When will The Plaza units bottom out and at what price level?
- Thread starter Kali_IHB
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graphrix_IHB
New member
Dude... <a href="http://lansner.freedomblogging.com/2009/07/01/high-rise-condo-builder-filing-bankruptcy/28439/">Opus went BK a few weeks back</a>. It's going to be awhile for a bottom there. <a href="http://www.opuswestproperties.com/">First they need to find bidder at the ridiculous minimum bid for the rest of the 55 units</a>.
I highly recommend a subscription to the <a href="http://lansner.freedomblogging.com/2009/07/01/high-rise-condo-builder-filing-bankruptcy/28439/">WSJ for you</a>. You would know about the BK, and you would have seen the ad for the auction as well. At least read the OCR if you can't make the time for the WSJ, at least you would have known about the BK.
BTW, have you sold your house yet?
I highly recommend a subscription to the <a href="http://lansner.freedomblogging.com/2009/07/01/high-rise-condo-builder-filing-bankruptcy/28439/">WSJ for you</a>. You would know about the BK, and you would have seen the ad for the auction as well. At least read the OCR if you can't make the time for the WSJ, at least you would have known about the BK.
BTW, have you sold your house yet?
I have been following the Plaza closely and did read about the BK. There were quite a few short sales in there as well.
I just wanted to get some updated opinions on where and when the bottom will be..
2011 and 400's??? I believe they have 2/2 short sale now for 550???
My home is still on the market!!!
I just wanted to get some updated opinions on where and when the bottom will be..
2011 and 400's??? I believe they have 2/2 short sale now for 550???
My home is still on the market!!!
IrvineRenter_IHB
New member
The Plaza will bottom between $300,000 and $350,000 for their 2/2 units. At that price, the units are cashflow positive. Prices there will match the other condos on Jamboree, most notably the North Korea towers where prices have already fallen to the $350,000 level.
dcoffield_IHB
New member
Are they auctioning the Plaza? I heard about the BK but thought the article said that propery wasn't included in the auctions (yet).
graphrix_IHB
New member
[quote author="Auto Refugee" date=1249169076]Are they auctioning the Plaza? I heard about the BK but thought the article said that propery wasn't included in the auctions (yet).</blockquote>
Go click on the second link in my previous post.
Go click on the second link in my previous post.
[quote author="IrvineRenter" date=1249162769]The Plaza will bottom between $300,000 and $350,000 for their 2/2 units. At that price, the units are cashflow positive. Prices there will match the other condos on Jamboree, most notably the North Korea towers where prices have already fallen to the $350,000 level.</blockquote>
When do you think this will happen?
When do you think this will happen?
25w100k+_IHB
New member
[quote author="IrvineRenter" date=1249162769]The Plaza will bottom between $300,000 and $350,000 for their 2/2 units. At that price, the units are cashflow positive. Prices there will match the other condos on Jamboree, most notably the North Korea towers where prices have already fallen to the $350,000 level.</blockquote>
Do you think these will have an impact on other condo sales or IAC rent? With such high HOAs, I can see how it will take a lot lower $ per sf to reach rental parity than most other condos...
Do you think these will have an impact on other condo sales or IAC rent? With such high HOAs, I can see how it will take a lot lower $ per sf to reach rental parity than most other condos...
Joe33_IHB
New member
I think the auction is going to be for the entire 55 units. Whoever ends up buying the remaining units will likely try to sell them quickly. If they are smart, they will try to sell all 55 in a month or two to lock in their profit rather than take too much market risk. If they end up doing that, then that would be a decent indication of approximately where the bottom will be. If they sell 55 units in 60 days or less, then that is clearly demonstrating a price where the units can be moved very quickly and very easily.
highlife_IHB
New member
[quote author="Kali" date=1249134009]Any guesses?</blockquote>
To answer your question. It has bottom out. The short sales you hear about are far and few at the 5000 and 8000 Plaza. I live at the Plaza and feel very lucky I chose the Plaza and not the Marquee. I knew 5 people that had short sale at the Plaza. Honestly, they didn't belong in a highrise. Its not a place to raise kids, to turn a profit right away, and if your not comfortable in living at a four star hotel everyday; its not for you. I have lived at the Plaza for 2 years. It was a big transition, very hard at first. Now I wouldn't want to live in any other enviroment.
