Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
With the numerous apartment buildings and hotels going up around downtown Greenville, am I correct to state that there are way more apartments and hotels than condos being built?
If so, is anyone else concerned that the apartment buildings could go bad at some point (they could become dated and not kept up), and there could be a surplus of hotel rooms, leading to hotels going under, leaving numerous underused buildings around downtown?
My thought: we need more high-end condos downtown. Owner-occupied housing probably leads to people who have more of a reason to keep up their buildings and build up the neighborhood. Even if apartment buildings and hotels end up becoming a blight, high-end owner-occupied condos could at least help maintain a desirable demographic downtown, which would help keep and expand the nice stores and restaurants there.
No, the apartments aren't going to go bad. Only way that happens is if downtown loses its jobs and investment and becomes a ghost town, which isn't happening. Apartments and unkept renters also don't correlate, that is some stereotype. If anything you could say people are less inclined to keep up their homes considering they don't have a landlord or lease to worry about.
Keep in mind building helps keep prices and rents down. If you think downtown is expensive now, it'd be worse if they weren't building anything at all or only building high end. Doing both of those could make things worse for everybody.
More and more condos are being proposed and built as developers and investors begin to regain confidence in the market. All 8 Riverplace condos have sold, the average price being around $1.6 million if I remember correctly. 26 of 38 Markley Place condos have sold, the project is under construction. I believe 121 Rhett is either sold out or close to it. M West is sold out and complete. Field Street Row, Avant and Falls Walk are all proposed in the West End and have begun presales. There are plenty of other projects that I know I have missed. Apartments and hotels have definitely outpaced condos but they are certainly starting to pick up speed.
For hotels, there was an article a year or two ago that discussed the risk of overbuilding-- owners of existing hotels saw a strong risk of overbuilding, and people building new hotels thought everything was rosy ha ha.
As I recall there was a surplus of condos downtown around 2003-2005. Even though those builders/investors must have been hurting for several years, the supply all got absorbed eventually.
Also, owners of mid-rang and high-end apartment buildings have a strong incentive to keep the buildings and grounds looking attractive, in order to attract stable, gainfully employed tenants who can afford $1,000+ rents (or whatever the rents are down there).
I think that there will be a huge quantity of condos / apartments built in downtown and near downtown once this Grand Bohemian Hotel is built next to the falls and County Square and other developments are completed. Greenville is about to go to the next level.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
