Urban Core Condo Supply (ongoing tracker)

[kboish]

Definitely keep posting, that info is not only actually relevant to this site (as opposed to a lot of other topics), but its tangible & interesting.  Thanks for the effort.

[alpha_glamourina]

I'm still visiting this thread too, so yes, what you're doing is relevent and appreciated. 

[Gretz]

I too look forward to this information; thanks ignatius.

[moderne]

The south end unit on the 19th floor of the View(highest floor, locked elevator level, 12 foot ceilings, 1650 sq foot) was foreclosed and someone picked it up for $175,000.  What a deal!  What a ruination for everyone else's property values.

[aknowledgeableperson]

Some are challenging the MLS methods, saying more are being sold than being recorded...
http://www.kansascity.com/business/story/1063501.html

At the same time there could be more units for sale than those listed.

“The MLS system relies on real estate agents putting every new home transaction in the system, and we know it doesn’t happen that way,” Whitney said. “For example, a builder of townhouses will put in one or two houses and sell all the houses from those two listings. That doesn’t show up as a start or close.”

[ignatius]

Yeah, MLS tracks about 85-90% of what is actually out there.  So the unit numbers aren't exact, but the _trend_ of supply change is still valid.  An 85% sample is a huge compared to what the Feds use for stats, under 10% sample often.

[ignatius]

http://www.kansascity.com/business/story/1072212.html

According to Integra Realty Resources, 1,133 condos were “active” recently in the Kansas City area, meaning they were for sale or for lease. In the past 12 months, 680 condos have sold. In the 12 months previous to that, 960 condos sold.

[KCDowntown]

I just withdrew my place after having it on the market for 9 months.  In that time we had approximately 20 people come a look, and 1 bid that was too low.  It was especially slow the past 4-5 months.

KCDowntown

[taxi]

I just withdrew my place after having it on the market for 9 months.  In that time we had approximately 20 people come a look, and 1 bid that was too low.  It was especially slow the past 4-5 months.

KCDowntown

Hope this isn't too nosey, but where is your place?

[MidtownGrrl]

Hoping it's okay to ask this question here instead of starting a new thread.  Does anyone have any word on what sort of monthly condo fees are being charged for some of the midtown condos?

Something similar to this:
http://www.realtor.com/realestateandhom ... 1106615241
or http://www.realtor.com/realestateandhom ... 1104352497

[ignatius]

Most fees are $100-$300/month depending on the services and how much common area needs to be maintained.  If there are a lot of services and large staff (doorman/maintenance crew), it will likely be over $300/month.  Some utilities might be covered in those fees.

Get a list of everything the fees cover and understand what is your responsibility and what is covered by common area fees.

[dangerboy]

What about the rental market?  Since a significant chunk of Downtown projects are switching from condo to rental, it seems like it would useful to track both markets... thx!

[jdubwaldo]

Does anyone think there is a possibility management companies will begin to lease some of the new, reasonably priced West Plaza Condos on the DL if they can't move them?? 

[K.C.Highrise]

Does anyone have any new numbers on for urban core condo sales?

[jdubwaldo]

There is a unit asking $4.2M on the Plaza, the highest I've ever seen.   A few years ago, the Walnuts had units asking up to $2M.  Now there are some units asking for $2.2M.

I saw that Peterson just put his Plaza condo on the market....  So this might make sense?

[ignatius]

Q3 2010 Downtown Housing report now online, including rental units.  Was no surprise that many condo buildings went rental but the supply is now over 50% rental downtown.  I think it was well over 60% condo 5 years ago.  And I imagine a high % of condo units are leased out by individual owners.

http://216.119.82.16/wp-content/uploads ... arter1.pdf

[loftguy]

Thanks Ig.

By the way, who assembled the data?

[ignatius]

The Downtown Council

I also checked Reece/Nichols on condo supply and it is shrinking a bit, likely in part due to condo buildings going rental.

[ignatius]

BTW, according to the sheet, there are 11,137 units in Greater Downtown with avg of 1.7 persons per unit, which would come to a downtown potential population of almost 19K if all units are occupied. If occupancy is currently at 90%, that would be about 17K currently.

Here are population capacity estimates based on the sheet...
Loop 4891
River Market 1875
Xroads 8568

[chrizow]

Xroads 8568

really?  dang.  what are the boundaries?