Irvine High Rise Condos

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re_fan_IHB

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<p>Hey... so i see all the foreclosure news happening in the townhomes and what not.. how about the high rises in the IBC? Does anyone have news on how the owners are doing over there? Or any news on how the sales are coming along for the new buildings coming online?</p>
 
<p>Many commenters here say there are hardly any lights on in the buildings at night..... </p>

<p>I think NIR was supposed to have a listing in one of them.....HEY ! Where's NIR ?</p>
 
<p>Four projects have been canned see <a href="http://forums.irvinehousingblog.com/discussion/803/four-tower-projects-have-been-canned-in-irvine/">this thread</a>.</p>

<p>Central Park West is not selling at all and is way, way, way, way overpriced.</p>

<p>As for foreclosures there is one at Marquee that got a NOD. I would imagine more are to come since many that bought in there are mortgage guys. The Plaza is too new. There are plenty in foreclosures at Avenue One and Watermarke if you want to lump them in with the "urban" lifestyle.</p>
 
i'm seriously thinking about it... def within a year.. i think cpw sucks ass.. thats why theyre not moving... irvine plaza is outside my price range.. and i'm wondering if the units at the marquee back on the market are going to go down at all? it seems like not too many ppl are moving on their prices... but come foreclosure time.. well things should be a lil diff...just wondering if ppl have found any deals yet.
 
I thought Skyline was a decent deal if you're looking for highrises - and they appear very willing to negotiate. Do a search for topics with "Skyline" in the title for more details.
 
eva.. i've checked skyline too.. and i really like the layout and units.. but i prefer being in irvine.. i work in the airport area and the idea of being next to my work is too enticing. also i currently have an irvine address.. i'd like to keep it that way... so i've really settled on choosing between the three highrises in irvine.
 
<p>Trooper,</p>

<p>The Plaza resale is not doing well as seller wanted to make a profit. The lease market is doing great there.</p>

<p>re_fan, </p>

<p>I would reccomend 5000- or 8000- if you want to consider the Plaza's. 3000- Plaza is questionable because of the roof top pool which is a very poor Fengshui feature.</p>
 
<p>Its just so dang expensive though at the Plaza.. i would really like to see if there are any alternatives at the Marquee.. but can't really find a decent prices there as well. Its a tough choice...</p>
 
<p>re_fan,</p>

<p>Most sellers of the Hi-rise's are investors. They can afford to hold out. You may be able to catch a few who "just want to get rid of". Hi-rise REOs are starting to pop up. You should be able to negotiate a great deal at the Marquee's.</p>
 
<p>effen,</p>

<p>A few are selling below cost (2004 pricing). Too many are on the market unsold. It's possible that we will see a combination of REO pricing + lower interest rate in the near future to meet your "great deal" definition.</p>
 
<p>re_fan</p>

<p>i too have been looking at high rise condos, for the curiosity factor. I grew up back East lived in NY and Philly in high rise apts. I feel that OC with it vast frwy network, and lack of public transportation is not a good fit for this type of living. however, of the available high rises Skyline makes the most sense b/c of its location. Who cares if its not IRvine address, it's close to South Coast Plaza and OC performing arts. The others are just not convenient for anything</p>
 
<p>Highrise living in metropolitan cities is based on economic reality in society whereas in OC is based on society lifestyle dream. One is derived from need and the other is derived from desire.</p>
 
<p>bkshopr,</p>

<p>I have been working on collecting the data on the housing stock in OC for a post on the blog. While SCAG and OCBC think that we need more (affordable) housing stock, I have come up with an adjustment that uses the amount of people commuting to OC and the amount of jobs. I am confident that it makes sense but the more expert opinions I can get the better.</p>

<p>I would like to get your opinion and would appreciate any input you would add to the post. </p>

<p>IMHO the reason for high density housing like the condo towers is the need for an affordable alternative since there is no longer the space for low density housing. Most builders love to cite SCAG and OCBC because they are pro growth but they somehow miss the fact that the high density product they recommend is meant to be affordable.</p>
 
<p>I have yet to find anything affordable. Marquee prices are still well over 2004 pricing... I have not found a single unit that has closed recently anywhere near 2004 pricing. </p>

<p>nirvinerealtor, could you possibly send some mls links to what you're seeing ... or if you have any listings.... i am a serious buyer over here.</p>

<p>Also, there seems to be more of a concensus in this board that Skyline is the better choice of the OC towers... i just dont see it from a location stand point... I believe the irvine locale will hold its value much better... what are your other reasons for choosing Skyline over Marquee or Plaza? Btw, i believe Marquee is only 2 exits away from South Coast Plaza and to the costa mesa amenities... so i really do believe it is convenient.. i'd love to hear others insights.</p>
 
<p>re_fan,</p>

<p>There are several for lease and for sale at Marquee and Plaza, sellers are very motivated. You can buy in the very low $600K or rent as low as $2,500. Your best bet is to have an agent to negotiate for you. I like the Plaza better because of the location, look & feel, and amenities. You have to think of resale. If you are not sure which one then I would try to rent short term (3-6 months). I do have listings; however, I am trying to stay anonymous. </p>
 
<p>I can't believe someone would be serious about buying a high rise condo unit after everything that they can read here from myself and bkshopr. Marquee was the biggest flop when they first sold. Over 60% was documented non-owner occupied and many of the flippers are stuck trying to rent them out. Not a single unit in there has a cap rate above 3%. They bleed thousands every single month. I know one guy who has a neg-am loan with a total payment of $4800 a month and rents it for $2500. Do you know how many mortgage guys bought in there? Just go offer Sadek $1.2mil now before they get him for his marker. Did you know that three other hi-rise projects in Irvine were canned? Skyline can't sell their 349 units and only 18 have sold because 22 of the 40 they had cancelled. </p>

<p>Just wait for the resets to start to hit. There is already one at Marquee in foreclosure and I am positive there will be many more because 8 people seriously need to pay their HOAs. Just look at how many are already at Avenue One and Watermarke. If you are serious then go put in huge low ball offers. There plenty to choose from and some scream desperation like paying the HOAs for a year.</p>

<p>You do know that the first hi-rise condos are the first ones to become "the projects"? </p>
 
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