Condo Supply
- bahua
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Re: Condo Supply
Thanks for the detailed explanation, lfotgyu.
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- City Center Square
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Re: Condo Supply
They are probably doing what some home builders are doing now. Instead of having empty property they are leasing out the completed home and therefore waiting out the slow market and avoid making a drastic price reduction in order to make a sell.bahua wrote: It may cost a certain amount for developers to recover their investment on these units, but in tough times, someone has to take the loss. Either the developer bides their time, paying recurring bills, upkeep, and taxes on the unsold units, or they reduce their price to encourage a sale. Either way, they're losing money. In a time like this, I think the only action they can take is loss mitigation.
Also, as stated before, the number of new units for sale may not reflect the actual number for sale. For example, a developer may have multiple units with the same price. To save listing costs they will list one unit and have the others available.
I may be right. I may be wrong. But there is a lot of gray area in-between.
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- Strip mall
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Re: Condo Supply
As someone who owns one DT loft and is looking for another I tend to say there is not enough supply, at least not a lot of diverse supply. As somone has already mentioned, most of the units for sale are at just 3 buildings (Reserve, Pipers/Windows) if you are not into the bigger projects then there is not much available right now. I also think KC has a shortage of truly modern loft type spaces. It seems most of the units are on the small side and resemble 600-700 a month apartments or look like something out of JOCO with their traditional finishes and floor plans. In other words most seem to be designed like traditional apts/condos rather than Lofts. Which is certainly fine but I do think KC is lacking in diversity of product.
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- Bryant Building
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Re: Condo Supply
I'm curious Tella, what would be of interest to you in a development? What do you want that's not out there today? What development comes closest to your expectations?tella100 wrote: As someone who owns one DT loft and is looking for another I tend to say there is not enough supply, at least not a lot of diverse supply. As somone has already mentioned, most of the units for sale are at just 3 buildings (Reserve, Pipers/Windows) if you are not into the bigger projects then there is not much available right now. I also think KC has a shortage of truly modern loft type spaces. It seems most of the units are on the small side and resemble 600-700 a month apartments or look like something out of JOCO with their traditional finishes and floor plans. In other words most seem to be designed like traditional apts/condos rather than Lofts. Which is certainly fine but I do think KC is lacking in diversity of product.
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- Oak Tower
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Re: Condo Supply
Check out this list of 500+ units for sale within 1 mile radius of 12th/Main. It appears to be a couple dozen buildings, not just a few. But agreed it would be nice to have more variety of product.
Click here
Once in page, click on 'Edit Search' to change things such as price range, number of rooms, etc.
Click here
Once in page, click on 'Edit Search' to change things such as price range, number of rooms, etc.
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- Strip mall
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Re: Condo Supply
5 Deleware, Conover Place & Freighthouse Flats are my favorites (and of course I love my own building, 523 Grand). I also really love 4646 on the Plaza. I have also been in a few units of the old loft building on 7th street (one of the original, if not the first loft conversion projects dating back to the late 80's) those spaces are really nice as well.loftguy wrote: I'm curious Tella, what would be of interest to you in a development? What do you want that's not out there today? What development comes closest to your expectations?
So in my mind we are missing more places like the above.
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- Bryant Building
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Re: Condo Supply
Thanks, Tella. That gives me a good sense of what your are looking for. I'll share with you some unique options that I come across, as I am a bit of a fanatic about searching out what the city is offering.tella100 wrote: 5 Deleware, Conover Place & Freighthouse Flats are my favorites (and of course I love my own building, 523 Grand). I also really love 4646 on the Plaza. I have also been in a few units of the old loft building on 7th street (one of the original, if not the first loft conversion projects dating back to the late 80's) those spaces are really nice as well.
By the way, the original Soho West at 306 West 7th, was built by Mel Mallin in 1983/84 and that was the first loft project in KC. Prices started at $59,000 for an 1,100 sf loft, with indoor parking!!
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- Parking Garage
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Re: Condo Supply
I own a unit at 306 W. 7th and think they are wonderful, unique loft spaces. There is not much like them in the city....
On a side note I have recently listed my unit for sale as I am moving to Boston for work. If you have any interest in checking it out feel free to PM me or check out this link...thanks
http://www.postlets.com/res/518628
Michael
On a side note I have recently listed my unit for sale as I am moving to Boston for work. If you have any interest in checking it out feel free to PM me or check out this link...thanks
http://www.postlets.com/res/518628
Michael
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- Penntower
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Re: Condo Supply
^^^^^
that is a beautiful space. i wish i was in the market for buying in that price range right now.
that is a beautiful space. i wish i was in the market for buying in that price range right now.
- kclofter
- Strip mall
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Re: Condo Supply
Sweet Volvo 1800 - yours?mishustik wrote: On a side note I have recently listed my unit for sale as I am moving to Boston for work.
- Czar
- New York Life
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Re: Condo Supply
What are you talking about.. to save listing costs? It does not cost more money to list mulitple units. It would cost on commissions paid when realtors sell the product, but not to list.... Do you have some knowledge that I do not have?aknowledgeableperson wrote: To save listing costs they will list one unit and have the others available.
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Re: Condo Supply
Yep, that's my babykclofter wrote: Sweet Volvo 1800 - yours?
