Comments on: Pearl apartments billed as affordable alternative

By: Amy Turnbull

Amy Turnbull — Sat, 17 Apr 2010 18:26:04 +0000

In response to Madden’s prophecy:

“Whether it’s us or another developer doing it, I think this product will be commonplace in the next five years”.

Check out Cubix-SF. This is a similar project that has demonstrated that Americans are not ready to make the change to small living as defined by the Freedom Center 1. (And I agree; the name should be changed!)

I’ve looked at apartment and condo life from two angles: resident and owner. In order for an owner to make money on a rental unit, there is a cost-to-income formula. The formula includes all the components that go into planning, building and financing a project. These are pretty much fixed costs. In an effort to maintain that ratio, owners split the bottom line among the total units. So, in a high rent district like The Pearl, the owner divides the units by this bottom line and that’s where you get the 300 square foot size and price.

I think what developers fail to realize, however, is that most Americans will not settle for anything less than 500 square feet, whether you are a college student or a shop girl or boy.

By: matt

matt — Fri, 11 Dec 2009 16:52:48 +0000

I don’t care how much it costs or what the square footage is… I wouldn’t live in a building with the name Freedom Center 1. Talk about bogus… When is the US gonna get off this post 9-11, anit-apocalyptic pony?

By: Michael D. Setty

Michael D. Setty — Fri, 11 Dec 2009 00:54:47 +0000

Hey, Antiplanner. This article proves there is a MARKET for such housing.

Like the 175 sq. ft. New York example on your blog, there are SOME people willing to pay very high prices to be in the center of things, like Manhattan or the Pearl District. Ever wonder why apartment prices in Manhattan are so damn high?? Several million people would probably live there, if they could…

By: Living the Dream » The Antiplanner

Living the Dream » The Antiplanner — Thu, 10 Dec 2009 19:38:47 +0000

[…] How about a 300-square-foot apartment in Portland for 800 bucks a […]

By: Martha Perez

Martha Perez — Thu, 10 Dec 2009 07:04:52 +0000

For students: could their financial aid be increased, as an incentive to be able to live at Fountain I?.

For non-students: it is true that they should not be paying more than 30% of their income on housing costs (can any of that be deducted on their federal taxes, as an incentive to be able to live at Fountain I?). Other ideas?

I recall being a parent student 18 years ago at PSU, and always having to live in sub-standard housing. We had fewer resources back then. I think that affordable living spaces needs to happen. By all of us (including organizations, etc) working together, it will.

I am now an empty nester in the Pearl, and I love being able to walk to work, school, play, and medical care/other appointments. I would be so glad if our neighborhood could be more diverse & inclusive. Let’s be a model to the rest of America.

This is a win-win situation. Let’s do it already – and go get a cupcake to celebrate (0:

By: anonymous

anonymous — Thu, 10 Dec 2009 02:17:53 +0000

some students take out loan money for student housing…I remember paying $800 a month to share a 300 square foot dorm space when I was in college…so this could be a real alternative indeed.

By: Barbara Joy

Barbara Joy — Wed, 09 Dec 2009 19:53:30 +0000

I’ve heard that it’s prudent to pay not more than 28% to 32% of your gross income for housing. $795 is 28% of $2,840. How many students have a gross monthly income of $2,840?

By: Nicole

Nicole — Wed, 09 Dec 2009 16:32:21 +0000

I agree these prices are rediculous. They would have to be great quality and great use of space for them to be $800 a month!

By: HolyMannixMoses

HolyMannixMoses — Wed, 09 Dec 2009 05:03:54 +0000

Those are priced way too high. Quickly browsing NW 23rd/21st and surrounding areas on craigslist I found dozens of 500+ sq ft studios for under $700. Why pay those prices? Better yet, WHO is going to pay those prices when the market has many better alternatives…. Anyone?