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re: Millennial core development has destroyed major cities
Posted on 5/21/25 at 9:28 am to Pettifogger
Posted on 5/21/25 at 9:28 am to Pettifogger
My neighbors spent $500,000 renovating their 1914 home using a historic renovation specialist. Remodeled about 3,600 feet
Zero exterior. All interior. That’s how much it costs to get skilled craftsmen to build proper architecture.
Zero exterior. All interior. That’s how much it costs to get skilled craftsmen to build proper architecture.
This post was edited on 5/21/25 at 9:29 am
0
Posted on 5/21/25 at 9:31 am to RaoulDuke504
Those apartment styles aren't a "Millennial" issue as much as architects for companies building that ugly shite.
Posted on 5/21/25 at 9:35 am to RaoulDuke504
I don't mind it so much.
I've seen way worse shite in cities that claim to have culture.
Not every city can be Boston or New York with cool architecture and charming corner stores.
These are fine.
I've seen way worse shite in cities that claim to have culture.
Not every city can be Boston or New York with cool architecture and charming corner stores.
These are fine.
Posted on 5/21/25 at 9:35 am to RaoulDuke504
quote:My daughter is with a large commercial real estate firm in Austin and her job is to properly assess the property valuations, costs, upkeep, maintenance, taxes, utilities, depreciation and consequently, the rents that be charged at these properties.
This is a lie it’s just laziness from developers. They want quick, fast, and cheap to maximize profits. Then when the building eventually starts to degrade dump it on the next sucker.
It’s up to cities to protect their infrastructure from turning into commie blocks. In 20 years all these luxury apartments will be project buildings.
The investors in these properties want to achieve a certain rate of return, and she determines if it's doable. Landlords want to get maximum rental rates, and she tells them the cold truth. That the one-bedroom apartment they want to lease out for $1700 a month doesn't have the amenities, location or cache' to go for more than $1400 a month, but at $1200 a month they can keep full occupancy with fewer renters moving out, which reduces overall costs of apartment refresh and potentially many months without a renter. She gives the investors a reality check on their cash flow expectations and they can either ignore or accept the list of challenges she develops from her research to mitigate their new reality.
It is strange, though, to see these pop up in residential areas that have been around for 60-70 years.
Posted on 5/21/25 at 9:37 am to Mingo Was His NameO
In a place full of posters that complain about government overreach and individual rights, I was just making sure he knew what he was advocating for.
And I'm definitely not saying you should hire me, but you do seem like someone who's going to need legal counsel at some point in life. Hire well.
And I'm definitely not saying you should hire me, but you do seem like someone who's going to need legal counsel at some point in life. Hire well.
Posted on 5/21/25 at 9:38 am to Odysseus32
quote:
Not every city can be Boston or New York with cool architecture and charming corner stores.
i bet there was some old head complaining about some charming cottage that got torn down to build the Plaza
Posted on 5/21/25 at 9:39 am to HubbaBubba
As others have alluded to, on the multifamily side, the problem comes in 15 years when nobody thinks these are cool anymore, the hip area around these developments has begun to decline and the rents slide, inviting in an entirely different demo. At which point MFH investors will just come in, do 5m of upgrades, and try and get full occupancy. Then it'll decline some more, some other MFH owner comes in with higher risk tolerance, does 2m of upgrades, and tries to get doors occupied. And so on and so forth (ie, nobody is razing the area and trying to redevelop into something nice for a loooonggg time).
Posted on 5/21/25 at 9:40 am to HubbaBubba
quote:
The investors in these properties want to achieve a certain rate of return, and she determines if it's doable. Landlords want to get maximum rental rates, and she tells them the cold truth. That the one-bedroom apartment they want to lease out for $1700 a month doesn't have the amenities, location or cache' to go for more than $1400 a month, but at $1200 a month they can keep full occupancy with fewer renters moving out, which reduces overall costs of apartment refresh and potentially many months without a renter. She gives the investors a reality check on their cash flow expectations and they can either ignore or accept the list of challenges she develops from her research to mitigate their new reality.
You might not know this, but how often do the developers do what they want anyway?
I sometimes see these apartments and they are so obviously cheap construction, a bunch of fake/fabricated google reviews, and what looks like empty parking lots I always wonder who is renting them at close to $2k in an average area.
It vindicates me a bit to think there's someone out there telling them "hey dummy your property is not going to rent for $1700 in this cheap suburb" and they hang themselves anyway.
Posted on 5/21/25 at 9:41 am to Pettifogger
quote:
sodasopa developments
Nice reference
Posted on 5/21/25 at 9:42 am to AbitaFan08
quote:
The government should tell private businesses how to aesthetically design their apartment buildings?
Uhh, very common, even in the US.
Posted on 5/21/25 at 10:10 am to RaoulDuke504
That's a capitalism problem not a millennial problem
Posted on 5/21/25 at 10:14 am to RaoulDuke504
Damnit, I have those fold out chairs in the left picture and I’m a Millennial.
Posted on 5/21/25 at 10:20 am to RaoulDuke504
People aren’t willing to (and can’t in most cases) pay the prices and/or rents required to finance the construction of the beautiful, classic architecture that they say they want. It’s that simple.
Developers would 100% sponsor projects with a higher budget if they could realistically hit returns that justify it.
ETA: prohibiting construction like the one in the OP would only exacerbate the housing crisis occurring in many municipalities. If you tell that developer they have to have a brick facade with more setbacks, building articulation, etc (less density), the building isn’t getting built at all.
Developers would 100% sponsor projects with a higher budget if they could realistically hit returns that justify it.
ETA: prohibiting construction like the one in the OP would only exacerbate the housing crisis occurring in many municipalities. If you tell that developer they have to have a brick facade with more setbacks, building articulation, etc (less density), the building isn’t getting built at all.
This post was edited on 5/21/25 at 10:25 am
Posted on 5/21/25 at 10:24 am to RaoulDuke504
quote:
In 20 years all these luxury apartments will be project buildings.
They already are
These places start out with like 25% section 8 because the government bakes it into the finance deal
Posted on 5/21/25 at 10:26 am to RaoulDuke504
This is way better than the slums these places replace
Posted on 5/21/25 at 10:28 am to AbitaFan08
quote:
If people stop buying cheaply built housing, builders will have to adjust.
They can't afford more in a lot of cases. You can't outprice the market.
Posted on 5/21/25 at 10:31 am to WongsPalace
quote:
That's a capitalism problem not a millennial problem
As opposed to a Communist problem
Posted on 5/21/25 at 10:32 am to RaoulDuke504
quote:
This is a lie it’s just laziness from developers. They want quick, fast, and cheap to maximize profits.
It’s not charity work. It’s a business with a high degree of financial risk, and in order to attract investment they have to deliver significant returns.
This post was edited on 5/21/25 at 10:34 am
Posted on 5/21/25 at 10:35 am to AbitaFan08
quote:
If people stop buying cheaply built housing, builders will have to adjust.
You read that in a text book?
Posted on 5/21/25 at 10:44 am to JohnnyKilroy
Those apartments are for poorer people. The old architecture you all admire was for wealthy people, and we still have that, at wealthy people’s homes. You don’t see the slums from days of old that are equivalent to apartments. Those got tore down long ago.
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