Irvine Company NOD

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On the daily blog yesterday a possible Notice of Default had been discovered for the Irvine Company and was mentioned by Food and IrvineRenter. http://www.foreclosure.com/search.html?ci=irvine&st=CA&cno=059&z=&tab=p



Does anyone know anything about this? Was it a mistake on the website? Or is the Irvine Company really struggling that bad? I know they made some signficant aquisitions during the boom and their new resort Pelican Hill is not doing too well as they recently made some more layoffs up there. It would not suprise me considering the news today of the bankrupcty filing of General Growth Properties. Does anyone know anything more? Was curious considering the city that many of us have come to appreciate was designed mostly by them.
 
I doubt the Irvine Company is in any kind of real financial distress. They do not carry much debt, and their land basis is nearly zero, so there is no real cause for them to default. I did see their name on the list, and I cannot explain it.
 
Here is my theory... TIC owns a building located at 3080 Main St. Someone else owns the building at 3080 UNIT A, which is the one in default. There are four loans recorded on this address, and they do not make sense for TIC, since TIC has nearly a $6mil loan on the property and the one that is in default is only for $1mil. IMHO this is probably just a mistake on the county's side in recording the buildings as separate owners. And, if anyone wants to go to the county recorders office or has access to a title service, then look up 2009-00127774 that was filled by BLX CAP LLC to see if they really filled it against TIC.
 
WIth the amount of cash TIC has on-hand and their access to liquidity, they would be able to cure a default and/or payoff the loan faster than you could blink.
 
Bren is within the top 25 richest persons in the world calculated from his disclosed wealth. Try to imagine the hidden wealth not disclosed to the court and Graph. TIC owns most of the office buildings, retail malls, Irvine Spectrum, Hyatt of Irvine, Island Hotel, IAC, Pelican Resort, Fox Tower and St, Regis in Century City, Highrises in West LA and San Diego. Many more properties in Silicon Valley and La Jolla. I.M. Pei, designer of the Louvre designed a tower for him also.



Do you think TIC is in trouble?



TIC can afford to hold off on all future new constructions until the consumers someday will beg TIC for new homes again. Most Asians are addicted to new homes.
 
Graphix - Yes, that definitely seems like a plausible explanation. Even though TIC has been making rounds of layoffs I'm sure they still have plenty of cash reserves so its probably just a mistake in the recorders office.
 
[quote author="High Gravity" date=1240012910][quote author="bkshopr" date=1239949997]Most Asians are addicted to new homes.</blockquote>


Guilty as charged.</blockquote>


don't forget the addiction to leasing low end luxury cars with the same amount of room and hp as a honda civic yet cost twice as much to buy and three times as much to upkeep.
 
[quote author="bkshopr" date=1239949997]Bren is within the top 25 richest persons in the world calculated from his disclosed wealth. Try to imagine the hidden wealth not disclosed to the court and Graph. TIC owns most of the office buildings, retail malls, Irvine Spectrum, Hyatt of Irvine, Island Hotel, IAC, Pelican Resort, Fox Tower and St, Regis in Century City, Highrises in West LA and San Diego. Many more properties in Silicon Valley and La Jolla. I.M. Pei, designer of the Louvre designed a tower for him also.



Do you think TIC is in trouble?



TIC can afford to hold off on all future new constructions until the consumers someday will beg TIC for new homes again. Most Asians are addicted to new homes.</blockquote>


Hold off the new construction? I would have thought so, but what's up with THE PARK right next to THE VILLAGE? Looks like a very expensive building (4 over two) with a heck of a lot of open space and ammenities. Is there really that much demand for the spectrum? But, it does seem like a smart move given that TIC owns all the surrounding land as opposed to the IBC which has become saturated with crappy apts and condos with no real community services. How can the city of Irvine think it can effectively manage the great park when it clearly f'd up the IBC.
 
[quote author="tkaratz" date=1240020848][quote author="bkshopr" date=1239949997]Bren is within the top 25 richest persons in the world calculated from his disclosed wealth. Try to imagine the hidden wealth not disclosed to the court and Graph. TIC owns most of the office buildings, retail malls, Irvine Spectrum, Hyatt of Irvine, Island Hotel, IAC, Pelican Resort, Fox Tower and St, Regis in Century City, Highrises in West LA and San Diego. Many more properties in Silicon Valley and La Jolla. I.M. Pei, designer of the Louvre designed a tower for him also.



Do you think TIC is in trouble?