To answer your question. It has bottom out. The short sales you hear about are far and few at the 5000 and 8000 Plaza. I live at the Plaza and feel very lucky I chose the Plaza and not the Marquee. I knew 5 people that had short sale at the Plaza. Honestly, they didn't belong in a highrise. Its not a place to raise kids, to turn a profit right away, and if your not comfortable in living at a four star hotel everyday; its not for you. I have lived at the Plaza for 2 years. It was a big transition, very hard at first. Now I wouldn't want to live in any other enviroment.
highlife_IHB
New member
[quote author="dcoffield" date=1249169076]Are they auctioning the Plaza? I heard about the BK but thought the article said that propery wasn't included in the auctions (yet).</blockquote>
I hope everyone is aware that 3000 Plaza is going BK, not the Plaza Irvine. Plaza Irvine includes the 5000 and 8000 building, that is unfortunately next door to the 3000 Plaza. 3000 Plaza has no association with the other Plaza. It doesn't share the same amenities or management. The only thing it shares is the name.
The Plaza Irvine is 100% privately owned. It has over 70% owner occupancy, which is very high in highrise living. It is not built like the Marquee. While the Marquee is built with apartment quality material, the Plaza Irvine is built like Fort Knox. All granite, marble, concrete, and steel. Plaza Irvine amenities are comparable to the Four Seasons.
I hope everyone is aware that 3000 Plaza is going BK, not the Plaza Irvine. Plaza Irvine includes the 5000 and 8000 building, that is unfortunately next door to the 3000 Plaza. 3000 Plaza has no association with the other Plaza. It doesn't share the same amenities or management. The only thing it shares is the name.
The Plaza Irvine is 100% privately owned. It has over 70% owner occupancy, which is very high in highrise living. It is not built like the Marquee. While the Marquee is built with apartment quality material, the Plaza Irvine is built like Fort Knox. All granite, marble, concrete, and steel. Plaza Irvine amenities are comparable to the Four Seasons.
highlife_IHB
New member
[quote author="graphrix" date=1249174032][quote author="Auto Refugee" date=1249169076]Are they auctioning the Plaza? I heard about the BK but thought the article said that propery wasn't included in the auctions (yet).</blockquote>
Go click on the second link in my previous post.</blockquote>
They are auctioning 3000 the Plaza not the Plaza-Irvine (5000-8000 building). Plaza-Irvine has no relationship to the 3000 Plaza that is going BK. The only thing they share is the name Plaza. Plaza-Irvine is 100% privately owned.
Go click on the second link in my previous post.</blockquote>
They are auctioning 3000 the Plaza not the Plaza-Irvine (5000-8000 building). Plaza-Irvine has no relationship to the 3000 Plaza that is going BK. The only thing they share is the name Plaza. Plaza-Irvine is 100% privately owned.
highlife_IHB
New member
[quote author="IrvineRenter" date=1249162769]The Plaza will bottom between $300,000 and $350,000 for their 2/2 units. At that price, the units are cashflow positive. Prices there will match the other condos on Jamboree, most notably the North Korea towers where prices have already fallen to the $350,000 level.</blockquote>
Plaza-Irvine can't be compared to other highrises. It's like comparing a bmw to a toyota. Both are cars, but the feel, drive, and craftsmanship are different.
