Yard | 200' | 21 floors | Complete - Page 50

2oh1 · #**981** Posted **Dec 17, 2016, 6:41 PM**

Quote:

Originally Posted by innovativethinking

Good riddance

Huh? ...it's not going away - it just has new owners.

MarkDaMan · #**982** Posted **Dec 19, 2016, 7:50 PM**

Here’s the big price a foreign investor paid for the Yard apartments last week
Dec 19, 2016, 11:07am PST
Jon Bell
Staff Reporter
Portland Business Journal

http://www.bizjournals.com/portland/...811&j=76803721

Quote:

One of Portland’s most prominent new apartment buildings sold to an investor from Thailand last week.

The firm didn’t initially disclose what they paid for the property. But according to Reuters, the price Thailand’s Land and Houses paid for Yard hit $126.7 million.

That pencils out to $446,478 per unit, not counting the retail space that’s inside the building...(continues)

zilfondel · #**983** Posted **Dec 20, 2016, 7:42 AM**

Quote:

Originally Posted by 2oh1

Huh? ...it's not going away - it just has new owners.

Was hoping they'd load it onto a boat and send it to Bangkok.

innovativethinking · #**984** Posted **Dec 20, 2016, 7:43 AM**

Quote:

Originally Posted by zilfondel

Was hoping they'd load it onto a boat and send it to Bangkok.

Wait you mean that's not what their doing?

2oh1 · #**985** Posted **Dec 20, 2016, 8:46 AM**

I don't understand those prices at all.
$126.7 million?
$446,478 per unit?

Does that include the affordable units as if they're market rate? ...because they're not.

Even if this thing wasn't ugly as sin (which it is), and even if it was quickly leasing (which it isn't)... how can anyone buy it for $126.7 million and make a profit? I realize they're thinking long term... but how long? A century?

$126.7 million for a building that's been trying to lease units for 8 and a half months yet is still mostly vacant. I don't understand.

I'm not convinced there aren't even more Yard blunders yet to be discovered.

mmeade · #**986** Posted **Dec 20, 2016, 5:42 PM**

Just plain old back of the napkin math would say that at an average 2000 per month rent, the building pays for itself in less than 20 years. (And after that it would make over a half million a month in profit.)

If you take the long look, this doesn't really look too crazy. Rents will go up, as will profit as the neighborhood develops.

I'm no real estate developer, but this looks like pretty good deal for both parties. An influx of cash and liquidity for the developer, and long term security for the investor.

Just my two cents though.

Rob Nob · #**987** Posted **Dec 20, 2016, 8:05 PM**

They are getting rent from more than just apartments. Parking, Ground floor Retail, leasable second floor as well I believe.

Mr. Walch · #**988** Posted **Dec 20, 2016, 8:39 PM**

I just looked and there website shows 17 apartments available for January 1st move in, so maybe they are mostly leased.

2oh1 · #**989** Posted **Dec 20, 2016, 8:59 PM**

Quote:

Originally Posted by Mr. Walch

I just looked and there website shows 17 apartments available for January 1st move in, so maybe they are mostly leased.

I don't believe that for a second. They removed the page on their website where you could view individual floors in order to hide the fact that they're having trouble renting units. Four weeks ago, the building was only around 25% leased, if even that much. The following comment is from November 19th:

Quote:

Originally Posted by 2oh1

Some of the floors are practically ghost towns.

The 15th floor has 18 units. 3 rented.
The 16th floor has 18 units. 4 rented.
The 17th floor has 18 units. 3 rented.
The 20th floor has 18 units. 3 rented.
The 21st floor has 18 units. 4 rented.

Are they dropping prices yet, or would they rather let the building be vacant?

2oh1 · #**990** Posted **Jan 4, 2017, 6:22 AM**

The Yard is just getting nastier by the day. Or, should I say, by the night.

Quote:

City Hall Shuts Down Short-Term Rentals in a Portland Luxury High-Rise

The entire 11th floor of the apartment tower Yard was available for rent by the night.

maccoinnich · #**991** Posted **Jan 4, 2017, 8:24 AM**

Why does anyone care whether there were short term rentals in the building or not?

Leo · #**992** Posted **Jan 4, 2017, 6:39 PM**

Quote:

Originally Posted by maccoinnich

Why does anyone care whether there were short term rentals in the building or not?

As a resident, I care.

Longer-term leasers can be held accountable for repeated violations. People who just can’t figure out how not to infringe on the rights of others will have their leases terminated and their deposits potentially forfeited. This incentives people to self-regulate their behavior and makes buildings a lot nicer to live in.

Short-term leases can turn your building into a hotel. If your neighbors are being loud drunken jackasses in the middle of the night, you can complain to management, but what are they going to do? The jackasses’ “lease” ends tomorrow anyway. There is limited enforcement capability, and so there is limited self-regulation of obnoxious behavior.

Condo buildings tend to fall in between. Owners are long-term, and technically, they can be held accountable for repeated violations. But the regulations don’t have a lot of teeth; the association can fine you, but they can’t kick an owner out of the building. There’s some incentive to self-regulate obnoxious behavior, but not as much as in a long term lease.

And let’s be honest – the only real reason why someone would pay $7000 to rent the entire 11th floor of apartments for one single night is to throw a giant, loud, obnoxious party.

eric cantona · #**993** Posted **Jan 4, 2017, 8:00 PM**

Quote:

Originally Posted by Leo

And let’s be honest – the only real reason why someone would pay $7000 to rent the entire 11th floor of apartments for one single night is to throw a giant, loud, obnoxious party.

The Aster Tower at Hassalo on Eighth hosted the crew from the horse theater thing at South Waterfront this past summer. I know that other developments set aside blocks of apartments for travelling shows and corporate accounts, so it's not always drunken partiers.

maccoinnich · #**994** Posted **Jan 4, 2017, 8:05 PM**

Quote:

Originally Posted by Leo

And let’s be honest – the only real reason why someone would pay $7000 to rent the entire 11th floor of apartments for one single night is to throw a giant, loud, obnoxious party.

What the article says:

Quote:

the 18 units, when rented together, cost up to $7,215 a night, not including taxes and fees.

What it doesn't say: that anyone had ever rented them all together.

2oh1 · #**995** Posted **Jan 4, 2017, 8:13 PM**

I'm surprised they're not renting them by the hour yet.

Leo · #**996** Posted **Jan 4, 2017, 8:38 PM**

Quote:

Originally Posted by maccoinnich

What the article says:

What it doesn't say: that anyone had ever rented them all together.

OK, so I misread the strangely phrased “entire 11th floor available for rent” sentence ... The rest of my input stands: If I live closely in a building with a bunch of strangers, I would prefer it if they had long-term leases; ie, that they are neighbors, not transients.