My friends from college and I develop apartments and we finished several during Covid and the last 20 years. Our first one 20 years ago was 300k a unit, 10 years ago 500k, now you can’t build under 750k a unit in CA.
Now add a mortgage rate at 6.50 and it only pans out in neighborhoods that sustain an average of 5k a unit in rent.
Its really that simple, no way the rents will support what it will cost to build in Concord.
@Never Enough – Five grand in monthly rent isnt a high price to pay to live somewhere decent. Nobody will pay that much to live in a slum though.
Original GJune 23, 2022 - 8:48 PM - 8:48 PM
Looking at B roll of N bart parking lot, have to wonder if neglect evident at 1:46 minute mark in video, exposed electrical wiring, condition of parking lot, weeds and pavement cracking is typical in bart system . . . . .
Badge1104June 23, 2022 - 9:29 PM - 9:29 PM
I think it’s because the housing market is going to go bust soon. Nobody would ever believe that the hot market would ever turn off. But I’ve seen it happen four times now. Every 8 to 12 years! Every time he gets so hot the people say can never ever go down news of stories about the crazy hot market, It has always gone down right after all that hype.
With recession on its way we’re going to be in trouble for the next few years. Last week some major real estate firms laid off 10% of their employees. They could sense what’s coming now.
Old TimerJune 23, 2022 - 10:00 PM - 10:00 PM
Good the people of Concord don’t want it anyway.Same thing with the Weapons Station.No more big complex’s in Concord we can’t take care of what we have.Bad road’s traffic and crime and corruption in politics.Enough is enough!
SchmeeJune 23, 2022 - 10:04 PM - 10:04 PM
Thank god. Port Chicago is busy enough
Hope JohnsonJune 23, 2022 - 10:16 PM - 10:16 PM
Birsan closer to accurate than Allen. CNWS land isn’t ready to be turned over to Concord by the Navy and BART was never working with Concord on the CNWS specific plan, BART has been working on its own North Concord development plan separately for years. Downturn in housing market would benefit a developer at BART because nothing built on BART property can be sold, only rented. The more people who can’t afford to buy, the more people will need places to rent. Likely Brookfield did want a piece of the CNWS but quickly saw just how corrupt Concord staff and city council are as they selected another corrupt developer and did so this time without even requiring Seeno to demonstrate a plan to finance the project or prove financial capability. All the same people are on staff and council with all the same backroom connections, now being told what to do by the construction trade union management. Corruption and incompetence is what is stalling both BART and the CNWS projects. Allen says BART will be center of CNWS project with 20,000 more people and yet BART can’t even keep trains running reliably now. And if it gets hot, as it does in Concord, your train will derail causing hours/days of single tracking and long delays. This news story is shallow and fails to ask elected reps what role their own group’s poor decisions played in this. CNWS could use some good investigative journalism. Of course, those of us who live near the area will continue to enjoy the open space and beautiful birds of prey without complaint, so enjoying letting delays continue.
El DJune 23, 2022 - 10:46 PM - 10:46 PM
Edi made a good point. The project probably didn’t make as much sense for that developer if he wasn’t also doing the adjacent and much larger Weapons Station project. Couple that with the prospect of rising interest rates and a possible recession and I could see the developer deciding it wasn’t worth moving forward with it.
No ExcusesJune 24, 2022 - 12:34 AM - 12:34 AM
Which, conversely, might mean that Seeno managed to put a poisoned thumb down on the original plans, because it only makes sense for them to control the whole shebang.
BellaJune 24, 2022 - 12:04 AM - 12:04 AM
Contracts can be “negated” at the “blink of an eye” with no explanation, thus the frustration. Easy in/Easy out. This is the “world” of developers business or residential/but let me say a word to the wise it all comes down to the City and how hard or not they are to deal with. Developers will with drawl for many reasons, but where I have properties it’s mostly been because the City has been hard to deal with. In the last 2 months, it’s their cheap, want a lot of land for nothing. No sir.
BellaJune 24, 2022 - 12:07 AM - 12:07 AM
I see so much more opportunity here, than where my developer tried.
KTJune 24, 2022 - 5:12 AM - 5:12 AM
Good! I’m glad that backed out. The last thing NC station needs to lose is parking. Have you sent heat developers did to WC BART, all clusters complexes which was once the open parking lot. It looks so bad.
KenInKentuckyJune 24, 2022 - 6:42 AM - 6:42 AM
WOW really listen to what Eddie says, and you wonder why they are having trouble finding a developer for either location!!!
Partnership, heck no. We want to dominate and control you.
Ken
Dr JellyfingerJune 24, 2022 - 7:14 AM - 7:14 AM
Ya gets what’cha votes for!
