This can't be good.
http://irvinehomes.freedomblogging.com/2009/12/16/another-50-discount-at-irvine-high-rise/11719/
Another 50% discount at Irvine high rise
December 16th, 2009, 1:18 pm - 4 Comments - posted by Erika Chavez, Staff Writer
Remember that condo at Irvine's Marquee Park Place that sold for 50% less than its previous sale? The 2-bedroom unit sold for $1 million in 2006; fast-forward three years and the now-bank owned property was snapped up for $500,000.
Looks like that wasn't an anomaly.
I stumbled across another recently closed sale in Irvine's first high-rise, and felt a sense of deja vu: the 2-bedroom unit last sold in April 2006 for $1,501,500. On October 16, the home (now bank-owned) sold for $750,000.
In the comments attached to the last post, local Realtor Adam Brett shed some light on these deep discounts at Marquee Park Place:
"There are a few more reasons for the price decline at this project. Currently - there is litigation, over 20% HOA delinquency, and nearly a 50% non-owner occupied rate.
No lender will finance a sale or refinance making the buyers pay ALL CASH for any sale."
To refresh your memory, HOA fees at this property run $1,152 per month and include a 24-hour concierge