Saw a new 20-story development is going up nearby and checked out prices. Mao should have killed more landlords.
I think the thing that bugs me the most about real estate developers - and I know several personally - is that they are incapable of seeing the wonders of nature all around us and NOT thinking “hmm, I could profit from this if I buy the land, rip up all the trees, and sell it off in parcels”.
“hmm, I could profit from this if I buy the land, rip up all the trees, and sell it off in parcels”.
Same goes for death-drive boomers that see pollinators and native plants and birds and bees and think “NO. THIS IS NOT GREEN FUZZY RECTANGLES ONE INCH HIGH. I WILL CALL THE CITY AND HAVE THESE WOKES FINED.”
Mao shouldn’t have stopped in Beijing.
We need a real left candidate in the US whose platform includes imprisoning/executing landlords who exploit the basic human need of shelter for profit. Also corporate death penalty to corporations who do the same because they’re people too
I love that random turns in the walls from trying to maximize the number of units on the floor have become “dens” that add $50-100k to the purchase price.
That 50sqft trapezoid with no windows is surely worth at least $50k. Just think of all the things you could do in there!
YIMBYs when they say “just build more housing”.
If we just keep building luxury condos eventually the prices will fall!
You see, when people move into these luxury condos, they’re moving out of slightly less luxury condos, which means the prices of those old condos will obviously fall, causing people in somewhat less luxury condos to move into the slightly less luxury condos, and a game of musical chairs ensues causing a drop in prices to trickle down.
I hope it gets blown up just days before completion and replaced with either a public park or low income housing.
We can only hope the financiers are inside when it goes 😔
what was the rent like in the building it replaced?
No idea, unfortunately. Market rate is generally around $1800/mo, I’d imagine this would have been less (maybe $1200-$1500?) because it was kinda old (I want to say late 70s/early 80s).
They replaced a single family house with 20 units?
No, they replaced an old 3-story apartment building (maybe 15 units?) with a 20-floor tower, I think around 100 units.
Oh. 20-floor, I read 20 unit.
Wow that’s a lot of housing!
It would be good if it were remotely affordable, lol.
Eh. The people who are going to live in these units would still be living in your city, they’d just be living in a different building. I’d prefer we were replacing single-family homes with 20-story apartment buildings instead of replacing naturally affordable stuff (affordable usually just because it’s old and shitty), but if you’re getting more than 4x the units I’d probably take that trade.
I know most people on Hexbear disagree with me about that, though.
Housing or investment? If nobody can afford to buy or rent there, they either end up being bought by overseas buyers as a money laundering effort, or they’re turned into short term rentals.
Condos are not a great investment. High carrying cost and slow appreciation. Especially in new buildings. They used to get bought by Chinese buyers looking to park money overseas because domestic options were not great, but the party cracked down on that. Foreign buyers were always kind of an overstated boogeyman.
And short term rentals are a solved problem. NY just basically made them illegal. Since you can make those rule changes retroactively it’s better to have the housing built already than the alternative.
What do you mean by “retroactively” in your second paragraph?
is this per month?
Those are condos, so it’d be for buying it (though I’m sure in a development there would be HOA fees for building upkeep so you wouldn’t be completely off the hook). Ridiculous prices too, I could buy multiple houses near me for what they’re asking for a studio.
600k for a one bedroom. Mao, if you’re listening-
I could buy multiple houses near me for what they’re asking for a studio.
come to the south, we have:
- the only good food in america
- (relatively) affordable housing
- hospitality (as long as you’re the right kind of person)
- the looming threat of fascism
No it’s to buy. If there’s some confusion over comma placement wrt decimals, this is America so ex the first one is six hundred eight thousand and eight hundred dollars.
fucking tiny
It annoys me that studio isn’t listed first. What possible reason would make them list it between two and three bed?
My theory is that they want to trick people into just buying a 1BR because they can’t be bothered to look down the rest of the page (something people definitely do when buying something for $600k).
Also in my area since the interest rate hikes new construction condos have been significantly above the market rate. Because the developers simply do not have to sell, lmao. Probably have hundreds of people contractually obligated to buy at the price they agreed to using the interest rates from 18 months ago. Hate this shit so much.
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Square feet, metric is the devil luv me imperial system because it’s so intuitive
don’t doxx yourself, but is this in a midsized American city?
Depends on how you big you’re willing to define “midsized”, but yeah.
id say its less than 3 million people in the metro population. Pittsburgh, Indianapolis, Cleveland.
