The Lakes Residences - 2622 West Lake Street

Calhoun-Isles, Cedar-Riverside, Longfellow, Nokomis, Phillips, Powderhorn, and Southwest
bubzki2
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby bubzki2 » March 27th, 2014, 3:01 pm

ndokken wrote:Anybody see this?

http://blogs.citypages.com/blotter/2014 ... t_much.php

$4,500/month rent. Starting. most places like that you make 2.5 times that which puts you in the $11,250 range or $135,000 year. ridiculous.
I think you might underestimate how much wealth there is in the Twin Cities. I'd rather they live here than Plymouth or EP, personally. Demand creates supply, my friend.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby go4guy » March 27th, 2014, 7:24 pm

ndokken wrote:Anybody see this?

http://blogs.citypages.com/blotter/2014 ... t_much.php

$4,500/month rent. Starting. most places like that you make 2.5 times that which puts you in the $11,250 range or $135,000 year. ridiculous.
I am sure this will be mostly couples. For a couple, $135,000 is pretty average. And couples over 30, that salary range is almost a given in a lot of professions. But I still think $4,500 would be too much. Your housing expense should really be closer to 30%

David Greene
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby David Greene » March 27th, 2014, 10:20 pm

go4guy wrote:
ndokken wrote:Anybody see this?

http://blogs.citypages.com/blotter/2014 ... t_much.php

$4,500/month rent. Starting. most places like that you make 2.5 times that which puts you in the $11,250 range or $135,000 year. ridiculous.
I am sure this will be mostly couples. For a couple, $135,000 is pretty average. And couples over 30, that salary range is almost a given in a lot of professions.
I don't think so. For highly-paid professionals what you say might be true, but $135k puts a household solidly in the 88th percentile, meaning it is very much *not* a given.

http://en.wikipedia.org/wiki/Household_ ... ted_States

ECtransplant
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby ECtransplant » March 27th, 2014, 11:28 pm

Which means there's over 300,000 of such households in our metro

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TommyT
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby TommyT » March 28th, 2014, 6:36 am

All I know is together the boyfriend and I make well over $135,000.00 and we were barely comfortable with the $2400.00 per month for the 2 bedroom we'll be renting at Lime.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby go4guy » March 28th, 2014, 6:47 am

David Greene wrote:
go4guy wrote:
ndokken wrote:Anybody see this?

http://blogs.citypages.com/blotter/2014 ... t_much.php

$4,500/month rent. Starting. most places like that you make 2.5 times that which puts you in the $11,250 range or $135,000 year. ridiculous.
I am sure this will be mostly couples. For a couple, $135,000 is pretty average. And couples over 30, that salary range is almost a given in a lot of professions.
I don't think so. For highly-paid professionals what you say might be true, but $135k puts a household solidly in the 88th percentile, meaning it is very much *not* a given.

http://en.wikipedia.org/wiki/Household_ ... ted_States
I am talking about a combined household income. I am 31, and the average of all the couples I know is probably closer to $150k. And we not affluent in any way. A $75k job is pretty average with 7+ years of experience. With that being said, not any couple would be willing to throw down anything close to $4500

min-chi-cbus
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby min-chi-cbus » March 28th, 2014, 7:26 am

TommyT wrote:All I know is together the boyfriend and I make well over $135,000.00 and we were barely comfortable with the $2400.00 per month for the 2 bedroom we'll be renting at Lime.
I know, seriously....don't you love how realtors and people not associated with your personal finances tell you how much you can afford to spend on housing. There are so many other factors that are so different for everybody that can seriously add to your monthly expenses, like medical expenses or debt payments (especially for those who are older or those who are just coming out of school, respectively). In our case it's both!

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby LakeCharles » March 28th, 2014, 7:32 am

go4guy wrote: I am talking about a combined household income. I am 31, and the average of all the couples I know is probably closer to $150k. And we not affluent in any way. A $75k job is pretty average with 7+ years of experience. With that being said, not any couple would be willing to throw down anything close to $4500
Median family income for two-earner households in 2009 was $85k. So a household making $150k is most certainly "affluent in any way." That would probably be somewhere around the 85th to 90th percentile. I think the confusion lies in the fact that there are such extreme outliers, so $150k compared to a billionaire seems like fiddlesticks, but there are just so few billionaires. Like in height, I'm 6'2", which doesn't seem that tall really, when you think of all the super tall NBA players. But 6'2" is the 92nd percentile in the US for an adult male. So I am indeed pretty tall.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby John » March 28th, 2014, 8:19 am

It's important to point out that this development is only a modest 90 units. The niche market is obviously for the wealthy, and not really affordable for even upper middle class professionals. I think this project is being partially geared towards attracting affluent retirees from the Lakes District who are downsizing but still want to live in the area.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby Archiapolis » March 28th, 2014, 8:44 am

John wrote:It's important to point out that this development is only a modest 90 units. The niche market is obviously for the wealthy, and not really affordable for even upper middle class professionals. I think this project is being partially geared towards attracting affluent retirees from the Lakes District who are downsizing but still want to live in the area.
Bingo!

