Blog:







<em>"Huntington Beach?s 92648 ZIP code ? which includes the downtown, Seacliff and Edwards Hill areas ? and Irvine?s 92603 ZIP code ? with Turtle Rock, Quail Hill and Shady Canyon ? had the highest rate of price cuts ? 42%."</em>
 
That's an interesting measure - the rate at which people are cutting the prices on their (overpriced) real estate. I'm not sure what it means - perhaps people in those areas are more desperate to sell and therefore have to cut their home prices faster? Or maybe they are just smarter and will keep cutting prices until their homes sell. I noticed Corona Del Mar was at 40% - not exactly an undesirable area to live in in any market.



Compare that with Garden Grove, with only a 13% rate of price cuts. What does that tell you? I haven't a clue - all I know is I wouldn't want to live in Garden Grove for a whole lot of reasons the least of which is how fast they are cutting their home prices.



What I'd like to know is how many spec homes are in Shady that are still under construction that haven't came on the market yet. Or how many spec homes, if any, are going to be built in the near future? What I'm seeing happen in Shady is that the inventory of brand new homes is dwindling - plenty of resales, but people who like to buy a new home (myself included...) are running out of choices.
 
[quote author="Zulu" date=1250324565]That's an interesting measure - the rate at which people are cutting the prices on their (overpriced) real estate. I'm not sure what it means - perhaps people in those areas are more desperate to sell and therefore have to cut their home prices faster? Or maybe they are just smarter and will keep cutting prices until their homes sell. I noticed Corona Del Mar was at 40% - not exactly an undesirable area to live in in any market.



Compare that with Garden Grove, with only a 13% rate of price cuts. What does that tell you? I haven't a clue - all I know is I wouldn't want to live in Garden Grove for a whole lot of reasons the least of which is how fast they are cutting their home prices.



What I'd like to know is how many spec homes are in Shady that are still under construction that haven't came on the market yet. Or how many spec homes, if any, are going to be built in the near future? What I'm seeing happen in Shady is that the inventory of brand new homes is dwindling - plenty of resales, but people who like to buy a new home (myself included...) are running out of choices.</blockquote>


They're not just running out of choices, they are running out of money.
 
By the way, anyone see this article?



http://irvinehomes.freedomblogging....anyon-estate-sells-after-12-million-discount/



98 Canyon Creek sold 7/31/09 for $5.6 million, after 634 days on the market. I don't know why anyone is surprised that it took so long, and that the discount to the original asking price was so huge. It sold at a discount because it was overpriced to begin with, and you really had better like the way it was done because changing it would have cost a fortune. As for the time it took to sell - it would likely have taken a long time to sell in any market, good or bad.



Hey, at least it sold.....
 
[quote author="Zulu" date=1250324565]Compare that with Garden Grove, with only a 13% rate of price cuts. What does that tell you? I haven't a clue - all I know is I wouldn't want to live in Garden Grove for a whole lot of reasons the least of which is how fast they are cutting their home prices.

</blockquote>


Garden Grove and other less desirable areas were crushed first and are already much closer to the bottom than premium locations like Shady Canyon and CDM.
 
The houses at Shady canyon are great but they are way over priced. Granted the area is nice but what about cell phone signals. Why will I buy a house for $3 m and then discover that I can't get a text message or a distress call from a family member. I went there last week to see some houses for sale and missed 3 calls.
 
[quote author="keepitreal" date=1250489135]The houses at Shady canyon are great but they are way over priced. Granted the area is nice but what about cell phone signals. Why will I buy a house for $3 m and then discover that I can't get a text message or a distress call from a family member. I went there last week to see some houses for sale and missed 3 calls.</blockquote>


If you can afford these homes, you can probably afford a more reliable cell phone carrier.
 
[quote author="Roo" date=1250491488][quote author="keepitreal" date=1250489135]The houses at Shady canyon are great but they are way over priced. Granted the area is nice but what about cell phone signals. Why will I buy a house for $3 m and then discover that I can't get a text message or a distress call from a family member. I went there last week to see some houses for sale and missed 3 calls.</blockquote>


If you can afford these homes, you can probably afford a more reliable cell phone carrier.</blockquote>


There is no reliable cell phone carrier that covers that area. People tried Verizon, T-mobile and AT&T nothing worked.
 
