Who wants to buy a kidney?

"AestheticsInMotion" (aestheticsinmotion) 09/17/2020 at 14:09 • Filed to: None

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Here’s the CL listing for renting the unit. Massive 1bd/1.25 bath, secured parking included, $3000. Absolutely stunning industrial design in a building that was a paper mill 100 years ago. One frustrating trend I’ve noticed lately is higher income requirements to qualify for apartments locally. 3 or 4x income requirements knock out a huge number of people who would have no issues handling payments responsibly. Sigh.

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And the same unit is apparently for sale at $860k. Throw in $600ish a month in HOA dues and this sure would take a long time to be profitable as an investment, at least to my untrained eyes.

Super cool though! If you search for “industrial loft” in your local CL, does anything interesting pop up?

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SBA Thanks You For All The Fish > AestheticsInMotion 09/17/2020 at 14:08

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If it’s in an Autonomous Zone, you get a break on Property Taxes...

davesaddiction @ opposite-lock.com > AestheticsInMotion 09/17/2020 at 14:09

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$600/mo HOA fees... LOL

https://www.apartments.com/houses/tulsa-ok/under-600/

AestheticsInMotion > SBA Thanks You For All The Fish 09/17/2020 at 14:12

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Lol. Good luck.

Ive heard from a few people that between the tech wfh exodus, closing of local shops, CHOP shenanigans, and general *vibe* of the past 6 months, the high-end condominium market in Seattle is one of the few areas to see demand drop and prices actually get lower. 

Grindintosecond > AestheticsInMotion 09/17/2020 at 14:12

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600/mo for hoa....so whaddya get for 600 every month?

AestheticsInMotion > davesaddiction @ opposite-lock.com 09/17/2020 at 14:13

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*dies inside*

fintail > davesaddiction @ opposite-lock.com 09/17/2020 at 14:13

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Location location something

davesaddiction @ opposite-lock.com > Grindintosecond 09/17/2020 at 14:14

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Better be an damn bonsai tree every 10' around the building.

outrageousking > AestheticsInMotion 09/17/2020 at 14:14

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My god that place is amazing. Funny enough I don’t find the $600 HOA fees to be crazy, condos around me have condo fees well over $800 a month

davesaddiction @ opposite-lock.com > fintail 09/17/2020 at 14:14

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yep

For Sweden > AestheticsInMotion 09/17/2020 at 14:14

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There’s a better way

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AestheticsInMotion > fintail 09/17/2020 at 14:14

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Hey at 3k for a large unique property in pioneer Square with parking included, this doesn’t even seem so bad.

Does it hurt as much to read that as it did to type it..?

davesaddiction @ opposite-lock.com > AestheticsInMotion 09/17/2020 at 14:15

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We’re further from this:

https://oppositelock.kinja.com/i-have-been-away-1844962614

fintail > AestheticsInMotion 09/17/2020 at 14:15

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I prefer CHAZ, named after Chaz Bono, of course.

And 2 miles away, it continues to be insane. Friend of mine just lost a bidding war, ordinary 1500 sq ft postwar house in one of the less gentrified parts of east Bellevue, next door to a hoarder house and half a block off 148th (for quiet low-traffic living) went for almost 100K over ask.

HOAs in this region are hilarious.  I see condos for under 500K with 500+ HOAs.

fintail > AestheticsInMotion 09/17/2020 at 14:17

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Hold out, it might be cheaper in the future.

I think Seattle is still cool, and the media-driven movement against it is overblown and made to incite, but I’d spend my 800K/3K monthly (sounds like one of those situations where renting is much smarter)  in a different way.

For Sweden > SBA Thanks You For All The Fish 09/17/2020 at 14:18

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The CHAZ has character you can’t find anywhere else, like finding dead women, and then later finding their murderer in a vat of bleach

https://spdblotter.seattle.gov/2020/09/17/homicide-investigation-in-cal-anderson-park-person-of-interest-found-deceased-after-barricading-himself-in-building/

https://www.capitolhillseattle.com/2020/09/standoff-reported-in-cal-anderson-after-medical-call-becomes-crime-scene/

For Sweden > Grindintosecond 09/17/2020 at 14:19

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The CHAZ warlord won’t murder you

davesaddiction @ opposite-lock.com > AestheticsInMotion 09/17/2020 at 14:23

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$100k in 3 years (poof...)

