Is there demand for luxury condos in OC?

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NoWowway_IHB

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According to another local blog, the OJ, developer Robert Bisno is going to try and get approval for his new development of luxury condos in Santa Ana. Is there even demand for this kind of housing product? <a href="http://orangejuiceblog.com/2009/01/bisno-will-beg-again-for-approval-of-his-luxury-condo-this-monday/#more-16654">Article</a>





<em>He?s back?developer Robert Bisno will be begging once more, at Santa Ana?s Planning Commission, for approval of his request to build a completely unnecessary luxury condo tower next to his ill-fated City Place center.



Last time, Bisno?s public relations hack admitted to the Planning Commission that their tower would screw up traffic in north Santa Ana for the next thirty years, but that there was nothing to be done about that.



I know - don?t build it!



It?s not like there are a ton of people looking to buy overpriced luxury condos in Orange County?s most dangerous city?



Bisno recently got tossed out of San Pedro, where he was involved with another controversial development, and he walked out of Baldwin Park, after his proposal to use eminent domain to seize properties in their downtown area blew up in his face. He also recently put his overpriced home in Beverly Hills up for sale.



The Planning Commission meeting is set for this Monday, Jan. 12, at 5:30 p.m., at the Council Chambers, which are located at 22 Civic Center Plaza. Click here to read the meeting agenda.</em>
 
I think this is just a formality that is necessary to keep up the permit but I really don't think Bisno has any intention of actually building this in the near future. This has been on the agenda during the last two Commission meetings and has been postponed each time. Far too many City Place condos are sitting empty and the small boutique like businesses that are opened seem doomed to failure. I have a close friend who was just elected to the Planning Commission so I'll get his take after this week's meeting. It also seems that Bisno is having some serious financial problems as he is trying to sell his main residence right now.
 
This project is dead on arrival. There is no economic justification for it because they can't sell them at a price point where anyone who might be a customer can afford them.



They have the same thing planned in the Platinum Triangle, and it doesn't look so hot over there.



I wouldn't worry about it.
 
1. Santa Ana

2. Condo

3. High-rise Condo



I completely agree with no_vaseline. The three factors above make that project DOA. Why would you pay $2800 a month for a "luxury" condo in Santa Ana if you could rent a comparable/nice apartment in Irvine for $1,700 a month?
 
Update from last night's meeting:



Bisno?s Tower gets approved - and massage parlors are back!

Posted by: Art Pedroza : Category: Santa Ana, robert bisno



There were a couple of interesting developments at the Santa Ana Planning Commission last night. Developer Robert Bisno?s proposed luxury condo tower was approved. But the fight is not over - we can now appeal to the Santa Ana City Council. And the Planning Commission changed the laws regarding massage parlors. I think they will be able to open up now in our city, with a CUP.



I will get more details on the massage parlor ordinance later on this week.



As for the tower, it was opposed by Councilwoman Michele Martinez? commissioner, Patrick Yrarrazaval. New commissioner Mario Turner abstained. The rest of the commissioners voted yes, despite traffic concerns that Bisno?s own hack acknowledged.



I could not be there last night, due to a trip I had to undertake. However I plan to appeal the tower decision to the City Council. Frankly, I don?t see this tower ever being built. I think Bisno is trying to sell the land.



Even though it is approved, I don't think it will be built within the next decade.
 
[quote author="tmare" date=1231918412]Update from last night's meeting:



Bisno?s Tower gets approved - and massage parlors are back!

Posted by: Art Pedroza : Category: Santa Ana, robert bisno



There were a couple of interesting developments at the Santa Ana Planning Commission last night. Developer Robert Bisno?s proposed luxury condo tower was approved. But the fight is not over - we can now appeal to the Santa Ana City Council. And the Planning Commission changed the laws regarding massage parlors. I think they will be able to open up now in our city, with a CUP.



I will get more details on the massage parlor ordinance later on this week.



As for the tower, it was opposed by Councilwoman Michele Martinez? commissioner, Patrick Yrarrazaval. New commissioner Mario Turner abstained. The rest of the commissioners voted yes, despite traffic concerns that Bisno?s own hack acknowledged.



I could not be there last night, due to a trip I had to undertake. However I plan to appeal the tower decision to the City Council. Frankly, I don?t see this tower ever being built. I think Bisno is trying to sell the land.



Even though it is approved, I don't think it will be built within the next decade.</blockquote>


Just design logistics alone on such a tight site would cripple his ambition. The entire facade facing the adjacent multi story parking structure will have to be blank. What functions will he position there instead? Like I said from my previous post properties with 2 mile proximity to hospital and Nordstrom are good for doctors but I do not see a residentail high-rise would appeal to the surgeons when Floral Park and Park Santiago are so close by.



Did the city Council clarify the nature of the massage parlors? Clinical hours from 10am-6pm or therapeutic from 6pm-3am?
 
[quote author="bkshopr" date=1231920588][quote author="tmare" date=1231918412]Update from last night's meeting:



Bisno?s Tower gets approved - and massage parlors are back!

Posted by: Art Pedroza : Category: Santa Ana, robert bisno



There were a couple of interesting developments at the Santa Ana Planning Commission last night. Developer Robert Bisno?s proposed luxury condo tower was approved. But the fight is not over - we can now appeal to the Santa Ana City Council. And the Planning Commission changed the laws regarding massage parlors. I think they will be able to open up now in our city, with a CUP.



I will get more details on the massage parlor ordinance later on this week.



As for the tower, it was opposed by Councilwoman Michele Martinez? commissioner, Patrick Yrarrazaval. New commissioner Mario Turner abstained. The rest of the commissioners voted yes, despite traffic concerns that Bisno?s own hack acknowledged.



I could not be there last night, due to a trip I had to undertake. However I plan to appeal the tower decision to the City Council. Frankly, I don?t see this tower ever being built. I think Bisno is trying to sell the land.



Even though it is approved, I don't think it will be built within the next decade.</blockquote>


Just design logistics alone on such a tight site would cripple his ambition. The entire facade facing the adjacent multi story parking structure will have to be blank. What functions will he position there instead? Like I said from my previous post properties with 2 mile proximity to hospital and Nordstrom are good for doctors but I do not see a residentail high-rise would appeal to the surgeons when Floral Park and Park Santiago are so close by.



Did the city Council clarify the nature of the massage parlors? Clinical hours from 10am-6pm or therapeutic from 6pm-3am?</blockquote>


I will see one of the Planning Commission members on Thursday night and get the scoop. ;-P
 
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