Quote:
Originally Posted by kornbread
I kind of worry about the overbuilding of apartments, the lack of people actually putting roots down, and the long term development of downtown neighborhoods.
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I'd take this scenario of the transient population in DT over the previous 40-50 years of it which was pretty non-existant.
It's still early in the "wave", I think. Wait til people live DT for a couple of years, test out the area, then when people make the choice (to move farther out or stay nearby), they might decide to pick one of the surrounding neighborhoods to put down some roots. Will 100% of people choose to do that? Will 40%? Besides the regular flow of people that have picked our urban neighborhoods over the burbs without testing it out by living in an apartment first, I'd be happy with a couple dozen or so people (or couples) out of the "rental bunch", choosing to stay in town each year. It would increase the rate that we've had for at least as long as the neighborhoods have been on the upswing, and if they choose to stay in town, they'd know what they're getting into.
Let's also not forget that towhhomes and condos have been trickling in. I know it's been a while since Judson Candy Factory Lofts came online, but since then, Alteza and Vidorra have came in and have sold more than 100 between the two, not alot, but lets not discount those 100, even at the higher price point.
East Quincy is going to bring in 25 units near Pearl and Terramark's Cevallos Modern was pretty successful (at a lower price point) and they are rolling out 75+ more units based on that success:
from
mysa.com
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Since completing Cevallos Modern, Terramark has started work on Ogden Modern, an 11-unit townhome project near San Antonio College. The firm already has sold six units, and owners are expected to move in by the end of April.
In May, Terramark will start construction on Kendall Urban in Tobin Hill, Cherry Street Modern near the Hays Street Bridge, and Cevallos Urban down the street from the firm's initial project. In the summer, the firm is expected to start Uptown Modern and City View Modern, both of which are in Tobin Hill, and Westfort Villas, an upscale project off Broadway, just north of the Pearl Brewery.
Turner expects that townhomes will be better suited for San Antonio because they are more affordable than downtown condos and financing is easier to get.
“It's absolutely 100 percent about price point,” Turner said. “The cost of living in a condo is substantially more than someone buying a home at today's interest rates.”
Read more: http://www.mysanantonio.com/business...#ixzz2QgU44YKZ
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Off the top of my head, I don't how many apartments have been moved into, or how many will be ready soon, but we might be looking at a 1:5 or 1:6, sale to rental ratio (for new units).
I'm just happy that we're talking about hundreds of "for sale" units and thousands of rentals; couldn't imagine that a decade ago. We still have a long way to go to catch up to the 14,000 extremely short-term rentals (hotel rooms) in and around the core, but we have good pace.