Broadstone Lake House | 9-story Mixed-Use [Under Construction]

[ChiDev]

Biggest disadvantage this deal has vs Yards is the location of the amenity deck.  This buildings amenity area sits roughly 8 stories lower than Yards,  has anyone managed to capture photos of the view from each?

[prahaboheme]

5 hours ago, ChiDev said:

Biggest disadvantage this deal has vs Yards is the location of the amenity deck.  This buildings amenity area sits roughly 8 stories lower than Yards,  has anyone managed to capture photos of the view from each?

It’s not a disadvantage— it’s a hugely upgraded space if you compare to the Yard. Also, it likely limits the amount of non-residents coming in to use the pool area from coming through the building. 

Also, Lakehouse has another amenity floor at the top that overlooks downtown.

[popsiclebrandon]

Only person I know living here (and he says its all people basically on one floor now) is living there while his big house is being built. So yeah still don't see a sustainable path with their pricing model. Oh and they have a huge rodent problem from the mice that lived there pre-construction. Has found a bunch in his apt and hes at the top.

[codypet]

2 hours ago, popsiclebrandon said:

Only person I know living here (and he says its all people basically on one floor now) is living there while his big house is being built. So yeah still don't see a sustainable path with their pricing model. Oh and they have a huge rodent problem from the mice that lived there pre-construction. Has found a bunch in his apt and hes at the top.

What?  How?  

[sethM]

On 3/16/2021 at 12:54 PM, prahaboheme said:

I wouldn’t be surprised if this converts to condo in a better economy.

The housing market is red hot, the time is now. I've been suspecting they'll either massively drop prices or offer units for sale as condos. With how much money they put into the finishes I'd suspect that condos would make more sense.

On 3/16/2021 at 1:56 PM, ChiDev said:

Biggest disadvantage this deal has vs Yards is the location of the amenity deck.  This buildings amenity area sits roughly 8 stories lower than Yards,  has anyone managed to capture photos of the view from each?

I'm not sure about this. The Yard's deck has a better view of roof tops and i4 but it's roughly the same size as Lake House with 4x the residents. I've been to The Yard's pool and it was packed on a random weekday afternoon during the pandemic. I can't imagine what it'll be like once the place is full and no one is thinking of social distancing. 

Edited March 17, 2021 by sethM

[OrlandoBeaver]

I am trying to move into an new apartment soon and have been talking with the lake house staff. I tried to negotiate down the prices but they didn't even budge. $2000 for a 1 bedroom in Orlando is ridiculous, even if its one of the most "luxurious" buildings. 

[nite owℓ]

20 hours ago, sethM said:

The housing market is red hot, the time is now. I've been suspecting they'll either massively drop prices or offer units for sale as condos. With how much money they put into the finishes I'd suspect that condos would make more sense.

Yes the market is hot, but condos are always a different animal. People approved for $X amount on a home sometimes cannot afford to get into a lower priced condo... or a condo might not be worth pursuing for some people depending on their list of "must haves". With a home, there is always some kind of first time buyer program, FHA financing etc. to make things affordable but with a condo you're pretty much stuck with conventional financing @ 20% down (that's IF you can find a lender comfortable with condos) or buy outright with cash which very few people can do.

Lenders also factor in HOA fees into condo financing. Average downtown condo HOA fees are approx 0.48 cents/sq ft (or higher) so a studio/1 bedroom unit would be around $290-360 per month which is affordable, but a 2 bedroom unit would be around $570+ per month--that's on top of the existing mortgage, insurance, taxes and this is where most people struggle with getting financing. This pretty much locks Millennials w/no kids out of the condo market when they are typically the ones willing to live in apartment-style living vs couples raising a family. I could be wrong, but I feel like banks let more things slide with houses but not with condos when looking at your debt-to-income ratio. Unless the government or individual banks offer an easier path to condo ownership, things will remain as they are IMO.

Edited March 18, 2021 by nite owℓ

[AmIReal]

1 hour ago, nite owℓ said:

Yes the market is hot, but condos are always a different animal. People approved for $X amount on a home sometimes cannot afford to get into a lower priced condo... or a condo might not be worth pursuing for some people depending on their list of "must haves". With a home, there is always some kind of first time buyer program, FHA financing etc. to make things affordable but with a condo you're pretty much stuck with conventional financing @ 20% down (that's IF you can find a lender comfortable with condos) or buy outright with cash which very few people can do.

Lenders also factor in HOA fees into condo financing. Average downtown condo HOA fees are approx 0.48 cents/sq ft (or higher) so a studio/1 bedroom unit would be around $290-360 per month which is affordable, but a 2 bedroom unit would be around $570+ per month--that's on top of the existing mortgage, insurance, taxes and this is where most people struggle with getting financing. This pretty much locks Millennials w/no kids out of the condo market when they are typically the ones willing to live in apartment-style living vs couples raising a family. I could be wrong, but I feel like banks let more things slide with houses but not with condos when looking at your debt-to-income ratio. Unless the government or individual banks offer an easier path to condo ownership, things will remain as they are IMO.

I'm hearing a lot about the potential $15k first time buyer credit proposed by Biden. I believe FHA could be directed to participate if it is passed. I know many will frown on the "socialistic" aspect (if so can we discuss it in the politics section), but if that type of assistance in passed and if the new child tax credit (or some form of it) becomes permanent and some portion of student loans are forgiven then the housing market will (further) explode. Positives and negatives all around - more demand leads to tighter market leads to higher prices to increased building to more sprawl, but more jobs... etc.

Lots of "ifs", but it is not hard to picture how many people that would put in position of home ownership- and without even having to fight the minimum wage battle.

[jack]

On 3/16/2021 at 7:28 PM, prahaboheme said:

It’s not a disadvantage— it’s a hugely upgraded space if you compare to the Yard. Also, it likely limits the amount of non-residents coming in to use the pool area from coming through the building. 

Also, Lakehouse has another amenity floor at the top that overlooks downtown.

And the Lakehouse's pool is directly adjacent to Lake Ivanhoe which makes you feel better connected to the water. The clubhouse is on the top floor.