Why so many multi-family apartments? (Houston, Dallas: apartment complex, how much, townhome)

[f4shionablecha0s]

Originally Posted by RJ312

There is also a problem in the type of apartments being developed, both nationally and in DFW. Quite simply, the wrong kinds of apartments are being built. Too much "luxury apartment" stock is being built, while there is not enough stock of midscale apartments being built for people who are not Section 8/low income (think around $35,000-$70,000 household income). Younger people with lower and midscale incomes are having to take on more roommates to make ends meet, especially with coupling off occurring later in life. There are vacancies in a lot of these newer luxury buildings now.

Price is determined by supply and demand. An apartment is not expensive because the brochure says "luxury" on the cover. An apartment is expensive because there is high demand for housing in the area and limited supply.

[Nn2036]

Originally Posted by unknown00

This post if more of a vent than anything. This is also something that I have noticed a lot over the past couple years but didn't bother making a post till I had 3x people from out of state that mentioned it to me.

This is more specifically towards Frisco/Allen/McKinney (at least where I live).

I've had friends/family from out of town that come visit from past year. 1 from Houston, 1 from SF, 1 from Seattle. All 3 have mentioned something along the lines of "Oh I thought you live in the suburds. Why are there so many apartments? I almost see more apartments than houses coming up. I thought suburds are where you buy big houses. If I wanted apartments I would go in the city"

Sigh...I miss the 1990s where I could buy a huge lot in prime Plano for cheap

NIMBYs

[NoClueWho]

Originally Posted by bldsoon

those of you that were celebrating the run up in pricing of sf housing are the same ones complaining about apartments. You cannot have your cake and eat it too. The harder it gets for the average new home buyer to buy a home the more rentals will go up. Simple fact of life, one that surburbs aren't immune to.

Exactly!!! THANK YOU!!!!!

[platon20]

You think it's bad now, wait until Amazon opens their HQ here and it will get 10 times worse.

Doesnt Amazon have more than double the employees of Toyota?

[BLDSoon]

Originally Posted by RJ312

Your point was that these apartment projects were good because they are made by big conglomerates. My point is that big conglomerates make poor decisions all the time.

There are multiple ill conceived multifamily housing projects that are either under construction right now or have been recently built.

Still don't get your point.

There are multiple ill conceived SF housing projects that are either under construction right now or have recently been built.

Besides that, my point was that it doesn’t matter whether its a good or bad thing or whether we like it or not. Its the way the cookie crumbles; so people should either choose to embrace the fact that DFW is becoming more of a major metropolitan area and is beginning to have all that brings with it or perpetually whine about the changes.

[UnfairPark]

I can understand Plano or Richardson trying to add some apartment communities as these towns have a lot of housing demand and dont have much land left, I dont get Frisco and Mckinney adding too many apartment complexes, there is a lot of land available. Specially Frisco, how are they going to support small school plan with multifamily crowd?

[CREW747]

I think this is the concern...Once a downturn happens here,not if but when,as we all realize,what will happen to all of these units?The thousands of apartments in poorly designed brick boxes will not command high rent for very long.That is a huge problem.Frisco is an example of an area that could quickly take a turn if this were to happen.Take a drive around.There are so many apartments in Frisco now,it is starting to look like Lewisville.How will this impact Frisco ISD?Frisco also does not have the overall large lot sizes that other high dollar suburbs.The land a house is on appreciates faster than the house itself.I could see places like Southlake,Prosper,Flower Mound,Colleyville and Argyle being in a completely different tier than Frisco as time goes on.

[NP78]

Originally Posted by CREW747

I think this is the concern...Once a downturn happens here,not if but when,as we all realize,what will happen to all of these units?The thousands of apartments in poorly designed brick boxes will not command high rent for very long.That is a huge problem.Frisco is an example of an area that could quickly take a turn if this were to happen.Take a drive around.There are so many apartments in Frisco now,it is starting to look like Lewisville.How will this impact Frisco ISD?Frisco also does not have the overall large lot sizes that other high dollar suburbs.The land a house is on appreciates faster than the house itself.I could see places like Southlake,Prosper,Flower Mound,Colleyville and Argyle being in a completely different tier than Frisco as time goes on.

The Horror! The Horror!

[biafra4life]

Originally Posted by CREW747

I think this is the concern...Once a downturn happens here,not if but when,as we all realize,what will happen to all of these units?The thousands of apartments in poorly designed brick boxes will not command high rent for very long.That is a huge problem.Frisco is an example of an area that could quickly take a turn if this were to happen.Take a drive around.There are so many apartments in Frisco now,it is starting to look like Lewisville.How will this impact Frisco ISD?Frisco also does not have the overall large lot sizes that other high dollar suburbs.The land a house is on appreciates faster than the house itself.I could see places like Southlake,Prosper,Flower Mound,Colleyville and Argyle being in a completely different tier than Frisco as time goes on.

Not sure about that. I now have four friends who have bought homes in Prosper within the last year. None of them are on any acreage. All on the same cramped lots you find in most of Collin County. Plus Prosper has its share of less than great apartment complexes as well. Nice town but I wouldn't get the nose too high up at your surrounding neighbors.

[biafra4life]

Originally Posted by CREW747

I think this is the concern...Once a downturn happens here,not if but when,as we all realize,what will happen to all of these units?The thousands of apartments in poorly designed brick boxes will not command high rent for very long.That is a huge problem.Frisco is an example of an area that could quickly take a turn if this were to happen.Take a drive around.There are so many apartments in Frisco now,it is starting to look like Lewisville.How will this impact Frisco ISD?Frisco also does not have the overall large lot sizes that other high dollar suburbs.The land a house is on appreciates faster than the house itself.I could see places like Southlake,Prosper,Flower Mound,Colleyville and Argyle being in a completely different tier than Frisco as time goes on.

Lewisville is an older town...and newsflash, not all homes in Frisco were built this year. In fact, thousands of homes there were built in the early 2000s which means...those are no longer new homes, and are now over 10 years old, which in Collin county apparently means that they are now doomed to become section 8 hellholes. Don't worry, Prosper will go through the same phase eventually...and you guys will get through it. Everything will be ok.