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<a title="Permanent Link to Citrus - Corporate Flop in Turtle Ridge" rel="bookmark" href="http://www.irvinehousingblog.com/2007/02/19/citrus-corporate-flop-in-turtle-ridge/">Citrus - Corporate Flop in Turtle Ridge</a>
<p class="post-info">Feb 19th, 2007 by <a title="Posts by zovall" href="http://www.irvinehousingblog.com/author/admin/">zovall</a> </p>
<p><a atomicselection="true" target="_new" href="http://www.irvinehousingblog.com/wp-content/uploads/2007/02/windowslivewritercitruscorporateflopinturtleridge-63b2hr95437424-22.jpg"><img width="240" height="180" border="0" style="border-width: 0px;" src="http://www.irvinehousingblog.com/wp-content/uploads/2007/02/windowslivewritercitruscorporateflopinturtleridge-63b2hr95437424-2-thumb.jpg" alt="" /></a> <img width="240" height="180" border="0" style="border-width: 0px;" src="http://www.irvinehousingblog.com/wp-content/uploads/2007/02/windowslivewritercitruscorporateflopinturtleridge-63b2lr95437424-12.jpg" alt="" /></p>
<p><strong>Address: </strong>35 Hidden Trail, Irvine, CA 92603 (Turtle Ridge)
<strong>Plan:</strong> 3675 sq ft - 4/4.5
<strong>MLS: </strong><a href="http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=S446750&page=1&property_type=SFR&mls=mls_so_cal&source=SOCALMLS" target="_blank" onclick="javascript:urchinTracker ('/outbound/www.ziprealty.com');">S446750</a><strong> DOM</strong>: 241
<strong>Sale History: </strong>7/13/2006: <u>$2,250,000
</u><strong>Price Reduced:</strong> 07/19/06 — $2,499,000 to $2,350,000
<strong>Price Reduced:</strong> 09/19/06 — $2,350,000 to $2,225,000
<strong>Price Reduced:</strong> 01/04/07 — $2,225,000 to $2,150,000
<strong>Current Price: <u>$2,150,000</u></strong></p>
<p>Thanks to <a href="http://www.irvinehousingblog.com/2007/02/15/irvine-prices-by-zip/#comment-1787">waitingtill08</a>, we’ve found our first flip inside The Summit at <a href="http://www.irvinehousingblog.com/tag/turtle-ridge">Turtle Ridge</a>! This is a Plan 3 in the Cirtus tract built by Brookfield Homes. It was first listed on the market on June 26, 2006. That is BEFORE they even closed escrow on the purchase on July 13, 2006! Doesn’t that smell like a flip to you?</p>
<p>The description reads “<em>Corporate relocation. Outstanding panoramic view - city lights, ocean. Highly upgraded with hardwood floors, crown molding, plantation shutters, custom built-ins. Main floor master bedroom. Extra large bonus room.</em>” This makes you think that the seller is relocating. When I looked into the title, it says that the owner is Prudential Relocation Inc. Hmm, sounds like it’s actually a company that specializes in Corporate Relocation. The property is listed by Prudential California Realty so I suppose this all makes sense now.</p>
<p>Each of the price reductions on this property have been pretty substantial. I couldn’t find any mortgage information for the home and it wouldn’t surprise me if a behemoth like Prudential actually owned it outright. Anyone know how these Corporate Relocation companies work?</p>
<p>Instead of wishing for a $250k profit on the home like they did in July 2006, they are now wishing for no more than a $100k loss! Assuming 3% in selling costs, <strong>this flop will be a loss of around $164,500!</strong> Oh, and don’t forget the carrying costs on this beast. The MLS listing says that it is Vacant.</p>
So what else is available in the Citrus tract right now?
* 27 Summer House - Citrus Plan 2 - $2,495,000 - 150 DOM - Originally asking $2,680,000 - Vacant
* 31 Summer House - Citrus Plan 3 - $2,199,000 - 18 DOM
Maybe I’m just jaded by the prices of the last couple years.. but $2.15 mil for a NEW 3675 sq. ft. house in Turtle Ridge Summit with an OCEAN view? It doesn’t sound that bad. Has anyone seen this property? Is there <em>really</em> an ocean view? You would think they would have tons of pictures of the view huh? Unfortunately, the only one of the yard on MLS is the one at the top of this post.
