Central Park West

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hbunny_IHB

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So, I was 30 minutes early for my yoga class, so just for fun I decided to check out Central Park West and OMG! Why aren't you all ripping that place apart? They are asking almost $800,000 for the 1 bedroom, 1 1/2 bath. Did I just miss those posts? Also, the plan is to build a ZILLION units. How do you explain that? I just don't get it. If housing is so bad, what is going to happen when VoC, Central Park West, Orchard Hills, Santiago Trails, Laguna Crossing, etc. are built out? Are the builders committing suicide?
 
Like you said they are "asking" $800k but I haven't heard about any takers. What I have heard is Liarnar is hoping once they get some of units built and people can see their tremendous urban Irvine project everyone will want to live there. The problem is there are 98 listings for Marquee, The Plaza and Avenue One. Two of the Ave1 listings are half the price at $405k and even then a 1 bedroom isn't worth that.
 
this site has been ripping them apart for a while now. they're homes that only NIR, i mean a mother, can love!





if irvine was manhattan or san fran, these units would make sense.





remember, "cash is king", so save your money and go house shopping when foreclosures hit





good luck
 
I've seen some models of these units at their sales office and I was frankly shocked at the asking prices....starting 700k for a one bedroom on the first floor in a tightly confined space w/ hundreds of other units. They try to highlight the central clubhouse, which was admittedly nice (the model anyway)....however, that still cannot justify the exorbitant asking prices. Big rip off. I think we'll see some major price cuts in this project within the next year. I don't know what the builder was thinking when setting these prices.
 
<p>Re: Central Park West, Watermarke, Avenue One...</p>

<p>Perhaps they should convert them all to the "low income housing" they are being pressed to build.</p>

<p>They could rename them "South Central Park West", "Water Stain", "Average Dude", etc...</p>
 
<p>Major S,</p>

<p>You have made me laugh many times before but that one is by far one of the best comments yet. How cool would it be when you live in low income housing and you have concierge service? Not only that but the concierge staff could "afford" to live there too.</p>
 
<p>market entry couldnt be at a worse time. Especially with tons of inventory in that region and pricing. Low-income housing is already planned for CPW. It will be built by Bridge Housing Corporation. The 'low-income' housing is not that 'low-income'.....you must have a solid $50,000 to put down, good credit, solid work history, and pricing depends on income and number of individuals living within the home. There are strict guidelines such as CC&R's and association rules that keep these types of communities in top-condition.....If such requirements were on all housing, i think only half of you would even be living in Irvine!</p>
 
<p>I find this fact very interesting: CPW will be in the Santa Ana Unified School District. Maybe Irvine said no-way. But here is how I see it. CPW is NOT marketing to families with kids. I think they are marketing to retired people and foreigners with a lot of money who want that kind of luxurious living, etc. A good friend of mine lives in the Atelier building in NYC in midtown (this is where Nick Lachey and Vanessa Milano live) and he said that Koreans are buying up many of the units there in CASH. There are a lot of people in this world with A LOT of money. </p>
 
The reason why Koreans are buying is because their tax laws changed recently to make it more favorable to buy RE overseas. Properties in Korea town Los Angeles are popular too. The RE market in SG, SK, and PH are booming.
 
"Low-income housing is already planned for CPW. It will be built by Bridge Housing Corporation."





Did anyone notice where this low-income housing is to be built? I believe it is between the high rises and the freeway. While visiting the Central Park West sales office, I looked at the various structures on their model map. The representative who was assisting me went on and on about the various boxes. "Here we have the Astoria high rise towers, here we have .... " We went through everything on the map except for one box between the high rise and the freeway. At the time, I had no idea about it. I asked and I was told that this was where the low-income housing was to be built and that they didn't have much information on that development.
 
<p>"...you live in low income housing and you have concierge service?"</p>

<p>Graphix,</p>

<p>Sounds like the plot for the next blockbuster sitcom. Flippers get stuck in their units because they can't afford to sell at such a great loss and then TIC converts the building to low income housing. The previously pseudo-rich forced to mingle with the hoi polloi!</p>

<p>They could air it after "Newport Beach High".</p>
 
<p>Major S,</p>

<p>Very funny with the creative names. I laughed so hard.</p>

<p>momopi,</p>

<p>I would like to add Fullerton. Do you agree? I noticed the newer ones by Coyote Golf Course are snatched up quickly.</p>

<p>almon,</p>

<p>I still like to be in the Plaza when the children go away to college. FYI, the rental activities have been good. Last month, 9 units leased at the Plaza, and 5 units leased at the Marquee.</p>
 
<em>"It baffles me that cap 3-4 is the "new normal.""</em>





Welcome to the financial world of excess liquidity: too many dollars chasing too few cashflow streams.
 
Cash purchase is operating at a loss when considering cost of funds. If I can make more buying 10 yr. treas., (no risk), I am losing money without even considering depreciation and risk assessment. It makes me wonder who has that kind of cash and doesn't understand positive cash flow and maximizing ROI. Anybody I know who has that type of liquidity is not that stupid.
 
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