On the bright side, look at all the new cheap laborers arriving daily over the border who need jobs…. you may need to tune in FOX News or Newsmax to see that tho, the Lefty networks don’t like to show the invasion taking place.
SchmeeJune 24, 2022 - 9:07 AM - 9:07 AM
You mean like for the past 30 years lol? Yes we have all noticed
Dr JellyfingerJune 25, 2022 - 9:21 AM - 9:21 AM
But from 2017 – 2021 not so much… or didn’t you notice?
RandyJune 24, 2022 - 7:15 AM - 7:15 AM
good! … there’s not enough incremental water supply to support all this crazy housing approved and unlimited water being given to almond, walnut and grape growers!
WC---CreekerJune 24, 2022 - 8:12 AM - 8:12 AM
The developer has to reserve 25% as affordable. If you can’t make money, you don’t build. Watch, soon our tax dollars will be used to subsidize development projects.
Old Mr. RobertsJune 24, 2022 - 10:12 AM - 10:12 AM
One of the problems with getting the CNWS developed is the land grab for public benefit. Remember 50% was already given to the park district and much more is planned for city parks. Building the infrastructure for the park and development area is a huge cost up front.
jtkatecJune 24, 2022 - 8:38 PM - 8:38 PM
Your argument really doesn’t pan out when you think about water, sewer and roads for housing versus dirt trails, and dirt parking lots for parks…..
American CitizenJune 24, 2022 - 11:08 AM - 11:08 AM
20,000 people living in homes on the old Naval Weapons Station property. How much of that is set aside for low income? You think traffic and crime are bad now?
Thank god I will be in northern Idaho before all this comes to fruition. California can burn.
jtkatecJune 24, 2022 - 8:36 PM - 8:36 PM
Good for you
BellaJune 24, 2022 - 11:15 AM - 11:15 AM
Just spoke with the Developer out of Sacramento I know. He wants me to call him tomorrow he was out on a boat 🙂 He’s smaller than the Developer that dropped out, but very interested in Concord. We shall see. I will only share so much at this point until we see what happens.
BellaJune 24, 2022 - 12:44 PM - 12:44 PM
This Developer took over when Katerra went bankrupt. Thanks Mayor. He’s been doing this over 40 years.
ReasonableJune 24, 2022 - 4:05 PM - 4:05 PM
You mean this well meaning developer abandoned those fabulous locked up homes on E Olivera Rd?
THE BLACK KNIGHTJune 25, 2022 - 8:49 AM - 8:49 AM
Reasonable,
No, the Coast Guard housing property on East Olivera Road is owned by one of the Las Vegas Maloof brothers and a partner. There are three separate properties in the North Concord area to be developed that will form the “City of New Concord,” they are the CNWS property, the former Coast Guard property, and the North Concord – Martinez BART Station property. BART should actually develop the Downtown Concord BART Station parking lot first which is already in a higher density area.
THE BLACK KNIGHTJune 25, 2022 - 10:01 AM - 10:01 AM
Edi Birsan,
If you truly believe “the world is a dangerous place and if you wrestle with alligators you pick the smallest alligator to wrestle with” then you wouldn’t have chosen to get into the swamp with a dangerous, corrupt, slimy, and greased up crooked alligator like the Seeno’s in the first place!!!!!
28 comments
My friends from college and I develop apartments and we finished several during Covid and the last 20 years. Our first one 20 years ago was 300k a unit, 10 years ago 500k, now you can’t build under 750k a unit in CA.
Now add a mortgage rate at 6.50 and it only pans out in neighborhoods that sustain an average of 5k a unit in rent.
Its really that simple, no way the rents will support what it will cost to build in Concord.
Well said, pragmatic, brief, and to the point. Now will you please fly to DC and offer your expertise to the Biden administration?
@Never Enough – Five grand in monthly rent isnt a high price to pay to live somewhere decent. Nobody will pay that much to live in a slum though.
Looking at B roll of N bart parking lot, have to wonder if neglect evident at 1:46 minute mark in video, exposed electrical wiring, condition of parking lot, weeds and pavement cracking is typical in bart system . . . . .
I think it’s because the housing market is going to go bust soon. Nobody would ever believe that the hot market would ever turn off. But I’ve seen it happen four times now. Every 8 to 12 years! Every time he gets so hot the people say can never ever go down news of stories about the crazy hot market, It has always gone down right after all that hype.
With recession on its way we’re going to be in trouble for the next few years. Last week some major real estate firms laid off 10% of their employees. They could sense what’s coming now.
Good the people of Concord don’t want it anyway.Same thing with the Weapons Station.No more big complex’s in Concord we can’t take care of what we have.Bad road’s traffic and crime and corruption in politics.Enough is enough!
