Saturday, September 21, 2013

What In The World? - Apartments For Cars?

Weekend Economics Commentary: What in the world? Seems like every decade or so folks in the building and architectural design industry invents a new way to park your car. At one time the new craze was double and triple tier parking lots, now called parking garages. Not to be confused with automatic upright car storage. Another form of parking entirely. I don't know about you but seeing those poor cars stacked upright and compressed packaged with hundreds of other cars seems somehow downright inhumane. Well, it does.

So what will they think of next, an apartment for cars? Yep. Imagine your car sitting behind glass adjacent your living room right there in your apartment on the 10th floor. That's right. It's the new parking craze for the well to do. How does the car get there? A hybrid transport system and not an elevator. Next thing you know you'll be saying "Beam my car up Scottie" and poof, it appears out of no where. Of course if we could do that who needs cars, right?

So what does this new form of in home parking say about the state of the economy? Not much. Especially when considering the fact that many apartment builders are opting for designs that have no parking spaces or parking lots what-so-ever, forcing tenants to give up their cars and rely more on commercial and public transportation not to mention riding bikes and scooters. What's this world coming to anyway?

What In The World
Commentary by Mark Askew

Weekly Recap:The Feds stay the economic stimulus policy to offset the rise in interest rates. The retreat in the average rate of a 30-year mortgage ensues throughout the remainder of the week dipping slightly lower.  Mortgage rates remain low by historical standards as rates drop to 4.5%. 

This gives homebuyers some wiggle room and the housing industry a home building advantage. A veritable mortgage rate rush continues as sales of existing homes set a new recovery high in August. Some mortgage advisors are urging consumers to lock in mortgage rates while they still can. Refinancial News Update