Anyone been watching the Towering Inferno at Marquee Place?

[quote author="morekaos" date=1245844501]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.</blockquote>
But we already have that....they are called the Skyline Towers over in Santa Ana.
 
[quote author="usctrojanman29" date=1245880072] But we already have that....they are called the Skyline Towers over in Santa Ana.</blockquote>


I had to go to Costa Mesa yesterday and chase parts. On the way back I never fail to be amazed at the site of the Skyline Towers - glistening in thier emptyness.
 
"I'm melting!!! melting!!! melting!!.......aaagggggghhhhh....



<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-502/home/7211338">#502</a>



Jun 29, 2009 <strong><span style="color: red;"><span style="font-size: 13px;">Listed $399,000 </span></span></strong>-- SoCalMLS #S579815

Mar 02, 2006 <span style="color: green;"><strong><span style="font-size: 13px;">Sold $829,000 </span></strong></span>-- Public Records



That is about equivalent to a five story fall to your death.
 
[quote author="no_vaseline" date=1245880499]I had to go to Costa Mesa yesterday and chase parts</blockquote>I like those Skyline Towers. How high is the HOA; what is rental parity per SF ?
 
Do you think every sale in the last year was a bank taking it back? It sorta looks that way.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1002/home/7211464">unit 1002</a>

<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1301/home/7211483">unit 1301</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-309/home/7214734">unit 309</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-807/home/7211359">unit 807</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-905/home/7211366">unit 905</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-1503/home/7211420">unit 1503</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-1305/home/7211393">unit 1305</a>

<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1303/home/7211486">unit 1303</a>





That's it!!! Eight units in the last year have "sold" or been taken back. "Disaster movie" doesn't seem to describe it well enough anymore.
 
[quote author="xoneinax" date=1249430893][quote author="no_vaseline" date=1245880499]I had to go to Costa Mesa yesterday and chase parts</blockquote>I like those Skyline Towers. How high is the HOA; what is rental parity per SF ?</blockquote>


I think you should read this:



<a href="http://www.irvinehousingblog.com/forums/viewthread/3227/">http://www.irvinehousingblog.com/forums/viewthread/3227/</a>
 
[quote author="morekaos" date=1250048706]Do you think every sale in the last year was a bank taking it back? It sorta looks that way.



<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1002/home/7211464">unit 1002</a>

<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1301/home/7211483">unit 1301</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-309/home/7214734">unit 309</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-807/home/7211359">unit 807</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-905/home/7211366">unit 905</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-1503/home/7211420">unit 1503</a>

<a href="http://www.redfin.com/CA/Irvine/3141-Michelson-Dr-92612/unit-1305/home/7211393">unit 1305</a>

<a href="http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-1303/home/7211486">unit 1303</a>





That's it!!! Eight units in the last year have "sold" or been taken back. "Disaster movie" doesn't seem to describe it well enough anymore.</blockquote>


<a href="http://www.zillow.com/homedetails/3141-Michelson-Dr-UNIT-608-Irvine-CA-92612/69258707_zpid/">Add unit 608 to that list</a>. It was taken back by the bank for $442k for a 56% discount from the $1mil purchase in 2006. Gotta love 100% financing!
 
What is the "bottom" for the N. Korean towers? How about 55% off for unit# 1702 in the 3141 building? Because an investor bid it up from $607k to $694k today, and that is 55% off the $1.545M purchase price in 2006. What amazes me is there were multiple bidders on this unit.
 
[quote author="graphrix" date=1250596878]What is the "bottom" for the N. Korean towers? How about 55% off for unit# 1702 in the 3141 building? Because an investor bid it up from $607k to $694k today, and that is 55% off the $1.545M purchase price in 2006. What amazes me is there were multiple bidders on this unit.</blockquote>
Maybe those investors are getting bored and/or impatient because 95% of those auctions get postponed or canceled. haha I seriously can't believe that any cash investor would be willing to pay even $400k for the unit. I guess not all of those investors are all that savy.
 
