Moving Downtown... Any suggestions???

KC Kropf · Post by **KC Kropf** » Thu May 13, 2004 12:57 pm

In the past I posted a thread stating that I was looking for employment, coming out of KU this May, in the Downtown KC area. I badly wanted to work for a company involved in the redevelopment process. I however have taken a position in which I will live and work in downtown. I am very excited about this and will be looking to move this August.

I wanted to get suggestions from any and all of you who live, work, or play downtown. I did attend the Downtown Homes Tour and was only able to take the North Route Shuttle. I want to purchase a loft/condo, but timing and such might force me to rent first.

I love 21 Ten and the Library Lofts. I think that district is great!

What is available/going to be available near the Arena/Entertainment distrtict?

Anybody suggest a certain realtor/lender?

You have no idea how excited I am to be apart of this amazing cities core.

Side Note: I am a KS boy, who has always lived on the KS side my whole life, but always had respect for the KC AREA as a whole. There are more people like me than you may think. I have heard many people here at KU talking about their trips to the Downtown Homes Tour, and such. I also know many recent KU grads who have moved into the loop, and not just the Plaza. This is a big thing, and it is far reaching, and I am pumped about it.

Thanks for any help that anyone may provide.

KCPowercat · Post by **KCPowercat** » Thu May 13, 2004 1:08 pm

it's really amazing how fun this is becoming...I just answered the exact question in another forum...glad to have all this excitement and interest.

I'm going to shut up and listen to the experts and their answers on this...KCLofts and tat seem to be the best resources so far on this deal.

OK I'll offer a few suggestions.

- 21 Ten....great location, cheap...although the cheap ones are going fast.
- Library Lofts are all rentals so keep that in mind.
- Clubhouse lofts - once again rentals but close to KC Live
- Quality Hill - rentals and ownership. I know there is a place for rent around my place

Check the database for more options...I also have started a housing page

http://www.kcskyscrapers.com/displayhou ... playtype=1

It's far from complete but I'm trying to set it up with all the info needed to get ahold of these people.

Realtor I have no suggestion....might call reece & Nichols and ask for a loft/urban expert...I know they are opening an office in the crossroads for just people like us.

KCLofts · Post by **KCLofts** » Thu May 13, 2004 1:11 pm

If you're looking to buy, I would suggest calling Grant Lundberg with Reece & Nichols or Christina Boveri with Prudential Lofts & Condos. Wells Fargo has been a very supportive lender for downtown condo buyers. Call Kari Winters Underberg at their office on College Blvd.

Probably the closest thing to the new entertainment district right now are all rentals - the Clubhouse Lofts, and the Soho South properties on the other side of 670.

tat2kc · Post by **tat2kc** » Thu May 13, 2004 1:31 pm

I'd suggest looking at the Riverbend lofts at 200 main. They are currently rentals, but will be converting to condos in a couple years. You'll have the option to buy your unit if you so choose.

KC Kropf · Post by **KC Kropf** » Thu May 13, 2004 4:54 pm

Thanks for all the help and contacts. I remember reading something somewhere on this forum a while back about lofts that were more or less shells, in which you could design your own interior. Does anyone know what I am talking about, and or have expierece with this type of thing. I would love to do something creative like that.

scooterj · Post by **scooterj** » Thu May 13, 2004 4:57 pm

If you're renting check out Walnut Lofts. They are across the street and slightly north of Soho South and VERY nice on the inside. They were my first choice on where I wanted to live but the unit I wanted was just barely out of my range.

tat2kc · Post by **tat2kc** » Thu May 13, 2004 6:05 pm

W lofts, at 16th and wyandotte, are going to be the shells, with an option for them to finish it, or you to do it yourself.

KC Kropf · Post by **KC Kropf** » Thu May 13, 2004 6:43 pm

tat2kc wrote:W lofts, at 16th and wyandotte, are going to be the shells, with an option for them to finish it, or you to do it yourself.

I would imagine that these are generaly less expensive??? Do they offer similar perks as other lofts? Doorman, parking, etc.? Are there codes you have to follow? generic design? or are you free to do what ever you want? I wouldn't want to do anything crazy, I am just curious of the flexibility.

KCPowercat · Post by **KCPowercat** » Thu May 13, 2004 7:00 pm

I think the W and many around the crossroads are too small for things like doormen...usually you get doormen with highrises such as 21 Ten, 909, Western Auto.

I think they do cost less not sure how much less though......I'd call those realtors and/or that list of housing I linked, it has some numbers to call.....the girl I know moving to 21 Ten already has a contract down but can't move in until Jan, so she's getting to decide on some features so the quicker you act, the better chance you have to move in on time and have them build it to your liking.

KC_Fan · Post by **KC_Fan** » Thu May 13, 2004 11:02 pm

KCPowercat wrote:...the girl I know moving to 21 Ten already has a contract down but can't move in until Jan, so she's getting to decide on some features so the quicker you act, the better chance you have to move in on time and have them build it to your liking.

In addition to the benefit of choosing your flooring, cabinets, and additional upgrades, there is a HUGE benefit to acting early on pre-released / pre-finished condo / loft units... cost savings. I had been looking for nearly a year before settling on a townhome in Union Hill. Western Auto, Crestwood, Plaza Pavillion, and 21 Ten have or will have all followed the same schema in pricing : once 40-50% of the units are under contract, the offering prices will go up. We saw a unit we liked in Western Auto go up nearly $20,000 from the time it was first offered to present, where the building is nearly 80% sold.

