OT: item on new residential housing in college towns

[srru86]

NY Times
College Towns Get New Housing, but It’s Decidedly Not Dorms
Private developers putting up housing attractive to young professionals near campuses.

 

[RUskoolie]

Relates to what Omar Boarie built on Somerset St and Spring St over the past 10 years. It's exciting to see New Brunswick grow. Those buildings in particular getting close to full occupancy is very important to the city because it will bring much needed money into town.

 

[Zak57]

New Bruns is still a little expensive for what it has to offer though. New Bruns should have a market for the 25-30 crowd and most of the new rental buildings are more than they could afford which should be in the $800-$1200 range. Why would you pay the same prices in New Bruns that you can in Hoboken.

 

[PeteGiam07]

New Bruns is still a little expensive for what it has to offer though. New Bruns should have a market for the 25-30 crowd and most of the new rental buildings are more than they could afford which should be in the $800-$1200 range. Why would you pay the same prices in New Bruns that you can in Hoboken.

Not only rentals, but condos. They are all luxury and unaffordable. Nothing in the 200,000 - 300,000 range. I always look and can't find anything under 450,000.

 

[RUskoolie]

They can't give away luxury rentals for $800-$1200 for a one bedroom/studio, that's not economical. If you want a roomate you can get a 2 bedroom in the brand new buildings on Somerset St from $1200-$1400 per person, that's not terrible considering the amenities and views. There is no where that I know of in Hoboken where someone is paying $800-$1200 for a studio or one bedroom.

As for the condos for sale, they aren't really THAT overpriced compared to the new student housing units that have traded the past 2 years. I wouldn't pay over 400k for any of them (if I were looking) and when you consider the sqft divided by 400k, it's $360 a sqft. In Hoboken you are paying $600-$625 a sqft.

 

[Zak57]

The younger crowd I know of doesn't need luxury rentals though. I know plenty of people in Hoboken that are in pretty nice apartments from anywhere in the range of $500-$1000 per person with a roommate or two. You're paying for the area more so than the actual house. Now it's good their are luxury rentals as well for that crew but there needs to be a level below that to really prop NB up.

 

[PeteGiam07]

Yea exactly...NB is not Hoboken. There should be a mix of places to offer.

Like I just said you are not finding 400k condos they are 450k -650k.

 

[NotInRHouse]

The younger crowd I know of doesn't need luxury rentals though. I know plenty of people in Hoboken that are in pretty nice apartments from anywhere in the range of $500-$1000 per person with a roommate or two. You're paying for the area more so than the actual house. Now it's good their are luxury rentals as well for that crew but there needs to be a level below that to really prop NB up.

I don't think that's the case anymore. Most people I know are paying $1200 at least per person for a walk up. And that goes for DTJC as well.

I own a 1 bedroom and going rent on my place would be around $2000 in an amenity building, before you even get to parking.

It is crazy expensive here.

 

[Zak57]

I don't think that's the case anymore. Most people I know are paying $1200 at least per person for a walk up. And that goes for DTJC as well.

I own a 1 bedroom and going rent on my place would be around $2000 in an amenity building, before you even get to parking.

It is crazy expensive here.

I know a few people that found some crazy deals. I was shocked myself but these aren't luxury rentals and they have a few people packed in. I don't mind living like that myself but it New Bruns it seems like only the college housing would be similar.

 

[FanuSanu52]

$450k for a condo in new bruncest ... Yikes!

 

[srru86]

I know plenty of people in Hoboken that are in pretty nice apartments from anywhere in the range of $500-$1000 per person with a roommate or two.

Not doubting you, but at that price point I wonder if we are taking about an illegal sublet?

 

[RUskoolie]

You guys can't have your cake and eat it too.

If you don't want to pay 450k for a condo (I don't blame you) then buy a house by Buccleuic Park. It's a lighter rental area and mostly filled with owner occupants who work in NB. Homes go from 250-400k there. You can't live in a prime location for a cheap price anywhere in America, so NB is no different.

As for renting, you can't complain that no one in New Brunswick is building sardine can sized apartments so you can live there for $500 a month. We have that already, that's the housing all over NB. If you want to pack in with other people then rent a 2 bedroom in the newest building on Somerset St. It's a 2 bedroom legal for 4 people at $2800. There you go. $700 per person just like the rare Hoboken apartment you keep citing, except this one is luxury and you will be on a train platform in 60 seconds, whereas the Hoboken apartment is likely a walk-up in a flood zone in a 100 year old brownstone.

 

[Zak57]

The ones I'm citing are actual in multiple areas all over but again Hoboken is a million times better than NB and I love NB. Even the luxury stuff in Hoboken is the same price as in NB. It wouldn't kill to put up a new building or two slightly less luxurious where the price points can reach that young adult crowd with entry level jobs or slightly higher that are still paying back student loans. That's all my point is.

 

[FanuSanu52]

You guys can't have your cake and eat it too.

If you don't want to pay 450k for a condo (I don't blame you) then buy a house by Buccleuic Park. It's a lighter rental area and mostly filled with owner occupants who work in NB. Homes go from 250-400k there. You can't live in a prime location for a cheap price anywhere in America, so NB is no different.

As for renting, you can't complain that no one in New Brunswick is building sardine can sized apartments so you can live there for $500 a month. We have that already, that's the housing all over NB. If you want to pack in with other people then rent a 2 bedroom in the newest building on Somerset St. It's a 2 bedroom legal for 4 people at $2800. There you go. $700 per person just like the rare Hoboken apartment you keep citing, except this one is luxury and you will be on a train platform in 60 seconds, whereas the Hoboken apartment is likely a walk-up in a flood zone in a 100 year old brownstone.

Gotta disagree. Plenty of prime locations around the country that are cheap. NJ just doesn't have any of them. In this case, I just can't see NB being interesting or convenient enough to warrant that kind of premium. Hoboken, sure. Other nice downtowns or shore towns, okay. NB? No.

But if they're finding buyers to fill the units, it doesn't much matter what I think.

 

[NotInRHouse]

Now you can UberPool from NYC to DTJC for $20. It is going to get tougher for places further out.

You will get more for your money in NB, but it is still expensive compared to other parts of the country and isn't really cheap.

 

[Zak57]

Now you can UberPool from NYC to DTJC for $20. It is going to get tougher for places further out.

You will get more for your money in NB, but it is still expensive compared to other parts of the country and isn't really cheap.

That's the problem. You won't.