Affordable lofts in downtown

[Thrillcekr]

I've been looking to buy a home recently as many of you know.  After doing much thinking I believe a loft in downtown would be perfect for somebody like myself who works full time and attends classes at night.  Being that busy really limits the amount of time I would have for maintaining a full fledged house.  What I have come across so far isn't all that encouraging though.  I'm looking at the under 100,000 range and it seems that most everything is far above that.  This kind of makes me scratch my head since the market is supposed to appeal to empty nesters and single people.  The empty nesters might be able to afford it but the average single person can't really afford to buy in this market.  In fact, I make well above average pay and I really can't afford the majority of what is out there right now.  The few places I can afford aren't much bigger than an average walk in closet in the northland.  For instance, I checked on the Atriums and it was 87,000 for a 491 square foot unit.  I'd like something in the 600 square foot range.  I Does anyone know of any units this size on the horizon that will probably fit within my budget?  I know of Metropolitan and that is it.

Something I've learned just in my brief time spent exploring this is that, although sprawl is a bitter enemy of the city, the prices for housing that doesn't qualify as sprawl seem to encourage more of it.  When you add the very high cost of HOA fees onto the price of a unit I think that supports my conclusion even further.  What are your thoughts on that?

[bahua]

Metropolitan Lofts, over on the east side of downtown(6th & Holmes, or something like that), supposedly have units starting at around 80k. Otherwise, you're really going to pay for the location. In general, ownership in downtown is about $150-$250 per square foot.

[KCK]

I have a friend who lives in downtown Kansas City. He lives near 27th and Troost. Housing prices are pretty low there.

[Thrillcekr]

Metropolitan Lofts, over on the east side of downtown(6th & Holmes, or something like that), supposedly have units starting at around 80k. Otherwise, you're really going to pay for the location. In general, ownership in downtown is about $150-$250 per square foot.

Have you ever looked at their website or any of the real estate advertisements for this building?  The only thing that they ever show as far as pictures is the lobby.  Makes you wonder if they are too embarrassed by the rest of it to put up any pics.

[dangerboy]

The Met is the most affordable for-sale development right now. But they aren't lofts, just regular condos.  You will pay a premium to get an actual loft.  Anyway, it's a good building with good amenities (24 hour doorman, rooftop pool, etc.).  They have some nice model units on the tenth floor, with great views.  They don't have many pictures out there yet simply because most of the units have yet to be renovated.

This building could be one of the best deals right now.  Studios start at 80, one bedrooms at 90, and two bedrooms at 120.  It's a great opportunity for a single person or first-time buyer to get their first downtown condo.  It shouldn't take too many years for the value rise high enough that you could sell it and uprade to something bigger and/or more like a real loft.

[tat2kc]

The model units at the Metropolitan are vey well done.  Some have upgrades, some are the basic units, but they are quite nice. the price does include a parking space. The fitness center has some excellent equipment. 

But you are right about the prices downtown. They are certianly not geared toward the average income buyer by any means.  Even if you find one in your price range, adding in the monthly fees does put the price our of range of many people, myself included.  If I add in the $200-$300 montly fee, that reduces the mortgage one can afford by that much money.  I love the crossroads, and would have bought here or within the loop, but its simply nothing I can afford.  Its a shame really.

[Thrillcekr]

Thanks for that bit of info DB and Tat.  Ã

[tat2kc]

It does include appliances, which i think are stainless steel. The counter tops and floors in the kitchen are stone, as is the entryway.  For one person, they are a pretty good deal.

[dangerboy]

Don't forget that virtually all of the for-sale units have 25 year property tax abatements.  Not having property taxes will offset quite a bit of the condo association fees. 

If you look at brand new houses in the surburbs, you won't find anything under $120,000, and very few under $130k. So $120k for a two bedroom condo at the Met compares very well with the suburbs.  Granted, you get less space for the money, but if that is your primary concern then downtown might not be the best choice for you.  If your range is under $100,000 then most of what you will find are post-WWII tract houses in the inner suburbs.