Plaza-Irvine can't be compared to other highrises. It's like comparing a bmw to a toyota. Both are cars, but the feel, drive, and craftsmanship are different.
graphrix_IHB
New member
[quote author="highlife" date=1250084403][quote author="Kali" date=1249134009]Any guesses?</blockquote>
To answer your question. It has <strong>bottom</strong> out. The short sales you hear about are <strong>far and few </strong>at the 5000 and 8000 Plaza. I live at the Plaza and feel very lucky I chose the Plaza and not the Marquee. I knew 5 people that had <strong>(a)</strong> short sale at the Plaza. Honestly, they didn't belong in a highrise. Its not a place to raise kids, to turn a profit right away, and if your not comfortable in <strong>leaving</strong> at a four star hotel everyday; it<strong>(')</strong>s not for you. I have lived at the Plaza for 2 years. It was a big transition, very hard at first. Now I wouldn't want to live in any other <strong>enviroment</strong>.</blockquote>
[old school IHB]
If your spelling skills are any indication of your reading skills, then it wouldn't surprise me that you missed the <a href="http://www.opuswestproperties.com/">link to where Opus is BK and selling the remaining 55 units at auction</a>. 5 short sales... wow, that isn't bad. Now add in the 13 others that are in default, and the ones that don't show up on foreclosure radar because of the county and their difficulty in getting APNs recorded, then you might want to worry.
BTW, you sound just like <a href="http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/">the arrogant and pompous people who made similar comments about the Marquee in 2007</a>. I dare you to come back in a year, and I double dare you to come back in two years to see if you still feel the same. However, none of the 2007 Marquee lovers came back, so I doubt you will.
[/old school IHB]
[new school IHB]
Welcome to the forums. At the top right we have a search button to answer all your questions that have already been answered. We highly recommend you do some reading of the forums first, to get a feel for it before you post something that has been brought up before, or in case you missed it 5 posts above because you were too lazy to click on the link.
Tell me more... why is the Plaza so special, and why it will fare better than Marquee? Is it the wine cellar? You don't live in the building with the giant Chinese water torture pool above you... do you? Do you think those 55 units will sell for what you paid, or less, or receive no bids at all?
I really wish I were as special as you to buy and live in the Plaza. You are so much better than me, and obviously understand more about real estate, economics, and the overall experience of living in a high rise, in the middle of flat land suburbia, where there is still plenty of land, no job growth, no population growth, and a foreclosure backlog from hell. I look forward to you expanding my mind on all the things I wish I could be just like you.
[/new school IHB]
VIVA LA SNARK!
To answer your question. It has <strong>bottom</strong> out. The short sales you hear about are <strong>far and few </strong>at the 5000 and 8000 Plaza. I live at the Plaza and feel very lucky I chose the Plaza and not the Marquee. I knew 5 people that had <strong>(a)</strong> short sale at the Plaza. Honestly, they didn't belong in a highrise. Its not a place to raise kids, to turn a profit right away, and if your not comfortable in <strong>leaving</strong> at a four star hotel everyday; it<strong>(')</strong>s not for you. I have lived at the Plaza for 2 years. It was a big transition, very hard at first. Now I wouldn't want to live in any other <strong>enviroment</strong>.</blockquote>
[old school IHB]
If your spelling skills are any indication of your reading skills, then it wouldn't surprise me that you missed the <a href="http://www.opuswestproperties.com/">link to where Opus is BK and selling the remaining 55 units at auction</a>. 5 short sales... wow, that isn't bad. Now add in the 13 others that are in default, and the ones that don't show up on foreclosure radar because of the county and their difficulty in getting APNs recorded, then you might want to worry.
BTW, you sound just like <a href="http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/">the arrogant and pompous people who made similar comments about the Marquee in 2007</a>. I dare you to come back in a year, and I double dare you to come back in two years to see if you still feel the same. However, none of the 2007 Marquee lovers came back, so I doubt you will.
[/old school IHB]
[new school IHB]
Welcome to the forums. At the top right we have a search button to answer all your questions that have already been answered. We highly recommend you do some reading of the forums first, to get a feel for it before you post something that has been brought up before, or in case you missed it 5 posts above because you were too lazy to click on the link.
Tell me more... why is the Plaza so special, and why it will fare better than Marquee? Is it the wine cellar? You don't live in the building with the giant Chinese water torture pool above you... do you? Do you think those 55 units will sell for what you paid, or less, or receive no bids at all?
I really wish I were as special as you to buy and live in the Plaza. You are so much better than me, and obviously understand more about real estate, economics, and the overall experience of living in a high rise, in the middle of flat land suburbia, where there is still plenty of land, no job growth, no population growth, and a foreclosure backlog from hell. I look forward to you expanding my mind on all the things I wish I could be just like you.
