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Mayfair Towers

Started by 943
over 14 years ago
Posts: 8
Member since: Sep 2009
This building seems to have a lot if apartments on the market. Any idea why? How dies it compare to other buildings in the area?
Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009
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Response by 943
over 14 years ago
Posts: 8
Member since: Sep 2009

In particular, it seems like the maintenance has been increasing ~$100/yr. Is that typical in comparable buildings?

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Response by columbiacounty
over 14 years ago
Posts: 12708
Member since: Jan 2009

what's the percent?

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Response by NWT
over 14 years ago
Posts: 6643
Member since: Sep 2008

9G's is $1122 now, and 8G's was $1110 last year, so not much of an increase, but look at the financials to see what the pattern is. Less than $600 per room per month is pretty good.

Part of that's because it's a huge building, so some economies of scale with the staff, etc. With 450 apartments, the nut isn't 4.5 times that of a 100-apartment building. By the same token, 11 for sale at once isn't a lot.

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Response by NWT
over 14 years ago
Posts: 6643
Member since: Sep 2008

9G was $880 in 2007, and $1122 now, so increases averaged 6.25% per year. Pretty standard.

8G would be a few bucks less than 9G, so maybe no increase last year, and more in some earlier years.

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