Thursday, March 18, 2010

How to lose $222 million in real estate

Courtesy of Essex Property Trust

The vision was to create “the best of living in a condo and living in a hotel”– all  just a short drive from South Coast Plaza and the Orange County Performing Arts Center.

“We’re defining what urban living should be in Orange County,” Curt Olson, owner of the Nexus Cos., said of Skyline at MacArthur Place in a 2007 promotional video.

Nexus valued the property at $350 million. But none of the 349 units ever sold. Nexus Cos. lost the property to foreclosure. Two weeks ago, the lender sold the project for $128 million — a $222 million loss, or about 37 cents on the dollar.

The new owner, Essex Property Trust, will convert the condo towers into high-rise apartments.

The 25-story twin towers became the fourth tallest buildings in Orange County’s skyline. One Essex executive predicted that the newly renamed Essex Skyline at MacArthur Place will be the nicest apartments in the county.

A look back through the Register archives shows how the developer originally envisioned Skyline, and what became of that dream: Read the rest of this entry »

 

....or if you'd liike to lose $1Bilion and your future retirement and comfort you could have CalPERS or CalSTERS manage your account. Their investment philosophy..."Roll the Dice"!!!!

http://lansner.freedomblogging.com/

Posted via web from The Newport Beach Lifestyle

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