Condo Supply

[Czar]

I think whatever oversupply that may be in the market will be gone by this spring...  A lot of proposed projects are not even under construction..  Below is a list (please add to) of the available (move in ready this spring) market downtown.

RM
1.  City Homes
2.  First and Main
3.  Riverbend (handful)
4.  DE lofts (most not renovated yet)

Loop
1.  View (handful)
2.  Wallstreet (handful)
3.  Baltimore Place (dont think will be ready till summer)

Crossroads
1. McGowan Walsh (dont think ready until fall)
2. ??

Please add to list (not counting resale units)

[bahua]

There are several overpriced units available in the Coffee Lofts. I think they can all be talked down by at least thirty percent. If they won't deal to that level, they will be very difficult to sell.

[K.C.Highrise]

Define "overpriced". How big are these units, what are they selling for?

[aknowledgeableperson]

Overpriced is a two-bit hooker charging two bucks.

It doesn't matter what similiar units sold for 6 months to a year ago or what one paid for a unit.  If Unit A's selling price is $300,000 and nobody is buying and other similiar units just recently sold for $250,000 then Unit A is probably now overpriced. 

[Czar]

forgot about garmet district..  Coffee and Fountain Lofts..  Coffee is priced well if standard upgrades are included

[brotherdarrell]

The top floor units in Coffee lofts are a bit overpriced

[kuslamb]

I would say location is also an issue for One Park Place. Not much available in easy walking distance if you are looking to live in an urban environment.

When my wife and I were looking at One Park Place, there sales representative led in with how great the location is by noting that "everything is a short drive from here."  We got a kick out of that and enjoyed the views of giant radio antennas. 

On a side note, I wonder if Donnie Edwards and his wife are still living there.  I think it is funny that they are in the ads for the building.

[Midtownkid]

I'm sure they are...why not?  Adds are a bit weird

[FangKC]

Add Quality Hill Square to the list.  $80,000 is the price for a one bedroom for present occupants or people who meet affordable income guidelines.  Two bedroom: $90,000.  Condo fees for one bedroom are $227; two bedroom: $282.

To be eligible for purchase, income guidelines for:

One person: $28,740 (must earn less than income limit)
Two persons: $32,820
Three persons: $36,960
Four persons: $41,040

[KCLofts]

On a side note, I wonder if Donnie Edwards and his wife are still living there.  I think it is funny that they are in the ads for the building.

I would hope that he and other current residents really like it there.  I don't see any way they'll be able to get out of there without taking a substantial hit.

It's going to be a tough sell for these units in the resale market when > 50% of the building is still unsold.

[parrothead]

You guys forgot about MRP?  Its okay we forgive you. (unit counts estimated) 

Garment District
Fountains Lofts - 40
Soho Lofts - 75
Coffee Lofts - 13
700 Broadway - 9
Atriums - 4

Library District
Library Lofts West - 180 lease to own (closing in 1st quarter 2009)

Crossroads
Campbell - 45
Freight House Lofts - 25

We are making some deals on the remaining units at Coffee, 700 and Atriums.  But not at the 30% level you are discussing.  We have recently accepted a couple offers at around 10% of the list, but that is it.  No need to give the farm away, things really are not as bad as the media is making them out to be. 

[HalcyonKC]

We are making some deals on the remaining units at Coffee, 700 and Atriums.  But not at the 30% level you are discussing.  We have recently accepted a couple offers at around 10% of the list, but that is it.  No need to give the farm away, things really are not as bad as the media is making them out to be. 

10% of the list?  So I could purchase a 300K unit for 30K?  By god, where do I sign up?   

[K.C.Highrise]

^--- Jackass

[HalcyonKC]

Heh

[DaveKCMO]

Library Lofts West - 180 lease to own (closing in 1st quarter 2009)

is this a new development?

[parrothead]

No Dave, it is not a new development at 127 w 10th street, we are converting the west building of Library Lofts to a condominium form of ownership during 2008-2009.  The east building will remain as market rate apartments. 

We are currently offering a lease to own program to our existing tenants that allows them to lock in a purchase price today.  At closing buyers will receive a 20% refund of all rent paid from the date the option is signed until closing.  This money can be used for anything like closing costs, down payment, etc.

It offers buyers who may be on the fence a great amount of flexibility because there is no commitment; the $1,000 earnest money deposit is fully refundable if the renter does not end up purchasing.  Also it allows a buyer to live in and experience the community environment providing them with time to decide if urban living is the right lifestyle choice before making a final decision.

We also offer this same program at Stuart Hall Lofts which will be converted to condos in 2009.

[bahua]

More than $200k for one-bedroom apartment with fewer than 1000 sq ft on the third floor, with the only view being of a building across the alley seems pretty steep to me.

[aknowledgeableperson]

In NYC it would be sold within a day.

[bahua]

This isn't New York.

[aknowledgeableperson]

True.  It just shows everything depends on one's point of view.