[Thrillcekr]

Don't forget that virtually all of the for-sale units have 25 year property tax abatements.  Not having property taxes will offset quite a bit of the condo association fees. 

If you look at brand new houses in the surburbs, you won't find anything under $120,000, and very few under $130k. So $120k for a two bedroom condo at the Met compares very well with the suburbs.  Granted, you get less space for the money, but if that is your primary concern then downtown might not be the best choice for you.  If your range is under $100,000 then most of what you will find are post-WWII tract houses in the inner suburbs.

Nah, space isn't primary but there is a minimum acceptable amount.  I do need some room to live.  My apartment I live in right now is 600 square feet and it's plenty big enough for just me.  From what I saw I think you can get some that are even quite a bit bigger than that for less than 100,000 k in Metropolitan. 

As far as houses available in that range, you can find some here (29 and Barry area) and there in that range that are older ranches but not many.  Further south around N. Holmes I saw a good mix of different styles of rehabbed older homes from ranches to cape cods within that price range.  Honestly, if I can get out of taking care of a yard that would be a plus.  I've owned my own home before but I've been living in apartments for so long that I'm really used to living this way and not having to bother with upkeep is pretty nice.  In fact, I've been satisfied with this lifestyle enough that I hadn't even considered leaving the units I'm in now until they jacked the price of my rent up 50 dollars a month.  Probably because Zona Rosa opened just down the street from me.  That's when  I started questioning the rationality of continuing to pay rent.  The recent increase puts my rent up into that zone where I could probably buy something decent for what I pay to rent and that is why I've been probing the real estate market. 

By the way, there is a bit of conflicting information on Metropolitan.  If you go to the Reece and Nichols site you will see that they have several units advertised for less than 80,000.  Just thought you might wanna know.

[staubio]

Riverbend Lofts have studios for under $100k.  These units are pretty cool.  They are on the corner, so there are two walls of exposed brick and a western and northern view.  Over 600 square feet, I'm pretty sure.

If you don't mind the feel of a newer Northland apartment, you'll probably like Metropolitan.  They have the feel of an apartment with better build materials.  Go check out the models they have and see what you think.  You can get an awesome view to the north for cheap as the building is already up on a hill and the party area/pool on top is cool.

Atriums needs too much updating for me.  Riverbend you can buy as is and everything is 6 years old.  Metro would be all brand new.

[moderne]

      The new windows they have been putting on the Metropolitan are doing a lot to class it up.  I know several people that are buying units there as an investment.  Housing values are doing better than the financial markets.  However (this sounds like a prejudicial generalization) , I might not want to own and live in a building with a large percentage of renters.  Also non resident owners might be more resistant to any assessments that might be necessary for a major repair.

[Denver Josh]

I've got two friends owning places at the Met.  I'm jealous - 120G's won't let me touch a studio in Denver DT, let alone a 2 bedroom.  I'd be looking at 200-210 min. before I can get in to anything ---

Anyway, back on track-

The Met sounds cool, my buddies are very happy.  Free wireless internet in the building too!

[Thrillcekr]

I wonder if they plan to eventually put anything in all of that open space around Metropolitan.  There doesn't appear to be much around there.

[moderne]

    Years ago when it was River Hills Mark I there was Gaetanos restaurant in the bldng.

[Dr. Know]

Although dues are expensive, the price of maintaining the exterior of a house is fairly comparable.  Landscaping, roof, gutter, deck repairs and maintanence as well as mowing & water all add up.  Add in your time doing all this stuff and $200 - $300/mo sounds like a pretty good deal.  Throw in tax abatements & the deal is even better.

[hethj7]

Just an FYI, when I was looking at the Metropolitan, most stuff there was an updgrade.  For the base price you get everything you need, but for the nice flooring, stainless appliances, etc. there are additional charges.  There were also upgrade options to eliminate some walls in the kitchen area and to have laundry available in your unit.  This was the most expensive upgrade.....somewhere around $4,000 if I remember right.  It seems like the stainless appliances were only like a $400 upgrade, unless you wanted the professional series stuff.

