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I know of some people who like to rent because they are either short term(job assignment for a couple years, med school, etc) or they just don't like the duties associated with owning. Property taxes suck, but they are passed down to the renter in the rent cost.
Actually, all the new higher-end apartments/condos downtown have been quite a hit, I read somewhere recently that downtown Rochester is the fastest-growing neighborhood upstate (admittedly not a very high bar, but still...) and the majority of these buildings that have been re-zoned and renovated for residential purposes are running at like 95%+ occupancy. People are willing to pay, too. Trust me, I looked into downtown living very intently and it was mainly the cost that kept me living in the southeast neighborhoods instead of picking up a cool loft or something in the St. Paul quarter, but you'd be very surprised at the level of demand for luxury apartments downtown. I think these units are popular for a number of reasons. One, most of them are almost brand new (pretty much all of this development has happened in the last 5-6 years) so they're really quite nice and very trendy for the most part. Two, you're downtown, which means you're close to pretty much everything-businesses, the new bus terminal, the east end, etc.- and downtown is very walkable which appeals to a lot of people, myself included. And thirdly, I think a lot of people just like living downtown amongst the tall buildings with all the hustle and bustle and what not, my sister lives in midtown atlanta and her + a lot of her friends prefer it to the rest of the city simply because the neighborhood's a lot more "urban" in character, same thing applies to downtown roc. I honestly don't think they'll have a problem filling these apartments relatively quickly, I'd be more skeptical but like I said the last few years have demonstrated that a lot of people are willing to leave Park Ave, south wedge etc. and pay out the nose to live within the loop.
However, I don't know if I really like the proposed design of the building...it's not terribly ugly, but it reminds me (from the renderings, at least) of those new riverside apartment buildings on mt. hope (where the projects used to be) that have that godawful, ultra-modern swedish look to them; totally sticks out from the rest of the neighborhood (which is mostly lovely old single-family homes) like a sore thumb. However, people are willing to pay 2500 a month for those units too so apparently the futuristic scandanavia look is quite popular with my generation...
What I find puzzling about the luxury explosion downtown is simply that you can get luxury living in the Park-East area for a fraction of the price AND have a great neighborhood to live in. Yes, downtown is walkable for work and public transportation but it's terrible for shopping, dining, and overall curb appeal. The whole place basically shuts down after 5:00 on weekdays and is dead all day on weekends. Park-East is street after street of beautiful Victorian homes within walking distance of many amenities and art galleries. Yes, the East End is great but the Cascade District is boring and the St. Paul Quarter still has crime and blight issues.
However, I don't know if I really like the proposed design of the building...it's not terribly ugly, but it reminds me (from the renderings, at least) of those new riverside apartment buildings on mt. hope (where the projects used to be) that have that godawful, ultra-modern swedish look to them; totally sticks out from the rest of the neighborhood (which is mostly lovely old single-family homes) like a sore thumb. However, people are willing to pay 2500 a month for those units too so apparently the futuristic scandanavia look is quite popular with my generation...
I like Erie Harbor and the Hamilton. They're playful, unique, and visually interesting. They're surrounded by the river, a road, and two empty lots so I'm not sure how they clash with anything.
However, I don't know if I really like the proposed design of the building...it's not terribly ugly, but it reminds me (from the renderings, at least) of those new riverside apartment buildings on mt. hope (where the projects used to be) that have that godawful, ultra-modern swedish look to them; totally sticks out from the rest of the neighborhood (which is mostly lovely old single-family homes) like a sore thumb. However, people are willing to pay 2500 a month for those units too so apparently the futuristic scandanavia look is quite popular with my generation...
The ones on Mt. Hope had what I used to call the "Soviet-era" look. I walked the river side of the buildings once, I had jury duty downtown and decided to check them out during a lunch break. They were mostly vacant by that point.
Yeah, I'm not seeing the point of living in downtown Rochester other than to get a "new" unit. If you can stand the noise, go for it. If enough people do, the retail and other services will spring up around them and it will get more and more attractive to live downtown. 100 "luxury" units will be going in behind Dinosaur BBQ - I just remembered that.
But...before you get seduced by beautiful renovation, talk to the people at Chapel Hill on Prince Street. Before you get seduced by new construction, talk to people at The Mills at High Falls. Remember that developers are out to make money first and foremost.
Don't landlords pay property tax?
Doesn't that money come from the renter?
S
Yup. People kid themselves into thinking they're not paying taxes. No, they're not directly being billed for it, but what do they think rent pays for? The landlords/property owners surely aren't taking money out of their pockets to pat the taxes.
Yup. People kid themselves into thinking they're not paying taxes. No, they're not directly being billed for it, but what do they think rent pays for? The landlords/property owners surely aren't taking money out of their pockets to pat the taxes.
so is that why cheap crappy apartments are 700-800 here? in ohio the same apartment is only 500
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