AestheticsInMotion > fintail 09/17/2020 at 14:25

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Looking through Redmond/kirkland/bellevue, I’m amazed at the value proposition of renting a home vs a condo right now.

Just a hair over $2k can find you a nice 70's/80's rambler with 3 beds, 2 bath, full garage, long driveway, private yards in a very nice neighborhood. Alternatively, that 2k can get you 75% of a brand new “open-living” loft with paper mache walls.

But then I see a floor plan like this and dream of the high-end condo life.  https://seattle.craigslist.org/est/apa/d/bellevue-18th-floor-apartment-beautiful/7197909308.html

haveacarortwoorthree2 > AestheticsInMotion 09/17/2020 at 14:25

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$600ish a month in HOA dues

What the good *^%# is this? $7200 a year for HOA fees in a freaking apartment?! 

The Snowman > AestheticsInMotion 09/17/2020 at 14:27

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Im looking at a sea view for less than the HOA dues once travel opens again.

66P1800inpieces > AestheticsInMotion 09/17/2020 at 14:28

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I don’t think these were as nice but they certainly came with a free lifetime supply of mercury. Well I guess it was cleaned up but I don’t know if I would trust that. 

https://cumulis.epa.gov/supercpad/SiteProfiles/index.cfm?fuseaction=second.cleanup&id=0204030

From the EPA - T he Grand Street Mercury site is located at 720 and 722-732 Grand Street in Hoboken, New Jersey. The site included two buildings and an asphalt-covered parking area. One of the buildings was a five-story industrial building later converted into 16 residential studio spaces. A four-story adjoining townhouse was slated for residential conversion as well, but was never converted. Both buildings were demolished as part of the site’s cleanup.

The area includes a former industrial building converted into 16 residential studio spaces (722-732 Grand Street), a townhouse formerly used for various purposes, which was also intended for residential conversion (720 Grand Street), and an adjacent asphalt-covered parking lot. Mercury, believed to be associated with the use of vacuum pumps containing mercury and the manufacture of mercury vapor lamps and mercury-containing switches, was prevalent throughout the buildings and the parking lot. Mercury vapor lamps and numerous other types of lamps requiring lesser amounts of mercury in the manufacturing process were made at a facility on site from 1910 to about 1965.

The site was contaminated as a result of over 50 years of production of mercury vapor lamps and mercury connector switches. Free flowing liquid elemental mercury was observed between flooring layers throughout the former industrial building. Mercury vapors were detected throughout both on-site buildings above health-based concentrations. Mercury was also observed to have adsorbed to porous wood, brick and tar surfaces throughout the former industrial building. A site study determined that mercury was widespread and the buildings could not be remediated for residential use.

After initial actions to protect human health and the environment, and additional investigations, EPA placed the site on the Superfund program’s National Priorities List in September 1997. Following cleanup, EPA took the site off the National Priorities List in August 2007.

All planned remedial actions for the site have been completed. Under current conditions at the site, potential or actual human exposures are under control. EPA took the site off the Superfund program’s National Priorities List in August 2007.

Highlander-Datsuns are Forever > AestheticsInMotion 09/17/2020 at 14:28

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https://kalispell.craigslist.org/apa/d/columbia-falls-special-1-bed-1-bath-unit/7191678527.html

CarsofFortLangley - Oppo Forever > AestheticsInMotion 09/17/2020 at 14:29

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facw > AestheticsInMotion 09/17/2020 at 14:30

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I’ve run up against the income requirements thing a few times. You show them you have plenty of assets and it’s not a problem. If you don’t have assets, then yeah you probably shouldn’t be getting the pricey apartment.    

