Anyone been watching the Towering Inferno at Marquee Place?

[quote author="morekaos" date=1236767709]Wow, 388M. I never thought we would break the 400 barrier. Well, I guess I am wrong again.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">388M</a>



And even this dink of a place has that HOA albetross...yeechhhhh



Dues #1: $1,096.00</blockquote>


It dropped to $368,000 a few days after you posted that. And then a few days ago it was dropped again to $348,000.



But with HOA dues that start at $1,100 per month for these places, they all have a long way to go. It will be interesting to see just exactly what these towers are doing in 2010. Rentals? UCI married student housing?
 
[quote author="MightyAlweg" date=1238605154][quote author="morekaos" date=1236767709]Wow, 388M. I never thought we would break the 400 barrier. Well, I guess I am wrong again.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">388M</a>



And even this dink of a place has that HOA albetross...yeechhhhh



Dues #1: $1,096.00</blockquote>


It dropped to $368,000 a few days after you posted that. And then a few days ago it was dropped again to $348,000.



But with HOA dues that start at $1,100 per month for these places, they all have a long way to go. It will be interesting to see just exactly what these towers are doing in 2010. Rentals? UCI married student housing?</blockquote>


You know, I'd probably bite for 200k. Keep it moving...
 
[quote author="Shadax" date=1238617407][quote author="MightyAlweg" date=1238605154][quote author="morekaos" date=1236767709]Wow, 388M. I never thought we would break the 400 barrier. Well, I guess I am wrong again.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">388M</a>



And even this dink of a place has that HOA albetross...yeechhhhh



Dues #1: $1,096.00</blockquote>


It dropped to $368,000 a few days after you posted that. And then a few days ago it was dropped again to $348,000.



But with HOA dues that start at $1,100 per month for these places, they all have a long way to go. It will be interesting to see just exactly what these towers are doing in 2010. Rentals? UCI married student housing?</blockquote>


You know, I'd probably bite for 200k. Keep it moving...</blockquote>


You may bet your wish...now $328,000.00 about to pierce the $250 per square foot mark and set the tone for this disaster movie.
 
This is stunning. Of the 37 units currently for sale



23 are short sales or at a loss (62%)

11 are living on Mars and are asking more (30%)

4 do not list purchase prices so we do not know the status but if it goes along these lines 3 of them are underwater.



Let me say again...62-66%% of this building that is for sale is in distress!!, short sale!!! losses!!! What a tower of losers!!! Jump! Before it is too late. There is no water tank on the roof to save these people



<a href="http://www.redfin.com/search#lat=33.6707436&long;=-117.8440853&market=socal&status=1&v=4&zoomLevel=17">Towering Inferno</a>
 
This is really looking good for renting.

Pretty soon a lease here is going to be cheaper than my IAC unit.



Lets see now. For $ 2550.00 a month. 2 Bedroom 1300 Sq. with a view.

This is a smokin deal.



<a href="http://www.condosetc.com/index.cfm?fuseaction=detail&startrow=76&cfid=10311920&cftoken=12989697">http://www.condosetc.com/index.cfm?fuseaction=detail&startrow=76&cfid=10311920&cftoken=12989697</a>



Just think how the owner must feel after he writes the HOA check for $ 1200.00

every month ? This place is really on fire if your an owner. And your just feeding

the monster greenbacks by the shovel full.



The Towering Cash Inferno.



Oops. I exagerated. Latest HOA is $ 1124.00 from what I am reading on the newest listings.
 
I went over to the Marquee website to see what the latest news was.

Looks like the term "Towering Inferno" has taken on a certain new reality.



<blockquote>Dear Residents

On the evening of April 14th at 11:19 p.m., there was a small fire that occurred on the 16th Floor in the East Tower. The cause is currently under investigation. The fire was quickly contained but there was resulting fire sprinkler damage to several units. The fire alarms were working correctly. The alarms will go off on the floor above, below and the actual floor where the fire is occurring.



We wish to commend every resident for thinking quickly and evacuating immediately when hearing the alarms from both towers. Coincidentally, this incident comes on the heels of our upcoming May 27th, 2009 Fire, Life and Safety Emergency Training program scheduled for all residents at 6:30 p.m. in the East Tower Lounge. We have also scheduled evacuation exercises for the community at different time slots on Friday, June 12, 2009 commencing at 10:30 a.m. through 11:45 a.m. Please watch for future notices! Thank you.

</blockquote>


I wonder how many units the sprinklers went off in ?

Can you imagine laying in bed when the alarm went off and the sprinklers came on ?
 
[quote author="usctrojanman29" date=1212580729]If the prices drop into the low $400k range, I may pull the trigger...I guess I'll keep my fingers crossed till then...</blockquote>


Here ya go SC. Low 300's now. Is your finger still on the trigger?
 
[quote author="morekaos" date=1240458029][quote author="usctrojanman29" date=1212580729]If the prices drop into the low $400k range, I may pull the trigger...I guess I'll keep my fingers crossed till then...</blockquote>


Here ya go SC. Low 300's now. Is your finger still on the trigger?</blockquote>
Not, my reserve price has been lowered to $150k now.
 
Anyone know how the fire will affect the assessments? Will the $1200 a month assessments go down because there's less building to maintain?
 
[quote author="tkaratz" date=1240462184]Anyone know how the fire will affect the assessments? Will the $1200 a month assessments go down because there's less building to maintain?</blockquote>


I would imagine that, if anything, the contrary, since they will fix things and that will cost $$$. In any case, it sounded like a small fire from the descriptiong posted here (maybe somebody's burnt dinner, that sort of thing), so probably the water damage from the sprinklers was greater than the fire damage.
 
