3000 The Plaza---Good Buy??

NEW -> Contingent Buyer Assistance Program
They don't mention a doctor on site on the website. But I would imagine you could find one since they could afford to live there.
 
This has got to be a troll. No one in their right mind would pay 700k and 1k a month in associations. Give me a break. A person with that kind of money probably has enough money to buy one of the penthouses.





If this isn't a troll, I apologize. But considering the original author has not responded, I am sticking with my gut reaction.
 
lendingmaestro,





I try to be restrained when I see people talking about buying in these towers. Personally, I think these towers -- all of them -- are going to be a bloodbath of epic proportions. Once you factor out the fees and costs, there is nothing left after rent. The cashflow value of these units is nearly zero. When the idiots who purchased these units for appreciation realize there will be no appreciation, and then they realize there will never be a positive cashflow, they will realize how completely screwed they are. These $700K units might be worth $70K on a cashflow basis. The people who bought in the Marquee Towers are getting $2300-$2700 a month rent on the two bedroom units they paid well over $800K for, and the fees there are nearly $2K a month. Great investment... not.
 
<p>From a financial point, the Plaza is just plain crazy. However, people spend money on the "perceived" values. Why some people spend 6K for an Hermes bag is beyond me. People like what they like. Similarly, I cannot understand why people spend 100K for a car. The car will definitely go down in value as time goes by. So do we called those people "stupid"? Let people buy the Plaza if that what makes them happy. </p>

<p>Personally, I wish I can afford to live at the Plaza. It is much better alternative to the stucco box in OC. Having said that, the prices at the Plaza are just plain crazy. Who can really afford those places.? the cheapest one I saw was in the high 700K for one bedroom. Irvine is not Manhattan! I recently posted a comment regarding the prices at the Plaza. Someone suggested that I like the Plaza because of the "status". For some, that might be true. I prefer to live in a more dense urban area. Unfortunately, the Plaza's location is not exactly that. Nevertheless, I like highrises because of the maintenant-free living. </p>

<p>I think the Plaza is marketed to the young yuppies. Or perhaps, to the empty nesters as well. How many young professionals out there who can afford to buy the Plaza? I don't think there are many. Interestingly, I saw the Ad the the skyline, another high rise in OC, is marketed at the 600K. Not too long ago, I think, it was marketed at 700K for one bedroom. </p>
 
<p>Speaking for the relatively young, but non-yuppie, professional who can afford to purchase at the Plaza, I'd have to say "no, thanks!"</p>

<p>If I wanted to live with someone on top of me, someone below and people to both the left and right, I'd have stayed put in my Westwood apartment.</p>

<p>I can't speak for everyone, but most of my colleagues and friends aspire to owning a SFR - something detached - so that there's privacy, less noise and space. Even a townhouse would be better, in my opinion, then a boxed-in condo in a high-rise. </p>
 
<p>IrivineRenter,</p>

<p>I used to have the price sheet for this development. I think it was something in the low 1K per month. That was for the cheapest unit. I did not see any in the 2K. I think the highest HOA for this development I saw was 1.8K/month. </p>
 
aeneid,





Thanks, if you find that rate sheet, you should post some of the rates. The HOA alone may not be the killer, but HOA, taxes and insurance must exceed rent on most of these units.
 
By the way guys....I decided not to buy a condo here.. I thought that prices here would appreciate just like they did down the street at the Ziani townhomes in Newport. But thanks to you guys and the advice of others I've realized that we're no longer in that market and that this may not be a financially wise decision to make. Just look at the towers next door. I don't know if anybody noticed, but if you drive past there at night, most of the lights are dark (yep--just like the Marquis), which tells me that either most of the purchasers haven't moved in yet, or most of the purchasers are flippers. I think it's the latter, which is corroborated by the fact that prices have been coming down there recently as these flippers get more desperate to sell.








Thanks again Irvine Renter and others for your advice!
 
I think prices are headed down, how low do people here think prices for the Plaza Irvine units will go down from developer pricing? 20%? 40%? I'm thinking 40% would represent "decent value."
 
<p>Acrobat,</p>

<p>Please listen to the advice of the members here. I have also been in this trade for a long time just like many whom have voiced their opinions so far. We do not want to see you jump off from the top level. The only reason for highrise living in Irvine is to guarantee successful suicidal landing from all that height. What goes up so fast will also comes down fast. Not even the best "acrobat" can cushion this fall!</p>
 
<p>bkshopr,</p>

<p>There is no doubt you are very knowledgable about real estate trends. However,</p>

<p>The whole real estate market is all about psychology.. Not so long ago, you would feel so lucky to secure one of these Marquee units from the builder. It almost a sure bet that people will feel the same in the future about these Marquee units. Would you think?. Just look at Manhattan. All it takes is a shift from how people feel.</p>
 
In financial markets, how one "feels" about the transaction is almost always wrong. Funny how it works that way.





I could see feeling good about buying a Marquee unit. If I paid $80,000 from someone who paid $800,000, I would feel pretty good about it.
 
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