DipodomysDeserti > Grindintosecond 09/17/2020 at 14:31

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The “right” type of neighbors.

Snuze: Needs another Swede > AestheticsInMotion 09/17/2020 at 14:33

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It’s got some charm, I’ll give it that, but I will never understand west coast real estate.

I live in the DC area, which most people consider crazy in terms of real estate pricing, and I can comfortably say I got an entire house, 4 bed 2.5 bath, with a 2 car garage on 1/4 acre for HALF that, and my HOA dues are $10/mo (not a typo).  

AestheticsInMotion > davesaddiction @ opposite-lock.com 09/17/2020 at 14:33

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Which is why— at 25— I’ve seriously considered living with grandparents and investing 90% of my income in real estate. I don’t think my mental health could weather that though... 

SBA Thanks You For All The Fish > AestheticsInMotion 09/17/2020 at 14:33

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It’s interesting to watch that dynamic in SF, as well. With the COVID, companies-going-to-perma-work-remote and the dining-and-nightlife scene closed? There’s really no reason to drop $5K a month on a tiny studio apartment anymore.

I don’t know where they’ll go but I bet condos go for less $$ wherever it is.

Here in SB? Market hasn’t even taken a breather.  Go figger.

AestheticsInMotion > 66P1800inpieces 09/17/2020 at 14:35

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Well. That's terrifying. 

AestheticsInMotion > facw 09/17/2020 at 14:36

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Good to know. I've wondered if there's wiggle room provided you open up your finances a bit

ranwhenparked > AestheticsInMotion 09/17/2020 at 14:36

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Nothing for “industrial loft” and most of what comes up under just “loft” are clearly scam/spam listings, but I guess this is the best out of the listings that appear legitimate. Not really a loft style apartment, more a normal apartment with a sleeping loft instead of a regular bedroom. And it is in a neighborhood where you have a somewhat reasonable chance of not being stabbed or raped on your way to check the mail.

1 bed/1 bath/700 sq ft for $1200 a month, which is a mere $300 more than my mortgage payment.

https://delaware.craigslist.org/apa/d/wilmington-1-bedroom-loft-balcony/7196032867.html

AestheticsInMotion > The Snowman 09/17/2020 at 14:37

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The dream. That's about what I could get a waterfront condo in a tropical Thai island for... 

AestheticsInMotion > CarsofFortLangley - Oppo Forever 09/17/2020 at 14:37

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I like that. Seems like a place that needs a gorgeous vintage motorcycle parked in the living room

AestheticsInMotion > Highlander-Datsuns are Forever 09/17/2020 at 14:38

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Yes please 

MM54 > Grindintosecond 09/17/2020 at 14:39

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You get them telling you what you can and can’t do like any other HOA

fintail > AestheticsInMotion 09/17/2020 at 14:39

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I think many landlords of detached houses bought in when prices were cheaper, and aren’t stuck with HOAs, which usually eclipse property taxes even with the rise in house prices. If I was in the market to buy , a detached house would appeal more to me, and they seem to fare better in long term appreciation. It may not be as fancy or cool, but might be more serene.  To rent, some apartments can be quite cheap if you discount the HOA of an equivalent condo.  

I’ve seen what I call “carrying costs” (taxes + HOA) of 2K+ on fancier downtown Bellevue condos - hard for me to deal with, but that’s way out of my league to begin with.

66P1800inpieces > The Snowman 09/17/2020 at 14:40

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Man that beats Croatia prices!  Thinks back to last year enjoying the tail end of the season in Split.  

The Snowman > AestheticsInMotion 09/17/2020 at 14:40

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Italia>Thailand

MM54 > 66P1800inpieces 09/17/2020 at 14:41

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Free flowing liquid elemental mercury was observed between flooring layers

Neat!

Dr. Zoidberg - RIP Oppo > AestheticsInMotion 09/17/2020 at 14:43

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You can probably afford that were it not for the HOAs. What a crock.

davesaddiction @ opposite-lock.com > AestheticsInMotion 09/17/2020 at 14:43

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Is their property big enough to build a small detached apartment?

