Anyone been watching the Towering Inferno at Marquee Place?

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1233227032]Unit 1304 in the 3131 building, that owed nearly $1.25mil, was taken back by the bank today for $744k. 41% off! Come on you guys, you know you want to be a bidder for the hottest property in OC... circa 2005.</blockquote>


I imagine his neighbor is not far behind. Do you think they commiserate in the wine cellar together? After paying the $20 fee to use it of course.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1301/home/7211483">3131 Michelson Dr #1301 </a>



<span style="color: red;"><span style="font-size: 13px;"><strong>Jan 14, 2009 Price Changed $599,900 </strong></span></span>-- SoCalMLS #S549574

Dec 11, 2008 Price Changed $714,000 -- SoCalMLS #S549574

Oct 01, 2008 Listed $839,900 -- SoCalMLS #S549574

<span style="color: green;"><strong>Mar 27, 2006 Sold $941,000 </strong></span>-- Public Records
 
[quote author="morekaos" date=1233271345]I imagine his neighbor is not far behind. Do you think they commiserate in the wine cellar together? After paying the $20 fee to use it of course.</blockquote>


Do you really think someone is dumb enough to pay $30 to store and drink two buck Chuck? Oh nevermind, they were dumb enough to over pay for one of these condos.
 
Actually, after looking at it again it is the BANKERS who are crying over some two buck chuck. The description says "This is high class living in the OC! BANK OWNED."
 
At least these towers have a better view



<a href="http://www.bloomberg.com/apps/news?pid=20601213&sid=a.l_gBfpOQrs&refer=home">Bay view towers</a>
 
Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO's. Go figure.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-604/home/7211435">3131 Michelson Dr #604 </a>



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1302/home/7211484">3131 MICHELSON #1302 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-404/home/7219078">3141 MICHELSON Dr #404 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-804/home/7211368">3141 Michelson #804 </a>



I'm rooting for horse #804. Let's race.
 
[quote author="morekaos" date=1236137207]Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO's. Go figure.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-604/home/7211435">3131 Michelson Dr #604 </a>



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1302/home/7211484">3131 MICHELSON #1302 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-404/home/7219078">3141 MICHELSON Dr #404 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-804/home/7211368">3141 Michelson #804 </a>



I'm rooting for horse #804. Let's race.</blockquote>


Here's how that horserace plays out...

<strong>(Audio is not safe for work or young ears!)</strong>



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
And it gets worse ...



3/10/2009 New Listings:



3131 Michelson Dr. #303: 2 bdrm., 2 bath, 1,293 sq. ft. A short sale at $388,000

3131 Michelson Dr. #606: 2 bdrm., 2 bath, 1,367 sq. ft. Priced at $430,000



In Backups (all short sales):



3131 Michelson Dr. #306: 2 bdrm., 2 bath, 1,292 sq. ft. Priced at $399,000

3141 Michelson Dr. #903: 2 bdrm., 2 bath, 1,347 sq. ft. Priced at $490,000

3141 Michelson Dr. #804: 2 bdrm., 2 bath, 1,580 sq. ft. Priced at $505,000
 
Wow, 388M. I never thought we would break the 400 barrier. Well, I guess I am wrong again.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">388M</a>



And even this dink of a place has that HOA albetross...yeechhhhh



Dues #1: $1,096.00
 
[quote author="IrvineRenter" date=1200192445]On a cashflow basis to a landlord looking to make a monthly profit from rental income, the condos in this tower are worth about $100,000. I am not kidding. Because the fees are so high, the breakeven for an owner occupant is probably between $160,000 and $200,000. When these units start becoming REOs, the carnage will be breathtaking...</blockquote>


Here is your answer morekaos...
 
[quote author="morekaos" date=1236137207]Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO's. Go figure.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-604/home/7211435">3131 Michelson Dr #604 </a>



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1302/home/7211484">3131 MICHELSON #1302 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-404/home/7219078">3141 MICHELSON Dr #404 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-804/home/7211368">3141 Michelson #804 </a>



I'm rooting for horse #804. Let's race.</blockquote>


...And from the back of the pack charges #307, a long shot out of Pimlico, at $270 a square foot.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">#307</a>
 
[quote author="morekaos" date=1238585832][quote author="morekaos" date=1236137207]Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO's. Go figure.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-604/home/7211435">3131 Michelson Dr #604 </a>



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1302/home/7211484">3131 MICHELSON #1302 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-404/home/7219078">3141 MICHELSON Dr #404 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-804/home/7211368">3141 Michelson #804 </a>



I'm rooting for horse #804. Let's race.</blockquote>


...And from the back of the pack charges #307, a long shot out of Pimlico, at $270 a square foot.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">#307</a></blockquote>
To be honest, if the HOA was under $500 and I had a steady full-time job I would definitely start considering this place at around $250/sf but with the high HOA my target price comes down to under $150/sf.
 
[quote author="morekaos" date=1238588247]No doubt, for all the *rap I sling at this place, they are actully pretty cherry</blockquote>
I can't speak for you, but in my eyes it would be a pretty pimp bachelor pad to bring the ladies for a night cap.
 
[quote author="usctrojanman29" date=1238589548][quote author="morekaos" date=1238588247]No doubt, for all the *rap I sling at this place, they are actully pretty cherry</blockquote>
I can't speak for you, but in my eyes it would be a pretty pimp bachelor pad to bring the ladies for a night cap.</blockquote>


The location and layout would be very nice for my wife and I, but the current prices make no sense at all. In the end, that is the problem with these units. These places only make sense for well heeled bachelors and DINKs.
 
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