Real Estate Crash thread

[Foggy_Goggles]

Acuity has underwriten by business liability policy for about 20yrs. They have been great to work this including defending me against 2 BS claims.

Sent from my Turbo 850 Flatbrimed Highhorse

[Dantheman]

I had a call this morning about a senior living apartment building project in SLC. 110 units, $50-60 million. The size of the units wasn't mentioned, but I can't imagine they're more than 1-2 bedrooms and 1k ft2. Seems nuts.

[Foggy_Goggles]

$545ish per sq. ft.? As usually, it depends on what's in the number. If that included land, infrastructure and all preconstruction costs it sounds about right.

Its so in vogue to point the finger at the developers and assume they are responsible for the cost of housing but the imbedded cost are unbelievable. Its pretty easy to bring product to market at +/-$300 sq. ft. but it's almost as if the regulatory powers don't want it.

#how much should it cost and why?

#I go to the meetings.

[mud]

DR Horton has it under $150 sqft in FL at cost.
https://www.zillow.com/homedetails/4...54523098_zpid/

[liv2ski]

But Florida?

[skaredshtles]

But Florida?

Location
Location
Location

Amirite??

[californiagrown]

I had a call this morning about a senior living apartment building project in SLC. 110 units, $50-60 million. The size of the units wasn't mentioned, but I can't imagine they're more than 1-2 bedrooms and 1k ft2. Seems nuts.

FWIW, just broke ground on a similar sized affordable senior building in the greater seattle area and that was the construction budget last i saw. That didnt include the upfront land/design/permitting costs. State grants pay a big chunk of the budget from what i understand. And these are studios... they dont even have W/D in the units, thats down in the basement.

[lowsparkco]

$545ish per sq. ft.? As usually, it depends on what's in the number. If that included land, infrastructure and all preconstruction costs it sounds about right.

Its so in vogue to point the finger at the developers and assume they are responsible for the cost of housing but the imbedded cost are unbelievable. Its pretty easy to bring product to market at +/-$300 sq. ft. but it's almost as if the regulatory powers don't want it.

#how much should it cost and why?

#I go to the meetings.

This is a great point. SDC’s have grown at nearly an exponential rate in two of the markets I’ve been involved in lately. It’s disturbing to me that many consumers act as if that’s fiction. It’s pretty easy to verify and it’s a significant expense.