Main Street Village Condo Conversion

[iacrenter]

I did some searching on Irvine's government website and found out that Main Street Village Apartments (http://www.liveonmainstreet.com/Default.aspx) is planning to convert to condos. They applied for this status at the 12/2/10 Irvine Planning Commission meeting.

Here is the document link--go to page 31.
http://www.irvinequickrecords.com/SIRESearch/viewfile.aspx?cabinet=AGENDAS&docid=848037&pagenum=1

They even had copies of the forms they will use to notify the renters of the change in status. So if you are now renting at the Main Street Village be forewarned.

 

[test]

Since the crash I have only heard of condos being converted to apartments.  Does this mean the market is back?

 

[irvinehomeowner]

Where is this? I looked on the map and it doesn't look like the ones next to Souplantation (those were condos got converted into apartments).

 

[CTNative]

OMG. Thanks for the post iacrenter. We were planning on moving there in March, as we toured them in November. It was on our top 3 list.

They have the same amenities that the condos we've toured usually have, inside and out, and the location was perfect for both of us. Walk to work for her, and a bike ride to work for me. So much for that, but I am so glad we won't move there just to get handed a notice to get out.

I do think it is the one next to Souplantation, though.

In Googling, I found their review on Yelp and if you look at Mindy's posts on 1/6/10 she says, "I like how they think that they can eventually sell the property as Condos...who wants to live in a condo with no personal garage and noise that radiates. Good luck, MVS, you need it."

Wow. Missed that bullet. Wouldn't have seen the Yelp review or known they were converting if I hadn't seen this post. I'd give triple thanks if I could!

What's burning me now of course, is they just called us last week to follow up on our status and see if we are moving in.

How is that much different from my other concern...renting from a foreclosed homeowner who doesn't tell us until we get notice from a bank to get out. That's not cool...for MSV to be calling us knowing full well we will spend all that time and money to move, just to get booted. I guess that matches the reviews on Yelp which were mostly about how horrible the management is, how loud it is, how much it costs to use the "amenities" etc...

Maybe this is a warning to all renters living in condo conversions. They might all decide to convert BACK.

http://www.yelp.com/biz/main-street-village-irvine

 

[test]

I am so glad we won't move there just to get handed a notice to get out.

The document says renters have first right of refusal.  So if you want to buy your best chance is being a renter before they convert.

 

[CTNative]

I am so glad we won't move there just to get handed a notice to get out.

The document says renters have first right of refusal.  So if you want to buy your best chance is being a renter before they convert.

That's interesting. Hmmm.

*informing the wife*

And the results are in. Okay to rent there, doesn't want to own one.

Still, for some of those already there that would be interested in buying one, that could be an advantage, for sure.

 

[iacrenter]

Where is this? I looked on the map and it doesn't look like the ones next to Souplantation (those were condos got converted into apartments).

This one is NOT next to Souplantation. It is at the intersection of Main St & Siglo (near the Courtyard Irvine hotel).

 

[iacrenter]

OMG. Thanks for the post iacrenter. We were planning on moving there in March, as we toured them in November. It was on our top 3 list.

They have the same amenities that the condos we've toured usually have, inside and out, and the location was perfect for both of us. Walk to work for her, and a bike ride to work for me. So much for that, but I am so glad we won't move there just to get handed a notice to get out.

I do think it is the one next to Souplantation, though.

In Googling, I found their review on Yelp and if you look at Mindy's posts on 1/6/10 she says, "I like how they think that they can eventually sell the property as Condos...who wants to live in a condo with no personal garage and noise that radiates. Good luck, MVS, you need it."

Wow. Missed that bullet. Wouldn't have seen the Yelp review or known they were converting if I hadn't seen this post. I'd give triple thanks if I could!

What's burning me now of course, is they just called us last week to follow up on our status and see if we are moving in.

How is that much different from my other concern...renting from a foreclosed homeowner who doesn't tell us until we get notice from a bank to get out. That's not cool...for MSV to be calling us knowing full well we will spend all that time and money to move, just to get booted. I guess that matches the reviews on Yelp which were mostly about how horrible the management is, how loud it is, how much it costs to use the "amenities" etc...

Maybe this is a warning to all renters living in condo conversions. They might all decide to convert BACK.

http://www.yelp.com/biz/main-street-village-irvine

Glad I was able to help you before your moved in. I am sure there are quite a few protections for current lease holders and they could not just dump you on the street.

Looking more carefully at the documents--Go to Page 15 "Executive Summary" 2nd paragraph:

"The applicant does not intend to convert the apartments into condominiums immediately, however wants the flexibility to do so in the future."


http://www.irvinequickrecords.com/SIRESearch/viewfile.aspx?cabinet=AGENDAS&docid=848037&pagenum=1

So I can't be sure when they will convert these apartments. You may be potentially safe to rent for 12-24 months. My best guess would be the owner wouldn't convert to condos unless the RE market has improved.

 

[CTNative]

This one is NOT next to Souplantation. It is at the intersection of Main St & Siglo (near the Courtyard Irvine hotel).

Well, we looked at both that were on that side of the street (I believe there were only two). One was MSV and the other was Camden. My wife liked both but I think she was leaning towards MSV. Souplantation is at 2825 Main Street and MSV is at 2555 Main Street, so you are right that they are not right next door to each other but they are "near Souplantation" as a fair use of an overall location. It's just that Camden is on one side of Souplantation and MSV is on the other, give or take.

Either way, I am sure this is the one we toured.

 

[CTNative]

So I can't be sure when they will convert these apartments. You may be potentially safe to rent for 12-24 months. My best guess would be the owner wouldn't convert to condos unless the RE market has improved.

Thanks again for all the info. I'll tell you one thing, we are so tired of renting. I don't know how much longer the OC market has to fall and by how much, and I'd like to think a 12-24 month timeline would be right. If not though we'll need to stick it out for longer.