AestheticsInMotion > Snuze: Needs another Swede 09/17/2020 at 14:44

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It’s frustrating. I feel like I need a business partner to be able to get into the detached housing market around here. 

Here’s a listing I grabbed in person the other day, because it seemed cheap for the area...

Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) > davesaddiction @ opposite-lock.com 09/17/2020 at 14:46

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I would  pay $600/month just to not live in Oklahoma.

davesaddiction @ opposite-lock.com > Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) 09/17/2020 at 14:50

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Ha!

It has its plus es...

Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) > davesaddiction @ opposite-lock.com 09/17/2020 at 14:52

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lol

Pros : Hallett

Cons: *gestures to everything else*

Textured Soy Protein > AestheticsInMotion 09/17/2020 at 14:52

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From what I can tell, DC area real estate hasn’t stagnated at all. There are many newer fancy apartment complexes which might be offering little bit bigger discounts than they would like off their asking prices .

But buying anything, and renting a house or townhouse is heating up, especially in the nicer parts of the close-in burbs like where I live. I just saw an article about 75% of employers around here expect to be full WFH until at least next summer. Plenty of people still want to be in the city itself but more are trying to get themselves some more room while staying close to commuter routes and public transit.

Our rental townhouse isn’t cheap, and it’s only a 2 bedroom, but it’s a big 2-bed, 2.5 bath 1800 sq ft with a finished basement that’s our media room, office and gym. Plus a back yard & 1-car garage and garages get expensive here quick. Our rent increases are capped at 3% per year in our lease so every year we stay here it becomes a better deal relative to the market overall. What we’re paying right now gets a 2 bed, 1100ish sq ft apartment in a “luxury” building.

My wife and I were thinking about once again dipping our toes into the buy market when our lease ends 4/30/21, but the cheapest house that ticks most of our boxes is another unit in the townhouse neighborhood we’re renting in now, listed at 570k. I really love our neighborhood but she’d much prefer to have fewer stairs to deal with and in a little more secluded location.

Being as I only possess one intact achilles tendon at the moment , fewer stairs is starting to sound like a good idea to me too! 

Cash Rewards > Snuze: Needs another Swede 09/17/2020 at 14:52

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My house is about those specs and would list for that same 860. Lord knows we didn't pay that 7+ years ago. We're actually going to bulldoze it and build new on the lot soon, because the next owner is going to and make a ton of money doing it, so why not do it ourselves. 

Wrong Wheel Drive (41%) > DipodomysDeserti 09/17/2020 at 14:55

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you mispelled white

Wrong Wheel Drive (41%) > The Snowman 09/17/2020 at 14:57

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Portugal > all 

davesaddiction @ opposite-lock.com > Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) 09/17/2020 at 14:58

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Hallett is great. Been far too long...

The roads in far east OK, but especially NW AR, are so, so good.

AestheticsInMotion > Textured Soy Protein 09/17/2020 at 15:01

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I’ve come to the conclusion that since I have no desire to move out of this area, the only viable option is to become obscenely wealthy.

So are you stuck with upper body stuff for awhile? That injury seems rough to work around

AestheticsInMotion > Dr. Zoidberg - RIP Oppo 09/17/2020 at 15:02

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*does math*

I think I need a sugar momma

Textured Soy Protein > AestheticsInMotion 09/17/2020 at 15:08

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No idea on what if any workouts I’ll be able to do just yet. I blew it out last night and have an orthopedist appointment tomorrow. I have an adjustable bench so in theory I could do seated exercises, but even the pressure of something like a seated military press is probably too much right now.

Crutches engage the core pretty good though!

Snuze: Needs another Swede > Cash Rewards 09/17/2020 at 15:16

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Wow!! ! We paid 490 for our place and similar houses in the neighborhood have recently been pushing 600. And here I thought we were doing good...

I mean, honestly, we are, but 860, wow! T hat’s like a whole new level, and good for you all! My wife’s coworker just put a deposit on a place a few miles up the road from us in Cascades for 775 and I thought that was unreal.

