11-23-2015, 10:21 AM
(11-23-2015, 09:45 AM)Viewfromthe42 Wrote: When I look at the rents in the Barrelyards, and think of the high rents likely to be found in the Princess development, and now this, I'm wondering just how much high rent can be accommodated in UpTown?
I also worry that the high rent places, current and future, will always be exorbitantly filled with parking. While my six figure household has no cars, I feel that there's a certain rent/purchase price that can't be sold without at least 2 parking spaces/unit, further keeping close-to-LRT developments from having LRT users, or at least LRT-in-place-of-excessive-car-ownership users.
This isn't a rental development. It's a condo development.
ISTM that's a significant difference when it comes to parking. Carless renters, should their circumstances change and they need a car can either start renting that space (if available) or take the relatively easy option of moving.
It's a bit more complicated for a condo unit owner. They can buy a spot in anticipation of future need (and then try to rent it out.) But they have to have the capital (or borrowing ability) to do that. Or they can try to rent a spot from someone else who bought one but doesn't need it. Or else they have to factor in the high frictional costs of selling and buying units if they later want on premises parking.
I suppose one way to mitigate some of this with condo apartments is to sell all units without dedicated parking spots. Then condo management would rent out spaces. That way if you don't need a space you don't need to pay for it. If you later need a space you rent it just like all your neighbours. However in that model someone has to cover the capital costs of the parking area and take on the risk that they can rent out enough spaces to make this arrangement viable.