Central Park West thoughts?

NEW -> Contingent Buyer Assistance Program
Couple of points:
1) Condo HOA dues already include insurance, so you can take out the $100 for insurance.  You'll still need to carry the equivalent to renter's insurance for your belongings, which might be $25 per month, but you won't need that if you are renting it out.

2) Gen Y folks prefer urban dense environments because they are not married and don't have kids.  When they have kids, they'll move out to the 'burbs just like every generation before them.
 
joe33 said:
Couple of points:
1) Condo HOA dues already include insurance, so you can take out the $100 for insurance.  You'll still need to carry the equivalent to renter's insurance for your belongings, which might be $25 per month, but you won't need that if you are renting it out.

2) Gen Y folks prefer urban dense environments because they are not married and don't have kids.  When they have kids, they'll move out to the 'burbs just like every generation before them.
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Good point on both... however more and more Gen Yers do not want kids and will never have kids.  Even if they have kids it won't be until they are in their 30's and will probably be fine living urban with one child... when you get to more than one then you might want to move to the burbs for the added room.
 
IndieDev said:
diulei said:
I'm going to have to agree with IndieDev and USCTrojanCPA.  See my post above for why.  For a community like Irvine, this project doesn't make very much sense because for the same price you can get a much more convenient location (in terms of proximity to shops, grocery stores, etc.), further away from landing planes, and not have to deal with strange layouts (not the community, but many of the homes themselves) or shared parking.  I hate to say this, cvballa but it really sounds like you're trying to convince yourself.

Again, I do like CPW for being different in Irvine, it just doesn't make sense given the structure of the city and surrounding area.  But I do agree that if prices came down 20% or so it would be more attractive to young professionals like myself.
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Irvine just hasn't hit that "critical mass" yet to support these type of urban living construction projects. North Korean Towers, CPW, and Skyline are all colossal monetary failures because they were all based on a market that has become a shadow of a thought in 2011.

Maybe in 20-25 years, but that borders on irrelevance for most of us.
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You are holding this project to the standard that was expected five years ago.  You are correct that those lofty expectations will be hard to hit, but this will make a great alternative to renting from TIC at a place like the Village or the the Park.

Any asset is attractive at the right price and obviously they are not there yet.  I think they will be at some point.  THat could be within the next six months or 4 years from now.

And someone said they might demolish the project if it continues to sell porrly.  I see almost zero chance of that happening.  It is too central to city plans.  The project may be very slow to finish however.
 
test said:
Have you looked at Maxfield?  It's a lot cheaper than Belvedere.
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I have, but now its only $10k cheaper for less square feet.  Plus I like the idea of a flat over a three story residence.

Are you looking there as well?
 
I was interested in The Lennox but it's not for sale anymore?  It had better units than the Astoria highrise.
 
test said:
I was interested in The Lennox but it's not for sale anymore?  It had better units than the Astoria highrise.
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Ya... they looked nice.  I am trying to stay below $450k though... and thats a good deal as well.  Hopefully that happens soon.
 
Bump!

We havent talked about this in a couple months.  Does anyone have any updates on how well these are selling?  What is the progress been like on construction?

Thanks
 
Well. I don't have the numbers, but I went to look a couple of weeks ago and I could see only one other couple looking at the same time. And this wasn't one of the residents. It was the whole set within the Chelsea and Maxfield as I walked around. As I said before, everyone knows Irvine as good schools and family oriented. These homes with their 4 flights of stairs (in some cases) aren't for the families. Terrible designs, location is loud and dusty, and everything too bunched together.

The only person this caters to is young couples without kids, or the single professional since you are close to the airport. Even if I were to fall into this demographic, why would I buy here. I'd go to Woodbury for better resale, or if I want something close to the airport, heck, I'd just live in Costa Mesa and not pay the Irvine prices.

My opinion, won't see worth a darn and re-sale will be tough in the future. So, to conclude, I wouldn't buy here, I think you'll lose out.
 
cvballa said:
Bump!

We havent talked about this in a couple months.  Does anyone have any updates on how well these are selling?  What is the progress been like on construction?

Thanks
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They aren't selling. They won't, ever. Read the previous post in this thread.
 
iacrenter said:
Sounds like this place will have to further cut prices or go back into bankruptcy.
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interesting thought. what if a person bought over there, they couldn't sell 70% of them even if they lower prices and take a loss...What would bankrupcy do to the 30% who already bought there. Sounded like cvballa really wanted to buy there
 
That's what they did with Skyline, but Skyline has a high vacancy rate still because of the rent they're charging ($2,000+ for ONE bedroom). Also because the vacancy rate is so high, they can't even afford to pay for basic services (hallway cleaning, window washing, etc), so the place is slowly deteriorating. You guys should read the Yelp reviews:http://www.yelp.com/biz/essex-skyline-santa-ana

Overall, CPW, Skyline, North Korean Towers, all colossal failures.
 
Sounds like a management problem.  "The property management was awful. Im sorry but I would have thought they would be eager to show us around and try to sell us (and trust me we didn't need much selling points) rather then my husband and I going after them time and time again just to try to rent there."

Here are some other apartments near CPW (in Irvine)
http://www.liveonmainstreet.com/http://www.avalonirvine.com/
 
By the way, can someone confirm this. Someone here on the board mentioned the school district of Centra Park West is Santa Ana...but in the newspaper last or the week before, it mentioned Irvine School District...does anyone know which one?
 
it doesnt matter.  this place is garbage.  i've lived in irvine for so many years now...  from young single person to married father...  even from young single person's point of view i'd never buy here...  but that's just me...    if i wanted urban living, i'd live in downtown... or even jtown...  but never irvine... there's nothing happening here.  all my friends have moved away.  those who want better single lifestyles live in better areas for that...  irvine is what it is... a suburban community for families... have you seen the spectrum on weekends?    count the strollers... 

BUILDER FAIL!
 
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