Would you do it?

NEW -> Contingent Buyer Assistance Program
[quote author="jriosdds" date=1214487720]I already visted the place. Owner offered $2100. It's a couple of floors below my friend's unit. Depends on the floorplan and location (height and views). Typical pricing structure for a highrise.



There's also one listed on the MLS (#601; 1300 sf) for $2200.</blockquote>
Interesting, sounds like the rents are coming down just like the prices....I wonder how long before the competition for renters gets so cut-throat that you'll see a rental go below $2,000/month???
 
[quote author="bltserv" date=1214452697]I thought about moving here as well. I like the area and have no family.

Paying top dollar at the IAC in Quail Hell at present.

But I do love my attached garage and quiet neighbors.



But the thought of the pink notice on my door that the unit was being

forclosed on has an effect on my decision process. Sure you have a lease.

But who wants the headache. It like renting from someone who is selling drugs

in the back unit. Only a matter of time till you suffer from their stupidity.

How long can they continue to lose money and subsidize your savings ?

That HOA fee alone is a red flag. Rent for $ 2600.00 when you know almost half

is going to HOA ? The old saying of its "too good a deal to be true". Beware.



As long as your willing to think about it on a month to month basis.

Go for it. But the lease isnt worth the paper its written on IMHO.

Think of it like a hotel room with a monthly rate and your good to go.</blockquote>
Which apartment complex do you live in? Quail Meadows or Quail Ridge? I too will become a renter shortly and I'm seeing 1bed IAC rentals at $1,500 to $1,600 so getting a 2bed unit at one of the inferno towers at $2,000 is sorta tempting. Although, the fact that the owner will get foreclosed on makes me a little nervous about that option.
 
"<em>Although, the fact that the owner will get foreclosed on makes me a little nervous about that option". </em>



jrios, many of us think that the majority of that bldg will be REO soon. You'll take your chances renting in there....thinking you might get evicted by the bank when you least expect it. Make sure to investigate your owner (landlord) thoroughly. Check the assessor's website to make sure the property taxes have been paid...because that's usually the first thing underwater owners neglect to pay, and the HOA dues.



Good luck, I think it's a cool bldg...even though it doesn't quite fit in.



<a href="http://www.irvinehousingblog.com/forums/viewthread/1453/">You might want to also review this thread</a>
 
[quote author="usctrojanman29" date=1214489272][quote author="bltserv" date=1214452697]I thought about moving here as well. I like the area and have no family.

Paying top dollar at the IAC in Quail Hell at present.

But I do love my attached garage and quiet neighbors.



But the thought of the pink notice on my door that the unit was being

forclosed on has an effect on my decision process. Sure you have a lease.

But who wants the headache. It like renting from someone who is selling drugs

in the back unit. Only a matter of time till you suffer from their stupidity.

How long can they continue to lose money and subsidize your savings ?

That HOA fee alone is a red flag. Rent for $ 2600.00 when you know almost half

is going to HOA ? The old saying of its "too good a deal to be true". Beware.



As long as your willing to think about it on a month to month basis.

Go for it. But the lease isnt worth the paper its written on IMHO.

Think of it like a hotel room with a monthly rate and your good to go.</blockquote>
Which apartment complex do you live in? Quail Meadows or Quail Ridge? I too will become a renter shortly and I'm seeing 1bed IAC rentals at $1,500 to $1,600 so getting a 2bed unit at one of the inferno towers at $2,000 is sorta tempting. Although, the fact that the owner will get foreclosed on makes me a little nervous about that option.</blockquote>


I am on the "Ridge". I went to Houstons on the way home yesterday and was talking to one

of the girls behind the bar. Lots of Marquee residents frequent Houston`s. She said overall most people really like living there. A few have issues and complaints. Like the owners losing their butts. LOL.

I will be stuck in my IAC the rest of the year. I did get my rent lowered. But still paying way too much IMHO. My Garage alone is costing me $ 300.00 a month for it being "attached".



The more I think about it. $ 2200.00 for a 2 bedroom is what your going to be paying IAC.

The only plus with IAC is you know your not going to get the boot from a foreclosure sale.

My IAC 1 Bed with Attached Garage is $ 1800.00

Shop around if your going to come here. Then haggle. Plenty of vacant units.

Just watch the leasebreak fees they try to slip into the contracts. $ 3000.00 +



The more I think about it I would go for the Marquee. Moving is really not a big deal with

not having to heave around the appliances.
 
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