- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
A midrise refers to a building that is not too short or tall, and usually built to be between 4 to 7 levels.
The term is a word play on low-rise buildings that refers to property that usually don’t exceed 2 levels. And high-rise buildings that are 9 levels and above.
The categorization varies from market to market.
In some markets midrise condominiums can be as low as a 3 story building or as high as an 8 to 10 stories.
Developers who build midrise real estate often do so out of zoning restrictions.
This could be due to various reasons such as air rights, visual rights, or even that the land don’t allow a developer to build a deep enough foundation to support a high-rise building.
Because since they have already secure the land to build a building, constructing as many levels as possible makes perfect sense as that results in more apartment units to sell.
And from a pricing perspective, the higher an apartment unit is, the price that it commands tend to rise as well.
So it is usually down to a limit on the number of levels that can be built that influences these decisions to build midrises.