TIC can afford to hold off on all future new constructions until the consumers someday will beg TIC for new homes again. Most Asians are addicted to new homes.</blockquote>


Hold off the new construction? I would have thought so, but what's up with THE PARK right next to THE VILLAGE? Looks like a very expensive building (4 over two) with a heck of a lot of open space and ammenities. Is there really that much demand for the spectrum? But, it does seem like a smart move given that TIC owns all the surrounding land as opposed to the IBC which has become saturated with crappy apts and condos with no real community services. How can the city of Irvine think it can effectively manage the great park when it clearly f'd up the IBC.</blockquote>


No new constructions for sale. Bren will continue with his Village apartment portfolio because the potential critical mass of population determines the future interest of other retail anchors interested in the Spectrum in addition to the current Target. He is also taking advantage of the lower construction cost at this recession. The saving of 25% is huge and well worth the offset of vacancy.
 
[quote author="bkshopr" date=1240021800][quote author="tkaratz" date=1240020848][quote author="bkshopr" date=1239949997]Bren is within the top 25 richest persons in the world calculated from his disclosed wealth. Try to imagine the hidden wealth not disclosed to the court and Graph. TIC owns most of the office buildings, retail malls, Irvine Spectrum, Hyatt of Irvine, Island Hotel, IAC, Pelican Resort, Fox Tower and St, Regis in Century City, Highrises in West LA and San Diego. Many more properties in Silicon Valley and La Jolla. I.M. Pei, designer of the Louvre designed a tower for him also.



Do you think TIC is in trouble?



TIC can afford to hold off on all future new constructions until the consumers someday will beg TIC for new homes again. Most Asians are addicted to new homes.</blockquote>


Hold off the new construction? I would have thought so, but what's up with THE PARK right next to THE VILLAGE? Looks like a very expensive building (4 over two) with a heck of a lot of open space and ammenities. Is there really that much demand for the spectrum? But, it does seem like a smart move given that TIC owns all the surrounding land as opposed to the IBC which has become saturated with crappy apts and condos with no real community services. How can the city of Irvine think it can effectively manage the great park when it clearly f'd up the IBC.</blockquote>


No new constructions for sale. Bren will continue with his Village apartment portfolio because the potential critical mass of population determines the future interest of other retail anchors interested in the Spectrum in addition to the current Target. He is also taking advantage of the lower construction cost at this recession. The saving of 25% is huge and well worth the offset of vacancy.</blockquote>


Sure is nice to work in a bubble and ignore cap rates and not worry about the exit strategy.
 
[quote author="tkaratz" date=1240022554][quote author="bkshopr" date=1240021800][quote author="tkaratz" date=1240020848][quote author="bkshopr" date=1239949997]Bren is within the top 25 richest persons in the world calculated from his disclosed wealth. Try to imagine the hidden wealth not disclosed to the court and Graph. TIC owns most of the office buildings, retail malls, Irvine Spectrum, Hyatt of Irvine, Island Hotel, IAC, Pelican Resort, Fox Tower and St, Regis in Century City, Highrises in West LA and San Diego. Many more properties in Silicon Valley and La Jolla. I.M. Pei, designer of the Louvre designed a tower for him also.



Do you think TIC is in trouble?



TIC can afford to hold off on all future new constructions until the consumers someday will beg TIC for new homes again. Most Asians are addicted to new homes.</blockquote>


Hold off the new construction? I would have thought so, but what's up with THE PARK right next to THE VILLAGE? Looks like a very expensive building (4 over two) with a heck of a lot of open space and ammenities. Is there really that much demand for the spectrum? But, it does seem like a smart move given that TIC owns all the surrounding land as opposed to the IBC which has become saturated with crappy apts and condos with no real community services. How can the city of Irvine think it can effectively manage the great park when it clearly f'd up the IBC.</blockquote>


No new constructions for sale. Bren will continue with his Village apartment portfolio because the potential critical mass of population determines the future interest of other retail anchors interested in the Spectrum in addition to the current Target. He is also taking advantage of the lower construction cost at this recession. The saving of 25% is huge and well worth the offset of vacancy.</blockquote>


Sure is nice to work in a bubble and ignore cap rates and not worry about the exit strategy.</blockquote>


Cash is king.
 
[quote author="tkaratz" date=1240020672][quote author="High Gravity" date=1240012910][quote author="bkshopr" date=1239949997]Most Asians are addicted to new homes.</blockquote>


Guilty as charged.</blockquote>


don't forget the addiction to leasing low end luxury cars with the same amount of room and hp as a honda civic yet cost twice as much to buy and three times as much to upkeep.</blockquote>


Guilty as charged.
 
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