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tozmervo

By tozmervo
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tozmervo Metropolis

tozmervo

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10 hours ago, t_money said:

https://ui.uncc.edu/story/wall-street-backed-landlords-now-own-more-11000-single-family-homes-charlotte

Thought this was an interesting article. Not sure this is the right thread, but not sure where else to  put it!

Nope, definitely the right thread. Crap like this is why the wealth disparity continues to grow. Instead of 11,000 families having an opportunity to grow wealth and get ahead in life, a bunch of scummy companies get to control their fate. 

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WEM
WEM

I work at Siemens.  Reports of this factory's death are greatly over-exaggerated. As stated, this rolling shutdown is part of the PG division's greater shut down.  The industry is experiencing a

ah59396
ah59396

Just, no.  We are all aware of your position on HB2, which is fine, you are entitled to it.  But losing the East Coast operation of PayPal and 400 new jobs is not warranting of a smiley face.  Get out

JHart
JHart

People moving across state lines for jobs are not the exploited workers who require protections. Clearly there are tons of high paying jobs in the metro areas, which is a great thing about Charlotte a

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atlrvr Metropolitan Area

atlrvr

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^^^ That's one perspective.  A different one would be these houses were mostly bought at foreclosure auctions when few people were willing or able to put their own money at risk in an uncertain housing market.  At that point and each subsequent purchase thereafter, these companies are really buying in a competitive process (either auction, or just buying houses that end up on MLS) and anyone can do the same.

Even if the counter-argument to that is that it's unwanted/unnecessary competition, will say these big firms as landlords do have a couple of advantages over the mom-pop local landlord.  1)  the amount of money they put in these houses to bring them up to a high quality standard is pretty material....most houses get at least $20k in improvements fixing all deferred maintenance, which is nice compared to say.....Brookhill.  2) they have their own maintenance teams and are expedient about fixing minor issues...not chasing down a landlord who gives you the run around why it will take 2 weeks to get the HVAC looked at, and 3) because these are giant companies, their actual borrowing rates are very low, and expected returns on investments are much lower than average investors, which means they don't need to be super aggressive on raising rates or trying to be cheap on maintaining the properties.

I guess my last point would be, there's 11k rental homes in all of Charlotte, vs >>> 11k apartment rentals in just south end.  There's large demand for renting, and a lot of people would rather rent a single-family home than being packed into an apartment building.....I'm not sure that "wall street" being the landlord is really affecting the overall market dynamics that much, other than I would agree that local ownership groups would at least recycle profits back into the local economy....but I also think Amazon should be broken up for that reason alone  as well :)

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KJHburg Ecumenopolis

KJHburg

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I do think the Wall Street firms has affecting the market negatively here as late.  True in the depths of the housing depression in 2008-2010 they bought up many foreclosures.  They do renovate them.  But in the last 2-3 years they are buying homes at market prices and with cash and pushing out the individual owner occupant buyers.  They are outbidding the the owner occupant builders.   They have not sold any of their homes which I thought they might do.  I am a mom and pop landlord with a few homes but mine are up to date and affordable.  I dont raise rents 5-10% every year like the big firms and I am more proactive in repairs than the big firms.  How do I know this?  I have some of their former tenants as my tenants now.  Every year they raise the rent and not by just a  little bit.    My tenants  know they can call or text me about repairs and I am on it.   Big firms you have to put in an online request.  My rents are more stable than theirs as well. 

But the biggest negative of late with the Wall Street firms is their outbidding with cash many of the homes in the under $350K range thus shutting out owner occupants. 

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JHart Whistle-Stop

JHart

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1 hour ago, atlrvr said:

I guess my last point would be, there's 11k rental homes in all of Charlotte, vs >>> 11k apartment rentals in just south end.  

The 11k number is just the largest of the firms. A 2019 UNCC housing study put it just under 50k single family homes as rental properties as of 2017 (not sure of a later number but likely higher than that). 

