More demo starting near us, this is for the 60 story apt/condo building. I wondered with the wife if we were getting overbuilt. They have an ad for anyone wanting to lease, in a building that has to be 2 years out at least.
https://1072westpeachtree.com
Wondering if my downtown (San Diego) is getting
overbuilt as well. I live in a residential high-rise surrounded by high-rises, and since moving here a few years ago, my neighborhood has, at any given time, had 3 to 4 other residential high-rises undergoing various stages of development: Opening to residents, topping off, burrowing work for foundations, clearing older structures, etc.
These are incredibly expensive properties to build (especially here in California), construction can last up to 3 years starting with the intensive earth-moving for foundations, construction can be quite invasive given the racket from drilling and the long term closure of city streets/sidewalks along certain blocks, and the permitting process for construction approval can take 10 - 12 years given how many layers of approval are required - again, California.
So by the time a residential tower is built the rental costs, to include parking/elevator/trash/pet fees average $2400 - $2800/month for a one bedroom unit. Yes, that's high but that's the cost of living in a building that's ten years in the making. I wonder...
...where exactly is the market going to keep coming from for this type of lifestyle??? Your rent is what otherwise would be a mortgage on a 4 or 5 bedroom home in the suburbs of Kansas City or Indianapolis. No garage, no room for storage or a second vehicle, no yard. Turnover in these building is understandably high; their high-earning rental base eventually does leave for homes. It's not reasonable long-term living. These buildings are rarely full yet more and more are erected year by year for a younger economic demographic with seemingly less means to afford this option.