Condos are also very very high risk for developers (and designers). They go into litigation so frequently that the firm I work at doesn’t design condo buildings as a matter of policy.
6 Likes
Of Predatory Litigation… “Another blight of society that needs major reform for $2,000, Alex”
3 Likes
lmao for sure. For architects, it’s been made worse by a case in California where it was determined that architects owe a “duty of care” to homeowners of condo projects with whom the architect has no contractual relationship. That exposes us to essentially hundreds of potential claims as opposed to the usual single owner, even in instances where the architect’s influence may have been trumped by those of the developer, or when our role during the construction phase was limited.
I often wonder if some of these apartment projects will be flipped into condos at some point like what happened (literally overnight) when I was living in Miami in 2005. It’s a very different market situation right now, so maybe not, but who knows?
4 Likes
I have a friend who’s a home builder and he said as much too. It’s much easier to build an apartment where everything is mostly the same (floors, cabinets, windows, bathrooms, etc).
Compare that to a townhouse/condo development where everyone has picked out different flooring, wall colors, appliances, etc
2 Likes
Wow you got to be such a sucker to buy this junk. I made a dog house with better bones. Lol
Welll … show me something else for sale that is new (no cockroach poop in the walls) and this walkable to the city for significantly less and I’ll show you a pink elephant on acid
6 Likes
I can’t, still does not make it worth that amount of hard earned cash. Current home buyers are taking a beating with this overpriced crap that falls apart. I don’t see a lot of opportunity for first time home buyers, they will get suckered, feel bad about that.
1 Like
I don’t disagree on that. This is certainly not a first time buyer development… Except it might be. I’ve dealt with several buyers whose first home was north of $2m.
1 Like
wow, that is some client base! Our first home - only 17 yrs ago, was just under 90k, lol.
3 Likes
Crazy that 5 figure houses are impossible to find now unless it’s a really depressed area
4 Likes
True that. I am in a whole different market than Raleigh. We just hired a new prof who has been teaching in Denver. They bought here and mentioned that the house was a fraction of what they would have to pay in Denver.
1 Like
wow how things change. When family move to Raleigh in 1969 (I was 17) we bought a new 3br 2b split level house in eastern edge of Raleigh (it’s well within city now) for 21k. !!! My current house in mountains, about twice as big, was apprised 3 years ago for little over 700k. It is bigger than 1969 house but, in Raleigh bet it would be well over 2mil. Adjusting for size difference that would require 7% a year increase in value per year for last 58 years !!! 
2 Likes
21K is what my parents paid in 1965 for their new Silicon Valley home that’s no worth north of 2.6M.
It’s insane.
My first condo in Raleigh was $57,500.
2 Likes
guess in 65 Silicon Valley was still mostly farm land. 
Surprisingly no. In 1965, my neighborhood was densely built with single family homes on tiny lots. While there were areas with vineyards in the hills, and some other specific areas, it didn’t feel rural at all. This whole area was built in the early to mid 60s.
1 Like
My wife and I happened to be talking about childhood homes last night and I decided to look up a house we lived in for a few years as renters when I was a teenager. People here are shocked about $500/sqft in Raleigh but have a look at this ($3000/sqft):
3 Likes
Ridiculous!! Hhahahaha
minus $116k in the last 30 days LOL. How about Minus $2.5m in the next 30 days?
4 Likes
And it could not be a more basic, modest house. Just a rectangle with all of 3 rooms and 1 bathroom. I’m sure it’s been updated but it appears to be basically the same.
Los Gatos is high, but Palo Alto is RIDICULOUS. 422 Hershner Dr, Los Gatos, CA 95032 | Zillow
Looks like “our” house has come down 80 grand. I suppose the Netflix earnings miss threw some cold water on the local submarket?
3 Likes