Quote:
Originally Posted by AviationGuy
Yes. Many of these complexes in this part of the country, and I assume elsewhere, are 50 or more years old. My first Austin apartment was in a complex built in 1968. It was super nice when I lived there in the late 70s, but is in awful condition now. There have been complexes here where stairwells collapsed or almost did, as well as exterior walkways along the upper floors. The best thing is for them to just be torn down and replaced. I know that's happening, but not nearly enough. One area in Austin called Riverside had many of such complexes, but that area is being rebuilt. I haven't been over there in about 20 years, so I really don't know the full extent of changes. I'm thinking someone like Kevin may know more about that area.
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At least with Austin, you guys have insane property values where the dirt under those old complexes are worth redevelopment. In Houston, there are tons of them in parts of town with little to no market growth potential and the owners do the absolute bare minimum to keep them up to codes.
I googled Riverside, seems close enough to central Austin for it to be ripe for redevelopment. Especially seeing how close it all is to 35.