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It wasn’t difficult? I think you are wrong about that. Please provide some proof of that statement.
Once again, developers know their market long before they propose a project. They do extensive marketing research in order to arrange financing. These guys wouldn’t be proposing this if there was a glut in the Wilton market and they wouldn’t be proposing the high rents they are if they weren’t sure they could fill the apartments. Jay
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Originally Posted by Mike 75
It wasn't. I knew plenty of people who rode out their separation until the divorce was finalized in what is now White Oaks. Same with people doing gut renovations - they'd move there for a few months. House hunters too. Never heard of anyone having an issue getting an apartment there.
Not so sure I share your faith in the foresight of real estate developers.
They're completing a large complex just off 7 on the Wilton border. Unless they know something we don't (sold out pre-orders) I'd imagine they would want to see that fill up first before building another in the area.
They're completing a large complex just off 7 on the Wilton border. Unless they know something we don't (sold out pre-orders) I'd imagine they would want to see that fill up first before building another in the area.
Isn’t that in Norwalk? This is Wilton, two different markets.
You have to remember approval and construction of this will likely take a couple years so these units won’t be available until 2023 at the earliest. If there is a legal challenge to its approval, you are talking 2025 or later. Their Norwalk project likely will be completed and rented or sold out by then. And you don’t need pre-orders for residential construction. Lenders and developers know from their marketing study that there are renters in the market ready to take occupancy. Jay
It wasn't. I knew plenty of people who rode out their separation until the divorce was finalized in what is now White Oaks. Same with people doing gut renovations - they'd move there for a few months. House hunters too. Never heard of anyone having an issue getting an apartment there.
Not so sure I share your faith in the foresight of real estate developers.
I’m still not sure that is correct. People divorcing, doing gut renovations and even house hunters usually plan well in advance of their move so the likelihood of there being an apartment available over the course of a couple months is pretty good. Also note that these projects assume that there will be a couple units vacated each month. It’s built into their business model.
Finally I don’t see many developers filing bankruptcy in Fairfield County. Lenders aren’t going to lend a developer millions unless it’s been shown to have a market. There’s too much at stake. Again Wilton is a desirable town with very limited rentals available. The worse that will happen is rents there go down a bit to attract more renters. That wouldn’t be the worst thing to happen. Jay
Isn’t that in Norwalk? This is Wilton, two different markets.
You have to remember approval and construction of this will likely take a couple years so these units won’t be available until 2023 at the earliest. If there is a legal challenge to its approval, you are talking 2025 or later. Their Norwalk project likely will be completed and rented or sold out by then. And you don’t need pre-orders for residential construction. Lenders and developers know from their marketing study that there are renters in the market ready to take occupancy. Jay
Take off your CT Forum hat for a minute
Its basically the same RT 7 market. Most renters aren't looking for two acres and public schools. Just a place to call home for a temp lease with easy access to highways and trains.
By pre-orders I meant a group of folks ready to move in, signed up, gave deposits, I don't know.
Yes, they wouldn't need that for construction, that's right.
Take off your CT Forum hat for a minute
Its basically the same RT 7 market. Most renters aren't looking for two acres and public schools. Just a place to call home for a temp lease with easy access to highways and trains.
By pre-orders I meant a group of folks ready to move in, signed up, gave deposits, I don't know.
Yes, they wouldn't need that for construction, that's right.
People moving to Wilton over Norwalk are doing it for one of two things, prestige or schools. I know people who are Town snobs that would never move to Norealk so Wilton would appeal to them. People who have kids and only want the best schools for them would pick Wilton over Norwalk in a heartbeat. Jay
People moving to Wilton over Norwalk are doing it for one of two things, prestige or schools. I know people who are Town snobs that would never move to Norealk so Wilton would appeal to them. People who have kids and only want the best schools for them would pick Wilton over Norwalk in a heartbeat. Jay
Wow, they should visit the beach in the corner. Spendy. What it lacks in size is made up for in unrelenting charm and natural beauty.
We're not talking about homes in the forests. This is why I asked you to take off your Forum hat for just a minute. Again, most Apt complex dwellers don't need 2 acres and public schools. If they do then yes, pick that way.
The best schools is a misnomer. The fact of the matter is the following old school logic doesn't make sense anymore
1) You need to go to a good school to get into higher ed
2) You need to get into higher ed to get a better job
3) You need to get a better job for more compensation.
Generally speaking no one cares where you went to high school. It isn't a icebreaker at parties. I'm in my early 40's, no one really talks about it at this point. Academia well that fades out by 30. I only know one person that still talks about his alma matter at age 40 (just had his birthday). No one cares and he went to an Ivy. The private sector cares about making a profit and non profit and government is about compliance and control.
there's a fair reason why many companies are in urban areas. Land prices are cheaper and it means for greater ROI and ROE. Add in some public transit and of course there's demand for apartments. Like Steven said most don't need 2 acres and a gold plated school district. Birth rates keep dropping and immigration is nil.
People moving to Wilton over Norwalk are doing it for one of two things, prestige or schools. I know people who are Town snobs that would never move to Norealk so Wilton would appeal to them. People who have kids and only want the best schools for them would pick Wilton over Norwalk in a heartbeat. Jay
We all know this being on this site. How many times has someone come onto this site and say "we are renting for XX years and one of the main criteria is good schools"......or "we are renting a year or two and then buying a house and one of the main criteria is good schools".
It's so different now. When I was young everyone mostly bought a house and stayed in the same area even if they had to find a new job. Now my cousins and friends children are moving all over the country to many different locations for jobs, new experiences etc. and they all rent.
We all know this being on this site. How many times has someone come onto this site and say "we are renting for XX years and one of the main criteria is good schools"......or "we are renting a year or two and then buying a house and one of the main criteria is good schools".
It's so different now. When I was young everyone mostly bought a house and stayed in the same area even if they had to find a new job. Now my cousins and friends children are moving all over the country to many different locations for jobs, new experiences etc. and they all rent.
Job hopping used to be frowned upon. Just join linkedin and take a look around. I've seen three years, two years, one and even months experience. someone I know just had a promotion. Since 2003 she's on job 7. Another person I know does technical writing. She's had 40 clients in about twenty years. Have no clue how she's retiring or getting health care but obviously if she was bad she wouldn't have 40 clients. If companies can move but people can't then who has the advantage? It's easier to move if you are renting for the most part. At the same point work from home kinda changed a fair amount.
Now the other difference I'd see is if renting is more than owning. For me it was. The amount of rent for me covers my mortgage, food, phone, internet, electric, water and gasoline. I get equity, space, tax breaks, more quiet etc.
We all know this being on this site. How many times has someone come onto this site and say "we are renting for XX years and one of the main criteria is good schools"......or "we are renting a year or two and then buying a house and one of the main criteria is good schools".
It's so different now. When I was young everyone mostly bought a house and stayed in the same area even if they had to find a new job. Now my cousins and friends children are moving all over the country to many different locations for jobs, new experiences etc. and they all rent.
Nah, bulk of families with children are looking for single family homes on yards with forest, rent or buy, not two bedroom apartment complexes. The kids would be at each others throats cooped up in an apartment. Single family homes sales in Fairfield County and CT are up dramatically since LY. The proof is in the pudding. There's no denying it. You can google it in case you haven't heard. Asking for a source or link would be like asking to see a menu at McDonalds.
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It's easier to move if you are renting for the most part. At the same point work from home kinda changed a fair amount.
