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by baursak
3427 days ago
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Wait, do these numbers include the cost of land in the package or are these just the construction costs? Otherwise, I'm confused about this. My experience is that if there's a single family home sitting next to a tower of condos, the cost of single family home will always be higher than the cost of a single condo of similar quality in the tower, due to the cost of land alone. In fact, many times a 100-year old wooden SFH would still be more expensive than a brand new concrete condo. |
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They include land. All of those are full, retail, sticker prices as seen on Realtor.com / Redfin.com / Zillow.com
> My experience is that if there's a single family home sitting next to a tower of condos, the cost of single family home will always be higher than the cost of a single condo of similar quality in the tower,
My experience is the exact opposite.
On Redfin, right now as I happen to be writing this comment, I see a building full of luxury condos ($300k and up for 2bed) next to an 1898 SFH that needs a total reno ($114k for 4 beds). I see a bunch of brand new townhouses ($420k - 3bed) next to a teardown SFH ($170k, 4beds).
Seriously -- check this screenshot, you can see what I'm seeing - http://imgur.com/w0BIPiP . The high-density units are always 2x to 3x the price of a "sprawly" low-density single family home, despite being right next to each other.
And again, that's Redfin.com, so those are 100% all-inclusive full prices (including land, for the SFH).
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Fundamentally, I know we need to be more respectful of our land use, and build denser housing. It's good for tax revenue, it's good for public transit, it saves slightly on infrastructure costs, etc. I'm aware of (and agree with) all of those benefits.
But, economically-speaking, high-density is terrible for residents. It immediately doubles or triples housing costs, at a time when most people can barely afford their existing housing in the first place.
I don't understand how anyone can believe dense housing will be a solution to affordability, when it's so obviously un-affordable in every situation it's currently practiced today.