The Park at Irvine Spectrum. Leasing Prices are up ??

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bltserv_IHB

bltserv_IHB

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I have been watching the IAC Rental site to see what the prices for the new "Village" style

High Density development called "The Park" over by the Spectrum would be. Well here they are.



<a href="http://www.rental-living.com/Communities/The-Park-at-Irvine-Spectrum-Center/Prices-And-Floorplans">http://www.rental-living.com/Communities/The-Park-at-Irvine-Spectrum-Center/Prices-And-Floorplans</a>



I just cant see paying those kind of prices for No Garage and hiking god knows how far with your groceries.

They are offering some big move in incentives. $ 950.00 on the 1 Bdrm. and $ 1250.00 on the 2 Bdrm.





$2200 for a 800 Sq/Ft 2 Bedroom. Bryant Plan 13. I guess you could call it very cozy.



Heck. I could get a nice Place in the "North Korea" Marquee Towers for that kind of coin. And its 1200 Sq/Ft.
 
[quote author="bltserv" date=1254362707]I have been watching the IAC Rental site to see what the prices for the new "Village" style

High Density development called "The Park" over by the Spectrum would be. Well here they are.



<a href="http://www.rental-living.com/Communities/The-Park-at-Irvine-Spectrum-Center/Prices-And-Floorplans">http://www.rental-living.com/Communities/The-Park-at-Irvine-Spectrum-Center/Prices-And-Floorplans</a>



I just cant see paying those kind of prices for No Garage and hiking god knows how far with your groceries.

They are offering some big move in incentives. $ 950.00 on the 1 Bdrm. and $ 1250.00 on the 2 Bdrm.





$2200 for a 800 Sq/Ft 2 Bedroom. Bryant Plan 13. I guess you could call it very cozy.



Heck. I could get a nice Place in the "North Korea" Marquee Towers for that kind of coin. And its 1200 Sq/Ft.</blockquote>


All depends on their vacancy ratio. Anyone know what that is? I like those places, but for those prices, I don't like them that much. However, if someone really wants to live that close to the spectrum, they are only going to look at rental prices in that small vicinity (ie The Village). They aren't going to compare them to the Marquee Towers. I hope they have a high vacancy rate tho, cause I'd like to see prices come down.
 
i live at the village, and they left a note for me to come in to get my renewal rate... $1910 for my 2/2 (1060 sq ft). i asked if they could go lower and she claimed that she couldn't go any lower and that they were going to raise rates because they have a 94% occupancy rate.
 
All the men in Irvine read CK's post and are flocking here to live with the beautiful people.

[quote author="CK" date=1252066151][quote author="usctrojanman29" date=1252065606] The opening of The Village will be perfect in terms of timing for me.</blockquote>


I've been meaning to tell you trojanman...I moved into a new office on the other side of my building, and now gaze 7 floors down directly on The Village. All day long I get to survey the residents of that community as they make their strolls down to the spectrum, jog, walk dogs, and so on (I can even see them heading to the pool). Let's just say this --- if I were a single guy like you, The Village would be at the very TOP of my list. How do I say this in a PC manner...the, um, *talent* at The Village appears to be very high. Just sayin.</blockquote>
 
Are there any other planned developments or current rental developments in that area? That's what they need to give the Village rental rates more competition.
 
[quote author="RoLar_USC" date=1254369947]Are there any other planned developments or current rental developments in that area? That's what they need to give the Village rental rates more competition.</blockquote>
Yeah, "The Park" which is next door is opening up shortly and beginning to take lease as we speak.
 
[quote author="USCTrojanCPA" date=1254372594][quote author="RoLar_USC" date=1254369947]Are there any other planned developments or current rental developments in that area? That's what they need to give the Village rental rates more competition.</blockquote>
Yeah, "The Park" which is next door is opening up shortly and beginning to take lease as we speak.</blockquote>


Haha Duh... I thouht I was looking at Village rental rates from the link above.. stupid question by me
 
[quote author="RoLar_USC" date=1254369947]That's what they need to give the Village rental rates more competition.</blockquote>


No real competition since IAC (a branch of The Irvine Company) owns all the apartments in Irvine including The Village and The Park.
 
[quote author="KINetics" date=1254378269][quote author="RoLar_USC" date=1254369947]That's what they need to give the Village rental rates more competition.</blockquote>


No real competition since IAC (a branch of The Irvine Company) owns all the apartments in Irvine including The Village and The Park.</blockquote>


Good point.
 
[quote author="KINetics" date=1254378269][quote author="RoLar_USC" date=1254369947]That's what they need to give the Village rental rates more competition.</blockquote>


No real competition since IAC (a branch of The Irvine Company) owns all the apartments in Irvine including The Village and The Park.</blockquote>


There are a lot of apartment properties in Irvine not owned by IAC - The Charter, The Village @ Main & Jamboree, Calypso, Avalon Irvine, Camden Main & Jamboree, Toscana and Woodbridge Meadows. That's what I can think of off the top of my head.
 
I think they have higher prices then the Village to keep the Village people from moving. We should be at a higher price then the Park. We are closer to the Spectrum and are apartments are better sized. Have you seen the floorplans of the Park? Many have no balconies and one wall kitchens. I would not move to the Park until maybe 6 months when construction is more complete.

I have a 1150 sq ft apartment at the Villlage Corner Unit and only pay $2170. How they think they can get people to pay that price at the Park is beyond me.
 
The incentives can definitely attract tenants. If you stay for more than 1 yr you will convert to a much higher rent. But there are people who don't mind moving and they can use the incentives effectively. I remember a few years ago when The Village opened, there was a big move of tenants from Villa Siena and other previously new properties. Gradually the Village filled up, but other places opened up.



On the other hand, there is a strong market for these high-end apartments. The problem is that if you want to move out of IAC and into a nicer condo/house, there is almost nothing to choose from. There are very few 1- or 2-bedroom private rentals that are new and upgraded. If you want good quality you have to rent a 2000-ft house, which is pointless for singles or young couples. So moving to the latest brand new IAC property is not a bad choice.
 
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