Just a matter of time… Why be the oldest resident on Glenwood South when you could be the youngest resident in Chatham County. They all come…eventually. You may actually get carded again.
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John gets carded everywhere with that baby face anyways…
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I’m not even the oldest in my building. 
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I do wish the rentals in this project were condos. That would be a cool opportunity.
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I’m a big fan of condos as well (own and live in one), but looking at the cost to own right now is insane. If I were to buy my place right now, It would cost almost double a month compared to what I’m paying right now. And I bought it in 2021. There was a recent study that mentioned that, right now, only 4 cities are situated such that it’s cheaper to own than rent. I’m not sure if that includes the amount gained from principle, but it’s insane right now.
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Condo owner here as well and have owned for years. While costs have certainly risen, I don’t think that they’ve risen as fast as SFHs have. Also, I’d suspect that a lot of the luxury condo buyers in the future will be either DINKS or empty nesters who may be selling their single family homes. I have a difficult time imagining that there wouldn’t be buyers for new condo product hitting the market.
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Supply is low. Cost is high. Need more.
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I was just reading that actually, pretty sobering when seeing the average mortgage in San Jose is $11k and the average rental is $4,200.
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The house I grew up in Los Gatos (San Jose suburb) was purchased new by my parents for $21,000. This is it today. 
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But that was 150 years ago. There’s been inflation since then
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Okay smart 
. The inflation adjusted price since it was new is about $203,000. It’s nearly 11X that inflation adjusted price!
Shockingly enough, the price was even higher last year. I think it topped out near 2.5M. FWIW, all the houses in the neighborhood are the same basic plan with either 3 or 4 bedrooms being the only difference.
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the issue is that developers and lenders/investors won’t finance condo deals unless you are strictly a condo developer and we don’t have any of those in town that would take the risk. Also, general contractors stay away from building condos, if you have 20 contractors in town then MAYBE just one would actually do it.
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Plus, the lenders won’t finance a condo building until over have the units are pre-sold. But, no one wants to commit to buying a condo unless they know the building will be built and have a timeline. A big catch 22.
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The way 615 Peace keeps dragging along doesn’t help. This is its 3rd Summer of construction. It’s been under construction longer than 400H!
^June 21
^Aug 21
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That is actually… astounding. It took less time for a 20-story concrete and steel tower to be built and nearly finished before a… 4 story wood-framed condo building? WOW 
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Perhaps they have a funding issue?
I think that the term we are looking for is incompetence.
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It’s always the benjamins. However, I don’t have any faith that they used quality materials if it was that much of a sticking point on the price. Those condo units cost a shit-ton of money for the amount of square footage offered in a 4-story wood-framed building. Started at $300k for a 548 square foot studio in mid-2021. Wouldn’t be surprised if they up-charged them for materials cost changes after the fact. Additionally there’s no way of knowing if they paid any attention to sound-proofing (which, for a condo, is one of my primary concerns)
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Also there is a supply chain issue.
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Well, it looks like there finally starting construction… 
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