Is there demand for a $1,000,000 Condo in Downtown?

longknock · Post by **longknock** » Tue Feb 17, 2004 6:29 pm

Do you mean the empty lot with the stone retaining wall on the west side of I-35 (between I-35 and Jefferson)?

Every project I see that is going up seems to be doing very well. Therefore, I'm inclined to believe that there may be demand for a high-end project like the one I'm working on. Can you shine some light on high-end failures and their reasons why?

Thank you again KCLofts for all of your input on this topic!

zonk · Post by **zonk** » Wed Feb 18, 2004 10:41 am

There are a number of sinlge family homes (8-10?) proposed for this lot. Last I heard was they were putting in an infinity pool overlooking the downtown/crowncenter, for all homes to utilize. If I remember correctly that site has serious soil/fill problems. So they will have to drill piers for the project, and the pool.

Hopefully it succeeds, great site.

TheDude · Post by **TheDude** » Fri Feb 27, 2004 10:41 am

all i have to say is "RISKY RISKY RISKY"!! you'd better have lots of pocket change and a long term perspective if you drop that kind of scratch on a loft / condo in the kc market. when mr. greenspan starts raising interest rates these people are going to be stuck for a long time in these high $$ residences cause they will be unable to resell w/out getting upside down. further, the market is will soon be overbuilt in my humble opinion (supply > demand). with very small relative population growth in the kc area, these condos and lofts primarily will be competing for buyers within a static market, with a finite # of persons wanting to live downtown, let alone in KCMO. further, you can buy one helluva house in brookside area for $400k - $800,000 which have proven to appreciate in value an average of 10 - 15% per year depending on your location.

revolver8080 · Post by **revolver8080** » Fri Feb 27, 2004 2:17 pm

Dude-
"with very small relative population growth in the kc area"

I don't feel qualified to speak to the issue of the condo, but this particular statement caught my eye.

Metro population growth was 12.8% in the past decade. For certain, this isn't Atlanta we're talking about, but that represents a good, steady rate of growth.

Granted, much of it has been in Kansas or North of the river, but that's another matter. The fact is, the overall metro area is growing appreciably.

I believe per capita income has grown steadily as well. Again, not a huge improvement but more of a measured pace.

It just seemed you were projecting the image of a stagnant market when that doesn't seem particularly accurate.

Mark

kansasfarmboy · Post by **kansasfarmboy** » Sun Mar 07, 2004 4:24 pm

NO!!

WHo would pay that kind of bread for a condo, only to have your car stolen, be beaten , robbed and or killed, as soon as you step out of said million dollar condo!!

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longknock wrote:I seek your guidance and input to see if there is demand for really high end condo units in Downtown. Yes there is a project in the offing, but I can not disclose as of yet. Yes it has been awhile since you have heard from me, but you can tell that I have been drug back downtown once again. This time I bring a number of interesting people with me to the forum. I've been out in Western Shawnee, Lenexa and around the Village West development. I'm no longer appraising, I am brokering property.
I must say that this site has been invaluable to me and I sincerely appreciate the vision of its creator!
Longknock

Post by **bahua** » Sun Mar 07, 2004 4:27 pm

Yeah, it's a good thing I walk around downtown with my trusty uzi. Otherwise, I wouldn't be able to mow down the throngs of gang members and lowerclass people, coming to rob, beat, and kill me, as soon as I step outside in this hellish warzone I unfortunately call home.

Post by **mean** » Sun Mar 07, 2004 6:14 pm

This guy's a riot! I'd say we should get him a gig at Stanford and Son's, but unfortunately they closed down due to all the riots and beatings and rapings that go on 24/7.

GRID · Post by **GRID** » Sun Mar 07, 2004 6:31 pm

Sounds like he needs to move under that rock in Miami County and renew his gun permits or whatever extremists do with their free time.

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