The Plaza Irvine

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firsttimebuyer_IHB

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Does anybody have any information about The Plaza Irvine on the corner of Jamboree and Campus? I can't find any pricing on the website, but I heard back in the summer last year that it starts in the high 500s. It seems pretty empty everytime I drive by.. Im not sure if theyre move-in ready yet, but I would assume with the way the current market is, that the prices would be slipping or they would be offering incentives. Any info would be appreciated :)
 
I live right by those and I have never seen prices. From the looks of them and what Avenue 1 is going for I would expect them to start in the $500K range if not higher.
 
They do have some lower priced condo's coming out, they have open house type events all the time. You should try getting on one of the mailing lists if you are really interested.





I would estimate 1 bedroom/1 bath's would start at around $400k and 2 bed/bath's would be around $500k.





At least that's the trend in watermarke/ avenue one.
 
When they released the first tower a little over 2 years ago?, some of the 2 bed's were starting in the mid 600s. I don't recall which plan that was but I believe that was for something on the 3rd floor.
 
<p>firsttimebuyer - Tower 1 has resale already for immediate move-in as posted on the MLS. I went into the sale office and found out tower 3 (swimming pool on the roof) is on sale now and there are 70% units left to choose from. I think the 2 bedrooms are going for $700K. I think there might be more resales on the market soon.</p>
 
I got an email from their sales office stating one of their penthouses is going for $3.6 million! WHY would anyone pay that much money to live there when you can get a 7000 sq ft home oceanfront home in Laguna w/ your own private pool and backyard?!?! it doesnt make sense to me. someone please shed some light...
 
Penthouses are very rare - demand and supply law - equals high price. Plus ultimate privacy. Think about the elite group of neighbors that you have.... I have no need for this type of home though.
 
Still, rare or not, that is expensive... In other areas you could build the whole goddarn apartment building for that price.
 
What happens when you have 42 Bellagios? That is how many more condo towers that are in the works or in planning stages. I doubt that half will ever get started but that is still a lot of units. I wonder if these builders did any research before they started planning these towers? They could have looked at the glut in downtown San Diego and see that it didn't go over that well.
 
well vegas actually has the same problem, they had half of the condo tower projects flop before the production stages; its just bad planning all around.





developers are banking on 2nd homes i bet, thats the only thing that makes logical sense, +130% inventory stocks will vastly out pace demand
 
Help - My friend put down a 15% non-refundable deposit for a unit at Plaza Irvine for investment. Sounds to me it's going to be an unsure thing. What should she do? The builder said if she backs out, she will loose all deposit.
 
IrvineMom - First the 15% deposit is extremely excessive and a major red flag to me. I know of some Florida builders who went under and took buyers' deposits like that and they were out of luck because they are low on the totem pole when it comes to creditors. It should not be more than 2% of the purchase price as that is stantard for most homebuilders. In the contract she signed was there a contingency for loan approval? Can she really qualify for the place with providing income documentation? If not the deal is off and she can get her deposit back. If they say she can qualify with a stated income loan then that is fraud and again she can get her deposit back. Can they verify employment? This not an ethical thing to do but if she works for a small enough place have the person who verifies employment say she never has worked there. Otherwise yes she can sue and any homebuilder with a decent attorney will just say give the deposit back because it will cost more than the trouble to go to court. The cost for the two hours for the attorney for her is much less than the 15% deposit. If she is serious about backing out then give me some more details (whisper if you prefer) and I can give you some more ideas. Any decent homebuilder should give her the deposit back. Who is the homebuilder on this place, I can't remember?
 
I attended the initial 'VIP' events for The Plaza and they did have fairly high initial deposit requirements. Some amount was required at unit selection and then an additional amount (10% maybe?) was required a month later. And then they just hold on to the money and you are supposed to just wait about 2 years for it to be built. I'm not sure if the Marquee had similar requirements or not.





The builder is Geoffrey Edmunds:http://www.geoffreyhedmunds.com/
 
graphix - wow you have great information. I just spoke to my friend, as much as she wants to back out, she is convinced that she will lose all her 15% deposit. She applied for a 75/25 loan no-qual. I think she is going to close in about a few months.
 
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