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<p class="post-info">Feb 19th, 2007 by <a title="Posts by zovall" href="http://www.irvinehousingblog.com/author/admin/">zovall</a> </p>
<p><a atomicselection="true" target="_new" href="http://www.irvinehousingblog.com/wp-content/uploads/2007/02/windowslivewritercitruscorporateflopinturtleridge-63b2hr95437424-22.jpg"><img width="240" height="180" border="0" style="border-width: 0px;" src="http://www.irvinehousingblog.com/wp-content/uploads/2007/02/windowslivewritercitruscorporateflopinturtleridge-63b2hr95437424-2-thumb.jpg" alt="" /></a> <img width="240" height="180" border="0" style="border-width: 0px;" src="http://www.irvinehousingblog.com/wp-content/uploads/2007/02/windowslivewritercitruscorporateflopinturtleridge-63b2lr95437424-12.jpg" alt="" /></p>
<p><strong>Address: </strong>35 Hidden Trail, Irvine, CA 92603 (Turtle Ridge)
<strong>Plan:</strong> 3675 sq ft - 4/4.5
<strong>MLS: </strong><a href="http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=S446750&page=1&property_type=SFR&mls=mls_so_cal&source=SOCALMLS" target="_blank" onclick="javascript:urchinTracker ('/outbound/www.ziprealty.com');">S446750</a><strong> DOM</strong>: 241
<strong>Sale History: </strong>7/13/2006: <u>$2,250,000
</u><strong>Price Reduced:</strong> 07/19/06 — $2,499,000 to $2,350,000
<strong>Price Reduced:</strong> 09/19/06 — $2,350,000 to $2,225,000
<strong>Price Reduced:</strong> 01/04/07 — $2,225,000 to $2,150,000
<strong>Current Price: <u>$2,150,000</u></strong></p>
<p>Thanks to <a href="http://www.irvinehousingblog.com/2007/02/15/irvine-prices-by-zip/#comment-1787">waitingtill08</a>, we’ve found our first flip inside The Summit at <a href="http://www.irvinehousingblog.com/tag/turtle-ridge">Turtle Ridge</a>! This is a Plan 3 in the Cirtus tract built by Brookfield Homes. It was first listed on the market on June 26, 2006. That is BEFORE they even closed escrow on the purchase on July 13, 2006! Doesn’t that smell like a flip to you?</p>
<p>The description reads “<em>Corporate relocation. Outstanding panoramic view - city lights, ocean. Highly upgraded with hardwood floors, crown molding, plantation shutters, custom built-ins. Main floor master bedroom. Extra large bonus room.</em>” This makes you think that the seller is relocating. When I looked into the title, it says that the owner is Prudential Relocation Inc. Hmm, sounds like it’s actually a company that specializes in Corporate Relocation. The property is listed by Prudential California Realty so I suppose this all makes sense now.</p>
<p>Each of the price reductions on this property have been pretty substantial. I couldn’t find any mortgage information for the home and it wouldn’t surprise me if a behemoth like Prudential actually owned it outright. Anyone know how these Corporate Relocation companies work?</p>
<p>Instead of wishing for a $250k profit on the home like they did in July 2006, they are now wishing for no more than a $100k loss! Assuming 3% in selling costs, <strong>this flop will be a loss of around $164,500!</strong> Oh, and don’t forget the carrying costs on this beast. The MLS listing says that it is Vacant.</p>
So what else is available in the Citrus tract right now?
* 27 Summer House - Citrus Plan 2 - $2,495,000 - 150 DOM - Originally asking $2,680,000 - Vacant
* 31 Summer House - Citrus Plan 3 - $2,199,000 - 18 DOM
Maybe I’m just jaded by the prices of the last couple years.. but $2.15 mil for a NEW 3675 sq. ft. house in Turtle Ridge Summit with an OCEAN view? It doesn’t sound that bad. Has anyone seen this property? Is there <em>really</em> an ocean view? You would think they would have tons of pictures of the view huh? Unfortunately, the only one of the yard on MLS is the one at the top of this post.
<p> <script type="text/javascript"><!--
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