Anyone been watching the Towering Inferno at Marquee Place?

NEW -> Contingent Buyer Assistance Program
fumbling said:
going back to the bank for $535k means the bank put it on the market (say MLS) for $535k? so if I check on Realtor.com or redfin.com I should be able to find it?
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If it just "sold" at auction this week then I doubt it's on the MLS already. You would find the auction results in the county records...there's a website Graph checks. "Going back to the bank" means going back to the bank because nobody at the public auction wanted it...and now the bank is the official owner and can resell it for whatever they want. It could have had the result of sold to somebody other than the bank (one of those people who stand outside the courthouse with cashiers checks that other threads around here have mentioned) for something like $535,500.01, but instead there were those dang crickets.

Um, foreclosure thread much?
 
Roo said:
How many square feet is 1301?
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http://www.redfin.com/CA/Irvine/3131-MICHELSON-92612/unit-1302/home/12385699 #1302 is 1347

http://www.redfin.com/CA/Irvine/3131-Michelson-92612/unit-1305/home/13409157 #1305 is 1356

http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1303/home/12323442#1303 is 2063

I dunno...take an average, He is boxed in. Oh and 1302 is...

***Investor alert***This property just reduced price again and is selling at a price far below 2004 contract price with builder .
 
There is a huge auction sign on the side of 'West Ocean', the new condo tower on Ocean in Long Beach.

Here is the link to their site...West Ocean Long Beach

Great location, right across from the courthouse. When they foreclose, they can just walk across the street and auction it on the steps.

2008.07.meme.jpg
 
There's a full page ad in today's OC Register about the West Ocean auction set for August 24, with sample prices like

1/1 893 sf 534,000 orig 275,000 min bid

2/2 1040 sf 694,000 350,000

2/2 1397 sf 1,065,000 565,000

3/2 1651 sf 1,492,000 795,000

Wow those original prices are the definition of WTF pricing! The min bids still seem way high for the space you're getting, although the building looks pretty nice. No mention of HOAs though, wonder if it's in the $1k range.
 
You know I walked this building, it really is a nice place. If I were single this would be a great place to live. Not so good for a family of four. I'll stick to the Shore for these prices.
 
There is a huge auction sign on the side of ‘West Ocean’, the new condo tower on Ocean in Long Beach.

I like the look of West Ocean, the location (except the courthouse) is excellent, especially for commuters as the train is about a 4 minute walk away.

I would consider buying here....but it's happening TOO SOON ! For me, at least. LOL.

This should be cross posted in the Long Beach thread optimus ! ;)
 
morekaos said:
Trooper said:
morekaos, Do you have any updates on the LB high end condo crash? I see a ton of listings in Aqua, also saw a 1/1 in West Ocean for the high fives. Quite a drop.

Temple Lofts are bombing too.
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I don't know where to begin...Aqua is a total disaster 27 redfin listings, 3 bank owned, 80% seem underwater. West ocean has 11 listings with 2/2s in the mid 500s and a buddy of mine told me they haven't sold one in quite awhile. No bank owned yet but the night is young. Don't even go to the lofts. The bottom fell out of that market months ago.
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Check it out Troop, by total coincidence one of my clients sons is a contractor on Temple Lofts. He hasn't been paid a dime and thinks he will go under with the owners. If I had known I would have warned him. Good kid, but the tuition at the School of Hard Knocks is not cheap.
 
Cue laugh track please.......

Listing Price History

Date Price

Dec 10, 2007 $1,000,000

Jun 25, 2008 $549,000

Aug 01, 2008 $499,000

FORECLOSURE LOOMS ...BEAT THE BANK!!! The 'pied-a-terre' of the United States West Coast elite. Prestigious California Riviera High-Rise Condo. Experience Sunny SoCal's Newest Luxury Lifestyle. Modern yet sophisticated 2 bed/2 bath + den/office on the 8th floor with spectacular views! Truly, a one-of-a-kind combination of location and convenience with extensive amenities incl: concierge service, billiard and meeting rooms, pool, spa, fitness center, CCTV bldg surveillance + much more! Centrally located in the 'Heart of OC'. No Mello-Roos.

http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-807/home/12126335
 
Laugh track again please....

"Extremely light, romantic, sensational, emotional condo"...I think I want to have an affair with this condo!!! I simply must have it but not for 1.9 million where we started our flirtation. Nor for the $300,000.00 gift price at 1.6 million it now stands at. Nor for the eventual insult and open handed slap of a $95,000.00 lease. Oh well I will have to drown my sorrows in anothers arms.... for now.

http://www.redfin.com/CA/Irvine/3131-Michelson-92612/unit-1803/home/12551130
 
morekaos said:
http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-807/home/12126335
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Can I offer the bank $1?

