Western Auto Loft Raffle

JerseyGuy · Post by **JerseyGuy** » Wed Jul 07, 2004 10:47 pm

There was a discussion in the shoutbox about the Western Auto Loft Raffle.

Here's the link to their website:

http://www.bigegg.org/index.html

The drawing is on Dec. 16, 2004.

Good Luck.

trailerkid · Post by **trailerkid** » Wed Jul 07, 2004 10:53 pm

JerseyGuy wrote:There was a discussion in the shoutbox about the Western Auto Loft Raffle.

Here's the link to their website:

http://www.bigegg.org/index.html

The drawing is on Dec. 16, 2004.

Good Luck.

Thanks a bunch dude...

JerseyGuy · Post by **JerseyGuy** » Wed Jul 07, 2004 11:05 pm

No problem. It would be nice to win a fully decorated 1500 sq. ft., 2 bedroom, 2 bath loft in the Crossroads.

tat2kc · Post by **tat2kc** » Thu Jul 08, 2004 8:22 am

wonder what the taxes on that win would be.

snarf · Post by **snarf** » Sat Jul 10, 2004 10:13 am

There is a tax abatement on the Western Auto Lofts. The property taxes are about $10 a month for 20 years...

JerseyGuy · Post by **JerseyGuy** » Sat Jul 10, 2004 10:46 am

I think tat means the income tax a person would owe if they won the raffle. Basically the Fed, MO and I believe KC would treat the value of the loft as income. If this is the case it would be a huge tax bite, but that's another reason for a home equity loan. I guess the winner could take the perspective that s/he is paying around half price for a luxury loft.

KC_Fan · Post by **KC_Fan** » Sun Jul 11, 2004 1:46 pm

One of the sales people showed me the loft they would be giving away for charity. It's on the first floor, which is acutally BELOW Grand Street. The street level entrance to Western Auto is actually the 2nd floor. Down where the parking will be, is actually where the first level is. He said it would probably go to one of the big corporations in town who will purchase many raffle tickets and then have it decorated and available for corporate affairs (ie, business people traveling in from out of town).

Don't get me wrong, a free loft would be nice, but with the windows pointing out to the covered parking, I don't think the unit ever gets any sunlight. It is literally "underground."

JerseyGuy · Post by **JerseyGuy** » Sun Jul 11, 2004 5:42 pm

...a free loft would be nice, but with the windows pointing out to the covered parking, I don't think the unit ever gets any sunlight. It is literally "underground."

I didn't realize it was below street level. I actually thought that area would have been a common area for storage, a fitness center, ect.

I guess that could be the reason why the developers didn't mind raffling it off.

So, if a person was lucky enough to win the Loft s/he could sell it to one of the corporations and have a nice down payment for a place at The View.

What would life be like if we couldn't dream a little?

KC_Fan · Post by **KC_Fan** » Mon Jul 12, 2004 11:55 pm

I didn't realize it was below street level. I actually thought that area would have been a common area for storage, a fitness center, ect.

So, if a person was lucky enough to win the Loft s/he could sell it to one of the corporations and have a nice down payment for a place at The View.

What would life be like if we couldn't dream a little?

Exactly, I was literally shocked when the salesperson told me that they were actually putting condo units under there.

For $25, I'll still buy a raffle ticket, for the same reason you're thinking.

Pork Chop · Post by **Pork Chop** » Tue Aug 16, 2005 8:45 pm

The raffle has been canceled.

Follow the link for instructions on how to receive a refund if you purchased raffle tickets:

http://www.bigegg.org/

KC_Fan · Post by **KC_Fan** » Tue Aug 16, 2005 10:03 pm

It was cancelled because that unit went up FOR SALE for $275,000 - fully furnished. Very nice unit, quite unique : had a lofted den area, 2 bedrooms, incredible lofted ceilings (the agent said over 16 feet high) - it was really cool.

I don't see it listed on the MLS anymore. I guess it has been sold already? I toured it in April, so I wouldn't be surprised if it has indeed sold.

myxomatosis · Post by **myxomatosis** » Tue Aug 16, 2005 10:16 pm

KC_Fan wrote: It was cancelled because that unit went up FOR SALE for $275,000 - fully furnished.Â Very nice unit, quite unique : had a lofted den area, 2 bedrooms, incredible lofted ceilings (the agent said over 16 feet high) - it was really cool.

I don't see it listed on the MLS anymore.Â I guess it has been sold already?Â I toured it in April, so I wouldn't be surprised if it has indeed sold.

My understanding is that it has been sold. It is very nice, but the view sucks. They see the parking lot and are under Grand. It has a nice big outdoor porch area, but with the trains right there, it will be very loud.

koolzero · Post by **koolzero** » Wed Aug 17, 2005 7:40 am

Are the western auto condos more expensive than the view condos?

KC_Fan · Post by **KC_Fan** » Wed Aug 17, 2005 8:10 am

koolzero wrote: Are the western auto condos more expensive than the view condos?

I believe they are fairly close : I see a 1 bed / 1 bath unit in The View listing at $226,000. I don't know what the exact cost per square foot is, since those data are not listed.

