Downtown Condo Market

[runawayjim]

Don't mean to intrude on the discussion, but can anyone tell me about the area immediately around the "903 condos." I'm interested in possibly buying (and living) in the building. It seems to sort of be in a weird area that is surrounded by the highway, the river, the mall and an old industrial area. Is it safe around there? The short walk to downcity and the train station is nice and convienient.

Has anyone heard any firm plans to revamp the "Shops at the Farmers Market" which is immediately across the street?

Thanks

that area is pretty safe. the foundry "across the street" (in quotes because it's across 2 streets and the river) is also being re-habbed and has a lot of office space and some lofts as well. eventually the greenway along that river is going to be extended to eagle square at the intersection of valley st and atwells ave, so you have that to look forward to as well. there's also some stuff within walking distance up bath street (which is off of promenade st) on smith st in smith hill (which is not as bad a neighborhood as people make it out to be).

something that you should be sure to do is check out the place at the 903 before you buy. i've heard some stories about it being really cheaply built and people having problems. i imagine they've figured it all out, but just be aware.

fruit and produce warehouse thread

[chuck_nevers]

The current economic downtown is nothing new. Remember the slump of 88? These things come in cycles, we'll have a stable but growing market for the next 10 years. However, I think that Providence will outperform other areas. I moved here from Boston and am absolutely loving Providence. Since moving here, I've convinced two others to relocate and they are negotiating a condo purchase. With the arts scene, dining, and revitalized downtown I have no concern whatsoever about my investment; I'll be purchasing another three family this winter while prices are in flux.

[KRC]

The current economic downtown is nothing new. Remember the slump of 88? These things come in cycles, we'll have a stable but growing market for the next 10 years. However, I think that Providence will outperform other areas. I moved here from Boston and am absolutely loving Providence. Since moving here, I've convinced two others to relocate and they are negotiating a condo purchase. With the arts scene, dining, and revitalized downtown I have no concern whatsoever about my investment; I'll be purchasing another three family this winter while prices are in flux.

[CtownMikey]

http://www.pbn.com/stories/25406.html

[runawayjim]

http://www.pbn.com/stories/25406.html

[Garris]

http://www.pbn.com/stories/25406.html

[abdiorio]

Condo supplies rising as prices drop [The Providence Journal]

[Frankie811]

Today's projo asked their reader's the following question in a survey: Would you buy a $400,000 luxury condo in downtown Providence? The answers don't surprise me. http://www.projo.com/perl/common/surveys/d...;thissite=projo

[runawayjim]

Today's projo asked their reader's the following question in a survey: Would you buy a $400,000 luxury condo in downtown Providence? The answers don't surprise me. http://www.projo.com/perl/common/surveys/d...;thissite=projo

[Bil]

Condo supplies rising as prices drop [The Providence Journal]

[Lone Ranger]

wow... you'd think people were shot immediately upon entering downtown from those posts.

[eltron]

RI Sales peaked in 2004, and if you see similarities between the late 80s boom, then that would suggest house prices are going to be declining (in real/inflation adjusted dollars) for another 5 years or so. That means buying a house/condo now (to live in) would be a terrible investment.

[Bil]

There is very little similarity to the late 80's - interest rates were around 10 -12 % and production versus demand was twice what it was in 2002.

[bhooley]

This article is pretty interesting. It seems to me like the downtown condo market will be really instructive to watch. I can't imagine how they're going to fill them up. The pressure from the ludicrous prices in Boston is easing up, the baby-boomer second home peak has passed (in RI), and there's no pressure upward from the bottom of the market now that the lax lending standards have been tightened (especially in RI). Like the article said, the woman on the east side would need to sell her house first.

I could see some very wealthy parents making a 4 year "investment" for their kids to live in while they go to Brown, but that certainly won't fill up Waterplace. And there's only 55 players on the Patriots roster...

RI Sales peaked in 2004, and if you see similarities between the late 80s boom, then that would suggest house prices are going to be declining (in real/inflation adjusted dollars) for another 5 years or so. That means buying a house/condo now (to live in) would be a terrible investment.

Very interesting times ahead, I think.