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby Drizzay » March 28th, 2014, 1:02 pm

go4guy wrote:
Drizzay wrote:If the proposed land bridge from Lake Of The Isles to Lake Calhoun ever becomes a reality, the land owners of this site will kick themselves for not having retail. It would be a great place for a patio bar/restaurant to rival The Eatery next door.

There is a need for a quality restaurant with a view on that part of the lake. The Eatery is alright, Burger Jones closes at 10, and Tryg's is only happening on Fridays for Funk Night (and their Patio is haphazardly constructed).
No developer is going to incorporate a restaurant or patio bar based on the very slim possibility of a pipe dream project happening. THe land bridge would have to be approved and financing secured before a developer would even think about changing their plans.

Well, you don't have to base it on that pipe dream. I am sure the foot traffic around lake calhoun/Lake of the isles/the greenway, coupled with the Beach Club, Loop Calhoun and Calhoun Flats is enough of a reason.

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Anondson
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby Anondson » March 28th, 2014, 1:06 pm

Imagine if North Calhoun/West Lake was allowed to develop the density equal to demand, there might be enough people living there to sustain a community of restaurants and shops with minimal parking needs. Hmm.

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TommyT
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby TommyT » March 28th, 2014, 1:07 pm

Anondson wrote:Imagine if North Calhoun/West Lake was allowed to develop the density equal to demand, there might be enough people living there to sustain a community of restaurants and shops with minimal parking needs. Hmm.
Something tells me that will never happen in this city. I mean, it would make too much sense.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby David Greene » March 28th, 2014, 3:38 pm

go4guy wrote:
David Greene wrote:I don't think so. For highly-paid professionals what you say might be true, but $135k puts a household solidly in the 88th percentile, meaning it is very much *not* a given.

http://en.wikipedia.org/wiki/Household_ ... ted_States
I am talking about a combined household income.
So am I.
go4guy wrote:I am 31, and the average of all the couples I know is probably closer to $150k. And we not affluent in any way. A $75k job is pretty average with 7+ years of experience.
I don't think you (or most highly-paid professionals) actually realize how much that is. Half of U.S. households make $50k or less.

I believe this is a central problem with our political system. People don't realize they're rich. Thus we get ridiculous and harmful notions like $200k being middle class.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby David Greene » March 28th, 2014, 3:40 pm

LakeCharles wrote:
go4guy wrote: I am talking about a combined household income. I am 31, and the average of all the couples I know is probably closer to $150k. And we not affluent in any way. A $75k job is pretty average with 7+ years of experience. With that being said, not any couple would be willing to throw down anything close to $4500
Median family income for two-earner households in 2009 was $85k. So a household making $150k is most certainly "affluent in any way." That would probably be somewhere around the 85th to 90th percentile. I think the confusion lies in the fact that there are such extreme outliers, so $150k compared to a billionaire seems like fiddlesticks
Nailed it.

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Nick
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby Nick » March 28th, 2014, 4:07 pm

I think folks underestimate how easy it is for two non-lawyers/doctors/etc. to form a six figure household. Many of the 24 year old Targetrons walking the skyways are probably in them. And yeah, it is a lot, really.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby BigIdeasGuy » March 28th, 2014, 4:45 pm

A couple quick thoughts.

1. I think that street level retail has a little tenency to be over blown here but I really think the lack of it in the project is something the developer will come to regret. I really think a sidewalk cafe and boutique would do amazing here.

2. I wouldn't be surprised if this project was in bankruptcy in a couple of year to me everything about this project screams huge risk. I think this project has a real possibility of the poster child if/when the apartment bubble bursts. I still hope it get built but I'm sure glad it isn't my money building it.

Silk2
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby Silk2 » April 7th, 2014, 11:47 am

Both this project and the Trygg's site project are being presented at the CIDNA Land Use meeting tonight - I believe this meeting is only informational. Then Wednesday is the CIDNA board meeting where they will vote on both projects. They're expecting a ton of people. The CIDNA land use committee has issued letters of support for both projects, but that doesn't guarantee Board support. Should be very interesting.

http://cidnalanduse.wordpress.com/

min-chi-cbus
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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby min-chi-cbus » April 7th, 2014, 11:58 am

I don't care for the Trygg's site any longer, not with its new design. I'd be okay if that one was vetoed and reconceptualized further down the road if/when the Southwest Corridor plans are finalized and/or the train is running back and forth -- then perhaps people will recognize that the HBU of this site isn't a 6 story mega-box. Still, I wouldn't attend the meeting just to shoot the current project down......I don't care that much.

I am, however, okay with the 2626 West Lake concept as-is.

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Re: Greystar West Lake Apartments - 2626 Lake Street W

Postby Minneapolisite » April 7th, 2014, 7:38 pm

I'd like to think that we live in a city where the prevailing culture among people able to throw away thousands monthly on rent would rather spend less on fancy digs and give more to a charity/non-profit/good cause. Anyhoo, this being a lakefront property means prices are going to be a good deal higher by default than elsewhere.


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