Luxury Housing in Worcester, what is it?
There is word on the street that there has been an increase in LUXURY HOUSING in Worcester, but not enough to increase the amount of AFFORDABLE HOUSING in Worcester.
Defining Luxury Housing in Worcester
This is a city where most of the multi-family housing was built between 1890 and 1930. There are few buildings that contain more than 6 units.
Characteristics of Luxury Housing
Okay, here we go with LUXURY. The features that define luxury housing in Worcester include:
Level clean floors
Fiberglass or tile tub in the bathroom
Nice vanity
Nice kitchen cabinets
No parlor heaters
Available off-street parking
This "LUXURY" that people talk about is basically the NEW MINIMUM in Worcester.
Current Market Trends
Now, what percentage of Worcester has that? Perhaps only properties that have been renovated in the last 10 years. I would even venture to say that most of these units came online in the last 3 years. Why is that the case? - Rents by Section 8 improved, driving up all rents. - This incentivized owners to rehab old apartments with parlor heaters, claw foot tubs, and lousy flooring to improve their places. - New money coming into Worcester from the East has led investors to pay solid prices for properties and invest additional cash to maximize their returns.
The New Renter
There is also a NEW RENTER IN TOWN. I went to college in a cinder block dorm room sharing a bathroom with 60 guys. My 25-year-old daughter lived in an off-campus apartment complex with a lazy river, beach volleyball court, individual bathrooms for everyone in the apartment, and video game rooms. It is virtually impossible for today's college graduates to live in a 3rd-floor walkup in a 3-decker on the side of a hill with no parking, that has a claw foot tub, broken cabinets, and parlor heaters.
Popular Luxury Housing Developments
Let’s name the ones people talk about:
Sky Mark - 600 Main
145 Front
Voke Lofts
The Edge
Canal Lofts
100 Wall Street
Courthouse Lofts
But how about these? Are they not of the same quality?
126 Chandler Street
128 Chandler Street - Torrey Lofts
Affordable Housing Considerations
But these are considered AFFORDABLE HOUSING. Now let us throw in a bunch of 3-deckers that have been improved by various groups and individuals on Bell Hill or Vernon Hill; are those Luxury? I would postulate that anything that hits the criteria above would be considered a "Luxury Apartment" by Worcester Standards. But the only True Luxury Apartments in Worcester are 145 Front
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