Considering move downtown...need input.

[Missionite]

The time is finally right for me to stop renting and finally take the plunge of buying my first home. I've been looking for about a month now and there are several tempting options available in the 'burbs. The problem is, I'm single, I work too much and don't want to worry about maintenance or a yard. I also don't need a huge home. I really enjoy where I'm at now (Mission) and wouldn't mind staying in NE JoCo. The thought of moving downtown sounds more tempting than ever though, especially with this being a buyer's market and with the first-time buyer tax credits that are available.

This week I took a look at 700 Broadway, SoHo Lofts and the Board of Trade Condos. The Board of Trade is probably not an option since they require 20% down. 700 Broadway had potential but I really liked SoHo the best. I did a quick search through the boards for opinions on these properties but didn't find much. It seems like most of you downtowners are renting. What are everyone's thoughts on these?

Also, any suggestions for other lofts/condos in the downtown or river market areas under $130,000? I would prefer a 1 bedroom but realize if I want to get in downtown, I'll probably have to settle for a studio, unless I'm missing something.

Matt

[KCPowercat]

Check out Quality Hiill area...they  have some cheap one bedrooms and even cheaper one bedrooms in the units across from Peanut if you fit income guidelines.

http://www.qualityhillcondos.com/

Also might check some of the rental places that are flipping to condo soon who might let you use some rental payments as downpayments...like 909 walnut is doing that I believe.

[staubio]

Definitely keep your eyes open for re-sales. There are several in the River Market. I know Riverbend has 10 or so for sale at the moment, though I don't know how many of them are the smaller, more affordable variety.

Remember to consider the HOA's situation when you are buying. Ask to see the bylaws and financials of the building. I know that some of the properties you've mentioned have had problems with this stuff.

[kclofter]

Ask to see the bylaws and financials of the building. I know that some of the properties you've mentioned have had problems with this stuff.

Including the reserve amounts, operating accounts, projected budgets, etc.  What are existing life expectancies of major items?  ie, if the $275,000 elevator needs replacement in 2 years, where will the HOA get the cash?  Most important thing is to plan for the worst and determine how those situations will be handled.

This concept is a major hurdle for single family residence folks to overcome - if I need a $20,000 roof for my single fam house, I _can_ put it off a year - the only one I hurt is me and I can place a bucket under the leak for a year.  In a condo, if the board decides roof needs replacement, assessments may be levied.

KC is an immature condo market and the idea of annual assessments in addition to monthly common charges hasn't set in yet.  Some folks in the older buildings that have been around a while know what to expect.  Your monthly fees cover the here and now with a bit extra for a reserve - but you also want to plan on some type of annual assessment in your own personal budget.  It's pretty easy to calculate the worst possible scenario: $75,000 for a new boiler minus what's in the reserve for the boiler = amount needed. Divide the latter by the number of owners and you got your number.

Condo ownership is great - but there are trade-offs to SFR in that you relinquish a great deal of control to folks who may or may not think like you.  Get to know who is on the board - rational thought and logic may not prevail 

[dangerboy]

Since already like NE JoCo, have you thought about the Plaza?  Or next door in the West Plaza.  There are some very good deals on apartments that have been rehabbed are now for sale as condos.  Great starter homes for single folk.  All the urban amenities yet a more established neighborhood feel....

[staubio]

tet a more established neighborhood feel....

Oh, now you've brought it!

I've lived in the West Plaza and while it was a charming neighborhood, I didn't feel like it had much of a neighborhood feel compared to the River Market, unless you just mean the scale of it. That might have just been me, though.

[chrizow]

Oh, now you've brought it!

I've lived in the West Plaza and while it was a charming neighborhood, I didn't feel like it had much of a neighborhood feel compared to the River Market, unless you just mean the scale of it. That might have just been me, though.

off-topic of course, but i would agree that WP has an established feel, though it might vary depending on where exactly in west plaza you are.  west plaza goes basically from westwood (or something) street up to or past westport road.  in close walking distance you have the plaza (with neighborhood amenities such as a movie theatre, bookstore, coffeeshops, restaurants, banks, etc) and plaza-area stuff like dry cleaners.  you're also within walking distance of westport rd stuff (dry cleaners, restaurants, gym, churches, whatever) and a slightly longer walk to westport itself (probably akin to a river market dweller walking to the P+L district). 

[staubio]

off-topic of course, but i would agree that WP has an established feel, though it might vary depending on where exactly in west plaza you are.  west plaza goes basically from westwood (or something) street up to or past westport road.  in close walking distance you have the plaza (with neighborhood amenities such as a movie theatre, bookstore, coffeeshops, restaurants, banks, etc) and plaza-area stuff like dry cleaners.  you're also within walking distance of westport rd stuff (dry cleaners, restaurants, gym, churches, whatever) and a slightly longer walk to westport itself (probably akin to a river market dweller walking to the P+L district). 

It is, in fact, almost exactly the same distance. The walk from WP to Westport, though, isn't particularly pleasant. You are hemmed in by Westport Road, which is a bit of a traffic sewer west of the trafficway, and Madison/Belleview to the East. There isn't much to look at, either, so I found myself hardly ever making that trip. The ding on West Plaza is that you pretty much HAVE to make that walk to get to stuff, aside from the sometimes-open stuff along Westport Road further west. The continuation of that area (Jerusalem Bakery, Boozefish, Cupini's, etc) is really the best hope for a gathering place for the neighborhood.

West Plaza does have pretty decent bus service, though, with the 47 and 51 serving the neighborhood pretty well. Not the best routes to rely upon, though.

[chrizow]

it's not pleasant to walk across the westport rd. triangle, but i much prefer it to walking in the north loop!  the westport rd. clusterfuck at least feels busy, whereas traversing the north loop is like stepping into "28 Days Later."

i lived in the 4700 block of terrace when i was in west plaza, so i didn't walk to westport much.  i did walk to the plaza a lot more than i thought i would though.  it was nice to have a coffee shop that stays open until 11pm (latteland) so close by. 

[Missionite]

Thanks everyone for your input. After careful consideration and lots of number crunching, I decided to put in an offer for a one-bedroom condo in Quality Hill. After two counter offers, my offer was accepted so, come June, I'll be a downtowner. I'm very excited. The place was a bit more than I had originally planned for but I can make it work.

Does anyone else here live in MO and work in KS that could shed some light on the income tax situation? How much shock am I going to be in when both states start dipping their hands into my paycheck?

Matt

[KCDowntown]

I live downtown and work in KS. 

You only get taxed by the state where you make the income - so you only get hit with KS income tax;  if you make no income in Missouri you will not be taxed.  The state does not tax interest or dividends either, so that won't get hit there either.

You will have to file Missouri and Kansas state returns though.  On the Missouri side you should get a tax credit equal to what you have paid in KS.

That being said, you will still owe the 1% KC earnings tax.

KCDowntown

[kclofter]

That being said, you will still owe the 1% KC earnings tax.

When I worked out of town (Columbia and Jeff City), I wrote the check annually in a lump sum.  Eventually, I asked the HR dept of my employer to deduct it with each paycheck, which was more palatable to me as I didn't miss the money as much.  I suspect most KC area employers already deduct it for their employees, but you may want to check with your HR folks.

[KCPowercat]

Congrats. Welcome downtown and specifically to quality hill.

Ask away with questions, we are more than happy to help someone get settled.