What may happen to those Irivine Urban Living Condos...

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optimusprime_IHB

optimusprime_IHB

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I don't know if some of you have noticed those "Urban Living" condos off Jamboree and I think further down near Von Karman... they're being built and the only completed one is off Jamboree and Main (The Hovnanian one w/the stores on the 1st level)





Long story short...construction is dragging and the one that is completed...looks very very empty...could we be seeing this happen soon in Irvine??





<em>When it was all over, Pham walked away with a two bedroom unit on the 19th floor. To put the price in perspective, a one bedroom priced at $350,000 sold on average at auction for $176,000, almost half.





A two bedroom unit that sold for about $600,000 last year, sold on average for $295,000.


</em>


<a href="http://cbs4.com/local/local_story_264095336.html">http://cbs4.com/local/local_story_264095336.html</a>
 
I think that is where we are heading, although the price reductions will probably be more than 1/2 because the fees are so high the value doesn't even warrant half price on this units.
 
For sure IR. I looked it up, it's Avenue One. A 1 bedroom, 1500 est sq ft starts at $300k and then goes up to about $650k (for a 3 bedroom).





I can see these in a fire sale discounted at 60-70% easy.





This is going to get ugly.
 
In areas like Manhattan and others where high rise apartments/condos have been in existence for so long, how are the fees structured there? Are all of their rates as outrageous as those in OC?
 
can you imagine the traffic noise for those urban low rise condos off jamboree and i think main street? you wouldn't want to open any windows because of the noise and fumes.
 
<p>I think any development that follows the trite marketing of Pacific City in HB will have similarly high HOA & Fees.</p>

<p>"take one part SoHo hip, one part South Beach cool, one part Rodeo Drive luxury - mix well"</p>
 
optimusprime;





I eat at the Souplantation right next to that project off off Jamboree and Main at least once a week. It's taken over two years to build and still doesn't look ready for move-in yet. I thought they would be condos for sale but a sign went up saying "Now Leasing".





IMO, I think the design clashes with the surrounding neighborhood. I had placed a bet with my boss last year that the blue glass high-rise looming over the 'twin towers' would be completed before this urban project. I lose!





-Raymond
 
Hey Raymond, I eat at that one too. Just passed it on my way home....it's Camden. I think they're rentals??!?!





I've been meaning to go to that Boudin's .... I hope it doesn't close soon w/the lack of traffic
 
<p>It was developed by Legacy. They pre-sold it about half way through construction to Camden. That is about when the construction slowdown happened. Camden is an apartment reit. </p>

<p>Just this last week, Camden put the property on the market.....trying to make a quick buck on a flip.</p>
 
i am not sure if these will drop much further. i went and checked out avenue one back in 2006 and there were asking 365k for a one bedroom. but the financing was though some weird bank.... sounds like arab oil. that is why i don't think they will lower much... those guys got so much money they can afford to slow construction down and hold on to the place and not flinch a bit. with 100 dollar a barrel closing in.... what is it to them? they can turn it into a vacation home for all their friends and family because that is what it looks like.... one big resort.
 
An update is overdue.. Avenue One is selling their smallest 1 bedrooms for $323,990:


<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1243614" target="_blank">http://www.redfin.com/stingray/do/printable-listing?listing-id=1243614</a>
 
323k with or with out incentives??? and 602sqft? wow that is smalllllll.... i know cause i am living in a 550 apt. right now. hahahhahaaaa paying 1250. sucks....
 
I was going to say, that looks big for 600 sq ft. Talk about misleading advertising.
 
<em>"they can turn it into a vacation home for all their friends and family because that is what it looks like.... one big resort."





</em>When I saw the models in Avenue One, the first thing I said was that this place looks and smells like a hotel, only with a smaller bedroom.
 
Back in 2005, 600 sq. ft went for 600k. And 700 sq. ft went for 700k. No kidding, I think I still have the pricing sheet lying around somewhere. Plain nuts.
 
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