Anyone been watching the Towering Inferno at Marquee Place?

[quote author="usctrojanman29" date=1214491864]Awww, you guys scared off Mia. :(</blockquote>


I was bummed too. Could not believe she reponded to the thread when I mentioned the "Sales Sign" seemed to be gone facing the 405. Caraway kind of slid into her "boots first" when he

hit her up about the contracts signed. He does know his stuff though.



I am going to guess that Astoria is going to wind up going to rental too. No way the Joint Venture that owns them is going to just let them sit empty and bleed cash like the rest of the

Central Park West. Time will tell. But the surrounding empty CPW is an eyesore. And if you have ever driven down Michelson at 5:00 PM at Jamboree. Its packed. I cant imagine how bad its going to be when the entire CPW project is finally occupied. That may be another few years they way the market is heading now. The way Lennar is losing money. I wouldnt be surprised to see them sell the whole thing at a loss to get it off the books at a point.

This market is just killing them off slowly.
 
I agree, Poor Mia, along with all the others in those complexes are being dispatched the slow and agonizing "Death of a thousand cuts"
 
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.
 
Finally a couple of these disaster units are scheduled for the auction. I will keep up with them, but as long as they do not get postponed from their scheduled date, then I will probably go down there to see it go back to the bank for myself. They are not even the two units that I know personally of that are in trouble.
 
[quote author="bltserv" date=1214524297][quote author="usctrojanman29" date=1214491864]Awww, you guys scared off Mia. :(</blockquote>


I was bummed too. Could not believe she reponded to the thread when I mentioned the "Sales Sign" seemed to be gone facing the 405. Caraway kind of slid into her "boots first" when he

hit her up about the contracts signed. He does know his stuff though.



I am going to guess that Astoria is going to wind up going to rental too. No way the Joint Venture that owns them is going to just let them sit empty and bleed cash like the rest of the

Central Park West. Time will tell. But the surrounding empty CPW is an eyesore. And if you have ever driven down Michelson at 5:00 PM at Jamboree. Its packed. I cant imagine how bad its going to be when the entire CPW project is finally occupied. That may be another few years they way the market is heading now. The way Lennar is losing money. I wouldnt be surprised to see them sell the whole thing at a loss to get it off the books at a point.

This market is just killing them off slowly.</blockquote>


Central Park West is for sale, get your bids in soon, but don't forget to account for the liability of purchasing a debt ridden half constructed project. Your pro forma should put the land value at near zero.
 
Central Park West is for sale, get your bids in soon, but don't forget to account for the liability of purchasing a debt ridden half constructed project. Your pro forma should put the land value at near zero.
 
3141 Michelson #309 went back to the bank for $633k, when it had a NTS of $930k. Next up... one on the 18th floor of the 3131 building with a NTS of $1.25mil, and another one on the 13th floor (oh the irony) with a NTS of $829k. This is just the kindling for the blaze that is about to begin in these towers. It also looks like someone has started a fire in the 5000 Plaza building too.



BTW, this month and half has the most homes scheduled for Irvine in a long time. Stay tuned, and watch out out for false bottoms.
 
[quote author="Trooper" date=1214538446]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.</blockquote>


Sorry Troop, been in Catalina for a few weeks and am just catching up, will check it out and update tonight. Just couldn't pass this one up though on the Tower of Terrors infamous 15th floor. These owners look like they are all trying to get into the elevator at the same time. Cables are looking a bit weak though. This guy starts out OK



http://www.redfin.com/CA/Irvine/3141-Michelson-92612/unit-1506/home/11912498



"OWNER WANTS THIS SOLD! PRESENT ALL OFFERS! JUST 2 FLOORS BELOW PENTHOUSE LEVEL WITH GREAT CITY LIGHT VIEWS!"



All caps, appropriately desperate in tone...However, Is that a price HIKE I see? Did I miss the bottoming of the market while I was away? What a set this guy has.



Listing Price History

Date Price

Sep 19, 2007 $799,000

Apr 18, 2008 $699,000

Jun 28, 2008 $749,000
 
From the main blog, <strong>Could this be the future of Marquee Place and other Bubblicious projects in Orange and Inland Empire? </strong>



<strong>Do you want to take the <span style="color: red;">red pill</span>?



Can you handle the truth?

</strong>



<strong>[urlhttp://link.brightcove.com/services/link/bcpid452319854/bctid1126133172]Videoof abandoned high rise condo projects in Thailand from the Asian financial crisis of 1998[/url]</strong>



I have been through other country wide financial crisis (Mexico 1995) and the same thing happened: real estate took a big hit and it took years to recover, I can't rule out that this is not going to happen in the good ol' US.
 
