Irvine High Rise Condos

NEW -> Contingent Buyer Assistance Program
<p>It looks like even the MSM is getting it that the <a href="http://www.ocregister.com/money/high-towers-condo-1852302-orange-county">condo towers are not such a good idea</a>. Except they made a slight error saying that Marquee has 40% investors. It is more like 60% because I know of someone who had to get two appraisals on a place there and both said that it was 60% investors. They had fun trying to find a lender for that loan and that was well before the credit crunch. </p>

<p><a href="http://www.ocregister.com/ocregister/money/article_1852310.php">Here is a list of the projects</a>. It amazes me that the builders do not have someone who can do the math on household and job growth. Well I hope that have contingency plans to make them apartments. Of course that would also put downward pressure on rental rates.</p>
 
<p>"Well I hope that they have contingency plans to make them apartments."</p>

<p>The contingency plan would be real simple: </p>

<p>Step 1: Go to sign store and buy "APARTMENTS" sign.</p>

<p>Step 2: Post APARTMENTS sign next to MARQUEE sign.</p>
 
If high rise condos drop 50% in value, I would seriously consider buying. How can the speculators stay solvent at their monthly burn rate? Won't the 60% of the building that's bought by speculators, start getting foreclosed on after eating all the speculator's money? Shouldn't it go from 60% investor owned to 60% REO? Or all all these investors flush with money they can lose for the next 10 years? The funny thing is I haven't seen much of a drop in Marquee or Plaza Irvine since they've been built.
 
<em>"If high rise condos drop 50% in value, I would seriously consider buying."</em>





Because the fees are so high, these may drop even more than that. These units may bottom near $200K.
 
Music to my ears...I would seriously consider a 2,000 sf high rise unit for $750,000 even with the exorbitant HOA fees...although the parking entrance for homeowners is unbelievably narrow and has a sharp turn caused by a concrete curb that is guaranteed to cause wheel alignment problems for any car bigger than a Mini Cooper. Although it seems like I'll be waiting a long time for the music based on how stable the listing prices seem to be, despite the huge burn rate every month for the "investors".
 
Here is what happens when you <a href="http://ushomeauction.com/property.php?auctionID=H-009&itemID=5166&venueId=43&start=0">build hi-rise condos</a> and do not price them affordably.
 
Skyline Up-date 04/28/2009



Skyline at MacArthur Place is currently back with the Lenders iStar. There is no plan as to what they are going to do with the 250 million dollar project. The project is finished and looks very nice from the outside.



<a href="http://www.hrinoc.com/skyline.htm">More Info</a>



<a href="http://www.hrinoc.com/talk/skyline_talk.htm">Even More Info</a>
 
[quote author="graphrix" date=1243610193]Bumping this for historical perspective.</blockquote>


I wonder if he bought there? If he did, hopefully he used 100% financing and stiffed the lender....
 
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