[/new school IHB]
VIVA LA SNARK!
highlife_IHB
New member
[quote author="Kali" date=1249134009]Any guesses?</blockquote>
If anyone wants to know about highrise living, please don't hesitate to ask me. I'm not a real estate agent. I just want people to have facts not fiction.
If anyone wants to know about highrise living, please don't hesitate to ask me. I'm not a real estate agent. I just want people to have facts not fiction.
graphrix_IHB
New member
Sniff... I love the smell of desperation in a high rise at midnight. It means that people are scared.
highlife_IHB
New member
[quote author="graphrix" date=1250086829][quote author="highlife" date=1250084403][quote author="Kali" date=1249134009]Any guesses?</blockquote>
To answer your question. It has <strong>bottom</strong> out. The short sales you hear about are <strong>far and few </strong>at the 5000 and 8000 Plaza. I live at the Plaza and feel very lucky I chose the Plaza and not the Marquee. I knew 5 people that had <strong>(a)</strong> short sale at the Plaza. Honestly, they didn't belong in a highrise. Its not a place to raise kids, to turn a profit right away, and if your not comfortable in <strong>leaving</strong> at a four star hotel everyday; it<strong>(')</strong>s not for you. I have lived at the Plaza for 2 years. It was a big transition, very hard at first. Now I wouldn't want to live in any other <strong>enviroment</strong>.</blockquote>
[old school IHB]
If your spelling skills are any indication of your reading skills, then it wouldn't surprise me that you missed the <a href="http://www.opuswestproperties.com/">link to where Opus is BK and selling the remaining 55 units at auction</a>. 5 short sales... wow, that isn't bad. Now add in the 13 others that are in default, and the ones that don't show up on foreclosure radar because of the county and their difficulty in getting APNs recorded, then you might want to worry.
BTW, you sound just like <a href="http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/">the arrogant and pompous people who made similar comments about the Marquee in 2007</a>. I dare you to come back in a year, and I double dare you to come back in two years to see if you still feel the same. However, none of the 2007 Marquee lovers came back, so I doubt you will.
[/old school IHB]
[new school IHB]
Welcome to the forums. At the top right we have a search button to answer all your questions that have already been answered. We highly recommend you do some reading of the forums first, to get a feel for it before you post something that has been brought up before, or in case you missed it 5 posts above because you were too lazy to click on the link.
Tell me more... why is the Plaza so special, and why it will fare better than Marquee? Is it the wine cellar? You don't live in the building with the giant Chinese water torture pool above you... do you? Do you think those 55 units will sell for what you paid, or less, or receive no bids at all?
I really wish I were as special as you to buy and live in the Plaza. You are so much better than me, and obviously understand more about real estate, economics, and the overall experience of living in a high rise, in the middle of flat land suburbia, where there is still plenty of land, no job growth, no population growth, and a foreclosure backlog from hell. I look forward to you expanding my mind on all the things I wish I could be just like you.
[/new school IHB]
VIVA LA SNARK!</blockquote>
Thanks for welcoming me. This is my first blog I ever joined.
No, I don't live at the 3000 Plaza. They should have never built that.
I'm not hear to argue. I just wanted to share my experience since I live in a a highrise. No, I'm not anymore special than you. I don't know much about what the future holds in real estate or economics. Yes, I do think the 55 units at 3000 Plaza will be sold less then what I paid at the Plaza.
All I know is no one should buy into the highrise to make money. Its a lifestyle you buy into.
I'm here to help. Not here for any other purpose.
