Who knows if high-rise condos are O.C.’s next short-lived fad or the next big thing. (Well, they are tall, if nothing else!) Well, the Opus folks are building their Plaza-Irvine complex (displayed at right) down Jamboree in Irvine from the pioneering Marquee Park Place. Move-in starts next month. Plaza-Irvine prices start at $700,000 and run up to the penthouse at $4 million .
Opus reps provided me an update on sales:
• Units sold to date: 190 in Towers 1 and 2.
• Units still available: Tower 1 (4); Tower 2 (8);
• … and 65 in the newest building, 3000 The Plaza.
If you’re not familiar with high-rose condo living, there’s one catch: homeowner association fees. At Plaza-Irvine, fees average $1,000 a month but include, among other things: satellite TV; basic phone service; high-speed Internet; fitness facilities; billiard/recreation room; club room; concierge services; access to pools, spa and steam rooms; some maintenance; and some insurance.
Somebody is not telling the truth here. The sales rep is saying that very few units are available. People on this blog have been saying that these buildings are relative ghost towns. Now, who are we supposed to believe? This is why it doesn’t make sense to follow most RE blogs on the web. They kick around the same disaster gloom, day after day, month after month, even year after year. Thank you to John for not censoring out participants with different opinions, and for presenting balanced information in the first place.
Incidentally, the tower format described in the article is prevalent in Vancouver, B.C., and is extremely popular. There is no reason why it won’t work here in OC.
Jon, love that green arrow!
Condo towers make perfect homes for hibernating renting bubble bears. While they slumber with dreams of real estate crashes the rest of us buy beautiful homes and raise our kids in scenic OC. Keep waiting bears, HAHAHAHAHAHA. And also I don’t think certain people should be using this blog for wagers. Gambling is what got you into that one bedroom apartment.
700,000 AND 1000 a month association fees for
a glorified apartment- DAMN what a bargain-
hey ezbabbler how many you buyin?
I’d be real curious to find out when those contracts were signed for these 2 new towers.
The inventory of unsolds in these 2 step-sisters of the Marque are not consistent with current resale, active available in the poster child, Marque. Contracts must have been signed 12-18 months ago for these new towers.
Current absorption data does not support the level of activity the sales rep is citing.
I guess we will know in the next couple of months, when the for sale signs come back up on the new towers. In the Marque, some 30% of the units went back on the market immediately after move in. I think we need to re-define demand here. Brokers looking for the quick flip is not demand in any segment of the market place. Just look at who is buying these units. Rather, fake demand that can almost be considered as market manipulation. Horse trading is not demand for the product, rather, hope for a windfall profit, in a short period of time. The Margue is proof of the lack of “real” demand for this product. It will be at least 10 years before these towers have at least 70% occupancy of non-flippers. The other units will just keep getting listed, sold, and re-listed. This is not demand. It sure is an expensive game of musical chairs with $1000 hoa dues, on top of taxes.
I like the look of this high rise a lot more than that of the Marquee. I know there are a ton of flippers/investors/speculators who have bought here. Now that the time to move in has arrived, it’ll be interesting to see how many of these units show up on the market.
I think there is a definitely demand for high rise living but at what price?! Once the units at The Plaza come on the market and join the existing inventory from The Marquee, there’ll be a LOT to choose from.
Well those sold units are publicly recorded, so we should be able to verify their claims easily…
Does anyone have any idea of, how many for sale, how many for rent and how many lived in. I drive by everynight and for the last year only see 12 to 15 with lights on. Maybe they work two jobs and are never home?
There are many reasons for house prices to go down…
-lending standards are going to tighten
-average Joe is hearing about the slow down
-highest percentage of home ownership in years
-prices went up faster than fundamentals - incomes
-foreclosures are on the rise
-no one left who can afford to buy
-prices in OC much higher than other place than in the past
-The OC television show has been cancelled
-renting versus owning is much cheaper compared to past
-interest rates could rise putting pressure on the “monthly expense” of owning
-recession around the corner?
-dollar weaker
-the local economy is due to slow down as the Housing ATM runs dry
-etc.
CALMDOWN/EZBABBLER dude why do you keep changing post names- we can tell its you by the same babbling rhetoric you use- and just say youre afraid youll lose the bet dont make those lame excuses- come on take some of this renters money- its only 500 measly dollars- I’m makin twice that much a month just from one of my cd’s I opened after I unloaded my over-priced condo to some sucker just like you—
IM investing in Sign companies now “FOR SALE OR BEST OFFER TAKE MY CONDO AWAY” of course sign will have bull horns on them. 1k a month association fees so i can look and listen to freeway noise from the 405 and jamboree traffic. plus only 700k to 4 mil per unit. Oh but Cable is included..lollllllllllllll Former President Nixon was wrong u can fool most of the people.
