Pop-ups Spring up in Many Urban Areas
Land has become expensive in all urban areas. What are the developers doing about this? Constructing higher buildings than ever before, even if they look weird with the old, short buildings around them. Known as pop-ups, these buildings can be as much as 65 ft tall and stick out like a sore thumb.
In light of this, the developer of a pop-up told the press that condos are popular and demand is high. However, the inventory is low and so builders have started to maximize the square footage.
In all major metro areas, these pop-ups are springing up in large numbers. In some regions, there are zoning rules, so you are not going to witness this trend in these places. All other areas, where there are no restrictions, the air rights are being sold rapidly.
According to a real estate agent, builders are constructing structures as tall as possible so that they can develop more units within the same area. Values of these properties have risen, and this is not a surprise, considering the housing demand in today’s market. Pair this up with limited land, and this just encourages builders to put up more pop-ups.
What about people who live in homes surrounding these pop-ups? Are they okay with these tall buildings? In some cases, the residents have put up a fight. Problem is they are the only ones who are against them. The rest of the people find the pop-ups appealing and are in favor of them.
So are the condos in these tall buildings affordable for you? Only you can decide that, but we can tell you that the price of some of these units is around a million dollars.
We talked to a potential buyer who has been in the housing market for the past 8 months, and is looking around for a suitable unit. He finds condos appealing and finds them to be a great choice for his next home.
Another person, who has been a renter for the past 10 years, was also in favor of pop-ups. She has lost a number of bidding wars and has not been able to buy any property. She is hopeful this will change now and is glad that pop-ups have no issues related to availability. As for the height, she sort of likes it and finds it unique.
What do you think of these new structures?