Real Estate Crash thread

[fastfred]

the classic shitty French hotel was a sink in the room and a pisser/shitter down the hall and it sucks; places like that got badly retrofitted with integral units because it’s nice not stepping on Timbahridge shower jizz from another Benny profane post

nobody wants to fuck someone that lives in a no bath apartment dude, and if you’ve forgotten, the primary purpose for citys is to find someone to fuck semipermanent

props bro

only posts thaat have made sense in the past three pages

[californiagrown]

https://www.common.com/seattle/

https://www.cornishcommons.org/floor-plans/

https://www.geekwire.com/2018/co-liv...ousing-adults/

FYI, one of those is a college student dorm.

And common is a literal standard apartment building. The only difference is that the property management rents out individual bedrooms within the 2 and 3 bedroom units instead of the unit as a whole... they basically sublet rooms in the apartments. I was thinking more along the lines of the college dorm above.


Its not the permitting fees or any draconian code requirements that make repurposing office towers into Multifamily infeasible currently (also its rarely the permitting fees, its the permitting timeline that is a killer). Its simply a vastly different use that requires vastly different, well, almost everything. So, the towers will stay vacant a while longer until the pain of no lease income is great enough that the owners lower their pricing enough for it to make financial sense to make the needed TI improvements.

[phatty]

When I worked in Amazon's buildings downtown, the had 1 bathroom for each sex on each floor and 1 kitchen sink. Each floor had 200+ people working on it. I would think those pipes would struggle to handle 10-20 families living, drinking, eating, pooping, showering, cleaning, etc. Then again, I have no idea. I slayed those bathrooms on the regular and 4 flushes takes a lot of water.

[schuss]

I feel so left out. I hated working as one of 2 people in a sattelite office early on in my career, and i hate working from home now. I would never WANT to work from home or 100% virtually. I just had to WFH yesterday because my car battery died and i had to wait for my wife to get home from work later that evening with a freshy from Autozone... it fucking sucked and and was annoying. My ADD ran wild and the handful of IT issues i encountered really pissed me off. Ugh. Im just not one of those people i guess.

The times they are a changin though.

We're full hybrid so there's always space for people that want to come in and offices in 5 major us cities, so it's not like the option is gone, it's just we have very few that choose it for every day. Strategy sessions and working groups come together pretty often, it's just for us everything involves someone across the country or in a foreign country so in-person was already hybrid by nature.
What's even better now is also there's a lot less "home office is where everything happens"

[altasnob]

shared kitchens in Ballard

https://pnwapts.com/freya/?utm_mediu...w&zgRef=zillow

https://www.kuow.org/stories/in-ball...ers-refuge-for

[californiagrown]

When I worked in Amazon's buildings downtown, the had 1 bathroom for each sex on each floor and 1 kitchen sink. Each floor had 200+ people working on it. I would think those pipes would struggle to handle 10-20 families living, drinking, eating, pooping, showering, cleaning, etc. Then again, I have no idea. I slayed those bathrooms on the regular and 4 flushes takes a lot of water.

yep. This exactly. and its not only the capacity of water and sewer pipes needs to increase, its the space planning to fit all of these new pipes and fittings on each floor, and the space planning for larger trunk lines in the building, etc. All new, none of it planned for so it will likely cause a full rework of the hvac system and electrical too. just a nightmare clusterfuck yardsale.


At least structurally it would be relatively simple, i think. but im not a structural guy....

[californiagrown]

shared kitchens in Ballard

https://pnwapts.com/freya/?utm_mediu...w&zgRef=zillow

https://www.kuow.org/stories/in-ball...ers-refuge-for

I think shared kitchens are a MUCH easier sell than shared bathrooms.

[east or bust]

They need to reduce or eliminate building and safety codes, and reduce/eliminate permitting costs, to make the conversion more cost effective. They are not tearing down any of these office towers anytime soon. Even in expensive Seattle the only thing that gets torn down is decrepit old houses and buildings rotting away.

No, just no. Californiagrown was correct.

Retrofitting a commercial building for residential would be a fucking nightmare, and it has nothing to do codes or permitting.

[yeahman]

I'm not really talking about retrofitting, I know that's not practical, I'm saying knock them down and start over. There will never be a need for all that office space again, but we DO need housing, so might as well get started.

[steeznutz]

I'm not really talking about retrofitting, I know that's not practical, I'm saying knock them down and start over. There will never be a need for all that office space again, but we DO need housing, so might as well get started.