[Baines]

wow... you'd think people were shot immediately upon entering downtown from those posts.

[Mothra]

Evidence of the self-critical, negative, and very poorly informed citizens of the metro. To me, it points to the vital need for leaders to educate on the facts, act strongly on the shortcomings, accent the positive, promote in and out of PVD, and confront those with the loser attitude.

[runawayjim]

many posters in that survey seemed to be aware that you can a. get more bang for your buck outside of or elsewhere in the city and 2. there's no grocery store. i think i saw the grocery store/services refrain far more than the safety issue. I wouldn't call either of those viewpoints "loser."

And while many people believe Providence is a safe place, it actually isn't. No city is a safe place. You always have to be aware of what is going on around you, day, night, weekday, whatever. I don't think it is any more unsafe than any other place, but a lot of people still remember the story of those two JW kids who were carjacked and murdered and it will take a lot more than 900K condos in waterplace park to get folks to forget that. To ask people who might not be urban-ly inclined in the first place to forget what Providence was like as little as 7-10 years ago is asking too much and, i think, unfair.

[Recchia]

What is so unsafe about downcity? I walk around all the time, at night and during the day and don't feel unsafe. Aside from some beggars, who happen to be some really interesting people sometimes if you actually stop and talk to them, what is the problem here? I don't get it. Where are the stories of people getting robbed and beat up? I don't hear any.

Mentioning one incident (the JWU kids) is in no way a justification of a place being unsafe. There was a murder in Little Compton a few years ago, does that make Little Compton a horrible place to live? People's logic is so unlogical sometimes. I doubt any of the posters on the Projo blog have even been downcity in a few years.

[basachs]

What is so unsafe about downcity? I walk around all the time, at night and during the day and don't feel unsafe. Aside from some beggars, who happen to be some really interesting people sometimes if you actually stop and talk to them, what is the problem here? I don't get it. Where are the stories of people getting robbed and beat up? I don't hear any.

Mentioning one incident (the JWU kids) is in no way a justification of a place being unsafe. There was a murder in Little Compton a few years ago, does that make Little Compton a horrible place to live? People's logic is so unlogical sometimes. I doubt any of the posters on the Projo blog have even been downcity in a few years.

[runawayjim]

Things like that happen everyday in this city and others.

[basachs]

i'm going to reiterate my comment and one that recchia made... things like this happen in this city and other cities, towns, suburbs, villages, townships, whatever you want to call them across the country. it is not limited to cities or urban environments. 2 people were shot recently in franconia, NH (pop. <1,000). granted, it was an isolated incident, but it just shows that bad things happen everywhere. think of the meth problem in the midwest that caused the crackdown on sudafed sales. that wasn't the big cities out there, it was the small towns where the problems existed. in my hometown of branford, CT (pop. ~27,000, small classic suburban CT shoreline town), a woman working at a gas station was robbed and murdered several years ago.

none of this is a reason to fear for your life or safety. there are a few cities and towns in this country where you need to be more careful than others (philadelphia is proving to be that one this year), but that doesn't mean that the average person is not generally safe.

[runawayjim]

Yes they do, but that was not at all my point or even a focus area of my comment. My post addressed two things. 1) just because you do not hear about incidents, does not mean they do not happen. I gave my own personal experience as a case in point. 2) Saying people are illogical for pointing to a couple of incidents as reason that PVD is unsafe is indeed unfair. People make snap judgements and rash decisions. We need to deal with it from that angle.

[Recchia]

2) Saying people are illogical for pointing to a couple of incidents as reason that PVD is unsafe is indeed unfair. People make snap judgements and rash decisions. We need to deal with it from that angle.

[JJK5]

I think what Basachs was trying to say is that sitting here calling those people illogical isn't going to magically change their perceptions. You need to accept that people will latch onto the one or two bad stories that get out as an example of what it's like downtown. The next step is working to change that perception, not just criticize it.

[matt]

I think what Basachs was trying to say is that sitting here calling those people illogical isn't going to magically change their perceptions. You need to accept that people will latch onto the one or two bad stories that get out as an example of what it's like downtown. The next step is working to change that perception, not just criticize it.