Two thoughts: ??? 1.? What does $400/mo get you?? That does seem like low rent for the area.? Are there lots of apts that go that cheap?
??? 2.? I don't see the contradiction between Omar's claim about Radian's units undercutting high end off campus units and the high rents Radian charges.? Since Radian will significantly increase the number of apartments in the area, and is in a relatively close location, and is definitely high end, shouldn't the increased availability in that market segment make high end units that aren't quite as nice, or aren't as close to the campus, worth less to high end tenants? ??? 3.? And its kind of funny how the article talks about these high end rents as a problem for low income students.? I'm guessing such rents are about twice the room charges for dorms and lower end apartments, and that they aren't affordable for middle class families either. ??? OK, that's 3.? Who's counting? Paul -----Original Message----- From: [EMAIL PROTECTED] To: UnivCity@list.purple.com Sent: Thu, 25 Oct 2007 3:41 pm Subject: [UC] Can you pull up something from the DP archives for us? Laserbeam: ? Can you pull up something from the DP archives for us? I don't seem to be able to access it and you apparently have a better filing system than I do. ? In the DP of?Feb 17?2006, in an article about the Radian -- which is now being built at 40th & Walnut -- they quoted?Penn's then-VP Omar Blaik as saying "the competition provided by the University-owned housing will help knock down the high rents that students often pay for off-campus living." ? Of course,?I made fun of this absurd statement and the usual suspects accused me of the usual accusations. ? Today's DP vindicates my commentary with the article below (http://media.www.dailypennsylvanian.com/media/storage/paper882/news/2007/10/25/News/Radian.Appeal.To.Be.Eclipsed.By.Rent.Costs-3056497.shtml?if you want to read it in the original). ? I'd like to get the whole Feb 17 article as so I can add it to the NONID website along with the current item. I'm also thinking about tossing it in their faces at next week's First Thursday Dog and Pony Show and would like to have the actual two articles as a handout. ? Ultimately always (well, almost always) right about Penn's monomaniacal hegemony in the 'hood Al Krigman -- Radian appeal to be eclipsed by rent costs? By: Cecily Wu Posted: 10/25/07 ? Last fall, College senior Jesse Benton was searching for housing. He realized he had two options: save money by living further away from campus, or splurge for a spacious apartment closer to school. Benton, like many other Penn students, decided the possible dent in his wallet was more important than added luxury, and he chose to live in an apartment near 42nd and Chestnut streets. His rent? A measly $400 a month. Cheap housing like Benton's won't be found at the new Radian Apartments, located on the 3900 block of Walnut Street, which announced last week that its starting monthly rents for one-to-four bedroom apartments would range from $1,025 (4BR) to $1,350 (1BR) per person. And while real-estate experts say Radian shouldn't have any problems filling its 150 units, the new amenity-filled complex - with a fitness center, WiFi, a game room and a private study room - likely won't be a housing option for low-income undergraduates. The Radian will instead serve as an option for students who want to spend more for the extra perks the building offers, said Rich Lauletta, vice president of sales with the Philadelphia Apartment Company. Urban Studies professor Sidney Wong and Claude Boni, owner of Claude Boni Real Estate in Philadelphia, both added that the Radian may not be targeting the entire Penn population. "Maybe they're looking for the top 50 percent [in income], not the bottom 50," Boni said. University officials have long hailed the construction of Radian as a center of its plan to help move students east of 40th Street and increase the number of homeowners in West Philadelphia. But many students say that Radian simply won't be a real option for those concerned about costs. "There's no chance" I would live there, said College junior Dave Farber. "I pay $670 for something with a bunch of friends." College sophomore Johan Tatoy agreed, saying that "a lot of lower-income students wouldn't choose to spend more than they have to." Arthur Bye, co-owner of local realtor Urban and Bye Real Estates, said that while issues like rising construction costs and market competition likely account for the high price, the lease that the University offered the developer also likely had an impact on the rent. "Penn is not going to lease it without making a good amount of money, and the developer has to factor it in as one of his expenses," he said. Penn Executive Director of Real Estate Ed Datz wrote in an e-mail that "every consideration was examined to minimize the potential cost to students." Datz added that the rent proposed by the developer, University Partners, was evaluated, though he did not say if the rent was the lowest being offered out of the five developers considered at the time. The new apartments, combined with the recently-built Hub, located at 40th and Chestnut streets, and the future construction of a new college house on Hill Field, will also ultimately meet the goal of adding about 1,000 new beds for students, Datz said. Officials have also recently implemented the Neighborhood Development and Preservation Fund, where the University purchases West Philadelphia homes and offers them at market-level rates. That initiative has largely been used by graduate students, however, and Facilities spokesman Tony Sorrentino said that no new projects are in the works to provide more affordable housing for undergraduates. Still, Radian officials said that over 700 people have already inquired about room availability through the company's Web site. Student interest will likely continue to remain high, especially for those who don't want to live in the high rises - which range from about $790 to about $1,135 per month - but want to stay close to campus. "If it's convenient to classes, I would definitely consider it," Wharton freshman Ruinan Wang said. See what's new at AOL.com and Make AOL Your Homepage. ________________________________________________________________________ Email and AIM finally together. You've gotta check out free AOL Mail! - http://mail.aol.com
