Quote:
Originally Posted by Aaamazarite
Those crappy ones are stepping stones to better things in the future. At least one cool project is in early stages for that area but I fear that it'll be started for real in the next real estate cycle.
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It would be nice if you're right with the stepping stone theory, but as long as there is a market for crappy apartments, which also tend to be on the lower price end of the rental range, why would developers chose to spend more cash on a better product?
Much of the junk being tossed together, 46th & Walnut as an example, are small 3 and 4 bedroom apartments that often are doubled up and I'm guessing most people stay for 1 year, in other words, cheap private dorms. Off campus ghettos in the making. The only reason, the only interest the developers seem to have is maximum short term profit, with no apparent interest in improving the neighborhood, or much interest in the tenants welfare.
I can't imagine any neighborhood welcoming 80%++ of these projects. Would you want one on your block?