Equity Inferno
Disco Inferno -- The Trammps
The twin towers known as the Marquee at Park Place is a lasting symbol of everything wrong with the housing bubble (Two mass fires, yes! One hundred stories high.) These urban units were 30 years ahead of their time, and perhaps in 30 years, the buyers in these towers will be able to sell their units for what they paid for them. The obscenity of the prices there will be laid bare in today's post. I will run through the cost of ownership numbers as compared to the cost of a rental and demonstrate what these units are really worth to an owner occupant.
I must confess, I have been holding off profiling these towers. There is limited information available on these units in the data services I use, so my picture is somewhat incomplete; however, the main reason I have waited to post on these units is because in the very first post done on this unit back in early 2007, I lost it in the comments section. It is pretty rare that I lose my cool, but I did there. The exchange went as follows:
Everyone is entitled to their opinion, and sometimes its good to keep it to yourself. It is very simple, for those of you that don’t like Luxury living in a place like Marquee, hey, no one is forcing you to buy here. stay where you are and be happy, what is with all the bitterness. Your bitterness is in result of ENVY. Chill out. Those who buy or bought at the Marquee made a choice and obviously like their investment.
Comment by me:
(Resident)
“Everyone is entitled to their opinion, and sometimes its good to keep it to yourself.”
You should have followed your own advice.
“what is with all the bitterness. Your bitterness is in result of ENVY.”
You people don’t seem to get what we are saying, so I will try to spell it out for you:
WE
DON’T
ENVY
YOU:
WE
PITY
YOU.
You have made the worst possible purchase in all of Orange County. When the flippers can’t make the payments and are forced to sell, the value of your units is going to plummet: more so than others because your fees are so high. Every time we on this board drive by, we look up with amazement at the monumental folly of buyer greed. Your dark tower is going to stand as the symbol for the height of hubris of the housing bubble.
We don’t envy you, we are very thankful we are not you.
P.S. Please ignore my previous post where I tried to make nice, reinforce your delusions, and leave you with a shred of dignity.
.
The comments section on that original post was invaded by residents and Marquee staff members. I hope we get so lucky this time around 
