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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Michael Bakunin who wrote (161511)	4/23/2002 10:30:06 AM
From: Ahda	Read Replies (1) of 436258

About two months ago I was looking at a building in the area i was speaking of. In that unit there were two tenants who were paying 250 a month rent. I could petition for one open unit. There was a possible second i could raise the rent on as the second tenant was in their late eighties upon their demise I was free to charge a rent that was fair for the area. My mortgage cost for the building with fifty percent down would not be met. The hope of any return was non existent. The rental increases in this area have been delayed for as much as fifty years in some cases. However the older the tenants are the more of a premium in price you pay for building. In this complex there were a couple of forty years olds paying 560. No one in their right mind would consider moving out when rents were as low as this. Chances were pretty darn good i would be stuck with those two for at least another thirty years. This whole procedure came about due to my two sons and their perspectives wives need of housing. The area has lovely units and a couple of friends inherited said units from their parents. Due to years of efficient planning on their parts they have slowly moved their children into these units and what you have is this area are few rentals available and families who are basically using many of the buildings that are left to house their relatives. Yes what you state is true as it appears what i am seeing in these units is once the owner has control of the units they then are demolished and condos are built. This is exactly what I was attempting to do. Mathematically on a per square foot property cost of the apartment was less than the cost of my sons buying two much smaller lots with houses on them that they would have to rebuild. Long story short fair rent for the area would be about 2 to 3000 for a one - two bedroom. Eventually there will be no apartments available for any price. I suppose in this market that cannot be can be termed a free market the result is now very few new units are built. Conclusion is unfair to both sides.

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