Plaza FOOL’s IRVINE OMG what is next.
CORRECTION on my last blog
I said association included cable tv
correct answer is SATELLITE TV my bad…..loll
I may have to go check them out now
i wonder if they will have a KRISPY KREME Donut shop too. hmmmmmmmmmmmmmm
I have been looking at these towers for about 2 years now and one thing I’ve noticed is that none of the new towers want the same problems that Marquee has. They are allowing pets, they are offering more for their $1000 HOA fee’s and they actually acknowledge that they are well aware of the Marquee problems and they want to be different. Will they? I personally am going to wait and see what happens. I’m in no rush. My bet is that Marquee will be the worst of the bunch as far as resale values go and the new towers will fare a liitle better. Also, I would not consider this an investment property. If you need a place in the airport area and don’t like the idea of renting, then maybe it is worth it.
Ken,
I have to assume that you simply are not going to answer my question, is that a correct assumption? That must mean that you are currently not buying, so why are you constantly in here railing against people telling them things are fine and they should buy? If that is true, why aren’t you doing so? Why not add to your portfolio if conditions are so favorable?
God bless these guys with the towers and their success, I do not get that product at all.
EZ Money Credibility Crisis: Day 14?
Sir Rantsalot: How many days have gone by since you first offered your bet of $500 to CalmDown/EZ Money? It’s got to be at least two weeks, right?
SIR PAYS RENT ALOT- ANOTHER renter loaded with cash waiting for the crash!
I agree with you, I would just keep waiting and mailing it in. I’m thinking 2008-2009. Rents are only rising 6%-8% per year. No problem…
‘Ole Troy said it, you read it, believe!
Those high rise condos will do fine long term. People just aren’t used to them yet in OC. There are plenty of 2 bedroom downtown condos going for $1 million+ here in Denver, where the median home price is around $240K. A high rise condo is nothing like a typical neighborhood condo complex, nor is it supposed to be.
Irvine’s airport district and South Coast Metro are about as downtown as OC gets (personally I think South Coast makes more sense for a high-rise condo). As time goes on, those areas are seeing the first doses of high density as OC land prices continue to climb (long term, of course).
Regardless of the current housing slowdown, OC has gone from a bedroom community, to becoming its own thriving metropolitan area (with it’s own suburbs). There will be a rebound eventually, and the growth pattern will continue to be towards increased density.
Anyone know if the top units have ocean views (not that I’m in the market)?
EZ,
You contribute nothing to this blog but sarcasm and personal attacks on all of the bear posters. I am amazed that Jon continues to post your rants! I have tried to be fair and not attack people I disagree with. I enjoy hearing other opinions, but fiction has nothing to do with the state of housing in OC or anywhere.
Corona is 951 I am surprised that the all knowing EZ wouldn’t know that!
There are plenty of foreclosures starting in Lake Forest and Laguna Niguel. As I have stated several times I do not want to buy any Repo be it in Corona or OC. I don’t need to buy other people’s broken dreams with lots of hidden damage. I am thankful I am not watching my own equity drop as the repos are going to bring down comps in neighborhoods all over CA.
What’s with all of your hostility toward all of the bears? No commission checks? Had to turn in your leased Hummer? Maybe I can write some fiction of my own! But wait, I care about people and would like to see life improve in CA and OC for everyone.
Beware the Orange curtain! Once you cross the county line the perception from fools like you is that banjo music starts playing and all of the toothless residents smile and wave from their couches on their front lawn. Newsflash there are plenty of OC neighborhoods that are trashier, but you would have to remove your head from your rear to see that! Grow up already and stop putting words in bears mouths you may get bitten!
I have been checking the 2 towers at Jamboree & 405 for the past 6 months. I believe more than 70% of those units are empty. Recently, a friend rented a two bedroom for $2200/month in one of the buildings, the owner wanted $4000/month originally. Just look at the discount if one spends enough time searching.
To the poster who said the condos work in Vancouver, why not here — because in Vancouver a high rise condo provides you with a beautiful view of the water, whereas here all you get is a view of the 405 freeway.
ZACKSMOM- ANOTHER renter with loads of cash waiting for the crash!
I think you should keep waiting and keep mailing it in from dreamy Corona. BTW, how long does you rent check take to get to the OC landlord, LOL!
Look to buy 2008-2009 maybe longer. Rents only rose 6% in 2006 and 2007 look the same. Housing is unaffordable. Repeat, housing is unaffordable. Just keep mailing it in. Wait to buy, wait to buy.
‘Ole Troy said it, you read it, believe!