[quote author="usctrojanman29" date=1250597989][quote author="graphrix" date=1250596878]What is the "bottom" for the N. Korean towers? How about 55% off for unit# 1702 in the 3141 building? Because an investor bid it up from $607k to $694k today, and that is 55% off the $1.545M purchase price in 2006. What amazes me is there were multiple bidders on this unit.</blockquote>
Maybe those investors are getting bored and/or impatient because 95% of those auctions get postponed or canceled. haha I seriously can't believe that any cash investor would be willing to pay even $400k for the unit. I guess not all of those investors are all that savy.</blockquote>


I'd be willing to bet you a beer... that after they settle with the HOA for $15k, pay $5k to clean the place up, pay a 5% RE commission, and pay the $55k in back taxes... that this upper level penthouse sells for no less than $899k, making a 17% net profit of $130k. This will be the first sale of an upper level penthouse under $1M. And, I bet you that if it sells for over $948k you owe me another beer, and if it sells for over $998k you owe me another beer... and if it sells for over $1M then you just hand me your AMEX as I go on a shopping spree at Hi-Times.



If it sells for less than $899k, then I will wash your car every other week for two months.



What say ye... t-man?
 
[quote author="graphrix" date=1250615045][quote author="usctrojanman29" date=1250597989][quote author="graphrix" date=1250596878]What is the "bottom" for the N. Korean towers? How about 55% off for unit# 1702 in the 3141 building? Because an investor bid it up from $607k to $694k today, and that is 55% off the $1.545M purchase price in 2006. What amazes me is there were multiple bidders on this unit.</blockquote>
Maybe those investors are getting bored and/or impatient because 95% of those auctions get postponed or canceled. haha I seriously can't believe that any cash investor would be willing to pay even $400k for the unit. I guess not all of those investors are all that savy.</blockquote>


I'd be willing to bet you a beer... that after they settle with the HOA for $15k, pay $5k to clean the place up, pay a 5% RE commission, and pay the $55k in back taxes... that this upper level penthouse sells for no less than $899k, making a 17% net profit of $130k. This will be the first sale of an upper level penthouse under $1M. And, I bet you that if it sells for over $948k you owe me another beer, and if it sells for over $998k you owe me another beer... and if it sells for over $1M then you just hand me your AMEX as I go on a shopping spree at Hi-Times.



If it sells for less than $899k, then I will wash your car every other week for two months.



What say ye... t-man?</blockquote>
I'm not sure how many sf the unit is so I'm going a little blind into this bet...but you are on (I don't have an AMEX so if it sells for more than $998k I owe you a 12-pack). For those investors' sake, I hope they aren't greedy and list the end for less than $1m. I personally think they are playing with fire buying into the Korean Towers.
 
[quote author="usctrojanman29" date=1250630258]I personally think they are playing with fire buying into the Korean Towers</blockquote>They have wandered over the border and may never escape
 
3141 Michelson #1804 in 2006 $1.675M, in 2009 not a single bid at the auction for $810k. Half off... nope still not enough of a discount.
 
[quote author="MojoJD" date=1259053960][quote author="grapHrix" date=1259044479]3141 Michelson #1804 in 2006 $1.675M, in 2009 not a single bid at the auction for $810k. Half off... nope still not enough of a discount.</blockquote>


Do you have a copy of the floorplan, or at least the Sq footage? Seems steep even at 8.</blockquote>


attached is a floorplan for your use. its a 2088sf penthouse unit on the top with an awesome balcony that wraps around a good portion of it. 2 beds + den and a nice floorplan for that. perfect as a bachelor pad or a young couple with no more than 1 young child. i won't be shocked if it sells for close to 800 after the bank puts it up as a reo that someone can finance with a loan and reasonable down payment. has anyone heard anything about the hoa dues coming down?
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[quote author="sc fan" date=1259055941]has anyone heard anything about the hoa dues coming down?</blockquote>


ROFLMAO! You really need to read more of this thread, and some of the others on the subject. They are going UP, not down because people aren't paying their dues.
 
[quote author="MojoJD" date=1259059618]Yeah... well... knock it down to 625K and cut the HOA/MellaRoos to a grand total of under 400 combined, and I think it would move.</blockquote>
They'll be $4000/mo before they are $400/mo.
 
[quote author="graphrix" date=1259063532][quote author="sc fan" date=1259055941]has anyone heard anything about the hoa dues coming down?</blockquote>


ROFLMAO! You really need to read more of this thread, and some of the others on the subject. They are going UP, not down because people aren't paying their dues.</blockquote>


Tune in next week for -



"Where is the dislike button, dammit!" or



"I smell....somebody wearing Ed Hardy."
 
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