New Apartment Quality (apartment complex, hotels, houses)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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the paint on the walls, the carpeting used, and to some degree the appliances used - they ALL have to do with average tenancy. the cabinets and every other fixture too.
I can tell that most of the poster-tenants here are "good tenants" - they pay their rent on time, they don't cause trouble, they leave a rental property in substantially the same condition as when they moved in. They pay for the damages they do cause, willingly, from their security deposit when they move for whatever reason.
Unfortunately, based upon my experience, you are all in the vast minority. And I've seen very expensive single family homes where the tenant damage >>> security deposit.
I feel extremely certain that the financial stakeholders in a building have done some analysis into current cost vs long term cost when they decide which construction method to use.
I feel extremely certain that the financial stakeholders in a building have done some analysis into current cost vs long term cost when they decide which construction method to use.
I agree with this point, but isn't it possible that the financial stakeholders understand that the build quality is lacking, but view these buildings as shorter-term investments?
For example, the Crescent Main Street complex recently sold for a price that amounted to $254K/unit, but those units have an average rent of over $2K/month. If occupancy stays high, they are paid-off in 10 years. I'm leaving out a lot of other costs, but I can envision a scenario where investors don't care if the buildings break down after 20-25 years, because it's still a profitable investment over that time frame.
I agree with this point, but isn't it possible that the financial stakeholders understand that the build quality is lacking, but view these buildings as shorter-term investments?
For example, the Crescent Main Street complex recently sold for a price that amounted to $254K/unit, but those units have an average rent of over $2K/month. If occupancy stays high, they are paid-off in 10 years. I'm leaving out a lot of other costs, but I can envision a scenario where investors don't care if the buildings break down after 20-25 years, because it's still a profitable investment over that time frame.
I agree. The builders either flip the complex quickly or amortize the investment ASAP and then let the complex sink into junk.
I've lived in apts. in this area. I always considered it a temporary place to live (when I first got married, when I was building house, etc.).
And while I lived in these apts., I saw many people come and go so my perception is that it IS a temporary situation.
Based on that, why would the owners put in high end carpet or high end appliances when they know these things are going to have to be re-done in between tenants?
As for the way they are built, I'd have to say that they are built by code. Cheaper or not, I've lived in this area for a long time and I don't remember any apts. falling down (unless you count those at Brier Creek that weren't finished yet)!
Why do people think that newer buildings are not built as well as newer buildings? So many of the "pieces" are better today and more energy efficient. And the building code is better...no more asbestos, smoke detectors, carbon monoxide detectors, etc.
As for the way they are built, I'd have to say that they are built by code. Cheaper or not, I've lived in this area for a long time and I don't remember any apts. falling down (unless you count those at Brier Creek that weren't finished yet)!
Why do people think that newer buildings are not built as well as newer buildings? So many of the "pieces" are better today and more energy efficient. And the building code is better...no more asbestos, smoke detectors, carbon monoxide detectors, etc.
My issue is with these new stick-built apartments that are wrapped around parking decks. Something just doesn't seem right about that type of construction in a more urban location. In my mind, the big 4+ story buildings that fill-up a whole block just shouldn't be built like that, and the typical 3-story suburban apartment should be the upper limit for that type of construction. The typical suburban apartment also has stairs on the outside, which act as a de facto fire escape.
It seems like this new style of apartment sprung up around 10 years ago. I guess we'll see how they hold up. I just hope that the NC building code reflects all the lessons learned by big cities in the 19th and early 20th centuries.
My issue is with these new stick-built apartments that are wrapped around parking decks. Something just doesn't seem right about that type of construction in a more urban location. In my mind, the big 4+ story buildings that fill-up a whole block just shouldn't be built like that, and the typical 3-story suburban apartment should be the upper limit for that type of construction. The typical suburban apartment also has stairs on the outside, which act as a de facto fire escape.
It seems like this new style of apartment sprung up around 10 years ago. I guess we'll see how they hold up. I just hope that the NC building code reflects all the lessons learned by big cities in the 19th and early 20th centuries.
Honestly are you saying that NC is so lax with codes it would put people in danger? What's your beef here since we have put up many apts. without issue. Show me any apt and it will have issues. My back is up cause you are taking out of your ass.
Do apartments have the same or a different set of code guidelines to follow than say a single family home or townhome?
While there are certainly building codes that are applicable to both single family residential and multi-family units, there are numerous codes that would apply to an occupancy class that would include an apartment building, that wouldn't apply to single family residential occupancy classes. For instance, sprinklers.
I agree with this point, but isn't it possible that the financial stakeholders understand that the build quality is lacking, but view these buildings as shorter-term investments?
For example, the Crescent Main Street complex recently sold for a price that amounted to $254K/unit, but those units have an average rent of over $2K/month. If occupancy stays high, they are paid-off in 10 years. I'm leaving out a lot of other costs, but I can envision a scenario where investors don't care if the buildings break down after 20-25 years, because it's still a profitable investment over that time frame.
I agree with this point, but isn't it possible that the financial stakeholders understand that the build quality is lacking, but view these buildings as shorter-term investments?
For example, the Crescent Main Street complex recently sold for a price that amounted to $254K/unit, but those units have an average rent of over $2K/month. If occupancy stays high, they are paid-off in 10 years. I'm leaving out a lot of other costs, but I can envision a scenario where investors don't care if the buildings break down after 20-25 years, because it's still a profitable investment over that time frame.
Quote:
Originally Posted by BoBromhal
you answered your own question, yes?
The broader question is whether municipalities should require higher level of structural engineering for large buildings. If developers want to build these multi-story urban buildings, I think that they should be built to last. The people living around these aging structures will be stuck with them long after investors have made their profit.
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