To answer your question. It has <strong>bottom</strong> out. The short sales you hear about are <strong>far and few </strong>at the 5000 and 8000 Plaza. I live at the Plaza and feel very lucky I chose the Plaza and not the Marquee. I knew 5 people that had <strong>(a)</strong> short sale at the Plaza. Honestly, they didn't belong in a highrise. Its not a place to raise kids, to turn a profit right away, and if your not comfortable in <strong>leaving</strong> at a four star hotel everyday; it<strong>(')</strong>s not for you. I have lived at the Plaza for 2 years. It was a big transition, very hard at first. Now I wouldn't want to live in any other <strong>enviroment</strong>.</blockquote>
[old school IHB]
If your spelling skills are any indication of your reading skills, then it wouldn't surprise me that you missed the <a href="http://www.opuswestproperties.com/">link to where Opus is BK and selling the remaining 55 units at auction</a>. 5 short sales... wow, that isn't bad. Now add in the 13 others that are in default, and the ones that don't show up on foreclosure radar because of the county and their difficulty in getting APNs recorded, then you might want to worry.
BTW, you sound just like <a href="http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/">the arrogant and pompous people who made similar comments about the Marquee in 2007</a>. I dare you to come back in a year, and I double dare you to come back in two years to see if you still feel the same. However, none of the 2007 Marquee lovers came back, so I doubt you will.
[/old school IHB]
[new school IHB]
Welcome to the forums. At the top right we have a search button to answer all your questions that have already been answered. We highly recommend you do some reading of the forums first, to get a feel for it before you post something that has been brought up before, or in case you missed it 5 posts above because you were too lazy to click on the link.
Tell me more... why is the Plaza so special, and why it will fare better than Marquee? Is it the wine cellar? You don't live in the building with the giant Chinese water torture pool above you... do you? Do you think those 55 units will sell for what you paid, or less, or receive no bids at all?
I really wish I were as special as you to buy and live in the Plaza. You are so much better than me, and obviously understand more about real estate, economics, and the overall experience of living in a high rise, in the middle of flat land suburbia, where there is still plenty of land, no job growth, no population growth, and a foreclosure backlog from hell. I look forward to you expanding my mind on all the things I wish I could be just like you.
[/new school IHB]
VIVA LA SNARK!</blockquote>
Thanks for welcoming me. This is my first blog I ever joined.
No, I don't live at the 3000 Plaza. They should have never built that.
I'm not hear to argue. I just wanted to share my experience since I live in a a highrise. No, I'm not anymore special than you. I don't know much about what the future holds in real estate or economics. Yes, I do think the 55 units at 3000 Plaza will be sold less then what I paid at the Plaza.
All I know is no one should buy into the highrise to make money. Its a lifestyle you buy into.
I'm here to help. Not here for any other purpose.
graphrix_IHB
New member
[quote author="highlife" date=1250088720]Thanks for welcoming me. This is my first blog I ever joined.
No, I don't live at the 3000 Plaza. They should have never built that.
I'm not hear to argue. I just wanted to share my experience since I live in a a highrise. No, I'm not anymore special than you. I don't know much about what the future holds in real estate or economics. Yes, I do think the 55 units at 3000 Plaza will be sold less then what I paid at the Plaza.
All I know is no one should buy into the highrise to make money. Its a lifestyle you buy into.
I'm here to help. Not here for any other purpose.</blockquote>
Well alright then. That was much more humble than your first post. I agree, it is a lifestyle you buy into. I just don't understand why it would command a premium in OC when it doesn't need it, at least not yet, nor do I think it will in my life time for that matter. Anyway, since you are here to share your experience of high rise living, and to help us understand from a residebt's experience, then welcome. I hope you can add some serious value to the forums.
P.S. Don't be shocked to find out a lot of us want 3 car garages.
No, I don't live at the 3000 Plaza. They should have never built that.
I'm not hear to argue. I just wanted to share my experience since I live in a a highrise. No, I'm not anymore special than you. I don't know much about what the future holds in real estate or economics. Yes, I do think the 55 units at 3000 Plaza will be sold less then what I paid at the Plaza.
All I know is no one should buy into the highrise to make money. Its a lifestyle you buy into.
I'm here to help. Not here for any other purpose.</blockquote>
Well alright then. That was much more humble than your first post. I agree, it is a lifestyle you buy into. I just don't understand why it would command a premium in OC when it doesn't need it, at least not yet, nor do I think it will in my life time for that matter. Anyway, since you are here to share your experience of high rise living, and to help us understand from a residebt's experience, then welcome. I hope you can add some serious value to the forums.
