It looks like the vaunted City Place development isn’t quite working out for developer Robert Bisno. Gustavo Arellano has written a post over at the OC Weekly’s Navel Gazing blog, revealing the fact that Bisno is dumping his overpriced City Place condos for as little as $295,000 – when they were supposed to fetch as much as $824,000! Maybe Bisno can get back some of the thousands of dollars he has given to Team Pulido?
The good news is that $295,00 condos ARE low priced enough to qualify as workforce housing! I don’t think that was what Pulido and Bisno had in mind. I also don’t think that working families are going to dig the overpriced yogurt at Pink Berry, or the tofu at the still not opened City Place Mother’s Market.
Mothers is opening on Sat.
http://fastfood.freedomblogging.com/2008/10/23/mothers-market-opening-5th-oc-store-saturday/4711/
Radio spots have been announcing this great auction in Santa Ana. Hope Mother’s survives.
Talking about a ‘can you hook a brother up’ scheme with these condos? That’s what Bisno gets for dealing with such a pathetic bunch of supposed civic leaders…
These condos were doomed even before construction started. If you kept track of how long it took for these condos to be constructed from start to finish, the writing was GLARING on those walls that there would be a problem in selling these suffocating boxes they call ‘condos’.
Even though there is a pretty significant reduction in price for these cracker boxes..the average working class resident of SA still cannot afford to purchase one due to the economic conditions currently sidetracking us all….
What kind of idiot wrote that flyer up above? “Previous price” has nothing to do with current market value!
It doesn’t say what the association dues are either. I bet they are quite high too which reduces these units affordability.
After carefully considering all factors. I believe the lowest price unit in this disaster is only worth $137,000. It is more that I sold my 2B/2B unit at the Redwoods. That is how much I am willing to bid and pay on one of these low end units. I can go as high as $219,000 on the high end ones.
Yes, those are my final offers!
BTW, what is the supposed draw to live at this complex? Looks to be just another failed attempt at “urban” living just like the units at 4th & French as was the case at Flower and First. Don’t these clowns ever learn?
Let us all thank Bisno for all these soon to be “affordable” condos supported by “Section 8” funds.
These things have always confused me. Is everyone who owns one supposed to live and work there? Or are most of them just supposed to be businesses? Who would want to live next door to something like, for example, the Harvey’s purse store? If they sell them for $100,000, I might bite though.
anon teacher..I would LOVE to live by Harveys.
They have great bags.
HAHA..not the point I know but still fun.
They have 2 tiny condos with a minimum reserve of $295,000, all the decent units are a minimum reserve of $405,000 – $495,000. Minimum bids that high says to me; this is not a real auction, but a marketing technique. Unfortunately $495,000 is still overpriced. The previous $750,000 was insane. I’m be interested in seeing if anybody actually shows up to this “auction.”
The assosiation dues are $160.00 to $220.00 an month.
I wonder what the prices will be once they foreclose on the developer…
I don’t understand the concept of a 1BR/2.5BA condo.
I can see a 1 bedroom with a master bath en suite and half bath for guests, but what’s the point of the second FULL bath?
That just seems ridiculous.
“what’s the point of the second FULL bath?”
I agree. There isn’t a point. The bathroom on the bottom floor (where your business is suppose to go) is HUGE. It’s about the size of the retail space. It also has a GIANT stand-alone shower. Why? Complete waste of sq footage. I have noticed some of the buyers of these units (very few) ripping out this bathroom on the bottom floor, which is exactly what I would do.
Anyone know if they sold any of these units?