KCRag Forum

aknowledgeableperson wrote: Nope.  And have not painted the brick either.  Nor the kitchen cabinets.  And the kitchen table and chairs, along with the dining room furniture is also wood.


It is not a matter of a lack of taste, what one person says, but what one prefers to live with.  Hey, if that is the way you like to finish and furnish your living space then more power to you. 

Wow, my pencil is wood!

Coincidence?  I think not.

So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.

hoghead wrote: So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.

wtf?

(a) he said he isn't staying here.  what's the point in buying a place in KC if you want to leave in two years?  it's not like $200K+ lofts are selling like hotcakes.

(b) for $1090/month, you can't buy a condo or loft downtown.  a $1090/month mortgage might get you a $150,000 house somewhere near downtown, which will probably needs thousands of dollars in repairs or upgrades - AND it will be hard to sell (the average time a midtown home is on the market is over six months). 

(c) just because someone can afford to own a home, does not mean they are ready (financially, personally, etc.) to do so.

for a lot of people, renting is a very responsible and reasonable option.

loftguy wrote: Wow, my pencil is wood!

Get modern, go mechanical like I have.

hoghead wrote: So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.

You think it makes more sense for him to spend an extra ~$600 a month AND have the likley risk of taking a bath on whatever tiny ammount of equity he might have accumutlated when he has to sell it fast in two years?  Doesn't seem like sound advice.  "Building equity" doesn't make sense for every situation - contrary to what real estate propaganda would have had us believe the last few years.  

hoghead wrote: So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.

Tell that to someone who has seen the value of their home decrease 10-20% in the last few years and now needs to move.  Many times renting IS the best option.

Too many people have been drinking the home ownership Kool-Aid for too long.

lock+load wrote: Tell that to someone who has seen the value of their home decrease 10-20% in the last few years and now needs to move.  Many times renting IS the best option.

Too many people have been drinking the home ownership Kool-Aid for too long.

I wouldn't say too many people have been drinking that Kool-Aid, but that more have listened to the wrong advice.  It is more of an example that the decision to rent or own should really be based on one's individual needs or wants instead of some advisor's pet advice.  If one expects to live a very mobile life then rent might be the way to go.  On the other hand, if one plans to be in one place for 20 years then owning might be the way to go.

Yes, home values have dropped recently but so has the stock market.  For example, two years ago if one had $200,000 and needed a place to live that person could have bought a home for cash with that $200,000 or invested it and rented a place for, say, $1,000 a month.  After two years that $200,000 place to live might be worth $170,000 now.  After two years that $200,000 investment might be worth $130,000 and the person is still out the $24,000 in rent payments.

Playing with numbers but still one could have come out ahead in the real estate market these past two years by owning instead on renting.

Good rule of thumb, if you don't think you will stay in one place for at least five years renting is a better option.  Especially in this market.

aknowledgeableperson wrote: Yes, home values have dropped recently but so has the stock market.  For example, two years ago if one had $200,000 and needed a place to live that person could have bought a home for cash with that $200,000 or invested it and rented a place for, say, $1,000 a month.  After two years that $200,000 place to live might be worth $170,000 now.  After two years that $200,000 investment might be worth $130,000 and the person is still out the $24,000 in rent payments.

Except most don't pay cash for a house.  They borrow, and most of their monthly payment is interest.  In this market, the depreciation can easily exceed the equity you are building.  Of course if you plan to stay 20 years buying is probably the better choice.  Very few people stay anywhere for 20 years though.

lock+load wrote: Except most don't pay cash for a house.  They borrow, and most of their monthly payment is interest.  In this market, the depreciation can easily exceed the equity you are building.  Of course if you plan to stay 20 years buying is probably the better choice.  Very few people stay anywhere for 20 years though.

Yeah, I know the example was an extreme but that is all that it was, an example.

20 years.  For just about all of our friends and many of our neighbors 20 year stay in a house is very common.  However, in the younger generations it wouldn't be.  My wife and I moved 3 times in a four year period at the start of our marriage.

We went by this place today.  Really beautiful finishes and detail.  Quiet (even in units backing up to the trains at Union Station, it was quiet.  When you open a window you can tell just how good the soundproofing/deadening is). 

Loved the layouts and space, we looked at about six different 2 bedroom units ranging from 1056 sq ft to 1500 (rents were 1339 -1800 depending on the floor).  Inexpensive deposit ($400!), no per month pet fees, plenty of closet space and great city and Union Station views (views to the North below the sixth floor are limited as there is a building next door, sixth floor and above, you can see the city).  Everything seems well done (quiet elevators, quiet hallways).

By the way the photo posted earlier with the "sterile" furnishings is the lounge on the top floor outside the deck/pool, very very nice area for entertaining and that rooftop pool will be great come summer.

Parking, as mentioned before is 100 for inside parking and 50 for surface parking right across the street.

They do accept pets (300 deposit with half refundable). 

Bathrooms were stunning, ery Euro contemporary (storage space in the second bathrooms was very nice).  Large bedrooms.  19 different floorplans.

Controlled access to the building (people have to be buzzed in)

We're considering moving there as our lease is up 3/31 and we really liked it and the ability to walk over to La Bodega!

Cool apartment and I love the views!  Very nice!