80 Dekalb Reaches 50% Rented Mark, Allegedly
When we checked in with 80 Dekalb in early January, the 365-unit rental being brought to you by Forest City Ratner was about 25 percent rented as best we could ascertain. Yesterday we received an email from a reader who had just toured the 36-story tower and been told by the broker that half the…
When we checked in with 80 Dekalb in early January, the 365-unit rental being brought to you by Forest City Ratner was about 25 percent rented as best we could ascertain. Yesterday we received an email from a reader who had just toured the 36-story tower and been told by the broker that half the apartments were now rented. For what it’s worth, the tipster also said that the apartments were extremely nice.
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Gotcha. My point about Ratner is that he can go ahead and make his profit, even hefty profit, and even be very greedy about it, without my help. It always comes down to what the buyer is willing to pay, but that doesnt deprive me of the right to point out that I think its over the top. When I am prepared to sell, I too shall be looking for someone to pay more than they should! I’ll be a greedy mutha if permitted! However, in each case, if we are the buyer, we all hope that we are not the ones who end up paying too much. of course, whats “too much” is somewhat subjective, thus fetile ground for personal opinions.
Decisions to buy are extremely personal in nature, and depend on many variables. While we’ve all witnessed a massive bubble blow up in so many faces, I wouldnt read that to mean that it is now too risky to consider buying. The world will not, and has not, stayed inside its shell since the bubble burst. if someone wants to buy, the advice I would give is the same i was given before the bubble burst: Do your homework, put as many odds in your favor as possible, then go for it. And hope. or, continue paying rent. As i said, its a very personal decision.
I think the point I was making in #2 was that 1. You dont know if he is making a hefty profit or any profit (many RE developers/investors are actually getting killed -not that anyone should give them any sympathy) BUT of course he is in it to make a profit (likely a “hefty” one too) – so just like no sympathy is appropriate if he is getting killed, no scorn is warranted if he is making a “hefty” profit – to call it greed is silly unless you and the community of people you associate all routinely offer to work or sell your goods for less than the market (based on your feelings about ownership vs. renting I am assuming you arent going to sell your home at below market if you move because – “hey its the nice thing to do”)
And the risk that I speak of with a developer carries over directly to the rent vs own debate as well – because as you said “Rents now resemble many mortgage payments, but at least with the mortgage you are getting equity in exchange. ”
and as many people learned the hard way – that equity is no guarantee of ANYTHING – you can pick the best areas, you can due all the due dilligence you want – but sometimes the market works against you and you may just lose the equity too. So considering that the Mortgage also comes with all the other responsibilities of ownership (i.e. repairs, liability etc…) it is no wonder that many people chose to rent.
The summary – in a rising market it definitely pays to buy – but if you could know for sure the market was or wasnt going to rise…then you’d certainly be rich enough to not have to worry either way.
I like the “Allegedly” part in the headline. Can’t wait to drive by tonight!
Hard to believe they’re getting those rents as quoted above while the economy is collapsing all around us. But, maybe they are.
I’ve seen brownstone duplex apartments with in-unit washer/drier’s for those amounts. I gotta see these!
***Bid half off peak comps***
okey dokey then. I took back the “clueless” part hours ago, and even some of the “insane money” part, but dont let that stop you LOL!!!!!!
over to you.
…”hooking clueless renters willing to shell out insane money for nothing more than the privilege of living in their new buildings”…I don’t see the lol. It’s a corny comment.
“hating” is a bit strong. I have an opinion about the deal they’re getting, but I’ve been made to see that my opinion may be true for some of them, but not all. This has nothing to do with neighborhood pride, at least not for me.
Also, you characterizing home ownership as finding sanity seems equally condescending. Oh the irony. I just took one leg out of that boat, and here you come criticising me all the while jumping into it with both feet lol.
look, to ease the concerns about my remarks, I’ll just say that we should all just live our lives. Have an opinion, but dont let other people’s opinions drive you nuts. The vast majority of those people in this building dont know or care that some of us think they’re paying too much. Afterall, its relative, as always. I’m sure people think I paid too much for where I live too. There’s an expert on every blog, lol. Its all good. I’ve enjoyed the discussion, and even learned a thing or two.
I think the point is…you live in the area and you’re kinda hating on your own nabe and your own neighbors. Leave that to other people. Just because you finally own a house (or found your sanity), doesn’t mean that makes other people insane for paying for what they want.
hefty “profit”.
lordy, now I’m slated for both assuming that he’s making a hefty AND for not stating it as a fact. Good thing its Friday, folks, lol.