Stopped by the Jamboree high rise condos today

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buylowsellhigh_IHB

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Today was such a nice day to go hunting, so I decided to stop by Central Park West and Plaza Irvine.



Central Park West... only selling the highrise condo, the other buildings are on "hold" and the builder is only getting the exterior finished and leaving interior bare, per Irvine permit requirements. The high rise condo... Starts at low $600k for a 11xx sqft 1br 1ba, and for a decent unit, its 750-800k for 1300-1400sqft 2br 2ba.



Interesting facts:



- Even though association is around 900/mo, the tax rate is 1.09% (compared to almost 2% for VOC, Woodbury, etc).

- Association covers water, gas, maintenance, pool, concierge, valet, etc.

- Pricing is includes almost all options.



With the above being said, the net difference might not be that much more than say, a similarly priced VOC/Woodbury unit. .9% savings on property tax for $750k comes out to around $550 a month, coming out to $350, which is basically about the same as VOC/Woodbury associations. These look to be somewhat competitive with the SFR's. But i don't know how long that field next to your tower will stay barren for.



Plaza Irvine- $850k for a 1400 sqft 2br/2ba comparable unit. No options, typically runs 10-20%. Association is around $1k, but has cable and internet. So this is a LOT more than CPW.



Avenue One - disaster in the making. $450-500k to live in something that looks like an IAC apt.. yuck.



Watermark - been there, done that...
 
And if your facing east you have that fine view of the 405 right there.

Great for checking traffic flows.

I wonder what it would sound like on the Balcony being that close to traffic.

Am I missing something new and sheik. Living above the freeway.



To the OP. Did they say if any are really sold yet. I think I remember an

OC Register Article that said 30% were presold before construction. But that

was before the bottom really started falling out of the market.
 
[quote author="buylowsellhigh" date=1210603554]1.09% a year...</blockquote>


so the 900 doesn't cover property tax? how can they charge you a property tax when you don't own any land? or do you and all the other tennant own a little pieces of the land that the building sits on? if that is the case how can they charge you 1% of the price you bought it for? wouldn't they charge you 1% of what the land is worth?
 
technically the tax rate is the same as the rest of irvine. it's just that there's no mello roos in the areas where some of those towers are located.



there is an assessed land value but no clue what its based on. for the cheaper units the land assessment is around 25% of the assessed value. for the more expensive units its 40%++.



just look up on the oc tax site for 3141 MICHELSON DR.
 
Avenue One has some cheaper units than that. I think some are selling around 300K, but I can't find the flyer they sent me. Still too high but not WTF anymore.
 
http://www.redfin.com/CA/Irvine/2108-Scholarship-92612/home/12415994



This one just broke the trend for Avenue One. All of the other condos are 300k+ as you guys have noted already.



This one is listed as a short sale, just hit the market today for $249,500.



Assuming this rents for $1400 the GRM is at 178 which isn't too much far off.



Another 50k to go and it won't be a bad investment. You think the bank will eat a 200k offer let alone a 250k one (as this short sale is asking).
 
[quote author="buylowsellhigh" date=1210526160]Today was such a nice day to go hunting, so I decided to stop by Central Park West and Plaza Irvine.



Central Park West... only selling the highrise condo, the other buildings are on "hold" and the builder is only getting the exterior finished and leaving interior bare, per Irvine permit requirements. The high rise condo... Starts at low $600k for a 11xx sqft 1br 1ba, and for a decent unit, its 750-800k for 1300-1400sqft 2br 2ba.



Interesting facts:



- Even though association is around 900/mo, the tax rate is 1.09% (compared to almost 2% for VOC, Woodbury, etc).

- Association covers water, gas, maintenance, pool, concierge, valet, etc.

- Pricing is includes almost all options.



With the above being said, the net difference might not be that much more than say, a similarly priced VOC/Woodbury unit. .9% savings on property tax for $750k comes out to around $550 a month, coming out to $350, which is basically about the same as VOC/Woodbury associations. These look to be somewhat competitive with the SFR's. But i don't know how long that field next to your tower will stay barren for.



Plaza Irvine- $850k for a 1400 sqft 2br/2ba comparable unit. No options, typically runs 10-20%. Association is around $1k, but has cable and internet. So this is a LOT more than CPW.



Avenue One - disaster in the making. $450-500k to live in something that looks like an IAC apt.. yuck.



Watermark - been there, done that...</blockquote>


Comparing high-rise condo living to anything in VoC or Woodbury is like comparing apples to oranges IMO. For $750K in Woodbury, you can get a 1700-2000sf SFR. A 1300sf condo is more like $500K. For $750K in VoC, you can get a 2500sf SFR on a decent sized lot right now from KB...



You won't find any 2% total tax rates in Woodbury, at least not right now. Rates are more like 1.6-1.8%. Here is an example:



http://www.redfin.com/CA/Irvine/124-Chantilly-92620/home/7211781



Effective tax rate at purchase, 1.7%. Pick it up for $450K today, 1.8%...



If the prices on the larger Woodbury SFRs with $5K mello roo loads crater, 2% effective tax load at purchase could be a reality. They have to come down a long way for that to happen though...
 
[quote author="bltserv" date=1210635785]And if your facing east you have that fine view of the 405 right there.

Great for checking traffic flows.

I wonder what it would sound like on the Balcony being that close to traffic.

Am I missing something new and sheik. Living above the freeway.



To the OP. Did they say if any are really sold yet. I think I remember an

OC Register Article that said 30% were presold before construction. But that

was before the bottom really started falling out of the market.</blockquote>


Mia, sales agent for the the towers, graciously informed us, on this forum, that they have their yellow report and have not obtained a white from the DRE. Even if they have put a few people under contract and taken a deposit, they can easily pull out. 30% were under reservation prior to construction under a DRE pink report, but that only requires a $5000 fully refundable deposit. Refundable at any time. Purely speculative downpayments.
 
[quote author="IrvinePerson" date=1210674603]http://www.redfin.com/CA/Irvine/2108-Scholarship-92612/home/12415994



This one just broke the trend for Avenue One. All of the other condos are 300k+ as you guys have noted already.



This one is listed as a short sale, just hit the market today for $249,500.



Assuming this rents for $1400 the GRM is at 178 which isn't too much far off.



Another 50k to go and it won't be a bad investment. You think the bank will eat a 200k offer let alone a 250k one (as this short sale is asking).</blockquote>




I saw this ad in the Daily Pilot this morning:

Highly Upgraded 1Br Condo w/Frig, inside w/d, A/C, $1499m lse (Ave One) near Campus & Jamboree 714-342-0785



so $1500-$300 HOA = $1200 x 120 GRM for an investor =~$150k



makes it clear how badly the "investors" who bought at $400-$450k did, eh?
 
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