Also, although these are not downtown, here is a link to cheaper condos http://www.kansascitycondo.com/.  I really don't know why these developments don't get talked about more, as I believe they are a great deal and truly are affordable for single people.  True that the amenities are all there and the buildings are older, but it is a great way to get into ownership.

[Thrillcekr]

Just an FYI, when I was looking at the Metropolitan, most stuff there was an updgrade.  For the base price you get everything you need, but for the nice flooring, stainless appliances, etc. there are additional charges.  There were also upgrade options to eliminate some walls in the kitchen area and to have laundry available in your unit.  This was the most expensive upgrade.....somewhere around $4,000 if I remember right.  It seems like the stainless appliances were only like a $400 upgrade, unless you wanted the professional series stuff.

Also, although these are not downtown, here is a link to cheaper condos http://www.kansascitycondo.com/.  I really don't know why these developments don't get talked about more, as I believe they are a great deal and truly are affordable for single people.  True that the amenities are all there and the buildings are older, but it is a great way to get into ownership.

Thanks for that information.  However, I am not interested in the Plaza.  For one thing, the Plaza is too far away from where I work.  Then there is the fact that I've never been nuts about the place to begin with.  Lastly, our downtown is the most important area of our city and it is in need of help the most.  By buying property down there, eating out in my new neighborhood, buying items I use in my daily life and such, I would be able to help a little bit in breathing new life into our once grand downtown.  I'm realy hoping that I can be a part of it if I can find something that I deem to be both affordable and acceptable.  Besides, I think it would be exciting to be down there everyday to watch it all take shape. 

I'll be going down to Metropolitan this weekend for a tour.  I figured there were some catches to the prices and I'll be asking plenty of questions about that when I get there.  Afterwards, if it doesn't seem like such a hot deal then I'll just tell them where to stick it.  I'll be looking at some other places too if there are any within my range.  I like the Atriums but 90,000 for a 475 square foot closet on steroids just isn't gonna cut it for me so that's out of the question.  If there is nothing available that appeals to me then I may just rent a place down there.  Hopefully, within the next few months I'll be making the announcement that I'm a new downtown homeowner and PC will be badgering me to cough up 25.00 for DNA. 

[Thrillcekr]

Okay, I just returned from touring some of the lofts that are or were in my price range so I thought I would give you my full report on Metropolitan.  Apparently the days of the good deal are over.  Now, a 425 square foot studio is running about 98,000.  This includes very sub-standard cabinetry and finishing as welll as appliances.  The stuff I have in my apartment is higher quality than what I saw in the unit for that price and that is now rock bottom so anything else that was advertised for cheaper is now non existant. Every little thing is extra.  The slate or marble....EXTRA!  If you want to park inside the parking garage that was 3 or 4 grand more I believe.  Some who might have taken the tour before and saw all the really nice units were probably led into some of the demos that were much higher in price.  The slate and nice carpet etc... is only an option.  Same for the stainless steel appliances.  The units that were all decked out with the available upgrades were nice but the other ones were cheap looking dumps.  Anyhow, after seeing it all and learning what you actually get, I wasn't impressed.  Needless to say, I won't be moving in there anytime soon. 

[Thrillcekr]

Okay, I'm searching for opinions here.  Out of all the places that were available for under 100,000 there were two left.  Riverbend has none left in that price range which sucks because they were the best of three but I got there too late.  Metropolitan I decided was out of the question because they were by far the smallest and were equal to or greater in cost than the other units in their price range.  They were also the most cheaply constructed.  Anyhow, I'm very seriously considering Atriums but I really wonder what other people who have seen them think about them.  It pretty much boils down to those or wait and see what else comes along later at this point.  Don't think in terms of how they stack up against something that cost way more but do you think they are a good buy for the money?  Obviously, buying a home is a big investment so I'm trying to put as much thought into it as possible so I don't make a mistake here.  I would love to read your comments.  Maybe somebody will throw in some points that make these units good or bad that I never thought of.