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- City Center Square
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Re: Condo Supply
All that I know is what I have been told. Whether it is five new houses that are the same or five new condos a builder might list just one.Czar wrote: What are you talking about.. to save listing costs? It does not cost more money to list mulitple units. It would cost on commissions paid when realtors sell the product, but not to list.... Do you have some knowledge that I do not have?
I may be right. I may be wrong. But there is a lot of gray area in-between.
- coreyo
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Re: Condo Supply
Doesn't it cost $$ to list on the MLS?
- Angel
- Strip mall
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Re: Condo Supply
It's not saving listing costs. It just laziness and some practicality. If you have 25 1 bedroom units that are basically all the same, the agent will probably only list the cheapest and the most expensive if there's a sales and model office buyers can go to.aknowledgeableperson wrote: All that I know is what I have been told. Whether it is five new houses that are the same or five new condos a builder might list just one.
- Czar
- New York Life
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Re: Condo Supply
It costs money to be on MLS, but not per listing. Realtors pay those costs anyway not developers.
Realtors work on what is called a "commission" which means they get paid by developers only when a unit closes (transfer of title).
It is not laziness either, since once you have one listing inputted into MLS you can copy to other unit numbers..
Realtors work on what is called a "commission" which means they get paid by developers only when a unit closes (transfer of title).
It is not laziness either, since once you have one listing inputted into MLS you can copy to other unit numbers..
- Angel
- Strip mall
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Re: Condo Supply
It's still work and there's lots of paperwork involved for each listing. Really, this isn't uncommon at all for building/renovation projects.Czar wrote: It costs money to be on MLS, but not per listing. Realtors pay those costs anyway not developers.
Realtors work on what is called a "commission" which means they get paid by developers only when a unit closes (transfer of title).
It is not laziness either, since once you have one listing inputted into MLS you can copy to other unit numbers..
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- Oak Tower
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Re: Condo Supply
Here's the May update.
Condo units for sale tracked by Reece/Nichols - trend over 6 months.
Source
Downtown
12th/Main - 1 mile radius
Dec 3 Jan 2 Feb 9 Mar 8 Apr 6 May 2
Total 369 331 519 505 496 477 (several dozen sales are pending)
>$300K 133 112 244 232 234 225
>$500K 30 29 53 55 56 42
Greater Downtown/N Midtown/etc
12th/Main - 2 mile radius
Total 473 433 591 573 563 552
>$300K 170 150 274 263 260 250
>$500K 49 48 72 74 74 59
Midtown/Downtown/Plaza/Waldo/etc
39th/Main - 4 mile radius
Total 925 814 991 969 946 893 (several dozen sales also pending)
>$300K 326 269 407 395 395 373
>$500K 130 125 153 152 153 130
39th/Main - Newly constructed vs resale, 4 mile radius
new 343 301 434 413 415 391
resale 582 513 557 556 531 502
Dec 3 Jan 2 Feb 9 Mar 8 Apr 6 May2
Plaza/Westport/Southmoreland
47th/Main - 1 mile radius
total 299 273 286 297 287 257
>$300K 131 95 110 109 113 107
>$500K 65 60 66 62 63 60
Most of Metro
12th/Main - 20 mile radius
total 1263 1133 1357 1332 1341 1286
>$300K 402 340 484 470 473 449
>$500K 163 157 190 188 190 165
Dec3 Jan2 Feb9 Mar8 Apr6 May 2
Condo units for sale tracked by Reece/Nichols - trend over 6 months.
Source
Downtown
12th/Main - 1 mile radius
Dec 3 Jan 2 Feb 9 Mar 8 Apr 6 May 2
Total 369 331 519 505 496 477 (several dozen sales are pending)
>$300K 133 112 244 232 234 225
>$500K 30 29 53 55 56 42
Greater Downtown/N Midtown/etc
12th/Main - 2 mile radius
Total 473 433 591 573 563 552
>$300K 170 150 274 263 260 250
>$500K 49 48 72 74 74 59
Midtown/Downtown/Plaza/Waldo/etc
39th/Main - 4 mile radius
Total 925 814 991 969 946 893 (several dozen sales also pending)
>$300K 326 269 407 395 395 373
>$500K 130 125 153 152 153 130
39th/Main - Newly constructed vs resale, 4 mile radius
new 343 301 434 413 415 391
resale 582 513 557 556 531 502
Dec 3 Jan 2 Feb 9 Mar 8 Apr 6 May2
Plaza/Westport/Southmoreland
47th/Main - 1 mile radius
total 299 273 286 297 287 257
>$300K 131 95 110 109 113 107
>$500K 65 60 66 62 63 60
Most of Metro
12th/Main - 20 mile radius
total 1263 1133 1357 1332 1341 1286
>$300K 402 340 484 470 473 449
>$500K 163 157 190 188 190 165
Dec3 Jan2 Feb9 Mar8 Apr6 May 2
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- Oak Tower
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Re: Condo Supply
So it looks like sales are picking up faster than added supply this Spring for the core of the city.
High end is moving somewhat better, at least slightly faster than growth of supply.
High end is moving somewhat better, at least slightly faster than growth of supply.
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- City Center Square
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Re: Condo Supply
Should be adding a lot of supply in the south end of the xraods shortly - Looks like the Hayden and Windows projects are both entering the wrap-up phases with Piper a bit behind those two. That will be a lot of units.