Is California starting to look like Thailand?



[urlhttp://www.youtube.com/watch?v=V4X9CrF86k0]Videoof McAllister Ranch?Where the Good Life Begins[/url]



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>



[url http://maps.google.com/maps?f=q&hl=en&geocode;=&q=panama+ln+and+buena+vista+rd,+bakersfield,+ca&sll=33.698064,-117.317157&sspn=0.007266,0.015063&ie=UTF8&ll=35.297999,-119.130689&spn=0.004527,0.007532&t=h&z=17&layer=c&cbll=35.296302,-119.12814&panoid=W2zhQqZGTVBeqT7xbMiQHg]Google Map[/url]



Whoever sold the land to SunCal and Lehman Bros. is laughing somewhere in Cancun, Bahamas or Fiji.
 
[quote author="Rocker" date=1215504989]Is California starting to look like Thailand?



[urlhttp://www.youtube.com/watch?v=V4X9CrF86k0]Videoof McAllister Ranch?Where the Good Life Begins[/url]



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>



[url http://maps.google.com/maps?f=q&hl=en&geocode;=&q=panama+ln+and+buena+vista+rd,+bakersfield,+ca&sll=33.698064,-117.317157&sspn=0.007266,0.015063&ie=UTF8&ll=35.297999,-119.130689&spn=0.004527,0.007532&t=h&z=17&layer=c&cbll=35.296302,-119.12814&panoid=W2zhQqZGTVBeqT7xbMiQHg]Google Map[/url]



Whoever sold the land to SunCal and Lehman Bros. is laughing somewhere in Cancun, Bahamas or Fiji.</blockquote>
How long before the ax comes down on SunCal? And who will implode first...SunCal or Lehman???
 
SunCal has already been foreclosed on two projects in Tustin and one in Santa Ana. They are the second master developer of Marblehead in San Clemente. The second developer on that one, was The Lusk Co.. and they went BK in the 90s and lost that project back then. SunCal also made the brilliant decision to become a homebuilder in 2005 or maybe it was 2006. SunCal will go down fast and hard. Lehman will be fine. $235mil for them is chump change. Not to say they won't suffer some big losses, but they will survive.
 
[quote author="graphrix" date=1215507043]SunCal has already been foreclosed on two projects in Tustin and one in Santa Ana. They are the second master developer of Marblehead in San Clemente. The second developer on that one, was The Lusk Co.. and they went BK in the 90s and lost that project back then. SunCal also made the brilliant decision to become a homebuilder in 2005 or maybe it was 2006. SunCal will go down fast and hard. Lehman will be fine. $235mil for them is chump change. Not to say they won't suffer some big losses, but they will survive.</blockquote>
I was actually taking a peak at some of the projects on SunCal's website....man oh man, do they have a lot of garbage in BFE areas like Bakersfield, Victorville, Indio, and the IE. Besides the MacAllister project, they also got foreclosed on by Lennar (as funny as that seems) on another residential land project in Bakersfield. Don't forget about that great project off the 15/215 named Rosena Ranch that they are in with Lennar. I feel really sorry for the few poor souls that actually bought homes out there.
 
[quote author="Trooper" date=1214538446]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.</blockquote>


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.
 
[quote author="morekaos" date=1215513963]Also Temple Lofts has 5 listings 3 underwater and 2 bank owners...



http://www.redfin.com/CA/Long-Beach/835-Locust-Ave-90813/unit-217/home/8148691



$659,000 to $475,000 in just 2 short years...a rousing success</blockquote>
If you like this one, check this listing out...



http://www.redfin.com/CA/Long-Beach/395-E-4th-St-90802/unit-1/home/12540546



This is a residential loft project that was completed in 2006 and has only sold like 10 of the 40 units and is not attempting to lease the unsold units. This seller had the unfortunate fate of one of those 10 suckers. I love the "This development is shaping up to be a very professional friendly fun community. Only steps to shops, restaurants, grocery and majpr drug stores. 4 blocks to the beach and entertainment area!" comment considering this is building is steps away from a mental care facility.
 
Here is one listing in <a href="http://www.redfin.com/CA/Long-Beach/488-E-Ocean-Blvd-90802/unit-1110/home/8181945">Aqua </a> on a fairly high floor, with ocean (and huge parking lot) view. Price reduced 85K in only 4 months. Condo fee is a whopping $525 a month... Can't imagine it will be too much longer before the HOA in underwater as well.



With those condo fees in mind, my rental parity equation wouldn't work unless this unit sold for $236K.....and it might just get there in a few years. I like the location.
 
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