3 New River Market Condo Conversions

[KCLofts]

Just received word that 3 more existing River Market apartment buildings are being converted to condos.

80 units in 3 buildings at 309, 509 & 510 Delaware.  Studios to 2 bedrooms, $80,000 - $275,000.  $0.20/sf HOA dues.  1 parking/unit, which I believe is not covered.

[Sportster]

I hear real estate agents talk alot about how good the condo market is overall in the urban core. I'm wondering really, how good it is, given the current single family housing market in Kansas City. There's been quite a bit of discussion in these forums about a glut of condos. My Editor went on the tour last weekend and we both joked about some 900 sq. ft. unit poppin out at something like $179,000 or some such thing. 

So my initial questions is how will this affect the market with this many units going to condo? Will new rental units come on line to replace the oned being sold? Wherre's the market going here in town - realistically and then geographically.

I'd be interested in the layman's point of view as well as you real estate moguls spin on this.

Sportster
...all this and no grocery store either!

[staubio]

I'm not too worried about more units coming online -- especially affordable stuff like this.  There is a ton of demand and this will just bring more people that want to invest into the market and add some stability to the neighborhood.  I'm sure plenty of these will be purchased to be rented out and I hope this type of investor is getting tapped out and we get more owner-occupants.

I do hope that the rental supply stays strong.  I think a good neighborhood needs a mix of incomes and types of housing.  I like that the River Market currently has everything from high-end luxery to income-controlled rental and I hope it stays that way.

[dangerboy]

I'm sure plenty of these will be purchased to be rented out and I hope this type of investor is getting tapped out and we get more owner-occupants.

The condo owners association can place limits on renting of units, is that not common in the River Market?

[staubio]

The condo owners association can place limits on renting of units, is that not common in the River Market?

I don't think it is in effect in my building.  I'd like to know what the breakdown of owner-occupants to renters is.  I think we've got a pretty good ratio with only a handful of rental units.

[WorldTraveler]

This is a good thing no matter what. Downtown can only benefit from more residents.

[KCLofts]

This is a good thing no matter what. Downtown can only benefit from more residents.

No gain in downtown residents from this.  Existing renters being replaced with new owners.

[scooterj]

This is a good thing no matter what.

Not for the existing tenants about to be evicted.

[WorldTraveler]

I stand by my original statement.

[staubio]

I stand by my original statement.

I'm confused.  How does your original statement positing that it is good because it brings additional residents still hold in light of the fact that this is a straight conversion that will have zero net change on the number of people in the neighborhood?

[bahua]

Homeowners tend to have their finances more in order than renters. That's better for the local economy.

RE: Covered parking - In Kansas City, a place where it snows three or four times a year, covered parking is far from a necessity.

[skim82]

RE: Covered parking - In Kansas City, a place where it snows three or four times a year, covered parking is far from a necessity.

The snow is not what worries me... It's the summer break hooligans out to snatch something out of a car, along with cold/hot months with temps. varying from 105 to 15 degrees that most people are worried about.  It's no fun to jump in your car in Jan. 15th with no warm up. 

For me, covered parking in KC is necessity, because KC's weather can be extreme.... Not to mention the inclement weather we get during the summer months (hail, etc.)

[Tosspot]

I just don't understand the complaint. I leave absolutely nothing in my car - problem solved. Also, it never killed anyone to roll down the windows in the summer to cool off a car or to just grin and bear getting in a freezing cold car in winter. Seriously, are we that soft? I have to bloody leave my car parked on the side of the street I live on because we have no offstreet or covered parking allotment, and we somehow survive. If you're accustomed to having a garage your whole life, then these ideas may seem foreign, but they shouldn't be. It's time the new residential developments stop kowtowing to the car slave lobby that runs this city and actually allow real land uses to supplant all the bullshit parking garages and surface lots.

[scooterj]

It's the summer break hooligans out to snatch something out of a car,

Covered parking doesn't stop that in the least.  523 Grand has an indoor, locked garage yet I've heard of breakins happening there before -- it's easy to slip into a garage.

[Long]

In my 12 years of car ownership I have never had covered, enclosed, or secure parking at home.  It is not a necessity.

[skim82]

I understand your guy's points, but I think more people from the suburbs, (young professionals) are more likely to buy somewhere that has covered parking... this may have no effect on people already living DT, but whether people like it or not, many suburbanites are buying up these lofts.

[bahua]

It seems to me that you're much more likely to have your car broken into if it's in a garage than if it's out in the open.

[bahua]

It's no fun to jump in your car in Jan. 15th with no warm up. 

If it's that big a deal, do what people have done for decades: go out and start it well before you want to get going. It'll be all toasty/air conditioned when you're ready to go.

[Tosspot]

It seems to me that you're much more likely to have your car broken into if it's in a garage than if it's out in the open.

Must be why I've not once had my car broken in to. It's the "eyes on the street" theory at work -- a parking garage is obscured whereas a car parked on the street is visible to more people and therefore less of a target to perpetrators. The only downside to parking on the street is fitting in tight parallel spots -- I can attest to this because my Focus that's only a year old has some minor bumps and bruises front and back from people hitting it when they're parking in front of or behind it.

[Expat]

Is there any more info on these conversions.  The title of this thread reads, "3 New Rivermarket Condo conversions"  Does that mean Rivermarket apartments have already converted some buildings?

Many years ago, I lived in one of those buildings near 3rd & Delaware and very curious about the conversion.  If anyone gets info, a website, or anything on this conversion now or in the future, please post!