Shady Canyon

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[quote author="ABC123" date=1253312741]What were those lots initially selling for?



Do you know how big the <a href="http://www.redfin.com/CA/Irvine/55-Canyon-Crk-92603/home/5929745">55 Canyon Creek</a> lot is?</blockquote>


the lot size is 25,090 sf, according to the Irvine Co.
 
[quote author="ABC123" date=1253312741]What were those lots initially selling for?



Do you know how big the <a href="http://www.redfin.com/CA/Irvine/55-Canyon-Crk-92603/home/5929745">55 Canyon Creek</a> lot is?</blockquote>
The 55 Canyon Creek land sold for $1.25m or $49.88/sf on 8/28/09 for 25,061sf or 0.58 acres.
 
[quote author="Zulu" date=1253191062]

PS bargain of the week - 67 Canyon Creek - at $3.795m. If you could buy it at $3.2-3.5 that is basically foreclosure pricing without having to deal with an auction or the banks. I'm not sure what the problem is as to why the owners didn't bother to put the last bit of rock on the side of the house, or finish the landscaping, but I'm sure it probably has to do with MONEY. So some lucky buyer is going to get a nice custom home at less than the price of a tract home in Turtle Ridge.</blockquote>


I think I saw 67 Canyon creek (I think, correct me if I'm wrong) about two years ago and actually ran into the builder...at the time, I don't remember 5 bedrooms, I remember it as having a huge master suite and maybe two other bedrooms, and that struck me at the time as being unusual. I also remember being told that the property was owned by the builder.



By the way Zulu, what's your take on 30 Sage Creek? I am quite fond of it. I think it should be the bargain of the MONTH :)
 
[quote author="USCTrojanCPA" date=1253347874][quote author="ABC123" date=1253312741]What were those lots initially selling for?



Do you know how big the <a href="http://www.redfin.com/CA/Irvine/55-Canyon-Crk-92603/home/5929745">55 Canyon Creek</a> lot is?</blockquote>
The 55 Canyon Creek land sold for $1.25m or $49.88/sf on 8/28/09 for 25,061sf or 0.58 acres.</blockquote>


Can you by any chance see what the list price was?

It doesn't show on Redfin anymore, but I think it was closer to 1.5m.

Just curious. Thanks.
 
Cactus - I'll take a look at 30 Sage Creek ASAP and get back to you.



USC - like most people here I like my privacy, which is why I use a moniker. I mention lots of homes and situations - might be one of them is mine - but I don't like to tie specific names, real or otherwise, to specific homes out of respect for their privacy as well.



Interesting news article today in Forbes - calling for a 12% rise in home prices in Los Angeles over the next 5 years. I have my doubts when I hear Bernanke saying that "technically" the recession has ended, although I suppose "technically" it has by the strictest definition. But I have a great deal of respect for Steve Forbes and if his publication endorses it, it gets my attention. Here's the link:http://www.forbes.com/2009/09/14/cities-home-prices-lifestyle-real-estate-homes-cities.html



With the government inflating the money supply like there is no tomorrow, it would only make sense that the market is rallying, a few companies are starting to higher again, and that home prices might be ready to find a bottom and turn around. Then again, there are all those ARM's getting ready to reset and the unemployment numbers......



Hottest market in Orange County? My vote is lakefront on Mission Viejo. One scraper just sold for well over $2 million and was on the market for (I think) only one day. Another has had a decent offer within 3 days of being on the market.
 
Another <a href="http://www.redfin.com/CA/Irvine/29-Black-Hawk-92603/home/5856145">$400,000 smackdown</a> in Shady Canyon.
 
A $700,000 decrease or -26% for a Shady Canyon lot: <a href="http://www.redfin.com/CA/Irvine/68-Canyon-Crk-92603/home/5929761">68 Canyon Creek</a>
 
Yes, it's a decrease of 26% from the (arguably) unrealistic price of $2,650,000 for an odd shaped lot. On the other hand, the current asking price is about 4.5% more than what the owner paid for it. The plans that come with it may have no value to the future buyer and its a shame.



At $1.3m and if the plans were suitable, it would be a decent buy.
 
[quote author="Zulu" date=1254461238]Yes, it's a decrease of 26% from the (arguably) unrealistic price of $2,650,000 for an odd shaped lot. On the other hand, the current asking price is about 4.5% more than what the owner paid for it. The plans that come with it may have no value to the future buyer and its a shame.



At $1.3m and if the plans were suitable, it would be a decent buy.</blockquote>
What's the problem with the plans that the seller has now?
 
[quote author="USCTrojanCPA" date=1254461772][quote author="Zulu" date=1254461238]Yes, it's a decrease of 26% from the (arguably) unrealistic price of $2,650,000 for an odd shaped lot. On the other hand, the current asking price is about 4.5% more than what the owner paid for it. The plans that come with it may have no value to the future buyer and its a shame.



At $1.3m and if the plans were suitable, it would be a decent buy.</blockquote>
What's the problem with the plans that the seller has now?</blockquote>


Duh... They weren't designed by BK. What are you new?
 
Another over $200,000 price drop on a <a href="http://www.redfin.com/CA/Irvine/28-Black-Falcon-92603/home/5957936">Shady Canyon mcmansion</a>. And like so many in Shady, this one has been on the market for 675 days. No bottom in sight for the collapsing market in Shady Canyon.
 
Assuming it sells for around $4.1 or so, it would be difficult/impossible to duplicate that home even at todays' depressed building prices. The back yard is nice, it has decent views - overall I think it's a nice home although the landscaping is completely overgrown and needs to be ripped out and redone just like a lot of other homes in Shady. Although it's a corner lot, Boulder View and Black Falcon don't see a lot of traffic now (except construction traffic) and once all of the homes are built out there will be almost no traffic.



If I were in the market today I would give it serious consideration, especially since the building process at Shady is such a pain in the arse. You have to figure about 3 years minimum to build a home from the time you buy a lot, then you get to deal with the architectural committee sending you nastygrams every other week, the "roving patrol" citing you for one thing or another, and the list goes on. You're always about 1 letter away from a lawsuit for one thing or another. There is definitely something to be said for just buying a home and moving in.
 
[quote author="hedgehog" date=1254561760]Is this technically a "mcmansion"? It seems like a proper mansion to me.</blockquote>


I see your point.
 
Geez, we knew Shady Canyon was due for a beat down, but this is getting ridiculous.

<a href="http://www.redfin.com/CA/Irvine/118-Canyon-Crk-92603/home/7202786">118 Canyon Creek</a> just had its price lowered another $1,000,000 or another -14%. That is a total decrease of $3,000,000 of its original price or -33%. And worse, it probably has another -40% to go.
 
[quote author="awgee" date=1254861563]Geez, we knew Shady Canyon was due for a beat down, but this is getting ridiculous.

<a href="http://www.redfin.com/CA/Irvine/118-Canyon-Crk-92603/home/7202786">118 Canyon Creek</a> just had its price lowered another $1,000,000 or another -14%. That is a total decrease of $3,000,000 of its original price or -33%. And worse, it probably has another -40% to go.</blockquote>


Ahh... indoor loggia... no less than 6 pictures of loggia on this listing. I will rate this a best buy.



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/490/U9001490_6_2.jpg">



In all seriousness though... nice theatre room



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/490/U9001490_4_2.jpg">



Delroy
 
I don't care how big or nice the house is. It is ridiculous to pay over $3M for a house this far away from the coast. For goodness sakes move to Arizona.
 
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