Experts Worry Aloud That Midtown Rents May Be Too Pricey (Atlanta: apartment, condos)

[westau]

Originally Posted by cwkimbro

Well I know one way they can attract recent graduates, lower rents and build apartments faster.

The name of the game in Atlanta is always provide parking. It is a necessity here. There is some truth to that.

As we build up more and more that will start to be less true.

Apartments without parking can be lower costs to build, operate, and require less land that is increasingly expensive. If you want to attract recent graduates with a premium location and lower rents that is one way to provide a lower cost apartment that will attract some.

The only way for that to really be less true is an expansion of MARTA.

[bu2]

Originally Posted by noah

Atlanta is also one of the biggest cities between the coasts (Heck, one of the largest cities period) and any place that has good paying jobs (I know people on here will say Atlanta doesn't have good paying jobs but thats another argument) in a large metro will drive prices up (especially real estate). There is a reason why markets like Seattle are so strong and real estate is going through the roof - because the job market is really hot.

But its also 10% higher than Houston. I know people who have gotten cost of living increases moving here.

[erick295]

Originally Posted by JoeTarheel

I guess "youngsters" depends on one's point of view.

LOL, true, but I guess my real point is that plenty of millenials can afford $2 rent these days. It's not like they're all fresh out of school anymore.

[cqholt]

Originally Posted by erick295

LOL, true, but I guess my real point is that plenty of millenials can afford $2 rent these days. It's not like they're all fresh out of school anymore.

They'll compensate in other areas. Like choosing to take transit instead of driving.

[samiwas1]

While not in Midtown, there are tons of apartment developments along Howell Mill being built or almost completed. I can think of three right on Howell Mill (and I think there are a few more) within two miles, and two more just a mile off Howell Mill. It's apparently not too difficult to get things done, unless Midtown itself is a special case.

Originally Posted by bu2

Now you may believe that voice and local control is a good thing, but there is a cost to it.

Wait, you don't think that local voice is important to how areas are developed? Would you have no problem if someone bought the lot next to you and put a garbage processing plant there? Or would you just shrug and say "Well, it's their property"?

In addition to making projects more expensive, a lot of good things don't get done. People without deep pockets and/or political connections can't do things in the city of Atlanta. You often have to drive a long way to get to retail in the Atlanta area because of the way it has developed.

This can be partially true. But it's interesting. Over in NW Atlanta, there was a derelict shopping center that was going to be torn down and replaced with a new shopping center, complete with a supermarket which the area does not have, restaurants, shops, mid-level residential. Perfect for the area. The project has never materialized because of ONE lawyer who has sued to stop its development every time, because he's opposed to how it's being funded, and he wasn't even from the area. No amount of support from the area residents or the developer or the city was enough to topple one bitter old man's quest.

But on several other occasions, I have been in meetings to vote on developments that would be wholly detrimental to the area. Like a developer that was trying to build a large apartment complex on a two-lane road (with no room to expand) which was already choked with traffic. This development would have only added more traffic to the area and make it far more difficult for residents to get around. Things like that should get local input.

Originally Posted by bu2

I remember 4-5 years ago a bunch of people trying to stop someone from developing a lot on DeKalb Avenue because it was the last green space on DeKalb Avenue. Now they didn't want to buy it and make it a park. They just wanted to get the use of the other person's property without paying for it. I found that pretty offensive. They were effectively trying to take someone else's property.

Don't get too offended, since you might be wrong on this. According to at least this article, the residents tried to get either the city to purchase it and turn it into a park or to organize to purchase it themselves. Doesn't sound like they just wanted to "use someone else's land for free". That lot was purchased about 6 months ago for about $460,000, by an LLC registered to a building in Buckhead. Its last sale was in 2007 for $297,900 and it foreclosed a little over a year ago. So, maybe the residents did band together to buy it after all?

I also find opposition to Walmart in an existing shopping center kind of strange. Its not like they are converting apartments or single family housing. They are re-developing an existing derelict, eye-sore shopping center.

Redeveloping a eye-sore shopping center is always a good thing (as I mentioned above, actually), but a Wal-Mart is not usually the desired replacement, especially in a city like Decatur.

