Anyone been watching the Towering Inferno at Marquee Place?

NEW -> Contingent Buyer Assistance Program
Left out this little Gem..nice to know "celebrities" are just as dumb as all the other sheeple



<span style="font-size: 13px;"><span style="color: red;"><strong>Dues #1: $1,635.00 </strong></span></span>
 
Thanks IR for profiling these towers of fire. I really want to see some real numbers here. It's like cracking the Enigma Code to get any information about these places but the truth must really hurt or they wouldn't bury it so deep
 
[quote author="morekaos" date=1210714190]Thanks IR for profiling these towers of fire. I really want to see some real numbers here. It's like cracking the Enigma Code to get any information about these places but the truth must really hurt or they wouldn't bury it so deep</blockquote>


I don't know why the public records data services do not have better records on these places. Many of the properties for sale have no records in Sitex, FastWeb, or RE3W. I suspect administrative incompetence more than conspiracy, but the lack of good data is certainly a problem there.



I am glad you enjoyed the post.
 
I meet a Marquee owner this weekend; he is a seasoned real estate owner with several properties under his portfolio. He had to admit that the Marquee is his absolute worst investment. His monthly negative cash flow (with renter) is somewhere around $4,000. He has a renter now, but recalls an instance where a plumber miss-thread the water hose of the stackable wash and dryer. The slow water leak was unnoticed for months. By the time they caught it there was mold everywhere. The association, insurance agents and the plumber were involved. It was a nightmare trying to clear the stigma of "mold", but he was finally able to clear it all out. He mentioned that his equity is somewhere around how much he paid for it. This older investor is obviously able to carry the negative and most likely able to ride out this bad investment, but it is sure hurting his pocket book. I wonder how many other investors of Marquee are in the same position. They are definitely not sub-prime and it may be a possible that a majority of its investors would simply ride out the crisis. What do you guys think?
 
I agree. From peak to floor the blood will run in the streets soon. They are all just waiting for the other guy to blink and holding your eyes open in this kind of wind is getting mighty tough
 
Yeah, when you are losing that much money a month you turn from an "investor" into a chump. Take your loss, and write the sucker off. If you were a real investor and not just a flipper, than you can use the write-off.
 
not even real investors want that writeoff. that means for every dollar you lose, you save 30 to 40 cents in taxes, that is a bad deal.
 
The point was that it's better to take the 33% write-off now, on lets say $100k loss, then keep shelling out 48 (4*12) grand a year for the next 6 years waiting for the next up cycle. ;)
 
The invester would probably lose 4 grand a month than his credit.



This guy also might be a poster child for a deficiency judgment.

Does your non recouse purchase thing extend to investments?
 
Whew...good thing I'm scared of heights and would probably never live there. I'd only consider that place if I had a lower level unit that was priced below $150,000 and also if they removed or dramatically reduced those monthly fees.
 
[quote author="roundcorners" date=1211192232]I meet a Marquee owner this weekend; he is a seasoned real estate owner with several properties under his portfolio. He had to admit that the Marquee is his absolute worst investment. His monthly negative cash flow (with renter) is somewhere around $4,000. He has a renter now, but recalls an instance where a plumber miss-thread the water hose of the stackable wash and dryer. The slow water leak was unnoticed for months. By the time they caught it there was mold everywhere. The association, insurance agents and the plumber were involved. It was a nightmare trying to clear the stigma of "mold", but he was finally able to clear it all out. He mentioned that his equity is somewhere around how much he paid for it. This older investor is obviously able to carry the negative and most likely able to ride out this bad investment, but it is sure hurting his pocket book. I wonder how many other investors of Marquee are in the same position. They are definitely not sub-prime and it may be a possible that a majority of its investors would simply ride out the crisis. What do you guys think?</blockquote>


"seasoned real estate owners" don't own just a handful of properties. "Marquee is his absolute worst investment" you mean worst speculation or crap shoot. The use of your vocab is making me cringe. Just because he's being honest about his finacial position, one should not give him any credibility.



I don't think many will be able to ride out the crisis, I think this guy is the exact profile of the buyer at marquee, arrogant "seasoned" investor who now has three properties that may be positive cash flow now, but soon won't be with the massive tidal wave of new apt product about to hit the market. Hopefully, their high paying job as a fincial manager or some commission based job will cover teir losses, but with the recesiion in OC actually being a depression, they are in for a tough time.
 
http://www.redfin.com/CA/Irvine/3141-Michelson-92612/unit-1506/home/11912498



3141 Michelson <span style="color: green;"><span style="font-size: 13px;"><strong>#1506 </strong></span></span>

<span style="color: red;"><span style="font-size: 13px;">Price: $699,000 </span></span>

Beds: 2

Baths: 2

Sq. Ft.: 1,347

$/Sq. Ft.:<span style="color: orange;"><span style="font-size: 13px;"> $519 </span></span>



http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-1505/home/12362959



3141 Michelson Dr <span style="color: green;"><span style="font-size: 13px;"><strong>#1505</strong></span></span>

<span style="font-size: 13px;"><span style="color: red;">Price: $1,799,000 </span></span>

Beds: 3

Baths: 3

Sq. Ft.: 2,068

$/Sq. Ft.: <span style="color: orange;"><span style="font-size: 13px;"><strong>$870 </strong></span></span>





I know these are different plans but they are neighbors. Must make for interesting and akward elevator rides
 
Mid 300's per square foot for a 15th floor condo here would be quite a deal. Even with the high HOA's that would look awful tempting but even I don't think it will come to that.
 
Rather than start a new thread. This will do better here.



http://q13.trb.com/news/la-me-maguire16-2008jun16,0,6945442.story



Looks like the "Towering Office Inferno" of Park Place is heading for sale.

Maguire must be bummed New Century folded its cards. That was supposed to be the prime

tennant for that building. The Jamboree "corners" with Marquee and ParkPlace and across the street

Astoria and Central Park West. "Ground Zero" for the demise of Irvine High Rise real estate.
 
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