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t_money Whistle-Stop

t_money

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3 hours ago, KJHburg said:

I do think the Wall Street firms has affecting the market negatively here as late.  True in the depths of the housing depression in 2008-2010 they bought up many foreclosures.  They do renovate them.  But in the last 2-3 years they are buying homes at market prices and with cash and pushing out the individual owner occupant buyers.  They are outbidding the the owner occupant builders.   They have not sold any of their homes which I thought they might do.  I am a mom and pop landlord with a few homes but mine are up to date and affordable.  I dont raise rents 5-10% every year like the big firms and I am more proactive in repairs than the big firms.  How do I know this?  I have some of their former tenants as my tenants now.  Every year they raise the rent and not by just a  little bit.    My tenants  know they can call or text me about repairs and I am on it.   Big firms you have to put in an online request.  My rents are more stable than theirs as well. 

But the biggest negative of late with the Wall Street firms is their outbidding with cash many of the homes in the under $350K range thus shutting out owner occupants. 

I agree that having a individual person to reach out to as a renter is much better than a big firm call line where they don't even know where you live and forget your exist! But maybe I've just been lucky with good landlords :)

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JacksonH Hamlet

JacksonH

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2 hours ago, Nick2 said:

Came here to post that. A sad day for clt indeed.

I'm crushed!  I've been wanting to check that place out for years. Every time I've been in Charlotte has been a day they weren't open.  Now I'll never know what I've been missing.

If they want to cash out on the land, can't they also sell their recipe and process to some willing entrepreneur?  I am sure someone would love to open that business somewhere.

 https://charlotte.axios.com/262354/iconic-prices-chicken-coop-is-closing/⁶

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videtur quam contuor Town

videtur quam contuor

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Until a few years ago their fry master had been with them for decades. The man knew what he was doing with the chicken and the hot oil. Many of their employees were l-o-o-o-o-ong time workers there. If anyone went there with any occasionality one would recognize the same people at the counter and the cook stations. I sure did.  No one can reproduce that.

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Mgelbach Hamlet

Mgelbach

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12 hours ago, Phillydog said:

This is a MAJOR loss for CLT and NC.  Very sad.  I want to be in Charlotte for the last day but I'm guessing they will be mobbed!!!!

 

There was a line around the block yesterday, and people already camped out when I was heading into work today at 7:45! I think anyone who wants to go would need to be alright waiting 2 or 3 hours

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JacksonH Hamlet

JacksonH

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18 hours ago, Phillydog said:

This is a MAJOR loss for CLT and NC.  Very sad.  I want to be in Charlotte for the last day but I'm guessing they will be mobbed!!!!

 

My nephew tells me that the line today was stretching all the way down Camden and across Tryon!  I think they're going to run out of food before tomorrow.

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davidclt Hamlet

davidclt

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13 minutes ago, JacksonH said:

My nephew tells me that the line today was stretching all the way down Camden and across Tryon!  I think they're going to run out of food before tomorrow.

Word on the street is all the employees found out the same way we did yesterday (surprise!. The other rumor is that one of their employees was just in a car wreck and has substantial medical bills. I'm guessing he didn't offer health insurance to his employees (but who knows)?

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KJHburg Ecumenopolis

KJHburg

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Yes I think the owner was 70 years old of Prices and I wish him a good retirement.  I am a Charlotte native and have lived back in Charlotte since 1986 many of my favorites have closed and the city has greatly changed.  But one of the reasons I like Charlotte is that is ever changing too.  Sure some  of my favorites have been lost.  But I have seen whole neighborhoods be revived and that is a great thing.  I do remember when Southend which nothing but the north end of South Blvd before it entire uptown.  I wish Mr Price the best of retirement and I pray his employees all find jobs quickly and I think they should.  

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davidclt Hamlet

davidclt

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I was going to put this in the Photo of the Day forum but that was too cheeky even for me. Regardless, per the GAO: GAO-21-518, FACIAL RECOGNITION TECHNOLOGY: Federal Law Enforcement Agencies Should Better Assess Privacy and Other Risks, the State of North Carolina has a substantial database of photos (as does South Carolina) - this bothers me greatly:image.thumb.png.138e52adba6cb1c06668c7eff3de4a44.pngl

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