3000 The Plaza

NEW -> Contingent Buyer Assistance Program
[quote author="bkshopr" date=1220067620]

Highrise must be tied to land economic where land value is over $10 mil per acre. It works in places like NY, HK, Shanghai, Tokyo, and SF. It will never works when the surrounding areas offer single family detached living with a swing set in a backyard.</blockquote>


maybe Vancouver BC is also in this club. North Chicago on the water, too, perhaps?
 
[quote author="Hormiguero" date=1220077897][quote author="bkshopr" date=1220067620]

Highrise must be tied to land economic where land value is over $10 mil per acre. It works in places like NY, HK, Shanghai, Tokyo, and SF. It will never works when the surrounding areas offer single family detached living with a swing set in a backyard.</blockquote>


maybe Vancouver BC is also in this club. North Chicago on the water, too, perhaps?</blockquote>


YES!! Highrise residentials need to feel the "Feng" and see the "shui". Both places definitely qualify.
 
It's great to read this recent topic on the Plaza highrise. I've always been interesting in the Marquee and Plaza highrises (they were attention-getters that initially attracted me to Irvine), but the high prices turned me off. However, if prices drop to levels where the towers fulfil their economic purpose (to the price point where they become an affordability product) then I think I might be interested. But you might consider renting at the Plaza for a year or two to see how you like the luxury product. I believe that renting is at least half as costly as buying. I know about a year ago you could rent at the Plaza 5000/8000 buildings for $4,000/month a 1700sf unit that was asking around $800,000. Kick the tires for a year or two and then buy if you like. I seriously doubt prices will climb in the next couple of years so there's no downside to renting. For now I like the O.C. lifestyle but if I want something new after a while I also like the idea of getting a SD condo and taking the train to Irvine and keeping a "beater" car at the Jamboree train station to get around. Would they tow a car that's collecting dust at the train station? Any limits on keeping a car there?
 
BAD BAD BAD BAD feng shui to have a water drain over your head.</blockquote>


What about solar panels on the roof that heat pool water below? What is the meaning of this water thing, anyways? thanks for any insight!
 
[quote author="NoWowway" date=1220130513]Additional discussions relating to Hi-rises



http://lansner.freedomblogging.com/2008/08/29/new-apartments-to-swamp-oc-market-in-09/</blockquote>


That might be the best article on that blog in the past two years.
 
Although I wouldn't be able to afford a unit at the Plaza, I am very impressed by it. Although the SFR is the traditional OC standard, I would love to swim on a rooftop pool. And if I was a teenager, there would be so much bragging rights in having friends over to hang out there. If I was Kobe Bryant, I would buy a unit there just to have a place to hang out and party.
 
[quote author="bkshopr" date=1220076652]I support buying a highrise flat in Downtown SD. The infrastructure and context are right for it. I do know people bought there along the water and across the street from the train depot. They commute via train to OC everyday. The time on the train is for project correspondences and Internet. They also keep a cheap car parked at the Irvine train station. They love the lifestyle in SD and Gas lamp district.



An important part of my job is lifestyle branding and I know all the facets in creating elements appealing to buyers emotion and a rooftop pool is one of them. I can also find another dozen of things that will appeal to you as well. I absolutely understand your psychology.



Buyers are moved by the merchandising of model homes and soon after moving in realizing all the nice decorations were just an illusion.



I am currently working on a top luxury historic hotel. Getting the patrons to feel like a king and queen in providing all the required details.</blockquote>


As you are probably aware, there is also a glut of highrise condos in downtown SD, so it is not immune to the overbuilding, even if it is the closest thing to a downtown urban area to OC. I go to SD quite often and love the night life of the gas lamp (and other aspects of SD), but I certainly would not agree that it is so great that it would justify having a condo there and taking the train to OC for work. Are we talking about taking AmTrak? Isn't a round-trip ticket at least $20 (so over $100/week on commuting costs)? With all the stops (and even if there is an "express" train) from SD to Irvine, I believe we are talking at least a 1.5 hour commute, each way! Now that is insane. I really hope you are not endorsing this. At least 3 hours on a train per day leaves one almost no time on the weekdays to actually enjoy the urban lifestyle that they bought into if they are really working in OC. But I suppose that commute time isn't any different than those poor souls commuting from Riverside into any respectable area of the south land.
 