However, many of the Western Auto units go up in price dramatically once you enter the area of "2 bedroom, good view, top of the line extras." I had a unit reserved in Western Auto I : 2 bed, 2 bath, about 1400 sq/ft for $283,000. Thank goodness we found a bigger, nicer, CHEAPER townhouse in Union Hill.

KCLofts · Post by **KCLofts** » Wed Aug 17, 2005 10:15 am

KC_Fan wrote: Thank goodness we found a bigger, nicer, CHEAPER townhouse in Union Hill.Â Â :D

Is it one of the ones on 29th ST that was recently for sale? My old house sold again recently and then the one next door sold shortly after that.

myxomatosis · Post by **myxomatosis** » Wed Aug 17, 2005 4:53 pm

KC_Fan wrote: I believe they are fairly close : I see a 1 bed / 1 bath unit in The View listing at $226,000.Â I don't know what the exact cost per square foot is, since those data are not listed.Â

However, many of the Western Auto units go up in price dramatically once you enter the area of "2 bedroom, good view, top of the line extras."Â I had a unit reserved in Western Auto I : 2 bed, 2 bath, about 1400 sq/ft for $283,000.Â Thank goodness we found a bigger, nicer, CHEAPER townhouse in Union Hill.Â Â :D

The other big advantage the View has over WA is a full 25 year tax abatement. While the WA abatement is 25 years long, after the first 10 years, the property is fully reassessed in year 11, and the abatement is 50% of the taxes for the next fifteen years. My understanding is that the View is not reassessed until year 26.

That said, I like the WA location better than the View. It is in a much more lively part of town. The interstate really cuts the View off from the rivermarket.

hawkgolfer · Post by **hawkgolfer** » Wed Aug 17, 2005 5:32 pm

KC_Fan wrote: I believe they are fairly close : I see a 1 bed / 1 bath unit in The View listing at $226,000.Â I don't know what the exact cost per square foot is, since those data are not listed.Â

However, many of the Western Auto units go up in price dramatically once you enter the area of "2 bedroom, good view, top of the line extras."Â I had a unit reserved in Western Auto I : 2 bed, 2 bath, about 1400 sq/ft for $283,000.Â Thank goodness we found a bigger, nicer, CHEAPER townhouse in Union Hill.Â Â :D

Yeah that IS too bad since they are selling for about $267 per square foot in building I right now from what a real estate agent told me

myxomatosis · Post by **myxomatosis** » Wed Aug 17, 2005 8:00 pm

hawkgolfer wrote: Yeah that IS too bad since they are selling for about $267 per square foot in building I right now from what a real estate agent told me

I hope KC Fan saved about 90k on that Union Hill place. Cuz that is about what he lost in appreciation on the WA condo.

KC_Fan · Post by **KC_Fan** » Wed Aug 17, 2005 8:34 pm

If they are indeed selling for $267 per square foot at Western Auto, then this place wasn't anywhere NEAR 1,400 square feet. Must have been closer to 1,100-1,200. Don't believe everything a real estate agent tells you. By the way, we did save over $50,000 by moving to Union Hill and got a larger place with 2 car garage, compared to a smaller unit and 1 "covered" parking space under the Grand St. viaduct.

I've been watching 2 re-sale units in Western Auto steadily drop in price by $10K since April when they first came on the market. One is listed by an agent (MLS ID#: 1238428), one is FSBO. The unit listed on the MLS was initially offered over 4 months ago for $249,900. It has decreased in its asking price by $10,900 and is now running $240 per square foot and STILL hasn't sold. The FSBO unit still has had new/updated flyers at my work since March/April.

I'm not saying they CAN'T sell for $267/sq. ft. I'm just saying any informed buyer will end up somewhere else if they want more bang for the buck.

myxomatosis · Post by **myxomatosis** » Wed Aug 17, 2005 8:46 pm

KC_Fan wrote: If they are indeed selling for $267 per square foot at Western Auto, then this place wasn't anywhere NEAR 1,400 square feet.Â Must have been closer to 1,100-1,200.Â Don't believe everything a real estate agent tells you.Â By the way, we did save over $50,000 by moving to Union Hill and got a larger place with 2 car garage, compared to a smaller unit and 1 "covered" parking space under the Grand St. viaduct.

I've been watching 2 re-sale units in Western Auto steadily drop in price by $10K since April when they first came on the market.Â One is listed by an agent (MLS ID#: 1238428), one is FSBO. The unit listed on the MLS was initially offered over 4 months ago for $249,900.Â It has decreased in its asking price by $10,900 and is now running $240 per square foot and STILL hasn't sold.Â The FSBO unit still has had new/updated flyers at my work since March/April.Â

I'm not saying they CAN'T sell for $267/sq. ft.Â I'm just saying any informed buyer will end up somewhere else if they want more bang for the buck.

I agree with everything you said up until the part about informed buyers. It really comes down to what you, as a buyer, value. Clearly, you were more interested in size and parking. That was your bang for your buck. Others may be more interested in location. I like Union Hill, but I like the WA location/iconic image better.

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