No, seriously.

The HOA is $1125, that's before deadbeat and special assessments. At $1, if the building doesn't go under, I might break even with renting in the next few years after helping the HOA keep the lights on.
 
Impressive... 3141 Michelson includes the fireplace logs and the fireplace screen as part of the purchase price!

NSR... I think that would be a reasonable offer considering the outrageous HOA's! Considering all the imploding at the tower, I can the HOA's adjusting to a higher amount due to the lack of people paying the fees in the first place - if they are NOT paying the bank, they sure are not paying the HOA either. Too bad this place and others like it are heading to 'shantytown' status. :(
 
Let the bloodbath begin!

First 5076 Scholarship "The Plaza" is scheduled for the auction on 8/22 with a NTS of $857k.

Next up... some more Marquee "North Korea Towers" are up for auction...

3141, unit 1702, 8/27, $1.375 NTS.

3141, unit 1305, 8/27, $1.174 NTS.

3131, unit 1304, 9/8, $1.248 NTS.

3131, unit 1802, 8/29, $1.515 NTS.

Keep in mind, this one was taken back in May for $510k, and lucky for this bank they were able to get it on the market in less than 30 days.
 
I guess it is true that a 13th floor is bad luck. This 13th floor is totally ablaze. Should have skipped it like other buildings do. Bad Feng shui.
 
I know, I know... the blog reviewed this post a few months ago, but I just can't get over the PR blitzkrieg the employees laid on us back in December of 2006. Anyway, I have to post some of the comments just for pure schadenfreude bliss.

Astute Observation by Marquee - High Rise Heaven

To Irvine Renter - You must be the originator of this blog since you seem to be the driver behind the dialogue here, and you sound like a starving residential real estate broker trying to drum up business to sell your non-high rise single family home listings in Irvine. Why else would you be spending so much time trying to figure out this property. Haha! I’ve never read so much from one person on a high rise who doesn’t appear to have had the knowledge or opportunity to own or live in one yourself. Only throwing rocks at our windows! You have no idea about HOA dues, just do your homework - try the LA Wilshire corridor for example where some units are being charged as much as $6,000 per month, or many of the other high rise properties in CA or Hawaii, or - just anywhere. Also check out the price per square foot for any new high rise construction. There are investors right now quietly picking away at the resales - and both sides are making profits. Yes, there are investors who are trying to sell out their investment units all around S. CA. to get through any potential extended downturns in real estate, however I know one investor who is selling out many of his properties in S. CA, but keeping back his Marquee unit out of his entire portfolio of properties -Why? Its a crown jewel property, great location, stand alone project in the middle of a high end masterplanned community, price per square foot construction and their cost basis - and in just one week they tell me they got (8) eight calls to rent their unit at the Marquee - so now they have all their carrying costs paid for. Where can you buy a nice property today with excellent potential upside and get all of its carrying costs paid for in a great location in OC? So about your comment about renting a unit so it covers the dues and taxes? That’s splendid from an investor’s standpoint, as its then a free ride to the time when the high rise matures and the market swings back and prices push up. For the renter? Its also a great deal, reasonable rent, a fabulous place to live in, but the downside for the renter is that all the profits, if the unit sells, goes to the “smart” investor. If you are a homeowner and don’t plan to sell your unit anytime soon, that’s fabulous too, you get the absolute BEST of BOTH worlds. By the way, not all the units are the same, so as an ‘outsider’ you just can’t judge just on price per square foot and level of the unit as the true valuation. Each unit has different views and assets and they vary from fabulous to not so fabulous - just like full and partial ocean views and garden views - the values will vary widely.

As far as what is happening at the Marquee - we’re just going to keep that to ourselves. Alot is going on, and its all exciting. We don’t need to tip off the competition, but when you walk in as a homeowner or renter we want you to feel that you are in your own exclusive palace with your staff including your concierge at your beck and call, a very special experience that is brand new to OC. We have a very proactive developer, a very hands on HOA board with high standards and committees with people who are do-ers. Doctors, lawyers, CEO’s of corporations, international business people, rock stars, athletes, Hollywood producers, and just regular folk - the Marquee has already attracted a diverse, very upscale group which makes it a very exciting community.

