[tghoul]

Originally Posted by dewilson58

Good Rumor.

86 leases out of 265 apartments

[Mleeja]

Originally Posted by tghoul

86 leases out of 265 apartments

Care to share your source?

[Happydaz]

Originally Posted by Mleeja

Care to share your source?

It’s a fact. You wonder why they are building so many more apartments when these apartments aren’t popular with the consumer. What could be the reason? Could it be that you can buy a nice, low priced patio villa and have your car parked in your own garage right next to your own house and be able to bring your groceries in without getting wet or walking a long distance? Maybe older people would rather move from their house and then buy into assisted living and not burn through their equity with monthly rent?

[tghoul]

Originally Posted by Mleeja

Care to share your source?

Sales person

[vintageogauge]

Originally Posted by Dan9871

Yes, but it is an extra add-on to the lease.

Only garages are extra add-ons.

[vintageogauge]

Originally Posted by tghoul

86 leases out of 265 apartments

That's not bad, about 1/3 of them leased in a short period of time, they just recently completed the last phase. If they didn't feel these were a sound business decision they would not go forward with them. Build them and they will come. Right around the corner on 44A there are several hundred more apartments along with condos and single family homes being built that are not part of TV but will be very near to the square and will help the restaurants and businesses in the Brownwood area.

[Dan9871]

Originally Posted by vintageogauge

Only garages are extra add-ons.

From the Lofts website

Optional amenities based on availability:
Outdoor Car & Golf Car Parking*
Garage & Reserved Parking*
Additional Storage Options*

* Additional fee

View the cost of living at
The Lofts at Brownwood

[Happydaz]

Originally Posted by vintageogauge

That's not bad, about 1/3 of them leased in a short period of time, they just recently completed the last phase. If they didn't feel these were a sound business decision they would not go forward with them. Build them and they will come. Right around the corner on 44A there are several hundred more apartments along with condos and single family homes being built that are not part of TV but will be very near to the square and will help the restaurants and businesses in the Brownwood area.

Actually that is not good at all. 1/3 rented after a year? Yes, young people on the outskirts of The Villages like apartments because they haven’t saved enough for a down payment or they aren’t sure where they will live long term. The question is whether the type of people who like The Villages set up want to live in apartments in their senior years? Many Villagers are good middle class people who have amassed sizable nest eggs from saving their money and owning their own home. They are smart enough to know that $2500 a month rent works out to $30,000 a year. You can buy a home in the Villages for less than that. Plus you will see an equity increase in the value of your home. In just 5 years an apartment dweller will have paid $150,000 in rent and show no equity increase, just expenses. I wonder if there is a market for apartment renters in The Villagers. Would you rent one? Wealthy people on the coasts of Florida with high disposable income might be a better target audience rather than the average, middle American Villagers, in my opinion. We will know soon.

[Number 10 GI]

Originally Posted by Happydaz

It’s a fact. You wonder why they are building so many more apartments when these apartments aren’t popular with the consumer. What could be the reason? Could it be that you can buy a nice, low priced patio villa and have your car parked in your own garage right next to your own house and be able to bring your groceries in without getting wet or walking a long distance? Maybe older people would rather move from their house and then buy into assisted living and not burn through their equity with monthly rent?

No one is forcing "older people" to rent/lease these apartments, so what is the problem? There are a whole lot of reasons some one would want to lease rather than purchase a home. Just because you don't want to means nothing to the individual that does. If the builder goofed and no one will rent the apartments what is the problem for the rest of us? There won't be any money out of our pockets. If they don't get leased out I would imagine they will be offered as condos.

[DaveGodin]

Originally Posted by Goldwingnut

Their "Katie Belles" that was losing money every month. They couldn't make money on air conditioning, ice water, and free entertainment. Like any business, they had to stop the bleeding. A good thing was lost as a result of many self-indulgent individuals who thought they had the right to occupy a business and not support it through their patronage.

It was a business that failed. Now the owners want to replace it with apartments and add additional apartments to other unused 2nd story properties, all totaled perhaps 20-25 apartments. Hardly a crowd of hundreds. Parking won't be an issue, KB needed over 180 spaces, unless the apartment dwellers each have 8 cars, things should be OK in this department.

you are the first poster I've seen who purports to know the financial status of Katie Belles. What is the source of your information? Have you seen the books?

[DaveGodin]

I am interested in the occupancy rate for the lofts. what is it currently?

I understand that for some the lofts is not a good deal. However, my wife has stated that if I were to die she might be interested in a low maintenance option like an apartment. Personally I don't think the lofts are worth the cost, and I wonder how much interest there would be. We also have to think about the 286 unit apartment complex at Hacienda Hills. Why build it if it will sit unoccupied?

I really wonder how many people would even be interested in apartments at spanish springs. the apartments would be right on the square and would be subject to crowd and music noise nightly as well as traffic. the lofts at least have a buffer as they are off brownwood square.