That anti-development mentality (or only if a politician's friend is behind it and paying the politician) adds to costs here. Atlanta has one of the highest cost of livings between the coasts (lower than Chicago of course). That despite it being centrally located and a major distribution center. And despite all the sprawl which should keep land costs low.

And yet, costs here aren't that high.

Originally Posted by bu2

But its also 10% higher than Houston. I know people who have gotten cost of living increases moving here.

And i know people who have cut costs drastically. And really? Houston? My COL would have to be cut by 90% for me to move there.

[ATLTJL]

Midtown was expensive even back in the 90s...it was difficult to find a decent apartment for less than $900-$1000 20 years ago in my experience

It was actually difficult to find a decent apartment at any price in midtown in the 90s.

Before the real estate boom happened, it was almost impossible to find an apartment in midtown that even had a dishwasher. And if you wanted a washer/dryer? FORGET IT!

Prices have come up, but so have the amenities. Having said that, I remember people living there for around $700/month in the 90s. When I moved to Buckhead in 2002, you could get into some of the newer properties in midtown for under $1000. I think 1-bedrooms at Post Biltmore were going for around $900 back then.

[arjay57]

Originally Posted by erick295

LOL, true, but I guess my real point is that plenty of millenials can afford $2 rent these days. It's not like they're all fresh out of school anymore.

I suspect a lot of these millennials have more money than they know what to do with.

[PeachInTheCity]

Originally Posted by erick295

I think it's time to start using a different term for "youngsters." A lot of millennials are in their 30s and have established careers and children of their own.

Originally Posted by erick295

LOL, true, but I guess my real point is that plenty of millenials can afford $2 rent these days. It's not like they're all fresh out of school anymore.

There are so many different definitions of what millennial is however IMO the correct one and most consistent one I have seen across the board for the most part is that they are persons born between 95 - 07.

It is GenY people, such as myself who are in their late 20's and 30's not them

All that to say, I have been looking at apartments in the Midtown and Buckhead areas the past few days as Im more than likely going to move back home to be closer to my parents and help take care of them. I have to say it seems like there is a serious need for apartments that cater to people in my age range, those who have been out of school for several years and have gotten settled and established in their careers yet still would like to be near the different sports venues and events etc the city has to offer minus the long, draining commute.

Perhaps this does exist and Im missing the mark. However I feel catering to the young professional, not recent grads is where at least 50% of the focus needs to be. I feel the existing apartments could meet the needs of recent grads. Buckhead seems to have that young and established vibe to many of their apartments and while yes its a decent area I'd much rather the vibrancy and walkability of Midtown.

[bu2]

Originally Posted by samiwas1

Don't get too offended, since you might be wrong on this. According to at least this article, the residents tried to get either the city to purchase it and turn it into a park or to organize to purchase it themselves. Doesn't sound like they just wanted to "use someone else's land for free". That lot was purchased about 6 months ago for about $460,000, by an LLC registered to a building in Buckhead. Its last sale was in 2007 for $297,900 and it foreclosed a little over a year ago. So, maybe the residents did band together to buy it after all?

When I read about it (I'm guessing its the same property) about a year after that article, there was no discussion of purchasing, just stopping him from developing. Its different if they are just trying to get time to purchase it for a park.




Redeveloping a eye-sore shopping center is always a good thing (as I mentioned above, actually), but a Wal-Mart is not usually the desired replacement, especially in a city like Decatur.



And yet, costs here aren't that high.



And i know people who have cut costs drastically. And really? Houston? My COL would have to be cut by 90% for me to move there.

Atlanta shouldn't be a high cost city. I'm guessing the government bureaucracies, corruption and inefficiencies drive up the cost.

[bryantm3]

Originally Posted by PeachInTheCity

There are so many different definitions of what millennial is however IMO the correct one and most consistent one I have seen across the board for the most part is that they are persons born between 95 - 07.

It is GenY people, such as myself who are in their late 20's and 30's not them

If that's the case, why do all the news articles refer to Millennials as college grads and so on? The generation you're talking about is just now, for the most part, getting into high school. I don't think that's what people mean when they say 'Millennial'.