Orlando is growing too fast (apartment, occupancy, building)

[0nyxStation]

Originally Posted by tamiznluv

I'm renting an apt. If I like it, I could buy it. We'll see. Loft? I'm not sure I know what a loft is. A small unit upstairs in a building?

Its sorta like an apartment, kinda like a large Studio, but not a small as one. You dont really see them in suburban areas.

[tamiznluv]

Originally Posted by 0nyxStation

Its sorta like an apartment, kinda like a large Studio, but not a small as one. You dont really see them in suburban areas.

Ok, studio I understand. No, no loft.

[MrKnight]

Originally Posted by Arcenal352

What does that have to do with anything?
There is plenty of space within the DT core to build more office space.
Train system or not, a city of over 2 million can definitely benefit from urban development within its downtown core rather than keep building massive single-story office parks in suburbs.

This.. The opportunities for downtown are endless, even with a slight FAA-imposed height restriction, there is more than enough space to build UP as well as in-fill sites that are still available in various parts of downtown.. The strongest focus right now should be bringing major corporations and offices back INTO downtown, any company that "leaves" downtown for whatever reason is a bad thing and the city should fight hard to prevent things like this from happening.. Corporate HQs likes Darden and AAA should be strongly encouraged to relocate to downtown.. The fact of the matter is, congestion put aside, the more tenants in downtown the better, both commercial and residential, this is what makes a city core vibrant and successful.. The city has invested ALOT in making downtown look prettier and more appealing, new entertainment venues in place, and the public transportation infrastructure is there with SunRail, Lymmo, and Lynx Central Station.. Now the next and final step is filling downtown to capacity and sparking more development..

[WithDisp]

Originally Posted by MrKnight

This.. The opportunities for downtown are endless, even with a slight FAA-imposed height restriction, there is more than enough space to build UP as well as in-fill sites that are still available in various parts of downtown.. The strongest focus right now should be bringing major corporations and offices back INTO downtown, any company that "leaves" downtown for whatever reason is a bad thing and the city should fight hard to prevent things like this from happening.. Corporate HQs likes Darden and AAA should be strongly encouraged to relocate to downtown.. The fact of the matter is, congestion put aside, the more tenants in downtown the better, both commercial and residential, this is what makes a city core vibrant and successful.. The city has invested ALOT in making downtown look prettier and more appealing, new entertainment venues in place, and the public transportation infrastructure is there with SunRail, Lymmo, and Lynx Central Station.. Now the next and final step is filling downtown to capacity and sparking more development..

The city can't 'fight' hard to prevent businesses from considering other places within Orange County to settle and do business; only entice with subsidies by the taxpayers. It's simply too cost effective and convenient to operate large campuses for employees outside of the city core.

Still the residential market is strong downtown. That will pick up with small side businesses to serve the residents.

[idr591]

Originally Posted by WithDisp

Still the residential market is strong downtown. That will pick up with small side businesses to serve the residents.

Is this a fact? I moved downtown in 2010 and I haven't seen a lot of residential growth. Have the numbers increased?

[WithDisp]

Originally Posted by idr591

Is this a fact? I moved downtown in 2010 and I haven't seen a lot of residential growth. Have the numbers increased?

A few buildings (SkyHouse, Steelhouse, The other new one on N. Orange, 420 Artisan) have come up since then, and they're demanding high rent.

While the numbers have increased a bit... there's still plenty of units open. The investment groups control that though- unfortunately not a lot of building for ownership. This trend is nationwide as investment banks attempt to strangehold the housing market.

[MrKnight]

Originally Posted by idr591

Is this a fact? I moved downtown in 2010 and I haven't seen a lot of residential growth. Have the numbers increased?

The numbers have increased SIGNIFCANTLY, occupancy rates for downtown apartments are currently over 90% across the board hence the high rents.. See article below:

Developers work to keep up with demand as apartment rentals... | www.wftv.com

[WithDisp]

Originally Posted by MrKnight

The numbers have increased SIGNIFCANTLY, occupancy rates for downtown apartments are currently over 90% across the board hence the high rents.. See article below:

Developers work to keep up with demand as apartment rentals... | www.wftv.com

The numbers aren't radically significantly higher since 2010- (10-15%?) and the rents would be the same despite the occupancy rates, which frankly, are nowhere near what was reported there.

[MrKnight]

Originally Posted by WithDisp

The numbers aren't radically significantly higher since 2010- (10-15%?) and the rents would be the same despite the occupancy rates, which frankly, are nowhere near what was reported there.

If you really believe that rents have not surpassed $1,000/month in downtown then you are being delusional.. Rent for a STUDIO at nearly all of the desirable/newer buildings BEGINS at $1,000k+.. There has always been a hefty price tag to live in downtown..

[WithDisp]

Originally Posted by MrKnight

If you really believe that rents have not surpassed $1,000/month in downtown then you are being delusional.. Rent for a STUDIO at nearly all of the desirable/newer buildings BEGINS at $1,000k+.. There has always been a hefty price tag to live in downtown..

I said nothing in regards to the cost- merely that the occupancy rate was what set the value on the rents of most apartments.

Companies like SteelHouse and SkyHouse factor rents based on land acquisition, construction/maintenance and then return to investors. This determines the rent far more than market demand. Whether there building was 50% full or 100% full. These companies can afford to sit on low occupancy for years before being responsible for lowering rent to push inventory.

When the real demand increases considerably to justify costs- you'll see condos, not apartments go downtown.

There was a time in which it was a bargain to live downtown. The foreclosures hit 32801 -hard-. Rents hardly ceased though. Reason be, they're not entirely tied to demand in a heavily saturated apartment building market.