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Tuesday, June 21, 2011

Irvine: Luxury Condos become Rental Apartments

by Calculated Risk on 6/21/2011 09:32:00 PM

From the O.C. Register: Luxury Irvine condo towers go rental (ht SGIP)

The luxe new high-rise condos at Astoria in Irvine’s Central Park West are no longer for sale — they’re for rent.
The apartments at Astoria, once priced to sell from $415,000 to $779,000 – along with homeowner association (HOA) dues ranging from $915 to $965 a month — now rent beginning at $2,590.
This is part of the Central Park West project in Irvine. This project was built by Lennar and mothballed in 2007. Part of the project was brought back on the market in 2010, but they only sold six condos since then in this high rise building - so it is time to convert them to rentals!

This is shadow inventory that I expect will be converted back to condos eventually.

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May Existing Home Sales: 4.81 million SAAR, 9.3 months of supply
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Existing Home Sales graphs