Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO’s. Go figure.
Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO’s. Go figure.
3131 Michelson Dr. #303: 2 bdrm., 2 bath, 1,293 sq. ft. A short sale at $388,000
3131 Michelson Dr. #606: 2 bdrm., 2 bath, 1,367 sq. ft. Priced at $430,000
In Backups (all short sales):
3131 Michelson Dr. #306: 2 bdrm., 2 bath, 1,292 sq. ft. Priced at $399,000
3141 Michelson Dr. #903: 2 bdrm., 2 bath, 1,347 sq. ft. Priced at $490,000
3141 Michelson Dr. #804: 2 bdrm., 2 bath, 1,580 sq. ft. Priced at $505,000
On a cashflow basis to a landlord looking to make a monthly profit from rental income, the condos in this tower are worth about $100,000. I am not kidding. Because the fees are so high, the breakeven for an owner occupant is probably between $160,000 and $200,000. When these units start becoming REOs, the carnage will be breathtaking…
Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO’s. Go figure.
Decided to check in with my favorite funeral pire. Which one of these bottom feeders do you think will violate the $300.00 per square foot price first? I think they are all short sales or REO’s. Go figure.
To be honest, if the HOA was under $500 and I had a steady full-time job I would definitely start considering this place at around $250/sf but with the high HOA my target price comes down to under $150/sf.
No doubt, for all the *rap I sling at this place, they are actully pretty cherry
I can’t speak for you, but in my eyes it would be a pretty pimp bachelor pad to bring the ladies for a night cap.
The location and layout would be very nice for my wife and I, but the current prices make no sense at all. In the end, that is the problem with these units. These places only make sense for well heeled bachelors and DINKs.
And even this dink of a place has that HOA albetross…yeechhhhh
Dues #1: $1,096.00
It dropped to $368,000 a few days after you posted that. And then a few days ago it was dropped again to $348,000.
But with HOA dues that start at $1,100 per month for these places, they all have a long way to go. It will be interesting to see just exactly what these towers are doing in 2010. Rentals? UCI married student housing?
And even this dink of a place has that HOA albetross…yeechhhhh
Dues #1: $1,096.00
It dropped to $368,000 a few days after you posted that. And then a few days ago it was dropped again to $348,000.
But with HOA dues that start at $1,100 per month for these places, they all have a long way to go. It will be interesting to see just exactly what these towers are doing in 2010. Rentals? UCI married student housing?
You know, I’d probably bite for 200k. Keep it moving…
And even this dink of a place has that HOA albetross…yeechhhhh
Dues #1: $1,096.00
It dropped to $368,000 a few days after you posted that. And then a few days ago it was dropped again to $348,000.
But with HOA dues that start at $1,100 per month for these places, they all have a long way to go. It will be interesting to see just exactly what these towers are doing in 2010. Rentals? UCI married student housing?
You know, I’d probably bite for 200k. Keep it moving…
You may bet your wish…now $328,000.00 about to pierce the $250 per square foot mark and set the tone for this disaster movie.
This is stunning. Of the 37 units currently for sale
23 are short sales or at a loss (62%)
11 are living on Mars and are asking more (30%)
4 do not list purchase prices so we do not know the status but if it goes along these lines 3 of them are underwater.
Let me say again…62-66%% of this building that is for sale is in distress!!, short sale!!! losses!!! What a tower of losers!!! Jump! Before it is too late. There is no water tank on the roof to save these people
Just think how the owner must feel after he writes the HOA check for $ 1200.00
every month ? This place is really on fire if your an owner. And your just feeding
the monster greenbacks by the shovel full.
The Towering Cash Inferno.
Oops. I exagerated. Latest HOA is $ 1124.00 from what I am reading on the newest listings.
I went over to the Marquee website to see what the latest news was.
Looks like the term “Towering Inferno” has taken on a certain new reality.
Dear Residents
On the evening of April 14th at 11:19 p.m., there was a small fire that occurred on the 16th Floor in the East Tower. The cause is currently under investigation. The fire was quickly contained but there was resulting fire sprinkler damage to several units. The fire alarms were working correctly. The alarms will go off on the floor above, below and the actual floor where the fire is occurring.
We wish to commend every resident for thinking quickly and evacuating immediately when hearing the alarms from both towers. Coincidentally, this incident comes on the heels of our upcoming May 27th, 2009 Fire, Life and Safety Emergency Training program scheduled for all residents at 6:30 p.m. in the East Tower Lounge. We have also scheduled evacuation exercises for the community at different time slots on Friday, June 12, 2009 commencing at 10:30 a.m. through 11:45 a.m. Please watch for future notices! Thank you.
I wonder how many units the sprinklers went off in ?
Can you imagine laying in bed when the alarm went off and the sprinklers came on ?
Anyone know how the fire will affect the assessments? Will the $1200 a month assessments go down because there’s less building to maintain?
I would imagine that, if anything, the contrary, since they will fix things and that will cost $$$. In any case, it sounded like a small fire from the descriptiong posted here (maybe somebody’s burnt dinner, that sort of thing), so probably the water damage from the sprinklers was greater than the fire damage.