That's a tough proposition, too. Some entity like a REIT or pension fund owns the mostly vacant office building and they probably have a mortgage on it. So until they default on that and have to give the keys back, knocking down a viable building is a non-starter. The way it should play out is that buyers/investors/operators of office buildings need to recognize that demand for office space has cratered and to adjust market rent downward accordingly, probably 50% of current contract rates. This would also be extremely painful for owners and investors, but it's probably the least bad option.

[altasnob]

Tearing down office buildings to build housing from scratch is as delusional as Core Shot thinking he gets a tunnel from his house to Victor to escape his bubble. There is a ton of available land, and parking lots, that we can build housing on within our cities before we need to go tear down existing office buildings.

US cities have actually grown less dense since 1950 as they sprawl out, not up. "Only 12 of the nation’s 50 largest central cities had as many as 7,500 residents per square mile in 2020 — the average population density for U.S. central cities in 1950."

They are converting this office building in Tacoma into 75 residential units. The developer says the biggest reason they are doing this in Tacoma is becuase the city waives property tax for 10 years on multi-family development:

[fastfred]

I gue

PS, I lived in CO for five years and have been to Aspen numerous times, always passing through to the national forests, and spending as little money as possible there.

you seem to spend little money anywhere as you pass through to the goods
do you just stock up at costco once a month? how to go through life without spending any money anywhere

[altasnob]

how to go through life without spending any money anywhere

My Dad's side of the family is Scottish and I've always been, and always will be, a cheap bastard. It's ingrained into my psyche. Polar opposite to baller Fred. I'm also anal about where my tax dollars go so I try to only buy things in the city I live in.

[54-46]

If there's one thing I learned from my decade in Teton Valley, it's that local politics have a much more direct effect on daily life than national level. Vote, attend meetings, make comments, just because you align with somebody politically doesn't mean they have your best interest, or that of the community, in mind.

Catching up from wayyy back, but totally agree with this sentiment.


Sent from my iPhone using TGR Forums

[Name Redacted]

What if you are a WFHer who rents an apartment in a converted office building in Tacoma? I hope there is a complimentary suicide prevention spa on the first floor.

[altasnob]

What if you are a WFHer who rents an apartment in a converted office building in Tacoma? I hope there is a complimentary suicide prevention spa on the first floor.

Have you been to Tacoma? I'll put our music scene against any similar sized city in America. There's a reason our real estate market has been one of the hottest in the country in the last decade. People in the know, know.

Fastfred is skidding down icy groomers at Breck while I am laying trenches down this:

[Name Redacted]

Hot because it is cheaper than Seattle is not a hook to hang your hat on. I'm sure it is a nice suburban area. Big fucking deal.

[altasnob]

Tacoma's not suburban. It had a larger population than Seattle in 1880 and it wasn't until 1900s that Seattle passed it up. Because of this, Tacoma has an abundance of old houses and buildings that make it interesting. If you like old buildings, I suggest going to a show at the Elks Temple, the crown jewel of the McMenamens chain:



Before the reno:

[alpinevibes]

Hot because it is cheaper than Seattle is not a hook to hang your hat on. I'm sure it is a nice suburban area. Big fucking deal.

Don't forget the Aroma, T-Dome and Emerald Queen value-adds

[Name Redacted]

I, like most people, could really give two shits about Tacoma.

[fastfred]

I, like most people, could really give two shits about Tacoma.

at least they don't subsidize housing like the socialist empires in colorado called asspen and scummit county
it's a pull yourself up by the bootstraps kinda place no handouts for privileged middle class white folks \\

suprised he spends money there? (to go out in tacoma) i imagine altasnob eating granola beanpods and tofu all day next to his pop up camper being towed by a clapped out 2002 audi in the middle of nowhere

[altasnob]

Don't forget the Aroma, T-Dome and Emerald Queen value-adds

We love our T-Dome. Just need to go forward with that Andy Warhol redesign. Haven't been to the new Emerald Queen, but think it's cool that Tacoma is one of the only large cities that borders a tribal reservation. Too bad there is no one left in Seattle who even knows what Almost Live is.





Local watering hole. Keanu Reeves tried to buy this place but the owner told him to fuck off.

[Supermoon]

It's easy not to spend money if your parents buy you everything

[altasnob]

I, like most people, could really give two shits about Tacoma.

That's because you don't jack off to urban planning design like I do.

[JimmyCarter]

Helping AS work on his Tacoma slogans

Tacoma: Fuck off Keanu!

Tacoma: bigger than Seattle in 1890!

Tacoma: A daily reminder of the atrocities of the white man!