walkitout (walkitout) wrote,

Contrasting trends

In a world in which everyone bought single family homes (<-- exaggeration), people who couldn't afford them lived in Low Income Housing (not single family homes). That low income housing has not been in the central core of cities. For a while. Turns out there was a whole business model that involved in building/running these complexes, which have a _lot_ of regulation associated with them (notably, I think you have to stick with the investment for 15 years, and a lot of the deals were done in the mid- to late-1990s. Think about that for a while.).


Many of the biggest apartment owners on MFHC's top 50 list are this kind of syndicators, and they are shedding units like crazy over the last few years.

The mid- to bottom of the top 50 list looks very different.

This resolves a lot of confusion I had about the size of the biggest owners/managers, and that they were shrinking, and so forth.

It also makes sense of this:


I'm not actually that interested in apartments being built in city cores -- that's a trend we are all familiar with and unless 3 family apartment homes are built in great masses (which could happen), it's not the trend I'm sniffing around for. The trend I'm sniffing around for is apartments/multi family being built with nice, big, suburban-house-replacement-units in the inner ring of suburbs. Learning that developers are skipping suburbs to go to the city is code for: LIHTC is done, city core is where it's at.

It is worth noting that Seattle, unlike Boston, has a lot of very low density (quarter acre lot, single family home) neighborhoods, which would be what I'm including as "inner ring of suburbs".

However, the article also covers AvalonBay communities (which is NOT LIHTC communities, EVER. ETA: But they do take advantage of 20% units "affordable" to use tax breaks and access building loans. There's a complex in _my_ town.) going into Queen Anne (NOT suburban, remotely). Avalon is also building in Ballard. This is surprising only in that it's a qualitatively larger project than the multi-family that has been going up in Ballard for the last 15 years or so.

I'll have to do some digging to determine whether the floor plans are the same old same old (studio, 1, 2 and 2 + den) or if they are extending into 3 bedroom plans.

As usual, I think I'm a little off on my timeline.

ETA: Seriously!?! And I'm just finding out about this _now_?


R. and I were just discussing how really big developments assemble land parcels in places that have already been full built out at a lower property value. I was thinking, "closed supermarket". But I guess Sunset Bowl works, too.

AvalonBay, predictably, providing charging stations in the garage:


And rainwater capture tanks. So very Seattle!

AvalonBay Queen Anne:


On the old Mountaineers club site! (Am I allowed to laugh or will that confuse and/or annoy everyone?)

About 200 units on 1 acre.


Comments thread mocks pricing. Looks like studio/1/2.
Tags: our future economy today, real estate
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