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Different areas. Ohio, Florida, my last one was from Denver. Some just want a change, some for their jobs. There is a transition going on in general with people moving south.
That certainly makes sense as that is happening in every city of the state and I don't doubt for a second builders are not researching prior to investing but I can also easily see how an investor would invest in a red hot market like Greenville has and continues to be but still end up not getting much of a return on it.
I am not investing anything into real estate much less millions like many of these developers are so I am certainly not the expert on this situation nor suggesting they are not knowledgeable, I am just suggesting that a red hot market seeing the building boom we are without a much more substantial growth increase will not stay red hot for long and especially not how the prices are trending either.
Once again, as of this moment, Greenville has not overbuilt but once all of these condos and apartments that are currently under construction or planned come on the market, we will be at that point.
That certainly makes sense as that is happening in every city of the state and I don't doubt for a second builders are not researching prior to investing but I can also easily see how an investor would invest in a red hot market like Greenville has and continues to be but still end up not getting much of a return on it.
I am not investing anything into real estate much less millions like many of these developers are so I am certainly not the expert on this situation nor suggesting they are not knowledgeable, I am just suggesting that a red hot market seeing the building boom we are without a much more substantial growth increase will not stay red hot for long and especially not how the prices are trending either.
Once again, as of this moment, Greenville has not overbuilt but once all of these condos and apartments that are currently under construction or planned come on the market, we will be at that point.
I don't think it's really a matter of developers doing better research, it's that they most likely don't care.
Let's say a bubble market only last 5 years. In that 5 years you can make incredible returns before everything tanks. Even if you looses lot of money in the last year it's most likely going to be more than offset during the boom years. It doesn't really pay to be cautious during a bubble.
That certainly makes sense as that is happening in every city of the state and I don't doubt for a second builders are not researching prior to investing but I can also easily see how an investor would invest in a red hot market like Greenville has and continues to be but still end up not getting much of a return on it.
I am not investing anything into real estate much less millions like many of these developers are so I am certainly not the expert on this situation nor suggesting they are not knowledgeable, I am just suggesting that a red hot market seeing the building boom we are without a much more substantial growth increase will not stay red hot for long and especially not how the prices are trending either.
Once again, as of this moment, Greenville has not overbuilt but once all of these condos and apartments that are currently under construction or planned come on the market, we will be at that point.
We will just have to see. Many things can play a factor in growth.
it can only be overbuilding if the buildings are mostly unoccupied or the price point on the apartments/ condos drops so low that the buildings become slums. That isn't going to happen.
it can only be overbuilding if the buildings are mostly unoccupied or the price point on the apartments/ condos drops so low that the buildings become slums. That isn't going to happen.
You must have somehow missed out on the entire housing bubble of 2008 because that's exactly what happened.
I remember seeing condos under construction that had a sign that said "coming soon, condos from $400s. "
Then a few weeks later "coming soon condos from the $100s."
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Originally Posted by Ziggy100
You must have somehow missed out on the entire housing bubble of 2008 because that's exactly what happened.
I remember seeing condos under construction that had a sign that said "coming soon, condos from $400s. "
Then a few weeks later "coming soon condos from the $100s."
As a person out here in the real estate market, I can tell you we haven't overbuilt. Still a seller's market and apartment inventory is even lower than the housing inventory. Our developers have researched the market.
Developers are the worst folks about overbuilding. Typically the use other people's money and have little invested, they will build until things fall apart and then file bankruptcy. Then, they cycle starts all over again.........is 2008 such a distant memory that we think developers are not immune to dumb decisions?
Why have hotel rooms doubled in DT Greenville? You don't see this in faster growing cities like Charleston, Raleigh or Charlotte.
Why build more office space when the city has roughly 6 years worth of inventory downtown?
Why build more when the metro has less jobs today than it did at year end 2015.
I am not against development, I love to see it happen but Greenville is out of line when compared with other markets.
Definitely don't won't it to be like Charlotte. At least I don't.
That's good because Greenville won't be like Charlotte in our lifetime, even if you are 10. Why:
Charlotte is better educated, has more diversity in every respect, is growing much faster, is a ton wealthier, has pro sports, better arts, 2 hours to the mountains..........3.5 to the beach, So no....you won't be like Charlotte.
But, Greenville does love to brag.............boy do they love to brag..........
For one........cities around the country visit other cities to see what works and what does not. Only in Greenville would this be seen as "we are so good, people are coming to see us"
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