The unofficial online home for fans of the UAB Blazers. Part of Collegiate Sports Nation (CSN).

http://www.bizjournals.com/birmingham/ne...elled.html

lack of demand?

Article said problems with getting the loan from HUD due to lack of demand. I'm not certain whether they meant lack of demand in general or that they felt that the market was going to get oversaturated.

The HUD loan was a stretch for a market price "upscale" apt complex... not too surprised this happened, not too disappointed it fell through. It was going to destroy the outfield view of UAB and the design was bland. Hopefully this property will be developed into something better.

I can't believe how expensive the apartments downtown are. I'm living at Cityville Apartments (across from Adamson Ford) this month, and rent is a little over $3000 per month for a 2-bedroom, 2-bath. It is a fully furnished apartment (utilities included), but it's still a ridiculous amount. I can't see this trend lasting long-term.

(07-17-2014 06:27 AM)Marathon Blazer Wrote:  I can't believe how expensive the apartments downtown are. I'm living at Cityville Apartments (across from Adamson Ford) this month, and rent is a little over $3000 per month for a 2-bedroom, 2-bath. It is a fully furnished apartment (utilities included), but it's still a ridiculous amount. I can't see this trend lasting long-term.

Apartments downtown are expensive, but Cityville is defiantly on the more expensive side. My apartment right now is a 2bed/2bath for 1100 a month and not furnished but pretty nice overall.

(07-17-2014 06:27 AM)Marathon Blazer Wrote:  I can't believe how expensive the apartments downtown are. I'm living at Cityville Apartments (across from Adamson Ford) this month, and rent is a little over $3000 per month for a 2-bedroom, 2-bath. It is a fully furnished apartment (utilities included), but it's still a ridiculous amount. I can't see this trend lasting long-term.

Dang, that's as expensive as apartments in DC.

(07-16-2014 06:15 PM)UAB Band Dad Wrote:  Article said problems with getting the loan from HUD due to lack of demand. I'm not certain whether they meant lack of demand in general or that they felt that the market was going to get oversaturated.

The way I read, it was that there is too much planned capacity coming soon.

It only "fell through" because they were trying to get a government loan.

(07-17-2014 06:27 AM)Marathon Blazer Wrote:  I can't believe how expensive the apartments downtown are. I'm living at Cityville Apartments (across from Adamson Ford) this month, and rent is a little over $3000 per month for a 2-bedroom, 2-bath. It is a fully furnished apartment (utilities included), but it's still a ridiculous amount. I can't see this trend lasting long-term.

That's more than both of my mortgages on roughly 5500 sq ft.

That $3000 number doesn't reflect the avg. apartment in downtown B'ham... sounds like a temporary insurance or corporate temp property rate.

(07-17-2014 09:53 PM)UABslant Wrote:  That $3000 number doesn't reflect the avg. apartment in downtown B'ham... sounds like a temporary insurance or corporate temp property rate.

Monthly rate for 6 months for my insurance company.

(07-17-2014 04:28 PM)mixduptransistor Wrote:  

(07-16-2014 06:15 PM)UAB Band Dad Wrote:  Article said problems with getting the loan from HUD due to lack of demand. I'm not certain whether they meant lack of demand in general or that they felt that the market was going to get oversaturated.

The way I read, it was that there is too much planned capacity coming soon.

It only "fell through" because they were trying to get a government loan.

Those answers may be right, but since HUD is a political post, the refusal may mean "Neither Alabama Senator nor the 6th district Representative (who is a "lame duck") spoke up for it and we have only limited funding". I would hope not, but I suspect the possibility is there.

(07-18-2014 10:08 AM)BAMANBLAZERFAN Wrote:  

(07-17-2014 04:28 PM)mixduptransistor Wrote:  

(07-16-2014 06:15 PM)UAB Band Dad Wrote:  Article said problems with getting the loan from HUD due to lack of demand. I'm not certain whether they meant lack of demand in general or that they felt that the market was going to get oversaturated.

The way I read, it was that there is too much planned capacity coming soon.

It only "fell through" because they were trying to get a government loan.

Those answers may be right, but since HUD is a political post, the refusal may mean "Neither Alabama Senator nor the 6th district Representative (who is a "lame duck") spoke up for it and we have only limited funding". I would hope not, but I suspect the possibility is there.

Well, Southside is not in the 6th Congressional District so that wouldn't be the case, and yeah, HUD has limited funds. Don't know if politics went into it but honestly, even as a liberal, I think given the amount of private investment going on in the area it is silly to use government money. Things like that HUD program should be used to jumpstart investment where it doesn't already exist.