3225 Watermarke sold for $150k? How?

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I pulled title. It did in fact close on 7/1/08 for $150k. Bought private party. All cash



Also, just fyi this sale was never put into the MLS (atleast from what I could find in MLS). Leads me to believe if maybe the old owner could have been related to the new owner, or been acquantinces(sp?)/friends or something like that.



Looking in the MLS the most recent 1bd sale I could find at watermarke was $250k. (11/14/08)
 
How do you pull the title? The recorders office online only gives general info.



Also I heard there was a law suit regarding the building, any info on that?



In the event that watermarke goes bankrupt, I am guessing the condo owners get nothing, so this might be a riskier rental investment than it seems. Anyone have more info? Stick to sfr not subject to 99 year lease. Avoid mega complexes built in the last 5 years as they are usually highly leveraged.
 
Theres probably alot of background that people may or may not know about the building. Maybe someone can look it up? :)



I'm sure its probably in the sale docs. The impression I get is that Watermarke as a community/management company seems more solid compared to the others up and down Jamboree... If they want to push rental units (do they still do that?) they can make it competitive with Villa Siena.



You can get Marquis for bargain basement prices but I wouldn't touch it with a ten foot pole... All those REO's & short sales (Redfin) combined with seemingly unintelligent HOA board (this point is hearsay). Then you got the $1300 association fee that goes toward nothing. :)



If these high rise condo's (with reasonable HOA/Fees) drop some more in price, they might be a good rental/investment property assuming the HOA's don't go bankrupt and/or pull a Rancho San Juaquin/Marquis :D.



I love this board, I know nothing about real estate. My specialty is import/export/outsourcing. I'm a renter, I see property as a tax writeoff or collateral for business loans LOL.
 
You guys can search various <a href="http://www.irvinehousingblog.com/forums/viewthread/39/">threads</a> re watermarke; I still recommend not living there. I did not know it was land lease, all the more reason not to live there. You guys can read all of my experiences with the law suit and the false fire alarms. I don't think Watermarke can be bankrupt; they are all individually owned; I think the builders Sargis, can be sued for construction defects. I'm sure they long spent that $ from those initial sales offerings...
 
How's the lawsuit and fire alarm situation coming along? Definitely would be curious of the updates. Anyone with the Lexis access?



I lived at Villa Siena before and alot of times the fire alarm is caused by drunken bastards who think they're funny and/or pissed off residents/guests who pull the alarms on the way out. It comes with the territory, and ever since moving out, my friends there tell me that they are no longer accepting Personal Guarantors for the apartments. This basically discriminates by weeding out younger people (college students) with no fixed income.



Having lived in the area for two years, the real estate along Jamboree is feels "trendy" and would attract short term renters with higher rent budgets. The term "long term hotel/corporate housing" comes to mind. Comparing the 1BR rents up and down the street, its probably averaging around $1500 a month range depending on the freebies.
 
buylow-



if you are serious about investing, you should get all this specific research from a buyers RE agent who you retain for the purchase.



maybe one of the RE agents here know of one who is an expert in this market/area in particular?
 
Probably not this property in general but I was very curious to see whats going on. I know one of these units went on REDC auction last year starting at $100k and I wonder if this one was it. $150k is a heck of a deal. Probably too good to be true though. Was just wondering if anyone had this info at their fingertips.
 
[quote author="roundcorners" date=1231153891]You guys can search various <a href="http://www.irvinehousingblog.com/forums/viewthread/39/">threads</a> re watermarke; I still recommend not living there. I did not know it was land lease, all the more reason not to live there. You guys can read all of my experiences with the law suit and the false fire alarms. I don't think Watermarke can be bankrupt; they are all individually owned; I think the builders Sargis, can be sued for construction defects. I'm sure they long spent that $ from those initial sales offerings...</blockquote>


are you sure it's leased land? i'm looking at 3 watermarke condos for sale in the mls, and all 3 listing agents have "fee simple" inserted into the land type
 
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