You only stand to gain by buying early, if you're certain you've found the right place.

My $0.02 : 21 Ten is really a great-quality buy at the current time, but these prices will be going up for sure when the building is 50-60% sold (ie, around October 2004).

KCLofts · Post by **KCLofts** » Mon May 17, 2004 2:51 pm

There are currently two warm shell, design your own loft projects underway. As mentioned, there is the W Lofts in the Crossroads and 5 Delaware in the River Market. 5 Delaware is now half sold and is slated to begin construction next month. I suspect that it will be a bit longer before W Lofts gets underway.

Having said all that, since this is your first house, I would strongly suggest against not going this route. I just moved into to my custom-designed and built loft last January. It is a huge undertaking and not something you enter into without a lot of forethought and planning. You have to hire an architect and a builder and work with them almost daily.

The plus side is that you get exactly what you want. The negative is that it takes a lot of effort and time and costs more than buying a ready-made unit. All of the big projects get discounts on the cabinets, appliances, labor, and everything else involved in completing a unit. To have the exact same work done on your own would cost almost twice as much. Then, after you've spent all of your time and hard-earned money, it might be more difficult to unload when you are ready to sell. There is no guarantee that someone has the same taste as you.

And, since this is your first house, you will likely be ready to upgrade in a few years as you start earning more. The best thing to do is to buy a completed unit. As mentioned before, if you get in on a unit pre-construction, you can at least choose major things like cabinetry, granite/tile, and other things that the developer gives options on. Thus, you can personalize the unit without the extra cost and headaches. Save your dream home until later.

KCLofts · Post by **KCLofts** » Mon May 17, 2004 2:53 pm

There are currently two warm shell, design your own loft projects underway. As mentioned, there is the W Lofts in the Crossroads and 5 Delaware in the River Market. 5 Delaware is now half sold and is slated to begin construction next month. I suspect that it will be a bit longer before W Lofts gets underway.

Having said all that, since this is your first house, I would strongly suggest against not going this route. I just moved into to my custom-designed and built loft last January. It is a huge undertaking and not something you enter into without a lot of forethought and planning. You have to hire an architect and a builder and work with them almost daily.

The plus side is that you get exactly what you want. The negative is that it takes a lot of effort and time and costs more than buying a ready-made unit. All of the big projects get discounts on the cabinets, appliances, labor, and everything else involved in completing a unit. To have the exact same work done on your own would cost almost twice as much. Then, after you've spent all of your time and hard-earned money, it might be more difficult to unload when you are ready to sell. There is no guarantee that someone has the same taste as you.

And, since this is your first house, you will likely be ready to upgrade in a few years as you start earning more. The best thing to do is to buy a completed unit. As mentioned before, if you get in on a unit pre-construction, you can at least choose major things like cabinetry, granite/tile, and other things that the developer gives options on. Thus, you can personalize the unit without the extra cost and headaches. Save your dream home until later.

KC Kropf · Post by **KC Kropf** » Mon May 17, 2004 3:44 pm

KCLofts - thanks for the suggestions and I totaly agree. While I would love to complete a loft exactly the way I want it, timing is a big deal. I would probably ending up living in a construction site for 2 years before I even got around to finishing it. There really is no way for me to take the next step in my life AND try to complete a project like that. BUT like you said in a couple years, once I am used to a solid income and what my daily life is like, I might just want to take something like that on. For now I am going to look strongly at 21 Ten and similar building / price ranges. Thanks for the advice.

Post by **dangerboy** » Mon May 17, 2004 4:32 pm

KC_Fan wrote:In addition to the benefit of choosing your flooring, cabinets, and additional upgrades, there is a HUGE benefit to acting early on pre-released / pre-finished condo / loft units... cost savings. I had been looking for nearly a year before settling on a townhome in Union Hill. Western Auto, Crestwood, Plaza Pavillion, and 21 Ten have or will have all followed the same schema in pricing : once 40-50% of the units are under contract, the offering prices will go up. We saw a unit we liked in Western Auto go up nearly $20,000 from the time it was first offered to present, where the building is nearly 80% sold.

You only stand to gain by buying early, if you're certain you've found the right place.

Another advantage is that you can turn around and sell it faster, and for a bigger profit, instead of waiting 4-5 years for it to appreciate naturally.

KC Kropf · Post by **KC Kropf** » Mon May 17, 2004 8:42 pm

Is there a certain time you must stay in one property before selling it, to avoid investment tax. I heard that if you turn around and sell a unit too fast you would have to pay extra taxes on this. Does anyone know if this is true and what the rate is, etc??

KCLofts · Post by **KCLofts** » Mon May 17, 2004 9:25 pm

Two years is the minimum to avoid paying taxes. And you must have actually lived in the property for two years. If you sell before that, any profit on the sale is treated as income. The rate varies based on your other income, deductions, etc.

KCPowercat · Post by **KCPowercat** » Mon May 17, 2004 9:32 pm

it's a capital gains thing....the tax change in 97 says it's your primary residence for over 2 years, you can make a profit of up to $250,000 ($500,000 for married/jointly) w/o any tax hit. Under 2 years it varies. I believe under a year it's your normal tax rate, 1-2 year it's like 10% but not sure on that part.....just know the over 2 part...but I'm no accountant either

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