stick n move
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This looks really bad in pictures but in person its not too bad.
The same people who are renting at Ink Block, Troy, 33A street, etc. I keep expecting these buildings to not reached desired capacity but have consistently been proven wrong.
Though I would imagine they'll lure people in with 1 or 2 months free rent (not to mention no broker fee) in the initial months.
Amortized rent is a big deal. Most of these buildings are meant for people who live there a few years max. They are meant for single high income professionals who are gonna couple up and move to the suburbs eventually. Cities aren't doing enough to encourage families to plant roots but are instead just trying to cash in with the YUPy / monied millennial crowd. I think this will come to bite them in the ass in 5-10 years when a lot of these people do want to start families and have to move out. [Note: This goes for many expensive cities in the US, not just Boston]
Amortized rent is a big deal. Most of these buildings are meant for people who live there a few years max. They are meant for single high income professionals who are gonna couple up and move to the suburbs eventually. Cities aren't doing enough to encourage families to plant roots but are instead just trying to cash in with the YUPy / monied millennial crowd. I think this will come to bite them in the ass in 5-10 years when a lot of these people do want to start families and have to move out. [Note: This goes for many expensive cities in the US, not just Boston]
Van -- at least in Boston there is a significant counter flow of the "Empty Nesters" in their sixties, giving up the suburban manse in Wellesley or Weston, with its extensive watering and mowing expenses, for a pied–à–terre downtown with access to culture, restaurants, etc.
It seems to be that they are making a major investment -- buying many of the luxe condos and probably they see it as their intended residence for the next decade plus, until the assisted living complex beckons
Retirees are actually a pretty significant group that gets almost completely overlooked when we're talking about the "Gentrification Wars." We assume it's all young people, yuppies, monied techies, etc. Then we assume we can solve the problem by building micro-units, co-habitation units, etc. That's all great, and may work for young people, but almost 50% of the incoming population putting pressure on the housing stock are retirees, and although they are looking to downsize from their suburban lots, they aren't going into micro-units, and this is a problem that's only going to get larger since we're only at the very beginning of the Baby Boomers reaching retirement age.
Barry Bluestone's last housing report card covered this in detail if anyone wants a deeper dive.
Not to derail this thread...