At that price, I may pick one up just to nap in at lunch.
1953
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At that price, I may pick one up just to nap in at lunch.
1953
Back in my twenties, my wife and I with two small kids lived in a 50' by 10' mobile home in a trailer park. Yes, I am trailer park trash. Now you are feeling sorry for single hipsters in a 300 sq ft apartment.
^^but I will agree with you hybridy, that working hard and making good choices early on increases your chances of success, no argument there. I just couldn't do that while habituating in a closet, that's all I'm sayin. If it works for these young folks who work downtown and can still save money, that's cool for them.
In the vast, empty city of Detroit....get your micro 300sq ft apartment. Ouch. Shaking my head.
But the real estate market is so out of control in the city right now, who knows. Maybe in 17' it will make sense. I don't think so. Supply is going to catch up to the demand.
Sign me up is all I have to say. I'm sure one day I'll have a house, but for right now, an apartment in the city is all I crave.
I've got a friend who says he is on a waiting list for Cadillac tower. He's single and in his 30's, and he says he would be interested in the micro-apartments.
I think it will be a good thing for Downtown Detroit. It will promote density. With smaller living spaces, people will be more likely to spend time outside of their apartments in the immediate area.
Instead of paying higher rent to live further away, they save money, and then can spend that savings locally.
It sounds like there will be a good mix in Downtown, and investors are building the things people want, because they like to make money by supplying things that are in demand.
It's so out of control that not one major new construction building has been built absent subsidies in basically half a century.
Detroit has been averaging 100-200 units of new housing annually per U.S. Census. I don't know how many units are lost annually but I assume there's a net annual decline well into the thousands.
Detroit will have a healthy housing market when stuff gets built because it makes financial sense, not because a developer is angling to obtain local, state or federal monies.
Yes some people prefer a 300sq ft place over a 600sqft place irregardless of the price, but the majority do because of the price. I don't see the price need being an issue here. Let them build them, I myself have a modest sized place and the environmental gain is nice. They just seem better fit, economically and spatially in the places they were born like Seattle and New York.
I can see older empty nesters in a micropad. We get sick of maintaining the acreage and house space we no longer use. Access by shuttle or shank's mare to dining, entertainment and social and cultural activities is a plus. I really just need a nice spot to park my spaceship so I can get out and visit the rest of the world often.
It is telling that your 2 friends didn't purchase a home in a nice neighborhood in Detroit like Rosedale Park or move downtown or to midtown. From my experiences in work and social networking, the suburbs are still king to the millenials in the Detroit area.
And when I pitched Detroit to both of them, who don't know each other btw, neither one considered it an option. Too competitive in the desirable areas, expenses too high even factoring in the cut to their commutes. Auto insurance alone... And true that most of their friends living in the burbs was a factor.
I'd say that's the mentality of most millennials. I grew up in Shelby Twp, all my friends and family are roughly in that area, and when you're talking costs, it just doesn't make sense for a lot of us to move downtown. I fantasized about moving to downtown for about a decade when I was in my late teens. Then I started doing the math, and saw how insane it would be to live down there. The car insurance alone was about a 400% increase, plus I could get a large condo near family and friends for half the price.
Which begs the question: who the hell can actually afford to live in a place like downtown Chicago or Manhattan?
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There's one born every minute........