[vintageogauge]

Originally Posted by Happydaz

Actually that is not good at all. 1/3 rented after a year? Yes, young people on the outskirts of The Villages like apartments because they haven’t saved enough for a down payment or they aren’t sure where they will live long term. The question is whether the type of people who like The Villages set up want to live in apartments in their senior years? Many Villagers are good middle class people who have amassed sizable nest eggs from saving their money and owning their own home. They are smart enough to know that $2500 a month rent works out to $30,000 a year. You can buy a home in the Villages for less than that. Plus you will see an equity increase in the value of your home. In just 5 years an apartment dweller will have paid $150,000 in rent and show no equity increase, just expenses. I wonder if there is a market for apartment renters in The Villagers. Would you rent one? Wealthy people on the coasts of Florida with high disposable income might be a better target audience rather than the average, middle American Villagers, in my opinion. We will know soon.

Actually you have your facts wrong. The first units were occupied in July of 2020, not one year ago and it has only been a little over a month since the final phase was completed and ready for occupancy so the current 85 unit occupancy is not bad at all. I don't know how you are coming up with $2500/month rent when they advertise 1 bedrooms for as low as $1,350 and 2 bedrooms as low at $1,705 without a garage and many residents could care less about a garage or may not even have a car, very few people will need a 3 bedroom so there probably are very few of them available. There are plenty of people in this country that prefer to rent and can do the math, to them owning a house is a hassle and they would prefer the ease of renting without paying property taxes, bonds, maintenance, and repairs and in this case the ease of walking to entertainment, dining, and shopping. If these were not making money for TV they would discontinue their efforts to add more units within TV, they did not go into this blind, they know exactly what they are doing. You asked if I would rent one and the answer is no. I never lived in an apartment and hopefully never will and I'm sure a large percentage of the population would prefer not to rent but there exists a large group that either want the ease of renting or cannot afford the down payment on a home so they have no choice. I applaud the developers for making the decision to add apartment living to TV and see no harm to the community in doing so.

[Number 10 GI]

Originally Posted by DaveGodin

you are the first poster I've seen who purports to know the financial status of Katie Belles. What is the source of your information? Have you seen the books?

Have you seen the books? You don't really need to see a companies books to figure out why it failed. Usually it is poor business practices or a lack of sales. Maybe the ownership felt the business wasn't making enough profit to justify the hassle of running it. It isn't anyone else's business as to why it was closed. It is the developer's property, no one has the right to question the why of it.

[Number 10 GI]

Originally Posted by vintageogauge

Actually you have your facts wrong. The first units were occupied in July of 2020, not one year ago and it has only been a little over a month since the final phase was completed and ready for occupancy so the current 85 unit occupancy is not bad at all. I don't know how you are coming up with $2500/month rent when they advertise 1 bedrooms for as low as $1,350 and 2 bedrooms as low at $1,705 without a garage and many residents could care less about a garage or may not even have a car, very few people will need a 3 bedroom so there probably are very few of them available. There are plenty of people in this country that prefer to rent and can do the math, to them owning a house is a hassle and they would prefer the ease of renting without paying property taxes, bonds, maintenance, and repairs and in this case the ease of walking to entertainment, dining, and shopping. If these were not making money for TV they would discontinue their efforts to add more units within TV, they did not go into this blind, they know exactly what they are doing. You asked if I would rent one and the answer is no. I never lived in an apartment and hopefully never will and I'm sure a large percentage of the population would prefer not to rent but there exists a large group that either want the ease of renting or cannot afford the down payment on a home so they have no choice. I applaud the developers for making the decision to add apartment living to TV and see no harm to the community in doing so.

We've also been in a pandemic for the last year and I would have to think that has had an effect on the occupancy rate. I've know a number of people who rent rather than own for all the good reasons you cited. I prefer owning rather than rent but it may get to the point I don't want all the problems of having to make a bunch of calls to get things repaired. One call to the landlord is a lot easier.

[tghoul]

Originally Posted by vintageogauge

Actually you have your facts wrong. The first units were occupied in July of 2020, not one year ago and it has only been a little over a month since the final phase was completed and ready for occupancy so the current 85 unit occupancy is not bad at all. I don't know how you are coming up with $2500/month rent when they advertise 1 bedrooms for as low as $1,350 and 2 bedrooms as low at $1,705 without a garage and many residents could care less about a garage or may not even have a car, very few people will need a 3 bedroom so there probably are very few of them available. There are plenty of people in this country that prefer to rent and can do the math, to them owning a house is a hassle and they would prefer the ease of renting without paying property taxes, bonds, maintenance, and repairs and in this case the ease of walking to entertainment, dining, and shopping. If these were not making money for TV they would discontinue their efforts to add more units within TV, they did not go into this blind, they know exactly what they are doing. You asked if I would rent one and the answer is no. I never lived in an apartment and hopefully never will and I'm sure a large percentage of the population would prefer not to rent but there exists a large group that either want the ease of renting or cannot afford the down payment on a home so they have no choice. I applaud the developers for making the decision to add apartment living to TV and see no harm to the community in doing so.

The first occupants moved in in mid July 2020 but they started pre leasing in mid February 2020. They had roughly 20 pre leased before the July move in date. Of those 7 or 8 have already moved out.