A few years back there was much ballyhoo about the fact that so called high-rise condominium buildings were going up in Orange County. Advertisements pictured happy couples enjoying the “good life” from their condo with a view, watching the sunset from their balcony while sipping wine. It all looked so glamorous.
One such project is in south Santa Ana, near the intersection of MacArthur Boulevard and Main Street. The twin towers of this residential project are clearly visible from the 55 freeway. The developers and city fathers had touted this project as a boone for Santa Ana and destined to succeed. Images of wealthy condo owners moving into Santa Ana sparked hope of a boom in this part of town.
Then the housing bubble burst.The O.C. Register reported that amidst claims by the developer that about 40 of the units had been sold the sales office was closed a couple winters ago to await spring and summer when it was thought buyers might arrive. This was not a good sign. Some feared the sales office closure was a signal that the construction, presently under way, would not be completed. But the construction was completed so the specter of partly completed towers standing as monuments to the collapse of the housing market was avoided. Apparently though the second round of buyers did not arrive.
The Business section of the Register reported yesterday that the complex has been sold, and that in spite of claims that 40 or more units had been sold that was not the case at all. Truth is, there was not even a first round of buyers. The story reported that the sales price of the twin towers property was only about 1/3rd of the estimated value of the property just a couple of years ago.
What do the new owners plan to do with these empty twin towers? According to The Register story they will make all units available on a rental basis. Sounds like the hope is for upscale tenants to move in who are willing to pay for the amenities designed into those buildings. Time will tell.
Just what Santa Ana needs – more rental units! I wonder how long before we see laundry hanging to dry on those balcony railings.
More rental units to pack in lots of more poor, illegal immigrants. That’s what happened with all that apartment construction in the 80’s. How many beautiful Victorian homes were torn down for that ridiculous experiment? Santa Ana is a sewer. Plain and simple. You will never make it into an Irvine, so quit trying Santa Ana city government! You’ve allowed your cesspool of a city to become a sanctuary city. You reap what you sow.
When will the Grand Jury look into this? Santa Ana Planning Head Cindy Nelson goes to work for Nexus when it’s a for sale project. The for sale market tanks so what does Nelson do?..she returns to Santa Ana to head planning again and what do you know…now the towers will be converted to apartments so Nexus can now sell it!
What’s wrong with having quality housing in Santa Ana?
As condo’s they were over priced, but so was everything else.
Now that it has been resold at a value more in line with reality, the rents may be fair for the renters.
Cook,
A rent to own option would be nice…
According to the OC Register article, these condos will be renting in the $3,000 per month range. LMAO
The only positive thing I see these condos have to offer is the close proximity to the 55 freeway. You will never have to drive through Santa Ana and you can do all your shopping in Irvine or Costa Mesa.
Dan Young (now living in Cota De Caza) and Dan Grisett (Now renting a room with his internet girlfriend) and the S.A. Council in the 1980’s built LOTS of what they called “Luxury” Apartments and Condos in Santa Ana. While Young/Griset got rich politically these “high end” rentals quickly turned in to crime filled barrios. No one who has lived in Santa Ana for any length of time believes this will be good for Sandpoint Neighborhood or the rest of the city. I’m sure Cindy Nelson who went from City Department Head to Nexus employee and now back to City Department Head made big bucks on both sides of this deal. Can anyone say “Grand Jury”?????
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Just in time,
Gracias!
Fonzi please! Santa Ana is a city of its own! a beautiful city. Irvine is boring! A city half the size of Santa Ana and Anaheim. Five ten years from now you will see that SA and ANH Will still be the true urban centers of orange county. Irvine Sucks!