Have Turtle Rock prices stabalized?

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bball32

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We've been checking out homes in Turtle Rock. Great lots, nice parks and obviously older homes. While there isn't a lot of inventory, from the chart below it looks like prices continue to drop which I would not have expected in that particular area given low turnover and comparable rent prices.
http://www.trulia.com/real_estate/Turtle_Rock-Irvine/778/market-trends/

Do people see things changing fundamentally for the worse in Turtle Rock? Expectation of more inventory, demographics, lack of modernization or am I way off base?

Thanks as always!
 
TR is going to be generally stable. Prices came down a lot in the past year and I could easily see another 5-10% decreased between now and 2013. That being said, TR hasn't been this affordable in a long time. Inventory in TR is always going to be low compared to the other hoods, especially those north of the 405.

Bid low and hard. You might escape some equity burn off.  :D
 
Hey... where is the IndieDev who was saying that TRock was fundamentally overpriced?

See what happens when you get new digs?
 
I might want to live in Turtle Rock someday. Just throwing that out there. I might have to abandon my long-held dream of living in Eastbluff in Newport Beach, mainly because the Newport Beachians I have met lately are snobby and obnoxious.

I like Turtle Rock, from what I've seen. I don't know the area well, but I like the hilly terrain and the older homes appeal to me.

Not that we can afford a decent home in either Turtle Rock or Eastbluff, but a girl can dream, right?
 
irvinehomeowner said:
Hey... where is the IndieDev who was saying that TRock was fundamentally overpriced?

See what happens when you get new digs?
Click to expand...

Prices dropped by 13% per square foot from the same time last year.

Another 10% drop on a $770,000 home (TR current sold median) is a $77,000 haircut, or a used:
Aston-martin-vantage-v8-side.jpg


Fundamentals never lie.  :D
 
IndieDev said:
irvinehomeowner said:
Hey... where is the IndieDev who was saying that TRock was fundamentally overpriced?

See what happens when you get new digs?
Click to expand...

Prices dropped by 13% per square foot from the same time last year.

Another 10% drop on a $770,000 home (TR current sold median) is a $77,000 haircut, or a used:
Aston-martin-vantage-v8-side.jpg


Fundamentals never lie.  :D
Click to expand...
Ahhh, that's one sexy car....I'd still have to lean towards the GT3. 
 
Well I'm cutting back, with the recent home purchase and what not. Maybe in a few years before my back gives out.
 
TR will always be attractive.  Boss bought his house in 2008... he can sell it for the same price today (but i wont get into an argument over this)...  You get some nicer lots too...  to me the zero lot lines are a big negative, but people don't seem to mind.  It's kind of weird, though...  people seem to LOVE turtle rock...  i drive through some times, and I'll have to say that traffic is pretty bad sometimes in the morning (on the street that leads out to Shady Canyon - sunny hill?)  there are a lot of stop signs which can cause a back up...  TR does go to some of the best schools - TR elementary, RSJ middle and Uni - but everyone on the board has already blasted that education is a stupid reason to pay more for a house...  i agree, but i do like that (at this point) you have a pretty good idea of what areas attend these schools.  I think there was a concerted effort to maintain the boundaries, as they allowed PA 18 (aka Laguna Altura) to attend Alderwood B+/ RSJ/ Uni while rezoning the adjacent apartments (Spectrum) to another area (i dont recall exactly but it was either Oak Creeks schools or whatever Cypress Village has)...    I thought I even saw something about bussing kids (I thought Irvine didn't have a bus system)... 





 
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