dollrussian t1_izavzyh wrote on December 7, 2022 at 7:34 PM

Except it IS going to make things worse???

There’s a lot of development and redevelopment happening but if the community at large can’t partake then what is it gonna matter if there’s that many units?

The median household income is 50k in providence. That’s not nearly enough to afford rent in that place. So who is going to live there?????

FunLife64 t1_izbu2ey wrote on December 7, 2022 at 11:23 PM

Would you rather there be no housing built? Or a 3 story apartment building? That’ll show em.

There’s a shortage of inventory across the entire housing sector. Which is why most of those buildings downtown are full. There’s not enough inventory.

It’s waterfront and downtown - nowhere in the world is that where cheap apartments get built.

dollrussian t1_izcpxm3 wrote on December 8, 2022 at 3:24 AM

This is very much a chicken or the egg situation --

You really think people who can afford 3K in rent want to live in Downtown providence? For realsies? Those people are buying 500,000K+ homes on the coast.

and also it's not "waterfront" it's riverfront, at best.

FunLife64 t1_izct31v wrote on December 8, 2022 at 3:49 AM

You clearly don’t know the market. Waterplace and the Omni residences have incredible demand. The Nightingale opened less than 2 years ago and is one of the more expensive apt buildings (one bedrooms are min $2300). It has 9-10 open units in a 150 unit building.

For someone who seems to be so snarky about living downtown, not sure how this negatively affects you so much.

Oh, pretty sure rivers are water.

sandsonik t1_izudhng wrote on December 11, 2022 at 10:33 PM

And at no point have these high end, luxury apts relieved the housing squeeze for the rest of us. Incredibly, it seems to make every slumlord think they can charge even more for their apt.

So what makes you think this time will be different?

FunLife64 t1_izuqgs1 wrote on December 12, 2022 at 12:06 AM

Housing prices in a city or state will not change based on a small number of projects (most of what’s been built recently downtown are 4-5 story buildings too, small).

The housing availability downtown was already bad, so they are simply fill in already existing pent up demand (which is why these newer buildings are filling quickly).

This is a much larger project in terms of volume, but the years and years of resistance isn’t helping. This project won’t be done for a while, so not gonna affect any prices now.

Also, the coined “luxury high end” is simply not true - it’s all marketed that way. As someone who’s lived in major cities, they aren’t that fancy.

They are, however, apartments in a desirable downtown area in a city. Those will never be “cheap”. People on here seem to think living in the heart of downtown in a new apartment should cost $1200/month. That’s not really how real estate works.

PVD needs bigger residential projects in other areas of the city.

Previous_Floor t1_j0cuuoh wrote on December 15, 2022 at 6:49 PM

>Waterplace and the Omni residences have incredible demand. The Nightingale opened less than 2 years ago and is one of the more expensive apt buildings (one bedrooms are min $2300). It has 9-10 open units in a 150 unit building.

This is a weak argument. If there was truly high demand for luxury apartments in downtown, there would be zero open units (and a waiting list) in the 150 unit building that you're referencing.

FunLife64 t1_j0dvobg wrote on December 15, 2022 at 10:48 PM

It’s not typical for apartments to go from 0-full in a very short period - people are in 12+ month leases elsewhere. Also, they have lease turnover constantly. It’s not to say 10 open units have been sitting there empty since it opened. It could be 10 units that are coming up on an open lease but aren’t open right now.

Plus, you can buy condos for the same price as a mortgage - hence the high demand in those other buildings.

Like it or not, there’s demand.

dollrussian t1_izavydp wrote on December 7, 2022 at 7:34 PM