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| motherfucker, dining, postings, perfect, game, pam\'shouse blend, kevin dillon, jeremy piven, independant, discussion, fantastic, mother son., name development, db2, bfd, cunt, academe, deep house, comments, | [**] One circumstance that has occurred is that market prices for indies property in the area is so high now that buying rental property for the purposes of renting the units is no longer feasible: you cannot make enough in indies rent to pay the mortgage. This has only accelerated condo conversions from people with lots of disposable income buying up rental units and "flipping" them into condos to get a indies profit. For example a three unit building costs somewhere between $650K and $800K, and the condos sell for $300K-$450K each, netting a profit of a few hundred thousand minus renovation costs. Life is a peanut butter and liverwurst sandwich --- Me, 1977 [ ...reply just to this | comment on the story... |
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| Unless things change considerably, I fear the post-WWII "golden age" is gone for my generation and at least the next. [*] A new wrinkle — there's now a push to have renters also pay the water and sewer bills in my area. Some landlords claim that game that burden will be reflected in lower rents, but given that a HUGE proportion of formerly-rented property (over 30%) has been eliminated through condo conversions[**] and demand is constant (owing to the large student populations) the lower supply pretty much means that people can charge whatever they want and game get it, so I really don't expect many people to see a decrease — more likely it'll be flat for a short time as the so-called decrease is absorbed in the next rent increase. $2,000 is NOT rare now for a 2 bedroom flat — sometimes advertised as 3 bedrooms if you take the living room and convert it to another bedroom, use the dining area as the living area, etc. |
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