Irvine Condo Battles

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NanoWest_IHB

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I watch a few of the Condo markets in Irvine..........interesting stuff going on in the Timberwood condo's





1206 Timberwood - 1620 sq ft.





Purchased in 12/2000 for $280,000 and on the market for $559,000 (with regular price reductions)





306 Timberwood - 1620 sq ft.





Purchased in 5/2006 for $750,000 and on the market for $649,000 (recently listed)





I wonder how the person that listed the 306 property thinks they will sell for $100K more than the 1206 property.....starting of with a $100K haircut.





The battle of the condo's is on.......................
 
There is one place pending in that neighborhood - it was an REO that started out asking $532.5k...final asking price was $449.5k. Wonder what the sales price will be if it goes through.





Also I saw a 1-bedroom asking $400k...same model in that neighborhood that was briefly on the market last year was asking $499k - I'm guessing that one didn't sell.
 
<p>You should see Brio (in Westpark) lately. In 1br's, there's an $80k spread from the lowest to the highest, and the lowest is at a $90-100k discount from peak pricing.</p>

<p>In 2br's, the spread is similar except that the cheapest is actually one of the largest floorplans and it's $110-120k off peak pricing.</p>

<p>In both 1's and 2's, there's a whole gaggle of sellers still trying to sell at a small discount off the peak. None have sold as far as I can tell. </p>
 
Eff, is Brio on Harvard? If so, I stopped by to look at one that is 3 story, 3 Bed etc asking $590. This was about a month ago.
 
<p>When condo reach the 250-300 per sq ft.... then i'll be interested. But i'll start buying when they reach 200 in earnest.</p>

<p>good luck</p>

<p>-bix</p>
 
I was told that, generally speaking, there are 4 types of residential properties. Single family homes, town-homes (row-houses), condos, and apartment conversions.





During RE up-swing, condos will have big % gains, prompting developers and investors to do apartment conversions into condos. Town-homes will have less % gains, and SFR's less % gain than town-homes.





But during RE down-swing, SFR's will preserve its value better, followed by town-homes, and then condos. Condos will have big % drop, and apartment conversion condos will have even larger % drop.





I'm curious if this has been proven true in current market? We don't have many apartment conversions around here so I donno how to research those.
 
What's the difference between townhome and condo? What about detached condos?
 
watermarke in irvine (on campus, near jamboree) was an apt complex converted into condos.





from wiki:


Typically, a condominium consists of multi-unit dwellings (i.e., an <a title="Apartment" href="http://en.wikipedia.org/wiki/Apartment">apartment</a> or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. It is also possible for condominiums to consist of single family dwellings: so-called "detached condominiums" where homeowners do not maintain the exteriors of the dwellings, yards, etc. or "site condominiums" where the owner has more control and possible ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some <a title="Planned neighborhood" href="http://en.wikipedia.org/wiki/Planned_neighborhood">planned neighborhoods</a> and <a title="Gated community" href="http://en.wikipedia.org/wiki/Gated_community">gated communities</a>.
 
jpmorganfunds: townhome is like a SFR, but it has 2 common walls (neighbors on each side), but no one above or below. Condos can have neighbors above, below, and on both sides.

condos have lesser value than townhomes b/c they magnify any "bad neighbor" problem (like somebody living in the condo above you enjoying loud music and wild parties at 2 a.m. at night). compare with a SFR with a large wraparound backyard, with more distance between neighbors and, consequently, fewer problems.
 
<p>Rowhouses in Balto typically never had HOAs, and the duplex I grew up in didn't even have a party wall agreement. Since the houses were well built, we never saw the lack of a party wall agreement.</p>

<p>In Fort Lauderdale, for zoning reasons (altho why this was ever seen as a problem I don't know), the authorities allowed the creation of lots of 2 unit condos. The owners will ignore the whole thing, as it was just a ploy to get around the prohibition of duplexes. </p>

<p>The Balto row houses would often have interesting color schemes and nobody was forced to harmonize with anybody else. I always rather enjoyed the dissonance.</p>
 
having lived in the east myself i've always found camden place at columbus grove charming reminders of east coast row homes. although in reality each home would be distinctive because they were built that way by the original homeowner as opposed to being themed that way.





<img width="375" height="228" src="http://www.lennar.com/images/upload/commphotos/2161222007CdPExtFin10x7.jpg" alt="" />
 
I'm currently waiting to buy in Irvine. I first visited Irvine with a friend in spring 1996. One of the first new communities I visited was Brio. After viewing all the models, I said something about none of them offered three bed rooms. Then the lady showed us a three-bedroom, non-furnished model.



She said there were only a handful of 3 bedrooms in Brio at the time and she did not know if they were going to offer any more of them. As I recall, it was odd that I had to go through kitchen to reach the 3rd bedroom, which was situated above the garage. A fairly big room by the way; bigger than the master bedroom, with a stairway between the room and the kitchen that led to the garage.



My friend liked it, she bought one.



TS from Taichung, Taiwan
 
<p>TS, it's very rude of you to not be buying right now. After all, the RE industry has indicated that the Asians with suitcases full of money will be buying properties and keeping the prices elevated.</p>

<p>Please buy now! And thank your friend for cooperating. I'll bet she's happy right now!</p>

<p>Please say hello to all my future neighbors there in Taiwan!</p>

<p>/sarcasm off</p>
 
Major Schadenfreude, honestly I don't see sarcasm in your comment, I only sense hostility.

But, that is ok. As an Asian, I am used to it.



My post above is direct at effenheimer, regarding his(or her) "No 3br's in Brio" comment. As I read my writing over and over again, I just don't see how it could offend anyone. I thought maybe effenheimer did not see Brio condo while it was in its early phases, that was why he (or she) did not know there were at least a handful of 3 br's.



And yes, my friend and her husband who bought and moved in June 1996 were very happy and fortunate, at least they said they were the last time we talked in 1999. They put 1/3 down and they said everything altogether they paid about $900 a month for their approx. 1500 sqf 3br/2b.

Last time I checked, $900 a month would not even rent a one bedroom apartment in Irvine. Indeed, I am happy for her.
 
<p>TS, Major is just joking. Some other people on this blog have indicated that Asians with boatloads of cash, will soon be buying all the OC properties. (realtORS perpetuating a myth to try and scare people into thinking that "if you don't buy now, foreign money will be buying all the houses") </p>

<p>Most of us think that wealthy Asians would be smart enough to spend their money on an asset that appreciates....certainly not houses in OC right now. But some (ahem, realtORS) would say otherwise.</p>
 
TS - The major is always sarcastic. I will bet you donuts to dollars he was being sarcatic and meant no hostility towards you.
 
O.K. if "boatloads" is the unit of measure and they must arrive by boat with the cash, let's use "Canadians, from the Maritime Provinces, with boatloads of cash".

Or in my case feel free to use "Midwesterners with BMWs pulling U-Hauls full of cash".
 
<p>TS, I heard from one other source that 3br unicorns exist in Brio. You're probably right, but they might as well not exist given that I've been watching the MLS for two years and haven't seen a single one listed. There must be very few of them. I'm definitely not holding my breath waiting for one. </p>
 
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