Snuze: Needs another Swede > AestheticsInMotion 09/17/2020 at 15:18

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That looks pretty nice. I don’t know how it is out there, but townhomes aren’t really any cheaper here than houses. My theory is there are a lot of people who want to live in NoVa who don’t like yardwork.

To be fair, we paid 490 for our house just a few years ago, and now houses in our neighborhood are pushing 600, so maybe we’re not that far off Seattle prices, or we just really lucky with the place we bought.  It had been abandoned for about 6 months when we got it, and needed(needs) a fair amount of work.  

Cash Rewards > Snuze: Needs another Swede 09/17/2020 at 15:23

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When we moved in I remember seeing the first house in our neighborhood get posed for over a million and laughed. Now new construction is 1.4-1.6. original houses list for 8, year downs for 5-6. It's nuts.

Pickup_man > AestheticsInMotion 09/17/2020 at 15:28

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My sister just got an apartment in a 100+ year old industrial building where they used to build International Harvester tractors. They’ve since added the sheetrock walls and AC units etc for the apartments but it still has the original hardwood floors, ceilings and the massive beams (like 16"x16" and 24"x 24) with the painted on inventory tag locations . Still has the original freight elevator too which we used to move her in and was super convenient . Cost is like $800 a month which IMO is actually pretty spendy for a studio apartment, but in comparison to what you just posted not bad at all. Perks of the midwest I guess.

66P1800inpieces > MM54 09/17/2020 at 15:36

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That’s basically normal in NJ. If its not mercury it is radioactive material (I don’t mean naturally occurring radon) or hexevalent chromium leaking into your basement. No joke, for chromium they test resident’s toenails as they can track exposure over a good number of months.

avalonian > AestheticsInMotion 09/17/2020 at 15:40

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Don't we all. 

Dr. Zoidberg - RIP Oppo > AestheticsInMotion 09/17/2020 at 15:41

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You’d need to make $54,500 pre tax annually just pay rent. Assumption of a 66% take-home each check.

Snuze: Needs another Swede > Cash Rewards 09/17/2020 at 15:52

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Crazy!

AestheticsInMotion > Dr. Zoidberg - RIP Oppo 09/17/2020 at 15:54

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And a 3x income requirement... 

The Snowman > Wrong Wheel Drive (41%) 09/17/2020 at 15:56

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Lol

RiceRocketeer Extraordinaire > AestheticsInMotion 09/17/2020 at 16:28

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I’ve heard kidney can be delicious but I’m genetically susceptible to gout, so I’ll pass.

Dr. Zoidberg - RIP Oppo > AestheticsInMotion 09/17/2020 at 17:52

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That’s a $3,000 mortgage payment with substantial amount down. 

MM54 > 66P1800inpieces 09/17/2020 at 18:41

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I’ve spent a decent amount of time in northern NJ for work (Avenel/Linden/Carteret area) and absolutely believe that.

MUSASHI66 > AestheticsInMotion 09/17/2020 at 23:22

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That sounds like a horrible investment. At $3000 per month, disregarding the HOA, that’s 23+ years to make your money back, ignoring appreciation of the property.

When I look at properties to invest in with my dad, we want a 8 year maximum return on our investment, although we just bought a house that will take 14 years to make the money back (ignoring appreciation of approximately 6% yearly)  but it was a cash buy so at least no interest.

Snuze: Needs another Swede > Cash Rewards 09/18/2020 at 08:22

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We just walked by the 775k place. Turns out its not in Cascades, its in Lowes Island, which is the neighborhood right next to ours. Its twice the size of our house, on a lot thats certainly no bigger than ours, and maybe smaller. It looked nice, so I guess 775k is a good deal?

AMGtech - now with more recalls! > AestheticsInMotion 09/23/2020 at 14:52

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Weather is looking crap this weekend...

AestheticsInMotion > AMGtech - now with more recalls! 09/23/2020 at 15:43

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Raincheck? I'm kinda-sorta working 7 days a week as of this week too :/