15 townhomes in Costa Mesa all in "The Village at Admiral Way" up for auction

NEW -> Contingent Buyer Assistance Program
Girl In the OC_IHB

Girl In the OC_IHB

New member
<strong>When:</strong> Saturday Sep. 8, 2007





<strong>Where:</strong> <a class="blue-link" target="_blank" href="http://www.marriott.com/hotels/travel/laxir-irvine-marriott/"><u>Irvine Marriott </u></a> 18000 Von Karman Ave, Irvine 92612





<strong>Time:</strong> Registration begins at 12:00 p.m. Auction starts promptly at 1:00 p.m.





<strong>ALL HOMES OPEN FOR INSPECTION FROM MONDAY - FRIDAY 10:00 AM to 5:00 PM AND SATURDAY - SUNDAY 9:00 AM TO 6:00 PM </strong>







<p> </p>

<p>Wow! I wouldn't want to be a current owner in this neighborhood. Geeezzzze major concentration of repo townhomes. Anyone know the story of this neighborhood?</p>
 
<p>Never heard of it before.</p>

<p>Looks like it might be an apartment conversion.</p>

<p>Their site calls it a "newly upgraded development".</p>

<p>Since the project only has 20 units, it looks like a private investment gone bad.</p>
 
Definite conversion - some pictures show mature landscaping in their patios.
 
<p>Ugh.</p>

<p>Gold fixtures / round-bowl toilets / florescent tube lighting in kitchens.</p>
 
Those would not be repo's, unless the entire project was reposessed by the rehabber's lender.
 
<p>What do you know about the remaining 5 units? Are they owned, investment properties? Owner occupied?</p>

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<p>Just curious, since those people are not going to be in a good position...</p>

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<p>No clue. Yes, they'll be hurt.</p>

<p>Remember though, some auctions are just another way to sell, and are not necessarily great bargains.</p>
 
<p>This property was mentioned in the <a href="http://forums.irvinehousingblog.com/discussion/346/1/foreclosure-and-distressed-property-topics/">foreclosure thread</a> by Ashbobash. You can find out some more info there. </p>
 
<p>Thanks Graphrix.</p>

<p>Wow - termites - not good.</p>

<p>Advice to all those in the market:</p>

<p>Termite and foundation issues are critically important items. </p>

<p>Most everything else can be dealt with, but these could mean a complete teardown.</p>
 
Well they're not too far from the beach, which is kinda good. Here's the website i found for them.





<a href="http://admiralvillage.com/index.html">http://admiralvillage.com/index.html


</a>
 
<p>If you go to the <a href="http://www.redcauction.com/property.php?auctionID=D-001&itemID=18&start=0">REDC website</a> they have the inspection and completion reports for the needed repairs. For the amount of work that was needed they did it very cheap. The dry rot is going to be a constant problem especially near the beach. Trust me I speak from experience on this one. This is a crappy condo conversion that was built in 1981. The few that they have sold already have mostly gone to people involved with the project. </p>

<p>If you check the prelim it shows a loan of $8.16mil. So the minimum bids are his break even point.</p>
 
<p>Wow - that termite/pest report is unbelievable!</p>

<p>I didn't realize we have the subterranean species here.</p>

<p>And all those loose toilets - since they didn't replace them, there could be damage under them as well. </p>

<p>Dry rot too.</p>

<p>I sold a condominium once specifically because I knew the board/hoa was not maintaining the wood, and that there would one day be a very large assesment.</p>

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These are located on the Eastside of Costa Mesa. The lots in this area are predominately zoned as R-2 lots. As the old homes sell they are torn down and condos or townhome clusters are built. Pricing in this neighborhood has skyrocketed in recent years. People are close enough to the Newport Beach border to consider themselves NB residents. I love this neighborhood but will not raise our kids here. The large lots are definetly a plus though...
 
<p>"And all those loose toilets - since they didn't replace them, there could be damage under them as well."</p>

<p>I think it is the wood underneath the toilets that is making them "loose". The wood is probably rotted from either a leaky toilet, termites or both. And although just some of the units have the loose toilets now, you can bet they all will face the same problem at some point.</p>

<p>I had the problem at my folk's house (further inland) when I was renting from them. My brother-in-law and myself had to tear up the carpet and replace all the rotted wood beneath the toilet. Took a couple of weekends, as I recall. My bro-in-law did most of the work because he is a real jack-of-all-trades pro who can fix anything. I never would have done the project by myself.</p>

<p>However, these units sound real rickety from the termite report. "Here, buy these condo's and rebuild them entirely while you live there!"</p>

<p>No thanks.</p>
 
<p><em>I didn't realize we have the subterranean species here.</em></p>

<p>Can you even get rid of the subterranean ones? I thought the big problem with them is they may be eating your house, but the colony can actually be several homes away.</p>

<p>That place has been rentals for years. The neighborhood has gone from nice IMHO, small ranch style homes on big lots to dense, 5-2500sf cubes stuck on the lot and townhomes. The streets are bumper to bumper cars at night from all the renters and lack of parking in the mini-complexes. This is most of the east side. Plus, if you're looking at one of the lots, double city ordinances, I had heard rumors that due to the explosion of tear downs and PUD building that the city has enacted a moratorium on PUD development for the east side.</p>

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Planned Unit Development. It is a term used by planners at the city. Most zoning and setback codes are quite strict and requires huge setback. PUD is the creation of an entire neighborhood where the ordinary code restriction is exempt thus allowing higher density to occur with lesser setback. The hope is to allow builders to build several more units to lower the selling price to affordable level.
 
<p>NSR,</p>

<p>The way you control subterranean termites is to get rid of all "conditions conducive".</p>

<p>This amounts mainly to eliminating all earth-to-wood contact.</p>

<p>You then have a termite treatment. This treatment involves drilling holes into the ground or exterior slabs, and then pumping the chemicals into those holes. This can also be done inside. I would be curious to know if that can be done with a post-tension slab.</p>

<p>They basically try to keep them from getting inside the house entirely. It is surprisingly effective.</p>
 
Went to see the property today... Its pretty sad. The remodeling imo consists of spraying the exterior and interior (for some units). Some units have new fixtures and appliances, while others have 30 yr old equipment. If the home sells for $400k then its OK deal, but if it sells for 500k and up.. well... there are better ones in irvine for similar price, in oak creek.





I also took some pics, will post up soon.
 
<p>Thanks Janet, I didn't think it was that simple once you got them, but then again, given what you describe and shared walls, common ground townhomes, I suspect damage is chronic.</p>

<p>bkshopr hit the PUD description well. Basically, what happened extensively throughout the east side was developers would buy the old home on the 7500, 11,000 or 15,000 square foot lot and do a PUD development. You then have a common shared driveway running down one side of the lot and a row houses 4, 5, or 6 homes long depending on lot size running typically in the 2000-3000 sf foot size range each with a tiny patio in back and a garage door and front door facing the common drive and maybe a walkway on the side. A little strip of landscaping out front on the main street, maybe a strip of landscaping 2-3 feet wide running along the lot line to the end of the end drive with a few parking spots and a little landscaping grass next to the biggest house on the end of the row.</p>

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