That’s not how this works. Individual rich people get an automatic federal tax deferral for putting their own money at risk by buying shares in this company, rather than into the stock market or yet another software startup or whatever.
And given that high-rise apartments cost substantially more than low-rise apartments to build (about 50-100% more per square foot), the price tags also have to be high to recoup their construction costs. Every single apartment will cost over $400,000+ to build, so of course the rents are going to be high… “luxury” finishes add maybe 5% to the total cost, but are well worth it if the resulting rental rates are 10% higher.
This corner balconies . . . @softfurrykitty pointed the out earlier. I believe @John calls them lifeboat balconies. I am not really impressed by those. Still, these will be well out of my retirement price range so I guess I needn’t worry too much.
I with you @atl_transplant, when in town I like the hustle and bustle. Where I live now, its so quiet that we hear the plans over head approaching Atlanta 100 miles away!
I am wondering if the term is just starting to mean new apartments that are not priced under market rate or subsidized in some way. When was the last market-rate apartment built that was not marketed as luxury? If the DHIC apartments were built to the exact same specs but by a for profit developer would they be called luxury?
There is some line out there where an apartment gets high enough finished that it really is luxury, but it is clear to me what that would be. Would actually be nice if there was some type of standard we could apply and see who makes it above or below the line.
I actually had an apartment complex in mind that I have seen being built and thought it could not be a “luxury” apartment. Going out of the city on New Bern past the wallmart there is a pretty decent sized new group of apartments called “The Villages at Raleigh Beach” ← what a name lol. update, they were built on a previously named “Raleigh Beach Rd.”
They are just new apartments out on New Bern, so the location is not luxury. And they can’t be as nice as a new downtown apartment.
Not saying they are advertising with the intentions of being a “beach community”, but Raleigh Beach is an actual place just beyond being a street name.
It is where the old Milburnie dam used to be off New Bern. The dam has since been removed a couple years ago, part of the Neuse River greenway trail and bridge run through here also.
Yep, been there. It’s a peculiar but nice spot. That being said, I can imagine an out-of-towner moving to the Raleigh area being somewhat deceived by the name of this apartment complex.
“Luxury apartments” = apartment pool, gym, newerish appliances, and a business center.
For the Villages At Raleigh beach actually seems like it has more luxurious amenities than I’ve seen at other “luxury” apartments. The indoor heated pool, sand volleyball court, VR room are more unique than the general amenities I see at other apartments. Based off what I see, I’m sure they cost quite a bit.
The neighborhood amenity of “Easy access to RDU Airport” made me roll my eyes. It seems all apartments that are 20 miles away have easy access to the airport.
I just noticed that Montecito West off Wake Forest Rd and Hardimont are not labeled as luxury, but have a pool and fitness center. Looking at the one photo of the inside online I guess they don’t have the newer appliances. I’ve worked in one of the townhouse apartments there. It seemed nice. It is an older complex.
I don’t live in a luxury apartment. The apartment is nice and clean, but we don’t have a gym, pool, or leasing office where someone is on site consistently. For the money I saved by not having the “luxury” community amenities (I specify community because my apartment has just about all the other amenities as luxury apartments), I could simply go to a pool hall, community pool or lake, join a gym (that has a pool), and/or go to a park. It’s been a long time since I’ve been to a community pool, but I know people knock them for being gross. In my opinion, I would find apartment pools to be equally gross.
When my wife and I were house hunting I noticed every single Holly Springs and Apex neighborhood claimed the same ‘close proximity to RDU’ title in their marketing as well FWIW
I mean it’s all relative. I have a friend from Arizona, and every time he goes back to visit family, he has to fly to Vegas, rent a car, and then drive several more hours.
I agree, it’s all relative. I was agreeing with @wanderer that looks like almost any community can claim ‘close proximity’ to RDU if they’re in Wake County.
Growing up in the South and saying ‘it ain’t too far’ could be anywhere from 5 minute drive to 1 hour depending on who said it, context, etc.
