Urban Core Condo Supply (ongoing tracker)

[ignatius]

Condo units for sale tracked by Reece/Nichols - monthly trend since Dec 2007...
Source


Downtown
12th/Main - 1 mile radius
  2007-Dec3  Jan2  Feb9  Apr6   May2   Jun1  Aug1 Sep2 Nov18 Jan3 Feb2 Mar3 Apr2 May09 Mar10  Feb10'11
Total     369   331   519    496    477     449   370   341    403   297  327    320  365    379        356            255
>$300K  133   112   244    234    225     219   196   189    188   148  159    154  171   170         89
>$500K    30    29     53     56       42      41    37    36      46     36   43      43    46    41         22

Greater Downtown/N Midtown/etc
12th/Main - 2 mile radius
Total    473    433   591   563    552     522   427  396     593   441  465    453  475  496        451              307
>$300K 170    150   274   260    250     244   217  209     270   208  217    216  224  223        123
>$500K  49      48     72     74      59       58    54    52      79     67   73      74    74   67         44

Midtown/Downtown/Plaza/Waldo/etc
39th/Main - 4 mile radius
Total     925    814   991   946    893     847   612   568   982   782  813     773 852  891         780                594
>$300K  326    269   407   395    373     364   301   293   428   347  349     329 364  367        224
>$500K  130    125   153   153    130     130   106   101   165   144  145     138 148  140         96

39th/Main - Newly constructed vs resale, 4 mile radius
new      343    301   434    415   391     373    300    286   404   310    329   303   340   365      138              105
resale  582    513   557    531    502      474   312      282   578   472  484   470   512   526      642             489
       Dec 3  Jan 2  Feb 9 Apr 6  May2   Jun1 Aug1 Sep2 Nov18 Jan3 Feb2 Mar3 Apr2 May5  Mar18'10  Feb10'11
                                                                                                                 

Plaza/Westport/Southmoreland/Brookside/UMKC
47th/Main - 1 mile radius
total       299  273    286   287    257    244     136    126   222  196  186    181   210  235      276               224
>$300K   131    95    110   113    107    101      71     71   112   106   96      91    98   103       98
>$500K    65     60     66     63      60     57      43     44     70    65    61     53     59    58       49

Most of Metro
12th/Main - 20 mile radius
total     1263  1133  1357  1341  1286   1178   903   822  1309 1079 1099  1054  1173 1237       1128           866
>$300K   402   340    484    473   449     410     338   331    481  396   390    370   403   399      257
>$500K   163   157    190    190   165     152     124   119    193  170   162    155   165  148       106

        Dec3   Jan2   Feb9  Apr6  May2   Jun1  Aug1 Sep2 Nov18 Jan3 Feb2  Mar3 Apr2  May5'09 Mar18'10
                                                                                                                     

Supply of all homes/condos/everything in most of metro (tracked by reece/nichols)
12th/Main - 20 mile radius
15537 properties (12/13/07)
15757 properties (6/18/08)
15823 properties (6/30/08)
14931 properties (8/1/08)
14317 properties (9/2/08)
14984 properties (11/18/08)
12811 properties (01/03/09)  
12391 properties (02/02/09)  $300K include those also >$500K so if you want to know how many units between $300K-$500K, subtract the two.
- To determine how many units are below $300K, just subtract the >$300K units from total, not the >$500K units as well.
- There are typically several dozen sales pending included with these units numbers.
- This is not a total count of all condos on the market, only what MLS tracks.  The purpose is to show the trend of supply changes.
- 'Newly' constructed doesn't just mean brand new buildings.  It also includes conversions.  New means new from a developer rather than resale from home owner.

[zonk]

I know the "ugly green buildng"/4646 has had 2 sales in the last 30 days with 2 more to close in the next 2 wks (one over $1.5m set to close in the next 10 days).  seems like the high end market is indeed picking up....or maybe it's the product?

Ig....also is all your data from MLS?  b/c i know of another $1M+ sale in the roanoke townhomes which was not included on the MLS....I've always contended you have to take the MLS data with a "grain of salt" b/c it's not truely accurate.

[alpha_glamourina]

I appreciate this thread, thanks for starting it. 

[jlbomega]

I'm pretty sure some of the supply reduction is due to units being taken off of the market.  Especially the new units.  There is one community I have been looking at for a while that has its "new" or original units for sale but you cannot find them on MLS for the moment. 

[aknowledgeableperson]

And others could have just been leased out with the owner waiting until the market turns to put the unit back on the market.

[KC-wildcat]

Ask your manager why more properties are not being built if the demand is growing at a steady rate.

[ignatius]

This is the most expensive condo unit I've seen on the market in KC..

San Fran Tower in Crown Center
$2.5 million, top 2 floors, 4 bed, 7 bath, yet only 1 parking space??
Monthly HOA $7000!  Taxes $16K

http://www.reeceandnichols.com/Listing/ ... 4&&Print=1

[moderne]

Wow, guess taxes went up dramatically as this project fell off abatements.

[KC0KEK]

$16K seems cheap. My friend had a townhome in Sunset Hills (Plaza) that was about $2.5M, and his taxes were $40K.

[DaveKCMO]

I've updated the first post with Aug numbers.

If the trend over last 2 months were to continue, there is only a 5-6 month supply of condos in the urban core.  That's considered balanced (neither buyer or sellers market) and is much better than the 9-12 month oversupply last year.  If below 5 months, that would easily justify new construction.

Downtown however still has a 9 month supply.  Plaza has less than 3 months supply (sellers market) and could easily justify new construction or conversions. 

The bottom line appears to be that condos are selling at a faster rate than new supply going online.

See first post...
http://forum.kcrag.com/http://www.kcrag ... 37#p339537

if your count includes windows and piper lofts, those will be off the market very soon.

[chrizow]

^Are they going rental? 

aye, both of them. 

[bobbyhawks]

Anyone have a range of what Windows and Piper will be going for per month?

[DaveKCMO]

Anyone have a range of what Windows and Piper will be going for per month?

i'm quite sure it will be at least 30 days before that information is known, probably longer. i suspect you can bank on prices per sq. ft. similar to 909 walnut since the finish is of similar quality (although there will be more amenities).

[DaveKCMO]

Condo supply tracking has come to an end.  Reece Nichols changed their site and radius search is no longer available.

are you sure? maybe they just sold out? LOL.

[NDTeve]

Yes. Thanks Ignatius. I find these very helpful and informative.

[dangerboy]

Some numbers from a local real estate blog...

574 condos currently for sale Downtown.  Only 183 have sold so far this year.  Yet another confirmation that the market has moved dramatically make to rentals this year.

http://sarahsnodgrass.com/blog/downtown ... ming-soon/

[KC-wildcat]

Should I keep updating?  If no one finds the numbers interesting, I'll stop updating.

I appreciate the updates.  Though I'm sure I could find the info if I tried, I find it convenient and helpful to just look at your posts.  Keep it up. 

[ignatius]

It only takes me 15 minutes or so to update so I'll keep at it.

[GRID]

I look forward to posts like this.  I may not respond, but these are the kinds of threads that keep me coming back to the forum.

[DaveKCMO]

574 condos currently for sale Downtown.  Only 183 have sold so far this year.  Yet another confirmation that the market has moved dramatically make to rentals this year.

before we backed out of piper, we were told flat out that condo mortgages needed 10% down. pretty single-family homes aren't under the same restraint.