Brea loft auction

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looked at them. The growth protential as well as the ability to sell them to the right customer is very small. I ended up purchasing some other condos anyways for a much deeper discount at a better location.

good luck

-bix
 
[quote author="biscuitninja" date=1209787146]looked at them. The growth protential as well as the ability to sell them to the right customer is very small. I ended up purchasing some other condos anyways for a much deeper discount at a better location.

good luck

-bix</blockquote>


I agree. The location is not urban enough for the right buyers. It needs to be in a location where the element of a true downtown and not one that looks like California Adventure. Its needs homeless on the bus bench, artists with numerous body piercings, and real office related businesses.
 
If they were IN downtown Brea (not down the street from), had more of a store front and a two car garage instead of the one car plus car port... I think they would stand a chance. But you are absolutely right regarding the location... just makes no sense.
 
I would dread crossing Imperial Hwy in a golf cart to get to downtown Brea. Actually, I would dread just walking across that street too, as it is pretty busy. And I would feel guilty about driving to it in an automobile.



The strip mall across the street is okay. I believe there is a nice Italian joint there, but that's about it unless you like guitars, as there is a Guitar Center there. It used to be Ray's Brea Market. If Ray's was there, then that would be real convenience. Unfortunately, it is not 1978! That liquor store on the far end of the strip mall lot has been there as long as I can remember. Same with the barbar shop - if he is still there. The last time I looked, it was exactly the same as when I would get my haircuts there back in the early '70's. Good 'ole Brea!
 
I just left the Anaheim convention center (CDA Dental Meeeting is this weekend) and as I was pulling out of the Marriott lot there was sign for the Brea Loft Auction parking. It must be going on at the Marriott today. Maybe they'll have a story in Register about it on Monday. Will be very intereting to see how much these actually sell for......
 
Anyone know what happened / results of the auction???



I would be curious to know what they ended up moving, and for how much...



Thanks in advance!
 
I am curious about the results of this auction as well. I will see if I can get some info on it. I have a bad feeling it did not go well, and we could be seeing some new ads for them again.
 
I was at the auction, but did not end up bidding



all 20 lofts were sold



the highest price were the 2 model homes. Unit 30 605K and unit 11 591K



Unit 12 544K

Unit 3 546K

unit 34 551K

Unit 7 565K

Unit 15 559K

Unit 13 576K

Unit 14 578K

Unit 5 583K

Unit 16 570K

Unit 45 560K

Unit 47 552K

Unit 46 532K

Unit 4 581K

Unit 33 546K

Unit 37 550K

Unit 44 582K

Unit 32 539K

Unit 36 539K



I was interesting in bidding around the minimum, but they sold much higher than i expected
 
[quote author="Kenkoko" date=1210309101]I was at the auction, but did not end up bidding



all 20 lofts were sold



the highest price were the 2 model homes. Unit 30 605K and unit 11 591K



Unit 12 544K

Unit 3 546K

unit 34 551K

Unit 7 565K

Unit 15 559K

Unit 13 576K

Unit 14 578K

Unit 5 583K

Unit 16 570K

Unit 45 560K

Unit 47 552K

Unit 46 532K

Unit 4 581K

Unit 33 546K

Unit 37 550K

Unit 44 582K

Unit 32 539K

Unit 36 539K



I was interesting in bidding around the minimum, but they sold much higher than i expected</blockquote>


You wouldn't happen to know what happened to the other 6 units?



And, at an average sale price around $550k, and even on $175 per sqft. building cost (probably over $200 for a product like this), this builder lost a chunk of change on this project.
 
Yeah, those are good deals (if you like those type of work/live places). Shea Homes wants 800k for almost the same thing in AV. The real value should be closer to the 500 to 600 range.
 
Thanks for the update!



I am really surprised they all sold. I wonder now if any of the sales were people looking to try and flip the property? I guess we'll wait and see!
 
the other 6 units are currently offered to bidders who did not win at the auction ( bidder who filled out a card at the end)



they marked it up to 565k to 595K for the remaining 6



i think you can call their office to find out the exact price
 
So, I happened to be driving down Brea Blvd. last night...



I didn't drive into the community, but a bunch of the store fronts facing Brea Blvd. Had "Office Space For Lease" signs in the windows. Looks like the purchasers decided to live upstairs and rent the office space downstairs to someone else.... hmmm... I wonder how this will end up.



I wonder if many of the buyers were banking on the idea that the office space would rent out quickly. And I wonder how much they are asking... And I wonder if they can afford the payments if they do not get any bites on the rentals of the office space.... hmmmm...



GITOC
 
What ever you do, do not try to out google me, my google-fu kicks a$$.



<a href="http://orangecounty.craigslist.org/off/712452232.html">Here is a Craigslist ad</a> (and it is not Eff's ad either) for $1050 for the 600 sqft. office space. At a $1.75 a sqft. it is a pretty good deal, but that size brings down the sqft. price. Anyway, these [strike]investors[/strike] bagholders are high tech and savvy, they have a youtube video.



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
Here is a 1:50 minute vid of the living space from the model.



<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, here is a vid of an unfurnished unit.



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
View from the bedroom doesn't look as bad... but man you really do look right into everyone's unit from the front... yikes! And especially the front balcony... no privacy really.
 
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