P.S. Don't be shocked to find out a lot of us want 3 car garages.
highlife_IHB
New member
[quote author="graphrix" date=1250089342][quote author="highlife" date=1250088720]Thanks for welcoming me. This is my first blog I ever joined.
No, I don't live at the 3000 Plaza. They should have never built that.
I'm not hear to argue. I just wanted to share my experience since I live in a a highrise. No, I'm not anymore special than you. I don't know much about what the future holds in real estate or economics. Yes, I do think the 55 units at 3000 Plaza will be sold less then what I paid at the Plaza.
All I know is no one should buy into the highrise to make money. Its a lifestyle you buy into.
I'm here to help. Not here for any other purpose.</blockquote>
Well alright then. That was much more humble than your first post. I agree, it is a lifestyle you buy into. I just don't understand why it would command a premium in OC when it doesn't need it, at least not yet, nor do I think it will in my life time for that matter. Anyway, since you are here to share your experience of high rise living, and to help us understand from a residebt's experience, then welcome. I hope you can add some serious value to the forums.
P.S. Don't be shocked to find out a lot of us want 3 car garages.</blockquote>
I will tell you everyone that bought into the highrise and were in their 20's and early 30's are practically gone. Most of my neighbors are over 50, have more than 2 homes around the world, are semi-retired, don't want to maintain a backyard, and just want to be near John Wayne so they can fly at a moments notice. Its seriously like living at the Four Seasons except you own your unit, and have bigger closet space. Its not for everyone, but it is for people that travel a lot and don't want to deal with suburbia.
No, I don't live at the 3000 Plaza. They should have never built that.
I'm not hear to argue. I just wanted to share my experience since I live in a a highrise. No, I'm not anymore special than you. I don't know much about what the future holds in real estate or economics. Yes, I do think the 55 units at 3000 Plaza will be sold less then what I paid at the Plaza.
All I know is no one should buy into the highrise to make money. Its a lifestyle you buy into.
I'm here to help. Not here for any other purpose.</blockquote>
Well alright then. That was much more humble than your first post. I agree, it is a lifestyle you buy into. I just don't understand why it would command a premium in OC when it doesn't need it, at least not yet, nor do I think it will in my life time for that matter. Anyway, since you are here to share your experience of high rise living, and to help us understand from a residebt's experience, then welcome. I hope you can add some serious value to the forums.
P.S. Don't be shocked to find out a lot of us want 3 car garages.</blockquote>
I will tell you everyone that bought into the highrise and were in their 20's and early 30's are practically gone. Most of my neighbors are over 50, have more than 2 homes around the world, are semi-retired, don't want to maintain a backyard, and just want to be near John Wayne so they can fly at a moments notice. Its seriously like living at the Four Seasons except you own your unit, and have bigger closet space. Its not for everyone, but it is for people that travel a lot and don't want to deal with suburbia.
graphrix_IHB
New member
So... where is the nearest grocery store, and can and do you walk there? I mean, that is part of urban living like they do in NYC and SF. They don't have cars, so they have to walk to the grocery store.
What about if I needed to get toilet paper at this time of night? Could I walk there?
If I'm traveling a lot, I don't want to hop in the car, I just wanna walk around the block or two like I would in NYC or SF.
BTW, how is it to have Scott Boras as a neighbor? Does he ever stay there, or does he only swoon potential stars there, and are they "A" stars or just "B" stars?
You haven't been beat up by <a href="http://en.wikipedia.org/wiki/Tawny_Kitaen">Tawny Kitaen</a> have you? I hear she is dangerous when she gets drunk.
What about if I needed to get toilet paper at this time of night? Could I walk there?
If I'm traveling a lot, I don't want to hop in the car, I just wanna walk around the block or two like I would in NYC or SF.
BTW, how is it to have Scott Boras as a neighbor? Does he ever stay there, or does he only swoon potential stars there, and are they "A" stars or just "B" stars?
You haven't been beat up by <a href="http://en.wikipedia.org/wiki/Tawny_Kitaen">Tawny Kitaen</a> have you? I hear she is dangerous when she gets drunk.