The place is barely one year old, and it is evolving quite nicely! Shhh - don’t tell anyone! haha!

Astute Observation by George

I live at Marquee Park Place and must say, it has been the best move I have ever made. Obviously, the negative comments about this high-end style of living is precipitated from people that simply can’t afford this lifestyle and have no clue about the cornucopia of amenities that are offered here. How can anyone complain about 10 restaurants, a grocery store and an abundance of awesome retail within walking distance from home? Or how about a 3 minute cab drive to the airport? Or 2 minutes to the 405 freeway onramp and close proximity to millions of square feet of Class A office space? Several months ago I watched the Bush presidential entourage drive from the airport to the Hyatt. Two black helicopters were scoping rooftops and police were stationed at ever intersection. I viewed all this from my 12th floor condo while sipping coffee on my sofa. It was like watching an Arnold movie - very cool! Daily, I watch jets making there final approach to John Wayne Airport. It is also very surreal to watch these jets execute their rapid assent like rocket ships into orbit. How would you like to call from your cell phone and speak to the concierge in order to have them meet you at your reserved parking stall with a hotel style luggage carrier? Groceries and all your personal affects are whisked up to your condo with gratuities not allowed. Within minutes you are enjoying the bright spectrum of distant colors better known as the sunset!

Simply said, those that have comments that are anything but positive are alluding themselves. Marquee Park Place is a great place to live!

Astute Observation by Jacqueline

I live at the Marquee and it is the best decision I ever made! I bought as soon as units were for sale, before it was built, because I wanted a brand new single-level turn-key place in this area, and it had more square footage than any single-level I could find here--and I had looked for that for years. I really do love it here and always enjoy coming home.

After owning a home for many years, I didn’t ever want to deal with all the maintenance, repairs, yard, roof, etc., etc. again. I absolutely love not having anything like that to take care of; always being greeted at the gate; always helped with whatever I need by the concierges; having many new and interesting friends; and being part of a “community”.

I never hear my neighbors or any outside noise unless I open my double-pained windows or go out to enjoy the view from my deck.

Being born in raised in California, I have been through so many earthquakes — so I spoke to an independent engineer about this place and am thrilled to know it was built far-above Irvine City building and earthquake requirements. Not worried at all.

I plan to live at the Marquee for a long time and am sure it will turn out to be a great investment.

Wow! What a great job their marketing department did. Now, I just wonder which one of these douchebags is in foreclosure?

IR said it best in that thread...

Marquee Park Place is the finest property in all of Orange County. The residents there are the best of the best, and they made a wise decision to buy in such a great place. No matter what happens in the rest of the residential market, these wonderful “homes” will never decline in value. In fact, they will probably continue to appreciate at double digit rates making all the early buyers wealthy beyond all their dreams.

You were right; I was wrong; I am sorry.

Snark at its finest there my IHBers. Be sure to click the link, I read the comments that night and I nearly died from the Kool-Aid OD. Thank gawd for IR's snark, or I just might not be here today.
 
Graph, I like this bit .......

" Its also a great deal, reasonable rent, a fabulous place to live in, but the downside for the renter is that all the profits, if the unit sells, goes to the “smart” investor"

8-/
 
Its a crown jewel property, great location, stand alone project in the middle of a high end masterplanned community, price per square foot construction and their cost basis - and in just one week they tell me they got (8) eight calls to rent their unit at the Marquee - so now they have all their carrying costs paid for. Where can you buy a nice property today with excellent potential upside and get all of its carrying costs paid for in a great location in OC? So about your comment about renting a unit so it covers the dues and taxes? That’s splendid from an investor’s standpoint, as its then a free ride to the time when the high rise matures and the market swings back and prices push up. For the renter? Its also a great deal, reasonable rent, a fabulous place to live in, but the downside for the renter is that all the profits, if the unit sells, goes to the “smart” investor

Do you think this goes for this "smart" investors little crown jewel? Why is he trying to get somebody to pry that jewel loose for $300,000.00 less than just 3 months ago? Do you think he is fighting off eight calls a week to rent his little Jewel of the Nile? Is the renter really getting a "great deal" paying $94,800.00 a year in lease payments. Is that really "reasonable"? I think NOT

http://www.redfin.com/CA/Irvine/3131-Michelson-92612/unit-1803/home/12551130
 
morekaos said:
Do you think he is fighting off eight calls a week to rent his little Jewel of the Nile?
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Yes, he is getting at least 8 calls a day, but from his lender trying to get him to make a payment.
 
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