Thank god. Port Chicago is busy enough
Birsan closer to accurate than Allen. CNWS land isn’t ready to be turned over to Concord by the Navy and BART was never working with Concord on the CNWS specific plan, BART has been working on its own North Concord development plan separately for years. Downturn in housing market would benefit a developer at BART because nothing built on BART property can be sold, only rented. The more people who can’t afford to buy, the more people will need places to rent. Likely Brookfield did want a piece of the CNWS but quickly saw just how corrupt Concord staff and city council are as they selected another corrupt developer and did so this time without even requiring Seeno to demonstrate a plan to finance the project or prove financial capability. All the same people are on staff and council with all the same backroom connections, now being told what to do by the construction trade union management. Corruption and incompetence is what is stalling both BART and the CNWS projects. Allen says BART will be center of CNWS project with 20,000 more people and yet BART can’t even keep trains running reliably now. And if it gets hot, as it does in Concord, your train will derail causing hours/days of single tracking and long delays. This news story is shallow and fails to ask elected reps what role their own group’s poor decisions played in this. CNWS could use some good investigative journalism. Of course, those of us who live near the area will continue to enjoy the open space and beautiful birds of prey without complaint, so enjoying letting delays continue.
Edi made a good point. The project probably didn’t make as much sense for that developer if he wasn’t also doing the adjacent and much larger Weapons Station project. Couple that with the prospect of rising interest rates and a possible recession and I could see the developer deciding it wasn’t worth moving forward with it.
Which, conversely, might mean that Seeno managed to put a poisoned thumb down on the original plans, because it only makes sense for them to control the whole shebang.
Contracts can be “negated” at the “blink of an eye” with no explanation, thus the frustration. Easy in/Easy out. This is the “world” of developers business or residential/but let me say a word to the wise it all comes down to the City and how hard or not they are to deal with. Developers will with drawl for many reasons, but where I have properties it’s mostly been because the City has been hard to deal with. In the last 2 months, it’s their cheap, want a lot of land for nothing. No sir.
I see so much more opportunity here, than where my developer tried.
Good! I’m glad that backed out. The last thing NC station needs to lose is parking. Have you sent heat developers did to WC BART, all clusters complexes which was once the open parking lot. It looks so bad.
WOW really listen to what Eddie says, and you wonder why they are having trouble finding a developer for either location!!!
Partnership, heck no. We want to dominate and control you.
Ken
Ya gets what’cha votes for!
On the bright side, look at all the new cheap laborers arriving daily over the border who need jobs…. you may need to tune in FOX News or Newsmax to see that tho, the Lefty networks don’t like to show the invasion taking place.
You mean like for the past 30 years lol? Yes we have all noticed
But from 2017 – 2021 not so much… or didn’t you notice?
good! … there’s not enough incremental water supply to support all this crazy housing approved and unlimited water being given to almond, walnut and grape growers!
The developer has to reserve 25% as affordable. If you can’t make money, you don’t build. Watch, soon our tax dollars will be used to subsidize development projects.
One of the problems with getting the CNWS developed is the land grab for public benefit. Remember 50% was already given to the park district and much more is planned for city parks. Building the infrastructure for the park and development area is a huge cost up front.
Your argument really doesn’t pan out when you think about water, sewer and roads for housing versus dirt trails, and dirt parking lots for parks…..
20,000 people living in homes on the old Naval Weapons Station property. How much of that is set aside for low income? You think traffic and crime are bad now?
Thank god I will be in northern Idaho before all this comes to fruition. California can burn.
Good for you
Just spoke with the Developer out of Sacramento I know. He wants me to call him tomorrow he was out on a boat 🙂 He’s smaller than the Developer that dropped out, but very interested in Concord. We shall see. I will only share so much at this point until we see what happens.
This Developer took over when Katerra went bankrupt. Thanks Mayor. He’s been doing this over 40 years.
You mean this well meaning developer abandoned those fabulous locked up homes on E Olivera Rd?
Reasonable,
No, the Coast Guard housing property on East Olivera Road is owned by one of the Las Vegas Maloof brothers and a partner. There are three separate properties in the North Concord area to be developed that will form the “City of New Concord,” they are the CNWS property, the former Coast Guard property, and the North Concord – Martinez BART Station property. BART should actually develop the Downtown Concord BART Station parking lot first which is already in a higher density area.
Edi Birsan,
If you truly believe “the world is a dangerous place and if you wrestle with alligators you pick the smallest alligator to wrestle with” then you wouldn’t have chosen to get into the swamp with a dangerous, corrupt, slimy, and greased up crooked alligator like the Seeno’s in the first place!!!!!
Comments are closed.