When I was looking at buying one of these a couple years ago, they told me that the units had to be owner occupied for 1 year….what’s the deal with the rentals and re-sales on Craigslist?
My goodness, what do some of you get out of trashing such a lovely way to live and spreading such gloom and doom? Sounds like you have a strong desire to see our high-rise living not to work out for us. It honestly sounds like you need to feel smarter and superior? You must feel threatened somehow, or maybe you just canít understand it yet because you are too young–and havenít taken care of houses for many years. I ask you to look into yourself and ask what you GET from being so nasty and spreading this stuff?
It all boils down to this: If you want a no-hassle lifestyle of luxury living and can truly afford it without sweating bullets about itóthis type of high-rise living is wonderful! If you canít–it just isnít for you, as it would be too stressful for you to enjoy it. I can assure you, those of us who live at the Marquee LOVE IT. Most here are older, have already raised their families and have had the big houses and got sick of the big headaches.
The common factors here are that we all want to live with low stress, in a turn-key community of nice people in our peer group, close to the airport, freeways and numerous shops, with security that keeps the rif-raf out! It feels just like living in a lovely hotel.
I just survived a very serious life-threatening illness before moving here and now I feel good knowing that if, god forbid, I get sick again–I have a whole community of friends right here and a concierge staff I can rely on. If I ever have to be in a wheelchair, it wonít be a problem getting around inside my place or out. And if someday I have to stop driving, I can walk to many of my shops or take a short cab ride. See, we have taken care of our parents, we have seen how quickly health can change, and we are planning ahead–just in case it happens to us.
I believe there is going to be such a HUGE demand for single-level condos very soon, because the first wave of 78 million Baby Boomers are turning 61 this year and they donít want ANY stairs or anything extra they have to take care ofótheyíve all been there, done that! Those of you who are younger probably donít get that yet, but youíll see. And as my mother always said, ìYouíll get older too!î
And yes, we are all sorry that so many speculators came in, seems to happen often, but it will work its way out. Many people who have condos here also have homes elsewhere, so they are able to wait out the dip in the real estate market, which we have all seen go up and down our entire lives.
Happy Marquee Resident,
I think high-rise living is great for some people, and your pad sure is nice.
Just not million-dollar nice. Plus $1k/mo. That’s all.
HAPPY MARQUEE
Hey im happy your happy thats all that really matters. But i sure would nt want my mom buying in at such a ridiculous price and watch her lose her nest egg or even part of it. If u feel its worth the risk in price good for you, but my mom always told me watch every penny. ITS NOT SO MUCH THE RETURN on MY MONEY AS IT IS THE RETURN OF MY MONEY. If my mom did have to move out because of health issues she would be hard pressed prolly to sell for what she paid ina short term basis several years. So good for u and hope u the best of health and build ur nest egg. You will need it.
im loving the OC and never plan to leave. Super renter in NEWPORT BEACH helping someone keep in theirr over priced home that cant sell….lolllll
P.s.another person who thought real estate is instant cash life is good!!! on my way out to see all the beautiful woman in newport beach
Happy Marquee Resident,
Thanks for the insight! There is a huge wave of Baby Boomers coming, I did not realize that this is who was buying into the high rise lifestyle. Makes sense.
happy marquee– thanks for informing us “so many
speculators” came in- thats ECXACTLY what happened
they thought they would FLIP some high rise condos- didnt realize the music stopped and they got caught still dancin- TOO DAMN BAD- just more
foreclosures gettin ready to hit the flipper
graveyard — poor suckers
I wonder what happened to the 24 year old mortgage broker who bought the 2.4 million suite in the Marquee. An OC magazine profiled him a year ago.
appraiser- thanks for your WISE insight- I
appreciate your posts- they are always very
beneficial— keep posting please
thanks again to zacksmom- check out the post
about dataqwick- it “appears” they are including
foreclosures in “number of sales” also the sale
price doesnt match the new “listing” price- so
their figures may be slanting the numbers into
a more positive number than they actually are-
gee maybe their employees used to work for the
government- imagine how badly tweaked government
numbers must be- its taking more and more make-up
to hide this pigs face—
Marquee’s a nice place, but it has its problems and Bosa made a few mistakes. For those of you who have not yet visited Plaza Irvine, it blows Marquee’s doors into Riverside. This place is like the Ritz Carlton on Steroids. The amenities are first class all the way and the units actually have a decent amount of space, and second bedrooms that you don’t get stuck in. They also have incredible views even for Orange County and are not next to the freeway. And no, i don’t work for them, but i did buy a unit and can’t wait to move in (very soon). If you are in the area, check it out and you’ll start to understand the lifestyle that can be!