[quote author="bkshopr" date=1220076652]I am currently working on a top luxury historic hotel. Getting the patrons to feel like a king and queen in providing all the required details.</blockquote>


<a href="http://www.setaisandiego.com/"><strong>The Setai</strong></a>? The marketing looks decent so far, but I know nothing of it's details. Any info?



<em>Edit:

I'm downgrading my rating on their site:

-grammar issues.

-incomplete photo gallery.

-blog broken.

-most importantly, misquoting Thoreau.</em>



Still seems like a nice place to visit and be pampered, though.
 
[quote author="IrvineRealtor" date=1220230033][quote author="bkshopr" date=1220076652]I am currently working on a top luxury historic hotel. Getting the patrons to feel like a king and queen in providing all the required details.</blockquote>


<a href="http://www.setaisandiego.com/"><strong>The Setai</strong></a>? The marketing looks decent so far, but I know nothing of it's details. Any info?



<em>Edit:

I'm downgrading my rating on their site:

-grammar issues.

-incomplete photo gallery.

-blog broken.

-most importantly, misquoting Thoreau.</em>



Still seems like a nice place to visit and be pampered, though.</blockquote>


Talk about being pampered! Not only is it high end, but they are trying very hard to keep it real with the "services"...

<em>

Spa Setai will transport you to the Silk Road with indulgent rituals inspired by the cultural and aesthetic influences of Southeast Asia, India, Northern Africa and Japan.



Our exclusive Studio Sutra, complete with a soaking tub, double steam shower and daybed, offers the ultimate couple?s relaxation experience.</em>



Judging by the room rates, I doubt they will keep the "services" charges real like in Southeast Asia, but at least they have a Sutra studio.
 
My experience at The Plaza: Overall, the property and amenities are fantastic among all 3 towers. The staff is friendly and professional. The problem is, too few owner occupied units. Translation= loud, inconsiderate renters using property as Party Pad. Parties and noise are common, as late as 4am - including during the week. Towers1 and 2 have had to incorporate a "pool bouncer" at their shared pool facility because of the antics of some of the "residents". Enjoying your time at The Plaza hinges upon who your neighbors are (side-side, above and or below).
 
[quote author="OC01" date=1220319278]My experience at The Plaza: Overall, the property and amenities are fantastic among all 3 towers. The staff is friendly and professional. The problem is, too few owner occupied units. Translation= loud, inconsiderate renters using property as Party Pad. Parties and noise are common, as late as 4am - including during the week. Towers1 and 2 have had to incorporate a "pool bouncer" at their shared pool facility because of the antics of some of the "residents". Enjoying your time at The Plaza hinges upon who your neighbors are (side-side, above and or below).</blockquote>


Funny you mention this, because during my visit, I noticed a group of relatively young guys hanging out on the balcony of one of the higher units - sort of looked like an AmJack or Hollywood-type crowd. I was thinking, there is no way in hell these guys can afford to purchase one of those units (unless mommy and daddy were footing the bill). But nothing wrong with them having a good time, this is a place people should enjoy on a nice summer day - within reason. And although the shared pool facility is much larger and nicer for the two towers, it has too much of a Las Vegas feel with all the cabanas and the fact you have to put up with any number of these "residents." The coziness of the 3000 building seems more appealing.
 
[quote author="JLegend" date=1220072422]



The demographics for the place like the Plaza are simple: working professionals with a bit more disposable income. Just running the numbers, a combined (or single) household would have to be making around $200K and up to get into one of these places. They could be doctors, dentists, lawyers at big law firms, people in the financial field, investment bankers or business people (no need to argue with me that Kaiser doctors don't make that much or not all lawyers do - I don't know, I'm just saying). There are some technology companies in the area as well, and I'm sure they have their share of high salaried employees - maybe not as high as $200K, but a young couple with a combined income of that level could swing it. I also mentioned international business people - for some reason those people seem to have a lot of money, and with the weakness of the dollar, property here may be more affordable than in their own countries.</blockquote>


Well, I get in 'theory' what the demographic is, I guess i'm not sure about the reality. So, specifically, what is your age and industry and your general salary range? You are anonymous, so I think it should be fine posting.



