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WhiskyIsMyYoga t1_j7lryly wrote

Reply to comment by Unusual-Dragonfly-88 in Dover builds tiny home neighborhood by sheila9165milo

Meanwhile, the mortgage would be $700 or $800 if these were actually intended to help people other than the developer.

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rahnster_wright t1_j7lvtaq wrote

Financial feasibility is a real challenge to building affordable housing (or any housing that isn't market rate or "luxury"). They would love to support homeownership if it were possible, but it's not - the math doesn't work.

Edit: I get the downvotes, Reddit hates developers and landlords, but it is clear that y'all don't understand financially feasibility. Developers can't take a loss on project or they would go out of business.

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Cantide756 t1_j7nctat wrote

It's also a huge problem with the market, houses that are condemned still go for way more than they are worth, since they have "potential". Property value going up is one thing, but the value of it skyrocketing because of a building on it that is better off demolished is idiocy.

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invenio78 t1_j7pppbg wrote

They go for what they are worth because what they are worth is what the market determined.

Redditors just can't come to grasp with the fact that realestate is expensive. As pertaining to the original post, this is incredibly cheap housing. You really can't find anything cheaper in the area, so you can claim many things, but overpriced is not one of them.

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Cantide756 t1_j7pukj9 wrote

I know of 6 houses in a development that were finished right before the 08 mess, guy won't drop the price from 350k, and they've been raided for copper from the meter and furnace out, sheet rock is trashed, and exterior has never been redone. I can see the value of the land itself might be high, but the amount of money going into making it livable, that shouldn't be the asking price. Most he does is mow the lawns, they've never had occupants other than the occasional squatter.

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invenio78 t1_j7pwzbq wrote

Housing prices, much like any other commodity go up and down in value. If you are concerned about housing prices going up, don't look at how much you are paying for eggs now compared to a year ago.

You example just says that he was not listing his house at the proper market value. If he did, he would have sold it (whether it be 2008, 2009, or 2023).

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Unusual-Dragonfly-88 t1_j7ltnq3 wrote

These are not intended to be long term housing for families or home owners. They are also not meant to be to be owned as the homeowners could turn around and rent out the tiny home for more than the mortgage and therefore generating profit and not keeping them affordable. This would have a compound effect if they were to be controlled by multiple real estate firms looking to continually drive up the cost of rent rather than one firm dictating the same price for all. At the same time, an HOA would have to be established to dictate the rules and regulations of the community and was not the design for this project! If this was about making the most money quickly and not keeping housing affordable in Dover, they would be for sale rather than rent. As stated in my original post, future plans to allow tiny home ownership in neighboring towns has been discussed for people who may want to be able to invest long term into this type of housing!

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Own_Clothes9361 t1_j7n7ypd wrote

How do you avoid the long term renters exactly? Monitor their credit to avoid debt? Don’t accept certain people? Part of the problem is this is geared at people in low paying fields.

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rahnster_wright t1_j7ppjk8 wrote

The size of the units would discourage long-term tenants. Most people won't stay in a 384 square foot house for more than one season of their life. These units don't prohibit long-term tenants, but the size of the units means tenants probably won't stay for more than a handful of years. I suspect it'll be mostly single-person households, probably young people and divorcee/empty nester types. If someone stays for longer, that's fine - they're not going to be kicked out or whatever!

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Own_Clothes9361 t1_j7psb5d wrote

Do the Randolph’s know you speak on their behalf here? You are so heavily invested/emotional it’s rather suspect. I would not be happy if someone I knew was so frequently using my name on a public forum and disclosing information not readily available in the public.

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[deleted] t1_j7qc1kg wrote

[deleted]

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Own_Clothes9361 t1_j7qjptd wrote

I have “good” friends I also “like” with public facing projects I support. But I’d absolutely remove all doubt before speaking on their behalf - it can taint public perception going forward. A lot of comments made are not just “misunderstandings” but missed opportunities to capitalize on dialogue.

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