Luxury For Few 6.01.2007 | 3 Comment(s)

The other day as I was walking to lunch I couldn't resist the urge to peek inside the door of a building under rehab. I don't know the name of this particular building, but it's located right next door to the Syndicate Building sales center if that's any help.

Even through the dirt and mess that construction brings, I could see that the bones of this building were absolutely gorgeous. The lobby has a really nice black and white tiled floor and a beautiful grand staircase that leads visitors up to the second floor. I pictured myself coming home to this inspiring lobby and being instantly rejuvenated just because I was surrounded by amazing architecture and design.

Then I got sort of bummed. It seems that everything downtown is being marketed to "luxury" buyers. What about those of us that aren't super rich or don't have the benefits of a dual income? I know, I know, it's all about choices and not everyone can live everywhere, but I have a feeling that now that most of the historic buildings have been rehabilitated, more than a few empty lots (and parking structures) could be filled with newly constructed condos geared towards the $100K - $150K crowd. I could live downtown, but I don't want to rent. Some of the rents downtown match or exceed my current mortgage payment. While I don't understand all the financials, I think there is another market that downtown developers haven't explored yet.

I really love working downtown, I hope someday I can call it my home as well.

By  Urban Review, at 9:16 AM

The building is the Ludwig.

By  Anonymous, at 10:42 AM

Did you do the downtown housing tour this past weekend? There are now many options in the sub-$150K price range downtown: Blu City Spaces are cool and have great views from $79,900, The Arcade has very luxurious features and couldn't be in a more architecturally desirable building from $139,900, there is a Meridian unit on Realtor.com for $131,500, Motor Lofts start at $131,500, Knickerbocker has several priced from the mid-$140's, etc. If you are serious about living downtown, contact a Realtor. You might be surprised about how many options are available at a variety of price points.

By  Anonymous, at 11:04 AM

Consider trading up. You could find out what your current place would be worth - sell it and then purchase another place to hold for 2-3 years then use the equity from there to make the payments on a loft more affordable....

Just a thought...