All these new condos...isn't anybody developing affordable apartments?

[Gretz]

I was just looking at the professional building online (linked through the Star's apartments section) and those deals are amazing; 1600 sq foot two bedrooms for 600 a month.  Anyone who can meet the income restrictions should jump on that place.

[Brodees]

I was just looking at the professional building online (linked through the Star's apartments section) and those deals are amazing; 1600 sq foot two bedrooms for 600 a month.  Anyone who can meet the income restrictions should jump on that place.

I did a quick tour of a few units and they are pretty nice however not quite that cheap.  The two-bedroom unit I liked is 760 a month and had an incredible view on the 14th floor with nice appliances.  The first lady I spoke to said that the company who renovated the Professional Building is slated to do 3 or 4 other buildings downtown, but she didn't say anything beyond that.  This place is going to fill up fast once they finish renovating all of the units. 

[moderne]

  They are going to re-do the old Federal Courthouse on Grand as a mixed use project.

[bahua]

i continue to recommend quality hill towers. it ain't glamourous, but the location is perfect and their management is very attentive (unlike the rest of quality hill rentals).

I live in a New Quality Hill apartment, and I've found their service to be excellent.

Why rent? You're throwing your money away. Plunk down some cash and make an investment. Its easier than ever to get fiannced. It will be well worth it.

Because I want to live downtown, and I don't have enough money saved up to buy here. I can't afford to own, so I rent.

[mean]

It's not as expensive as you think, although it'd probably be more than rent. What's your rent running anyway?

[chrizow]

especially since lenders are more than willing to lend you/mortgage your down payment.  it seems like all you have to have is decent credit and a sufficient income?  obviously i am not a homeowner, but i am looking into it and it seems relatively painless these days given the myriad groups willing to take risks on you.

[bahua]

I absolutely don't want to get into an all-interest mortgage.

My share of rent is about $400 a month.

[pearcejp]

I'm a mortgage broker who lives downtown in the River Market.  I own a loft.  The new trend in homebuying is the NO Money Down Mortgage.  There are a lot of great programs for First Time Homebuyers for 100% financing.  I have a 100% loan, interest only.  My payment is super cheap and I'm just making money off of the appreciation of my loft's value,  which has gone through the roof since I bought it ridiculously cheap a year ago.

[bruce]

Yeah after talking with several people, including my Aunt and a friends boyfriend who are both realtors, the way to go is 100% financing. That's what I'm doing.

[Tosspot]

How much extra interest are you paying long haul by doing this, however? I would wager an awful lot.

[Joe KC]

Interest only is very risky, and speculates on rising home values.  I wouldn't call it "the way to go" for a vast majority of people (there are always exceptions to every rule).  Too many people look at their home as a speculative investment.  Everyone wants to like at "what-my-payment-costs-each-month-and-buy-as-much-as-I-can-afford," rather than look at how much the loan really costs.  There truly is a diminishing focus on long-term financial health.  All my opinion, of course.

[chrizow]

even if i am paying out the ass on interest, if my home appreciates i will at least see some sort of value or return on what i put into it - even if it's $5.    rent is throwing money down the toilet with zero chance of getting any of it back.  i will fortunately be in a financial position where (i hope?) my interest and whatnot will be reasonable.  i will also buy a home well within my means instead of stretching.  my brother bought a home that cost roughly 2.3 times their annual household income, yet they were "approved" to buy a house more than 4.5 times their annual household income. 

[Tosspot]

America at present is in the thrall of a consumer credit orgy.

[Rusty]

100% loans don't have to be interest only.

[Boognish]

even if i am paying out the ass on interest, if my home appreciates i will at least see some sort of value or return on what i put into it - even if it's $5.   :lol:   rent is throwing money down the toilet with zero chance of getting any of it back.  i will fortunately be in a financial position where (i hope?) my interest and whatnot will be reasonable.  i will also buy a home well within my means instead of stretching.  my brother bought a home that cost roughly 2.3 times their annual household income, yet they were "approved" to buy a house more than 4.5 times their annual household income. 

Interest payments aren't the end of the world. Don't forget the sweet tax deduction that goes with them. This isn't 1950, the loan you buy your house with at 100% would be very foolish to keep for the entire length of the financing, interest only particularly. Even if rates go up (and they are, and they will), the appreciation of your home plus the increase of your income (both reasonable hopeful expectations) as well as whatever principal you pay down on your home will make your next loan (whether from a move or refinance) a much lower risk to a lending institution, and you will receive better terms. Your goal as a homeowner (unless you just love the interest deduction) is to within ten years be able to afford the payments on a ten year fixed loan plus additional principal. Do any number crunching you want, that is the quickest path to owning your home outright, unless the wheels just fall off the mortgage market, in which case we've all got bigger problems.

[Roanoker]

(I'm not knowledgeable enough to say anything here, but logic has never stood in my way.) I seem to remember home owners in California losing their butts because they had paid a lot for their homes, only to see the housing market drop precipitously. Those who wanted to move couldn't sell their overpriced elephants, white and otherwise.

[Boognish]

(I'm not knowledgeable enough to say anything here, but logic has never stood in my way.) I seem to remember home owners in California losing their butts because they had paid a lot for their homes, only to see the housing market drop precipitously. Those who wanted to move couldn't sell their overpriced elephants, white and otherwise.

You are very right, but KC's position in the far cheaper half of the national housing market means that even with a value crash, we stand a pretty good chance of regressing to the mean (which in this case would mean higher value). California? Not so much.

[Roanoker]

Well, you guys keep those housing prices down for me until I return in three years or so. 

[Boognish]

Well, you guys keep those housing prices down for me until I return in three years or so. 

Roanoker, if anything, the people on this site are driving the price of urban real estate WAY up (in a good way).

[Roanoker]

Roanoker, if anything, the people on this site are driving the price of urban real estate WAY up (in a good way).

Well, okay. I'll depend on y'all to help me find a way to augment my future fixed income so I can afford to live there.