JLegend_IHB
New member
^^ I suppose our point of view of what a primary residence is differs. It is not a true investment. Most property, unless you are making positive cash flow (which is hard to do with California property), is a liability. Just look at your balance sheet. In this market, if you have more than 3-4 investment properties for which you are leveraging lender cash, lenders won't let you borrow for your own home. Don't get me wrong, housing can be an investment in the sense you hope it appreciates. Certain "products" (if the high-rise is sold as a "product," then I suppose any sort of housing community can be characterized as such) will fair better than others, and condos aren't typically on the receiving end of large upswings in market, and can, at the same time, be sensitive to large down swings. But what it really boils down to, at least for me is: (1) viewing this as a place to LIVE, first and foremost (not to "invest"), (2) appreciating what the product has to offer, and it is clear - rightfully so - that many posters on this forum do not, and (3) understanding who the product is intended for. Just realizing that the untis from floors 6-14 are essentially million (and up to million-dollar) homes tells you this place isn't for people who cut coupons or shop at Wal-mart on a regular basis. Something tells me that if those expensive units can sustain this market value (again, the saying goes you only need to find one person more foolish than you to buy your unit), the lower priced units can hold their value fairly well.
From what I understand, there were a number of business people and international buyers who purchased units to have a place to stay when they traveled to the area once or twice a month. This can explain the dark windows at night. But I have not verified the accuracy of this information, however, and i have no clue whether these international buyers bought these as "investment properties." They would be delusional to think that they can appreciate much, which I'm conceding is the likely scenario.
But look, all points here are well taken, especially from you experienced posters. I am not in denial that these units can start selling for a lot less, but how much less remains to be seen. Based on Jim Cramer's (what a hack) outlook, he believes we have 300 days left in the housing slump before it rebounds. I'd be fine if it rebounds longer than that, because I'm looking for a place t olive. If I want to invest, my money would be going to true investment properties out of this state.
FWIW, i don't believe the luxury hi-rise condos in Irvine are being tagged as an "affordabilty" product (at least the Plaza isn't). I think that it is true that hi-rise condos have to generally have that quality in dense urban populations. But once you begin taking that product out of its true element and sticking it in a place like Irvine, there has to be a different marketing appeal, because no one is trying to fool anybody (and I don't think the developers of the Plaza are doing this) that the surrounding area resembles anything urban. Thus, it is a truly premium product. Again, I will point out the fact that at least 1/2, if not more than that, are over $1 million. In that territory, how can anyone believe this ia about "affordability." It really is about lifestyle.
From what I understand, there were a number of business people and international buyers who purchased units to have a place to stay when they traveled to the area once or twice a month. This can explain the dark windows at night. But I have not verified the accuracy of this information, however, and i have no clue whether these international buyers bought these as "investment properties." They would be delusional to think that they can appreciate much, which I'm conceding is the likely scenario.
But look, all points here are well taken, especially from you experienced posters. I am not in denial that these units can start selling for a lot less, but how much less remains to be seen. Based on Jim Cramer's (what a hack) outlook, he believes we have 300 days left in the housing slump before it rebounds. I'd be fine if it rebounds longer than that, because I'm looking for a place t olive. If I want to invest, my money would be going to true investment properties out of this state.
FWIW, i don't believe the luxury hi-rise condos in Irvine are being tagged as an "affordabilty" product (at least the Plaza isn't). I think that it is true that hi-rise condos have to generally have that quality in dense urban populations. But once you begin taking that product out of its true element and sticking it in a place like Irvine, there has to be a different marketing appeal, because no one is trying to fool anybody (and I don't think the developers of the Plaza are doing this) that the surrounding area resembles anything urban. Thus, it is a truly premium product. Again, I will point out the fact that at least 1/2, if not more than that, are over $1 million. In that territory, how can anyone believe this ia about "affordability." It really is about lifestyle.
), so it would be great to see your view on these.
