Who wants to live in Hi-Rise at the Plaza Irvine?

N

nirvinerealtor_IHB

New member
<p>Please help! I got a couple of listings at the Plaza coming up. I am trying to figure out the profile of a typical buyer/renter for marketing purpose. I have no experience in this market. I appreciate any inputs I can get from all of you.</p>
 
<p>Contact the president of Optima Funding his name is Ali Shah and he seems very interested in Marquee. Also Daniel Sadek of Quick Loan Funding he only has one in Marquee right now so he may need another since his movie <a href="http://myspace.com/redline">Redline</a> has done so well. Most mortgage related kool-aid drinkers love the product.</p>

<p>Ok sarcasm aside you are going into a niche that has yet to be seen. There is no clear buyer profile for this product since Marquee sold with 60% honest non-owner occupied and more for the less than honest. You will have a lot of competition since the Plaza did the same and too many people were forced to buy since they didn't want to walk away from their ridiculous deposits. I see two or three show up on the MLS everyday. Supposedly baby boomers who don't want a yard and desire and can afford the high HOA lifestyle like the product. The other market is the 25-35 single or no kids in the plans couple but only a few can afford it. With Lennar's Central Park West and Khov's Avenue One dismal sales and soon to be more desperation price reductions you better sell fast. Not to mention the other 6000 units in the works. I spoke with a VP at a homebuilder the other day who said this product will be the demise of some of the builders. Too much too fast. I know you think of me as the ultimate pessimist but I am giving you a no BS assessment. I really hope you can look past my other comments and take this one seriously. </p>
 
<p>graphrix,</p>

<p>I never had any problem with any of your comments as you always sound very sincere - a compliment from me. I appreciate your input. Sounds like a uphill battle for me.</p>

<p>I was thinking about the same type of buyers for the Plaza.</p>

<p>Have you ever been inside the Plaza? I have been into both the Marquee's and the Plaza's? The Plaza felt very luxurious and the amenities and outdoor space are excellent. I actually can see myself living in the Plaza. I actually got excited about the Plaza that I agreed to take the listings. The HOA dues will be around $900/month. It sounds high; however, there is no Mello-Roos (worth $400), Included Cable/water/gas (worth $200), so HOA cost is more like $300 comparing to other community such as PS and Groves. Do you see anything wrong with the way I "spin" the HOA dues?</p>

<p>Do you think the Marquee is even a competitor for the Plaza? They both have very different feel.</p>

<p>I just got a flyer, the McArthur Place in Santa Ana will sell for 3% higher than the Plaza!</p>

<p> </p>
 
Wow the McArthur will be 35% higher than the Plaza! Isn't the Plaza prices are somewhere in the 700K+? Too many rich people around. Unfortunately, I am not of them. Do you guys know the current prices for the Plaza and McArthur Place.
 
<p>aeneid,</p>

<p>I noticed the Plaza started at low $600K. Similar size at the McArthur wiil start at low $700K. I guess inflation kicked in. And you guys want to wait for the market to crash?</p>
 
Nir....do any of the high rise hotel rooms have views of the ocean? I live really close to them and have always wondered if on the upper floors you could see the ocean.
 
Mino, in San Diego Downtown there are some with ocean view. Not sure in Irvine though.





nirvinerealtor, I am not waiting for the market to crash. I am waiting the market is "right" for me. That is when I can buy something decent with a 15 or 30 year traditional mortgage. At this rate, I am happy to be a bitter renter. Yes, I went through a period of frustration not able to afford something reasonble to live. My partner and I make around 200K. Three times of that, and in Irvine, means only one thing: a condo or glorified apartment. I do not want to pay so much for so little. Life is too short to be a mortage "slave"
 
<p>crucialtaunt,</p>

<p>Yes, I do have kids - pre-teenagers though. I am thinking when they go away to college.</p>

<p>aeneid, </p>

<p>Some with ocean view on a clear day (roughly 4 weeks out of the year)! Everyone in the building has access to the roof top so you can land your helicopter . The view at the top is out of this world.</p>

<p>$200K salary, you figure roughly $8K in total payment. You should be able to get a $1.05M nice nice house in Irvine (4bedroom, 2,800 sq. ft. and afford the payment with no problem. I know I can do even more myself.</p>

<p> </p>
 
nirvinerealtor,





I don't have anything to add to Graphix analysis. He is right on.





Personally, I would turn the weak and weakening market to your advantage with your sellers. Make them realize they don't want to mess around by over pricing and chasing the market down. A quick sale at a lower price will serve them better. They may think they sold too low, but a year or so from now, when they see sales 10% or more below their sale price, they will thank you and perhaps become a return client.





Your presentation of the HOA fees is probably a good sell. Relative to the services they provide, they probably are not that high.
 
<p><a href="http://orangecounty.craigslist.org/rfs/335076124.html">http://orangecounty.craigslist.org/rfs/335076124.html</a></p>

<p> </p>
 
<p>Trooper,</p>

<p>Have you seen this place?. It feels very luxurious. The pool has no rim; water level is same as ground, so cool. The list price is really inline with new construction's from builders.</p>
 
The high-rise concept in orange county. You can push and build all you want, but it aint gonna fly. New York is one thing, everybody goes and works there. As for Las Vegas, everybody goes to the strip. As for Orange County, it's just too sparse to command this kind of premium for a high rise. Orange County is where you relax in a SFH. You dont relax in a high rise!
 
<p>opti,</p>

<p>I was over at the Plaza last week to watch the type of people who bought there. Some are flippers, most are well dressed early retirees. </p>

<p>It's still too early to tell how popular the Plaza will be. I will understand this market better as I am one of the listing agents.</p>
 
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