I just don't know too many people in their twenties making that kind of money. I have friends at big law firms and even they don't pull in 200k (yet?). Sure, a doctor could make that easy, but by that time they're in their mid-thirties which is about when people start having kids.



Maybe i'm mis-judging the number of single professionals later in life who don't want a family. I'm the first one to tell you that Irvine has a number of high paying jobs in a variety of industries, I just don't think we have too many Ibanking type jobs where a 26 year old is going to pull crazy money right out of his MBA program such as Chicago or Wall Street.
 
Having lived in a downtown highrise in Chicago for many years before moving out here 3 years ago, I was initially enamored with the Plaza and Marquee projects as potential purchases. But when I got serious about house hunting last year, they quickly fell off my radar due to price and their lack of advantages for an area like this.



The selling points about highrise living in Chicago were spectacular skyline and lake views, countless stores, restaurants, bars and the park within walking distance, and easy commute to the Loop. The Irvine projects just can't offer those same attractions...perhaps if they were in Newport Beach with spectacular ocean views, they may have been more marketable. Or maybe if they were priced in the $350k range. But as they are, I could get a house or detached condo with a great view, small patio/yard, etc. in one of the more traditional Irvine developments for the same or lower price.
 
[quote author="Roscoe" date=1220407732]...bars and the park within walking distance, and easy commute to the Loop..</blockquote>


This is one of the main challenges (read: impossibilities) of making highrises work in Southern California.



Irvine is absolutely, totally and completely designed around the automobile. How long would it take to take a bus from the 3000/Plaza to the Amtrak station? 90 minutes, including the average wait? I guess that's better than the 6 hour walk.
 
[quote author="JLegend" date=1220192378][quote author="bkshopr" date=1220076652]I support buying a highrise flat in Downtown SD. The infrastructure and context are right for it. I do know people bought there along the water and across the street from the train depot. They commute via train to OC everyday. The time on the train is for project correspondences and Internet. They also keep a cheap car parked at the Irvine train station. They love the lifestyle in SD and Gas lamp district.



An important part of my job is lifestyle branding and I know all the facets in creating elements appealing to buyers emotion and a rooftop pool is one of them. I can also find another dozen of things that will appeal to you as well. I absolutely understand your psychology.



Buyers are moved by the merchandising of model homes and soon after moving in realizing all the nice decorations were just an illusion.



I am currently working on a top luxury historic hotel. Getting the patrons to feel like a king and queen in providing all the required details.</blockquote>


As you are probably aware, there is also a glut of highrise condos in downtown SD, so it is not immune to the overbuilding, even if it is the closest thing to a downtown urban area to OC. I go to SD quite often and love the night life of the gas lamp (and other aspects of SD), but I certainly would not agree that it is so great that it would justify having a condo there and taking the train to OC for work. Are we talking about taking AmTrak? Isn't a round-trip ticket at least $20 (so over $100/week on commuting costs)? With all the stops (and even if there is an "express" train) from SD to Irvine, I believe we are talking at least a 1.5 hour commute, each way! Now that is insane. I really hope you are not endorsing this. At least 3 hours on a train per day leaves one almost no time on the weekdays to actually enjoy the urban lifestyle that they bought into if they are really working in OC. But I suppose that commute time isn't any different than those poor souls commuting from Riverside into any respectable area of the south land.</blockquote>


I am not endorcing the idea to buy a condo in SD and commute to OC via Amtrak. I do know people are doing it and the time on the train doing Email and project management are billable time so it is worthwhile not to waste the time on the train. I would also propose a gym on the train so riders could use the time for working out or relax. The discipline of getting to the station on time actually promote better time management than those who have the convenience of a shorter commute may actually stay later at their job.
 