[quote author="keepitreal" date=1250497568][quote author="Roo" date=1250491488][quote author="keepitreal" date=1250489135]The houses at Shady canyon are great but they are way over priced. Granted the area is nice but what about cell phone signals. Why will I buy a house for $3 m and then discover that I can't get a text message or a distress call from a family member. I went there last week to see some houses for sale and missed 3 calls.</blockquote>


If you can afford these homes, you can probably afford a more reliable cell phone carrier.</blockquote>


There is no reliable cell phone carrier that covers that area. People tried Verizon, T-mobile and AT&T nothing worked.</blockquote>


Just get t-mobile and <a href="http://www.t-mobile.com/shop/addons/services/information.aspx?tp=Svc_Tab_UnlimitedHotSpotCalling&WT;.mc_n=UHCCoverage&WT;.mc_t=onsite">pay the $10 a month for unlimited WiFi hot spot access</a>. Problem solved.
 
[quote author="graphrix" date=1250499033][quote author="keepitreal" date=1250497568][quote author="Roo" date=1250491488][quote author="keepitreal" date=1250489135]The houses at Shady canyon are great but they are way over priced. Granted the area is nice but what about cell phone signals. Why will I buy a house for $3 m and then discover that I can't get a text message or a distress call from a family member. I went there last week to see some houses for sale and missed 3 calls.</blockquote>


If you can afford these homes, you can probably afford a more reliable cell phone carrier.</blockquote>


There is no reliable cell phone carrier that covers that area. People tried Verizon, T-mobile and AT&T nothing worked.</blockquote>


Just get t-mobile and <a href="http://www.t-mobile.com/shop/addons/services/information.aspx?tp=Svc_Tab_UnlimitedHotSpotCalling&WT;.mc_n=UHCCoverage&WT;.mc_t=onsite">pay the $10 a month for unlimited WiFi hot spot access</a>. Problem solved.</blockquote>


I wish it was that easy.... that is why I am looking into the QH area. Somehow I feel like the houses there are over priced.
 
[quote author="keepitreal" date=1250506805][quote author="graphrix" date=1250499033][quote author="keepitreal" date=1250497568][quote author="Roo" date=1250491488][quote author="keepitreal" date=1250489135]The houses at Shady canyon are great but they are way over priced. Granted the area is nice but what about cell phone signals. Why will I buy a house for $3 m and then discover that I can't get a text message or a distress call from a family member. I went there last week to see some houses for sale and missed 3 calls.</blockquote>


If you can afford these homes, you can probably afford a more reliable cell phone carrier.</blockquote>


There is no reliable cell phone carrier that covers that area. People tried Verizon, T-mobile and AT&T nothing worked.</blockquote>


Just get t-mobile and <a href="http://www.t-mobile.com/shop/addons/services/information.aspx?tp=Svc_Tab_UnlimitedHotSpotCalling&WT;.mc_n=UHCCoverage&WT;.mc_t=onsite">pay the $10 a month for unlimited WiFi hot spot access</a>. Problem solved.</blockquote>


I wish it was that easy.... that is why I am looking into the QH area. Somehow I feel like the houses there are over priced.</blockquote>
I think it's that you have some kool-aid infused sellers in QH that think it's still 2005. They really need a housing intervention.
 
I agree, they will need a wake up call sometime soon. Many of the properties there are controlled by agents. Last week during a open house viewing, an agent told me that he will not entertain an offer below $1.7 m. Keep in mind the property's worth is around $1.2-1.4. I am planning to wait till the end of the year before making a move.
 
[quote author="keepitreal" date=1250511119]I agree, they will need a wake up call sometime soon. Many of the properties there are controlled by agents. Last week during a open house viewing, an agent told me that he will not entertain an offer below $1.7 m. Keep in mind the property's worth is around $1.2-1.4. I am planning to wait till the end of the year before making a move.</blockquote>
It must the combination of kool-aid sniffing and the elevation that has them thinking we are still in the bubble days. Some of those homes are heading to REO land.
 
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