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Belmont @ Freemason Progress

okinawatyphoon

By okinawatyphoon
in Norfolk

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Telmnstr Burg

Telmnstr

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Looks like they might have rented one! Saw an "Arrons" rent to own truck out front. Said something on the truck about "corporate furnishings" so I guess they have a division other than the rent-to-own/take advantage of lower income stores.

Corporations are likely to pay high rents, since they are often sloppy with the $$.

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CaveMaN Whistle-Stop

CaveMaN

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Just an attempt to simplify the photos I've posted here, since I know noone wants to scroll through 50 pages of information to see them. Some of these I've never posted, back when I first moved in and used my old camera, but still wanted to show the progression:

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Larger: Here!

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12/14/2008 - Larger: Here!

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12/27/2008 - Larger: Here!

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1/3/2009 - Larger: Here!

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2/7/2009 - Larger: Here!

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2/8/2009 - Larger: Here!

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2/21/2009 - Larger: Here!

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2/22/2009 - Larger: Here!

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2/11/2009 - Larger: Here!

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3/18/2009 - Larger: Here!

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jbhay Unincorporated Area

jbhay

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CaveMan, next time you want to hang out around the city, we should do that, I'd definitely be down with photo taking, etc. I haven't exactly been in the 757 on a weekend in like 2 months, but soon, I will be sticking back around home. I used to love wandering around the city and taking photos, and I feel with all of this activity going around lately, photo taking would be really great, but we all know that already from the photos above.

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Telmnstr Burg

Telmnstr

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I missed caveman the other weekend, he SMS'ed me but I didn't notice until I was back on the road (I was scuba diving out at Rawlings, no coverage at 30' :-)

Coming home it looked like perhaps 3 of the units have occupants. One I think is a corporate lease, who knows. They might be cutting deals to get people in the doors. If you look at the new developments up in Williamsburg, you can get new apartments for $800-$900 (2bd/2bath) from what I saw on the craigslist. Looks like they overbuilt up there.

The corporate lease thing makes sense. Back in my early days of working the gov't contractor I worked for paid like $1500/mo to someone to rent their house that was near our workplace, and then paid $1500/month to rent furniture for it. They didn't really have to care about the cost cause they were making so much money. It was a bit frustrating cause they would do things like hire people that normally move coin operated laundry equipment around sites to terminate fiber optic networks, and they had no training. So they did it, most of it was bad, then left and we were stuck supporting a highly broken infrastructure. Fun times. That's the company where I heard the president saying you don't pay real salaries in Hampton Roads. At the time I was mad, and didn't get it. Now I guess I get it.

I just can't figure out what the heck they are going to do with 1000 so-called high-end apartments in this market. The demand isn't here that I can see.

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Telmnstr Burg

Telmnstr

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What would be great is if the companies behind the new apartments go bankrupt and are forced to liquidate, and someone buys out the property at 1/2 the cost, then is able to return the units to the market at 1/2 the current prices. Not likely to happen, but we can dream...

Really, the young people of this country should revolt over what is being done to them in terms of housing and debt loads.

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Telmnstr Burg

Telmnstr

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Do you really think light rail is worth that much?

I'm sure they have identified that the people attending EVMS sometimes come from wealthy families, or have access to debt. So there might be hopes of that segment of the market renting the place, and commuting by train. I would still think Ghent would be more attractive for that.

In other news I think the trend of parents buying condos for their kids to go to school has slowed.

Also, if the train goes to Virginia Beach, perhaps that could open the doors to living in Va Beach and not being stuck in Norfolk.

Car was broken into just the other night right near one of the stations to be. I found out that another car was broken into 4 or 5 nights before that. I should remind the neighbors they should always report this stuff so that it shows up in the crime statistics.

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Chesapeake Pirate Hamlet

Chesapeake Pirate

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What would be great is if the companies behind the new apartments go bankrupt and are forced to liquidate, and someone buys out the property at 1/2 the cost, then is able to return the units to the market at 1/2 the current prices. Not likely to happen, but we can dream...

Really, the young people of this country should revolt over what is being done to them in terms of housing and debt loads.

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brikkman Burg

brikkman

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You have a strange way of dreaming. You want a developer to go bankrupt, increasing unemployment. You want a lendor to absorb a significant bad debt, hurting their ability to compensate their employees, forcing them to incur a significant loss and perhaps pay no taxes for several years. You talk about the market with an unusual sense of understanding. Unknown to most Americans, the market had been artifically inflated in the recent past by government intervention promoting the opportunities for those who could not afford the housing they bought. A lot of that crap has been flushed out and I suspect there is still more to come. Hopefully the government will now restrict itself to providing the necessary oversight on mortgages and investing and stay out of directly affecting the housing market. No one is being forced to take on debt...that is a voluntary decision. If the market won't support the values at the Belmont @ Freemason or at any other property, then the rents will drop. If someone is going to sit onthe curb waiting for a 50% drop, that might be a long wait. Somehow I trust the demonstrated track record of the developer over your fantasy.

Now, back to your regularly scheduled dream.

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varider Town

varider

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This is how I see it: These are apartments built in the center of the city on a light rail transit line, we need to stop complaining about them being overpriced or whatever.. They obviously have a targeted market and at least 3 people have moved in and the thing just opened.. When I get old enough to move out, I don't expect to be able to afford to live downtown, and there's nothing wrong with that.. I will find a place in a neighborhood around the city with more affordable rates. I mean how many young people live in downtown manhattan unless they're making good money? I know Norfolk isn't Manhattan, but it's the same principle.. Eventually when this light rail thing is a success and extended throughout the region, I don't think we'll see the prices as we do now.. Just relax.

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brikkman Burg

brikkman

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Not sure what you mean by "for the people", but developers provide jobs for people who work for them, they provide jobs for those who design, build and maintain what they build, they provide homes for people to live in, they provide business locations for people to earn a living, they pay city, state and federal taxes, and they support charities in their communities.

That sounds like someone who is "for the people" to me.

They do this with their own money. And if somebody does it better "for the people", they could lose everything.

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Chesapeake Pirate Hamlet

Chesapeake Pirate

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What I meant by "for the people" is developing something for the people, taking self interest out of it. But like I stated, I doubt if there are developers like that at all.

I do understand your point and I am not denying that they do all of that you wrote, I personally have an issue with profit margins. But that takes me back to the statement above. Business hate regulation because it puts a cap on capitalism, but the bare form of that obviously got us this recession. I obviously can't point to any facts because all my facts will spell "socialism". Although I am not a socialist, I can't help to side with that concept when the public is being raped. It is so easy to say do not buy, do not do this, and do not do that....its always easy to say that. but I remind you, we are in a recession and the last time I checked, it was not your fault, nor was it mines...but someone, somewhere drop the ball. Its finger pointing time!!!!!!!!!!!!!!

to bring this back on topic and then right off again... THE FREAKING ASKING PRICE FOR RENT IS TOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO MUCH....

What jobs and age ranges allow for one to afford that without second thoughts?

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