[quote author="IrvineRealtor" date=1220230033][quote author="bkshopr" date=1220076652]I am currently working on a top luxury historic hotel. Getting the patrons to feel like a king and queen in providing all the required details.</blockquote>


<a href="http://www.setaisandiego.com/"><strong>The Setai</strong></a>? The marketing looks decent so far, but I know nothing of it's details. Any info?



<em>Edit:

I'm downgrading my rating on their site:

-grammar issues.

-incomplete photo gallery.

-blog broken.

-most importantly, misquoting Thoreau.</em>



Still seems like a nice place to visit and be pampered, though.</blockquote>


The hotel was built in 1923 bungalow style and mostly independent casitas. Entire hotel is single story!!! Windows are on all four sides!!! rare indeed.
 
[quote author="25w100k+" date=1220404956]

Well, I get in 'theory' what the demographic is, I guess i'm not sure about the reality. So, specifically, what is your age and industry and your general salary range? You are anonymous, so I think it should be fine posting.



I just don't know too many people in their twenties making that kind of money. I have friends at big law firms and even they don't pull in 200k (yet?). Sure, a doctor could make that easy, but by that time they're in their mid-thirties which is about when people start having kids.



Maybe i'm mis-judging the number of single professionals later in life who don't want a family. I'm the first one to tell you that Irvine has a number of high paying jobs in a variety of industries, I just don't think we have too many Ibanking type jobs where a 26 year old is going to pull crazy money right out of his MBA program such as Chicago or Wall Street.</blockquote>


You're right. A quick search on google regarding big law firm salaries reveals 1st years making 160K, 2nd = 170K, 3rd 180K, 4th 190K (it appears this industry is most transparent - couldn't find similar numbers for other professionals). From what I've come across, bonuses range anywhere from 20K-50K across relevant class years. Typically laywers who go straight through graduate by 26 (a 3 year program on top of 4 years of undergrad), and will start pulling in close to 200K after the first year or so, so by 27. How many of those young people actually move to OC or are inclined to buy expensive property right away is another matter for which I do not have an answer for. I have a friend from B-School who stands to make about $150K upon graduation, but probably still not enough to afford the Plaza.
 
[quote author="JLegend" date=1220416701][quote author="25w100k+" date=1220404956]

Well, I get in 'theory' what the demographic is, I guess i'm not sure about the reality. So, specifically, what is your age and industry and your general salary range? You are anonymous, so I think it should be fine posting.



I just don't know too many people in their twenties making that kind of money. I have friends at big law firms and even they don't pull in 200k (yet?). Sure, a doctor could make that easy, but by that time they're in their mid-thirties which is about when people start having kids.



Maybe i'm mis-judging the number of single professionals later in life who don't want a family. I'm the first one to tell you that Irvine has a number of high paying jobs in a variety of industries, I just don't think we have too many Ibanking type jobs where a 26 year old is going to pull crazy money right out of his MBA program such as Chicago or Wall Street.</blockquote>


You're right. A quick search on google regarding big law firm salaries reveals 1st years making 160K, 2nd = 170K, 3rd 180K, 4th 190K (it appears this industry is most transparent - couldn't find similar numbers for other professionals). From what I've come across, bonuses range anywhere from 20K-50K across relevant class years. Typically laywers who go straight through graduate by 26 (a 3 year program on top of 4 years of undergrad), and will start pulling in close to 200K after the first year or so, so by 27. How many of those young people actually move to OC or are inclined to buy expensive property right away is another matter for which I do not have an answer for. I have a friend from B-School who stands to make about $150K upon graduation, but probably still not enough to afford the Plaza.</blockquote>


There is a big flaw with the theory that late 20's, big-firm lawyers will buy a house/condo based on their current big-firm income: that income is not stable. The overwhelming majority of late 20's lawyers burn out in 2-3 years and leave the big-firm life for good. This means that, unlike most other professions, a late 20's lawyer fortunate to score a big-firm job straight out of school cannot rely on income growth. In fact, their income is likely to drop sharply when they leave the big-firm. These are smart people and, with some memorable exceptions, do not buy the "golden handcuffs." This is why most of these folks that I know are renting.
 
You must log in or register to reply here.
Back
Top