When will The Plaza units bottom out and at what price level?

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[quote author="graphrix" date=1250092433]



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.</blockquote>


I haven't heard that name in a while.



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[quote author="highlife" date=1250085400]the Marquee is built with apartment quality material</blockquote>


Seriously? I've never been in the Marquee but from the pic's it doesn't look that way.
 
[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>


Is this factoring the HOA? :)
 
Just a quick clarification on the BK, the 55 units will be sold at auction in bulk to one buyer. What that buyer decides to do with the 55 units is up to them. But it is likely they will try to sell them quickly to individual buyers to mitigate their risk. The bulk price that the single buyer will pay would probably be something like $100K per unit below what they think they can sell the 55 units on a retail basis in a quick timeframe.



Of course the new buyer could be convinced that we are on the verge of a big real estate recovery and decide to rent them out for a year or two and hope prices go up. Who knows.
 
[quote author="graphrix" date=1250092433]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?



</blockquote>


You can walk to mother's market. It's less than a mile away, but I don't know why anyone would want to walk down the street carrying lots of toilet paper unless they absolutely had no other choice.
 
[quote author="graphrix" date=1250092433]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.</blockquote>


There is a convenient store connected to the Plaza Irvine building. There is also Fukada Japanese food and a Phans 55, asian fusion restaurant. Both restaurant is right in front of both towers. And they all deliver right to your unit, Urban Ranch Market will deliver toilet paper to your front door, too.

Mother's market, Ruth Chris down the road. Daily Grill and Melting Pot is across the street. A lot of people walk to John Wayne and if they don't, the cab fare is less than ten dollars. The courtouse is also a block down the street. UCI is a mile away.

Living in a highrise is great if want privacy, but it is also great if you want to be social. Its really up to the individual. As for Scott Boras, if he lives at the Plaza Irvine, then he's doing a good job being private. Tawny Kitean has a unit at the Plaza-Irvine, but never moved in. She does have other properties in OC.
 
[quote author="dcoffield" date=1250113664][quote author="highlife" date=1250085400]the Marquee is built with apartment quality material</blockquote>


Seriously? I've never been in the Marquee but from the pic's it doesn't look that way.</blockquote>


The origanal lobby had to be renovated because homeowners complained. The new lobby is beautiful. But as you go to other parts of the Marquee. Its a major disappointment. I know so many people that own at the Marquee, but rent at the Plaza.
 
[quote author="highlife" date=1250125514][quote author="dcoffield" date=1250113664][quote author="highlife" date=1250085400]the Marquee is built with apartment quality material</blockquote>


Seriously? I've never been in the Marquee but from the pic's it doesn't look that way.</blockquote>


The origanal lobby had to be renovated because homeowners complained. The new lobby is beautiful. But as you go to other parts of the Marquee. Its a major disappointment. I know so many people that own at the Marquee, but rent at the Plaza.</blockquote>


From what I've heard, the Marquee does not allow pets where the Plaza does. Is that correct?
 
[quote author="dcoffield" date=1250126404][quote author="highlife" date=1250125514][quote author="dcoffield" date=1250113664][quote author="highlife" date=1250085400]the Marquee is built with apartment quality material</blockquote>


Seriously? I've never been in the Marquee but from the pic's it doesn't look that way.</blockquote>


The origanal lobby had to be renovated because homeowners complained. The new lobby is beautiful. But as you go to other parts of the Marquee. Its a major disappointment. I know so many people that own at the Marquee, but rent at the Plaza.</blockquote>


From what I've heard, the Marquee does not allow pets where the Plaza does. Is that correct?</blockquote>


That is correct. I don't have a pet, but a lot of my neighbors do.
 
Regarding The Plaza luxury "lifestyle", here are a couple of examples of how it's better compared to a FratHouse. Mngmt had to hire security for the pool because of the drunk frat types & their antics. And the convenience store on the bottom floor, the "locals" hang out in front of the store at all hours, smoking, drinking - I would describe it as a nuisance rather than convenience. Fact vs fiction, the pics are pretty telling....
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[quote author="highlife" date=1250084403]To answer your question. It has bottom out ... 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</blockquote>Profit ? Forget about profit, those 5 short sales were severely underwater. You can rationalize your purchase to your hearts content, but you are underwater with the rest of those people.
 
[quote author="xoneinax" date=1250162874]4-Star vomit ? I think I see some caviar in there.



Looks like these are being rented out to college students</blockquote>
I joined this blog to share my experience in a highrise. I now realize I should keep my opinion to myself. Everyone has different taste, and I was just sharing

mine.

Wish everyone well...peace out!!!
 
[quote author="OC01" date=1250146619]Regarding The Plaza luxury "lifestyle", here are a couple of examples of how it's better compared to a FratHouse. Mngmt had to hire security for the pool because of the drunk frat types & their antics. And the convenience store on the bottom floor, the "locals" hang out in front of the store at all hours, smoking, drinking - I would describe it as a nuisance rather than convenience. Fact vs fiction, the pics are pretty telling....</blockquote>
No where is perfect, but at the Plaza, the janitor will clean it up.

As for the nuisance it bothers me, but it rarely happens. And nothing happens after 11pm, the police is always patrolling the neighborhood.

If you live at the PLaza, you don't seem happy...too bad. Its not for everyone.
 
[quote author="highlife" date=1250166518][quote author="xoneinax" date=1250162874]4-Star vomit ? I think I see some caviar in there.



Looks like these are being rented out to college students</blockquote>
I joined this blog to share my experience in a highrise. I now realize I should keep my opinion to myself. Everyone has different taste, and I was just sharing

mine.

Wish everyone well...peace out!!!</blockquote>


Stick around!
 
[quote author="highlife" date=1250167322][quote author="OC01" date=1250146619]Regarding The Plaza luxury "lifestyle", here are a couple of examples of how it's better compared to a FratHouse. Mngmt had to hire security for the pool because of the drunk frat types & their antics. And the convenience store on the bottom floor, the "locals" hang out in front of the store at all hours, smoking, drinking - I would describe it as a nuisance rather than convenience. Fact vs fiction, the pics are pretty telling....</blockquote>
No where is perfect, but at the Plaza, the janitor will clean it up.

As for the nuisance it bothers me, but it rarely happens. And nothing happens after 11pm, the police is always patrolling the neighborhood.

If you live at the PLaza, you don't seem happy...too bad. Its not for everyone.</blockquote>


Thanks for the feedback.

Is it hard to give up a backyard and attached garage to live in these high rise condos?

Do you feel there are many renters there bringing down the quality of the building?
 
[quote author="highlife" date=1250166518]

Wish everyone well...peace out!!!</blockquote>


Well, excepting your grammar, I found your posts to be quite interesting. I hadn't considered the pros of living in one of the towers, and I appreciate that you took the time to give us your perspective on it.



It seems to be a lifestyle that Irvine may not be as well suited to as the builders had hoped. Time will tell, I suppose.
 
I don't think that i will ever live in a highrise in my lifetime.

But i'm very impressed with the plaza. It would be great to hang

out at the pool area there. If i had an excessive amount of money,

i would buy one for sure.
 
[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.irvinehousing.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 <strong>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</strong>. 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>


I don't know Graph. I detect some old-school-speak in that third new school paragraph. Anywayz the sentence in bold pretty much sums up in a nuthell were this market is heading.
 
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