Santa Ana City Place Auction

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[quote author="MightyAlweg" date=1225460023][quote author="three sheets" date=1225411400]It's gotta suck to be one of the owners who bought a few years ago and see the units being auctioned off at much lower prices. I stop by these lofts every now and then (Pinkberry) and it seems to me that they are at least half emplty.</blockquote>


Half empty seems very optimistic. When you drive around the entire complex in the evening enjoying a Pinkberry as I did a few weeks ago, you discover that this place seems entirely vacant. It's the front curve of two dozen lofts facing MainPlace that is about half empty. The bulk of the complex is behind that row of lofts in a few hundred condos in the "Courtyard" or "Park" style, and those units are just totally empty and vacant. There was not a single light on in any of the units at 8:00 PM on a weeknight, and not a single piece of furniture visible on any balcony or in any of the big drape-less windows.



Just a couple hundred empty units back there.</blockquote>


The wider 19' wide live/work units along the crescent were all sold way before the auction except for 3 units away from the retail activities. The 13' narrow units were a big mistake for the greedy developer. For every 3 unsold narrow units he could have built 2 wider units sold nearly at full price and now he is stuck with empty narrow units. The reason for the darkness is most of them are business occupied and few actually live there at night. The 2 unsold projects behind the crescent were designed by a different architect William Hezmalhalch who is well known as Walmart of housing. Poorly executed design is really hurting the developer.
 
Did anyone attend the auction? I was about to fill out the bidder application, but thought I should wait and see what the neighborhood will look like before committing. I've stopped by the development every now and again for the past year and am curious to see how the whole thing will pan out. When I went on the auction site tour, it seemed that most potential buyers were over 40 years of age and without small children. I heard a lot of concerns regarding the multi-level stairs, since people were complaining about bad knees, ankles, and backs. Any feedback?
 
Ok, let's see if I can explain this correctly and if someone can figure it out. I live very close to these lofts, across the park in a neighborhood called "Park Santiago". I received one of those wonderful e-mails from Zillow letting me know that my property values have decreased. They list the comps for sale in the neighborhood. Well, this time, 1/2 of the comps were the lofts at City Place. I really don't care that they are comparing lofts to homes or that my property value has decreased (I already know that) but I found the strangest thing. Zillow has each loft listed FOR SALE (not rent) for $2,500 (and I guess these are the comps they are using). Even when you click on each loft you are sent to a company that says they are selling them for this price. My assumption is that the builder is resorting to renting them but I can't get that verified from looking at the site. I'm sorry I can't post what I see at Zillow, I'm at work and can't access it, one of the loft addresses is 2677 Main St. #105 Santa Ana. Maybe someone who is interested enough could check out what all of this means.
 
<a href="http://www.zillow.com/homedetails/2677-N-Main-St-105-Santa-Ana-CA-92705/2141107925_zpid">http://www.zillow.com/homedetails/2677-N-Main-St-105-Santa-Ana-CA-92705/2141107925_zpid</a>



I'd pay that. Where do I sign up?
 
I'll buy 20 today, cash! What the heck is this. What cracks me up is that these prices are mixed into the crazy formulas that Zillow uses to decide the value of my house.
 
give him a call:



Offered By:

Cesi Pagano Realtor, Mentor, Leader, CSP, ABR (949)282-0088

Keller Williams Realty





Address: 2677 North Main Street #105

Santa Ana, CA

Subdivision: City Place

Price: $2,500

MLS ID #: S550053
 
[quote author="no_vaseline" date=1226648165]I called.



It's a lease! They want $8,000 for a move in!

</blockquote>




We could?ve used you on the O-line when I played QB.

Instead of me, that scrub Matt Cassel got to be Brady?s ?back up?
 
Thank you, I think. I'm fat as hell now. I need another prop bet for a substantial ammount of money so I'll get motovated and lose 60 pounds......
 
There are numerous units available for rent then. Is the builder now renting them because they couldn't sell them at auction? Or is it possible some were sold at auction and are immediately becoming rentals? Thanks for checking no vas, I was about to call when I saw your post.
 
[quote author="no_vaseline" date=1226652647]Thank you, I think. I'm fat as hell now. I need another prop bet for a substantial ammount of money so I'll get motovated and lose 60 pounds......</blockquote>


You looked great.

Not to mention you rocked pink which is hard for most guys to pull off.

I also liked the chops (side-burns), great look!
 
[quote author="tmare" date=1226652758]There are numerous units available for rent then. Is the builder now renting them because they couldn't sell them at auction? Or is it possible some were sold at auction and are immediately becoming rentals? Thanks for checking no vas, I was about to call when I saw your post.</blockquote>


I asked the salesperson a similar question since I noticed there weren't any plan 4s in the Courtyard on auction. They explained to me that about 50% of the development has been purchased (I think that's overstated BS). Since the Parks and Courtyard were the last to be built (some units are yet to be completed) and the market value dropped dramatically, the auction was used to gather a better sense of what market value is and what the asking price for remaining model ought to be. We were told that the auction would probably be the lowest price to grab a home at City Place unless something catastrophic occurs in the housing market. I believed them, but thought I'd rather wait and see how the development turns out than to make the biggest purchase of my life on a whim.
 
[quote author="tenmagnet" date=1226652902][quote author="no_vaseline" date=1226652647]Thank you, I think. I'm fat as hell now. I need another prop bet for a substantial ammount of money so I'll get motovated and lose 60 pounds......</blockquote>


You looked great.

Not to mention you rocked pink which is hard for most guys to pull off.

I also liked the chops (side-burns), great look!</blockquote>


Actually, no_vas, your shirt made it difficult for me to politely point you out to folks who wanted to meet you.



"oh, he's the stocky guy over there in the...um...peach...ish...salmon...um...pink polo shirt."
 
[quote author="caycifish" date=1226675271][quote author="tenmagnet" date=1226652902][quote author="no_vaseline" date=1226652647]Thank you, I think. I'm fat as hell now. I need another prop bet for a substantial ammount of money so I'll get motovated and lose 60 pounds......</blockquote>


You looked great.

Not to mention you rocked pink which is hard for most guys to pull off.

I also liked the chops (side-burns), great look!</blockquote>


Actually, no_vas, your shirt made it difficult for me to politely point you out to folks who wanted to meet you.



"oh, he's the stocky guy over there in the...um...peach...ish...salmon...um...pink polo shirt."</blockquote>


It's absolutely pink. I got my whole wardrobe straight out of GQ. September of 1983 I think.



Topsiders, RL Polos in pink/white/teal, woven belt, no socks. Before we went over to the booksigning, I told my wife what I needed was a Members Only jacket, and she vomited a little.
 
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