[quote author="usctrojanman29" date=1240461425][quote author="morekaos" date=1240458029][quote author="usctrojanman29" date=1212580729]If the prices drop into the low $400k range, I may pull the trigger...I guess I'll keep my fingers crossed till then...</blockquote>


Here ya go SC. Low 300's now. Is your finger still on the trigger?</blockquote>
Not, my reserve price has been lowered to $150k now.</blockquote>


Man, think about that. In June of 2008 $400m looked mildly interesting but still only a hope. Now $320 is an insult. What an unmitigated disaster these towers are.
 
[quote author="morekaos" date=1240521713][quote author="usctrojanman29" date=1240461425][quote author="morekaos" date=1240458029][quote author="usctrojanman29" date=1212580729]If the prices drop into the low $400k range, I may pull the trigger...I guess I'll keep my fingers crossed till then...</blockquote>


Here ya go SC. Low 300's now. Is your finger still on the trigger?</blockquote>
Not, my reserve price has been lowered to $150k now.</blockquote>


Man, think about that. In June of 2008 $400m looked mildly interesting but still only a hope. Now $320 is an insult. What an unmitigated disaster these towers are.</blockquote>
A true disaster in the making...I wonder how the Plaza Towers off Campus/Jamboree are doing? haha The insulting part isn't the $320k...it's the $1,200 HOA fee. I bet that people are having problems getting financing due to the high REO level.
 
Even though I was standing there in 2007 with a box of matches just waiting to watch these towers burn, I never, ever thought that 2/3 of the units for sale would be short sales. That just astounds me. I wish I could have shorted this project. Have to talk to the MERQ about that.
 
This is from a Sept 2005 Article in the OC Metro.



<blockquote>Like many buyers at Park Place, it was love at first sight for Tom Testa. He was one of the first buyers back in 2003 when the units went on the market. Testa, a mortgage banker and CEO of Alliance Portfolio, says it took him about ?five seconds? to buy his two-story, 1,520-square-foot corner unit in the East Tower. His unit has a panoramic view of the wetlands and faces the sunrise. The purchase price was $900,000, but he believes the value of the unit is more than $1.5 million today</blockquote>


If he was to sell now and could get $ 400/SqFt. Thats now $ 600K in todays market.

Then throw that HOA and Taxes in. OUCH. Thats almost a Million Bucks Off his peak.
 
Just for old times sake (and to kill time while this paint dries), I've been re-reading some of the long running threads. While this thead is particularly interesting to read just to see the change in attitudes, I found this classic hit courtesy of Zovall from 2006:



<a href="http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/">http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/</a>



Six months ago, some users were claiming the place would never get to $400. $100K looks possible for these overpriced IAC apartments if you expect somebody to continue to pay the mello roos and HOA and interest rates creep up.
 
[quote author="no_vaseline" date=1240580599]Just for old times sake (and to kill time while this paint dries), I've been re-reading some of the long running threads. While this thead is particularly interesting to read just to see the change in attitudes, I found this classic hit courtesy of Zovall from 2006:



<a href="http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/">http://www.irvinehousingblog.com/blog/comments/marquee-park-place-high-rise-hell/</a>



Six months ago, some users were claiming the place would never get to $400. $100K looks possible for these overpriced IAC apartments if you expect somebody to continue to pay the mello roos and HOA and interest rates creep up.</blockquote>


Hah hah! Thanks for posting the thread because I for one had not read that one. Check out this classic IrvineRenter line:



He has a suite on the Titanic, and I am on the dock wishing him bon voyage.



He wrote that on December 29th, 2006.



Wow, the posts that followed were classic as well. "Lots of great things happening in here with CEOs, Doctors, Lawyers, parties, etc. We don't need to tell you about it. Keep it on the down-low. "



Wow. Remind me to NEVER write any of my financial prognostications in this blog. I might look more foolish than I could even imagine!!!!
 
[quote author="morekaos" date=1238585832][quote author="morekaos" date=1236137207]Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO's. Go figure.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-604/home/7211435">3131 Michelson Dr #604 </a>



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1302/home/7211484">3131 MICHELSON #1302 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-404/home/7219078">3141 MICHELSON Dr #404 </a>



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-804/home/7211368">3141 Michelson #804 </a>



I'm rooting for horse #804. Let's race.</blockquote>


...And from the back of the pack charges #307, a long shot out of Pimlico, at $270 a square foot.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-303/home/7211422">#307</a></blockquote>


Great post by IR on the Towers or Terror but I think this one got neglected. It is actually the lowest priced 2:2 at $254 a square foot and a back breaking $328,000.00...OUCH!!!!!!!!!

By the way it is right next door to his featured property so I don't see why someone (Idiot) would pay 399 on the same floor
 
Is this the inevitable end to our Towers of Terror?



<a href="http://www.browardpalmbeach.com/2009-06-18/news/south-florida-s-housing-crisis-leaves-behind-ghost-towers/">south-florida-s-housing-crisis-leaves-behind-ghost-towers</a>



Drive down Federal Highway or Sunrise Boulevard in Fort Lauderdale or Okeechobee Boulevard in West Palm Beach and the "For Sale" signs seem inescapable. Every lonely strip-mall storefront and empty condominium complex pleads to become someone else's problem.



Consider them the artifacts of a gilded age. During the past decade, South Florida's landscape was transformed by a real estate frenzy, part of the biggest home-price boom in American history. The only thing more stunning than the housing market's steep climb was its precipitous fall. According to the Florida Association of Realtors, median home sale prices in the Fort Lauderdale metro area rose by 85 percent between January 2003 and January 2006, when they hit a high of $370,500. By April of this year, that price had been cut nearly in half. Meanwhile, Palm Beach County is now facing its biggest plunge in taxable property values since the Great Depression.
 
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