What Happened to Turtle Rock Prices in the Early/Mid 90s?

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GavriloPrincip_IHB

GavriloPrincip_IHB

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What happened to Turtle Rock back in the 90s? If I have my history straight, it was the Irvine Co's flagship development of the last boom, and was finished in 89-91 just as that boom peaked and began to decline. What happened after that? Did prices decline there through the early and mid 90s, as they did in the rest of So Cal? Did owners who overpaid ride it out and hang on until the market came back in the late 90s?





I was wondering if Turtle Rock might have some lessons for Quail Hill and Turtle Ridge, two flagship developments of this boom?
 
<p>GP,</p>

<p>You bring up a good point. I will see what I can find. I know that Coto De Caza got hit pretty hard in the mid-90s. Judging by what is happening on the foreclosure front in Quail Hill and Turtle Ridge it could have been really ugly. A lot of the jobs lost pre-90s could afford Turtle Rock just like the mortgage jobs pre-today could afford QH and TR. I would imagine that it started to happen in 93 and later. 96 was the worst year of that time. </p>
 
Remember that Turtle Rock is not the flagship of the IC. Newport Coast was the flagship, and yes they went down just like everyone else. In fact, I have family members who bought in Civita (Greystone/Lennar built in formerly Ocean Ridge now called Pelican Ridge) They bought a 3400 sq foot home with Ocean view for $550K, and the builders were giving $10K incentive to close. No there were no campouts and no lines. So the high end properties will get hit just as hard as the low end stuff. Just be patient and Turtle rock will be yours.
 
How patient will I have to be for <a href="http://www.standardpacifichomes.com/findhome/NeighborhoodIntro.aspx?NID=1318">The Tides</a>?





Just kidding. Those places are beautiful, but silly large, especially for only two people - or four, if you opt for live in staff.
 
Eva - Are The Tides beautiful or what? I think the first looks like a whole Tuscan village. And the garage in the second ...; I seriously thought about squatters rights.<p><p>

But can you imagine paying $8 mil in this market? If I have $8 mil in cash, I can lease one of them for alot less and not have to incur the depreciation. And if I had the income to pay on a $4 mil loan, I would be smart enough to know that only the interest on the first $1 mil is deductible as mortgage interst expense.<p><p>

I seriously wonder who is willing to put out $8 mil for one, when there are so many other ways to run that type of money.
 
Awgee - All I can say is that W-2'ers are not the target market. I think I once read that OC has the highest percentage of retired athletes of any county in the US. That may explain a thing or two.





What I want to know is: who wants to pay $8M for a production home? For that price, at least go custom, ya know?
 
<p>Penn1, </p>

<p>How long ago was it that your friend was able to buy an ocean view home in Newport Coast for 550K? That same property must be at least 2+ millions, if not more.</p>
 
they closed in early 1997, but placed their deposit in mid to late 1996. I have no doubt it's worth more than 2 milions. Like I said during that time there weren't too many buyers and they were offering 10K incentive for the 1st phase. I remember that was during the height of the high tech dot.com boom and many of their friends and relatives incuding myself thought they were nuts in putting their money in real estate while my fiberoptics stocks were doubling every 2 wks. They bought it because they loved the location. I guess they were right b/c I ended up losing all my money (luckily, I didn't have too much to lose back then) and they have made more on that one deal than many of us will ever make in our lifetime. Sometimes it pays to be a contrarian. Thanks to Irvine Renter, and Graphrix we know that this opportunity will come again within the next 3 yrs. We just have to wait until the time when every Dick, Tom and Harry thinks that real estate is the worst investment in the world. That's the time to jump on board. So for now let's raise cash for that down payment. Good luck to all.
 
Here is one article I found. Well the freebie portion from OCR.



Buying into the summit

Sales rush on Turtle Rock's pricey homes surprises execs

August 15, 1991

Byline: Andre Mouchard

The Orange County Register

On paper, Turtle Rock Summit sounds like a homebuilder's version of Evel Knievel trying to fly his motorcycle over one too many buses.

Tract homes priced from $1.1 million? In 1991? What observers might expect: Crash! Crunch! Splat!

But Turtle Rock Summit _ one of the most expensive subdivisions ever built in Orange County _ has defied what passes for logic in the local housing market.

Since opening in late May, 16 million-dollar tract houses have been sold at Turtle
 
So every now and then TIC does, in fact, know what it's doing in a down market, huh. That doesn't bode well for OH.





On second thought, maybe it's not apples to apples because OH won't have the Uni High bonus.
 
<p>Having trouble posting, let me try again:</p>

<p>Are prices actually going down in Turtle Rock? I haven't seen that happening.</p>
 
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