DT Lofts/Condos

[skim82]

Ok,
I realize that there have been many threads regarding good lofts/condos in DT KC. 
But....
I have just recently kicked around the idea of moving DT.....
So...

I'm a young professional with a budget.....  I plan to spend around $150,000 to $195,000 on a loft or condo in DT KC.

1)  Is that even possible, if so, where are the best deals.
2)  I heard there are mad assoc. fees every month. (in the hundreds)  are there places where assoc. fees are lower?
3)  Any recommendations in and around city market/central business district/ crossroads. 
4)  I def. need a washer and dryer in my pad....  I heard a lot of condos in the Metropolitian don't have washer/dryer hookups... is that true??

Thx guys/girls.

[KCPowercat]

First off, do you care which part of DTKC you live?  Rivermarket, CBD, crossroads, crown center, union hill?  You need to decide for yourself where you want to live first....what are you looking for?

Association fees will almost always be in the hundreds....the lowest I know of are .20/sqft.

It is harder and harder to find a condo under 200k but it is still very possible as long as you are looking for under 1000 sqft.

w/d hookups are pretty standard but not automatic.

[staubio]

Not a problem if, like KCP said, you don't need insane amounts of space.

There might still be something for you at Riverbend.  As is units are a bargain and they have washer/dryer already in the unit.  If that doesn't work for you, check out the slew of units that have come up recently (Coffee Lofts, 700 Broadway), which are rental conversions going for cheap.

[skim82]

what about places like the metropolitan and the View??  Do you guys think this is a good bargain??

[LenexatoKCMO]

Nice buildings but the neighborhood is one of the more boring areas of downtown - very little of interest in the immediate vicinity.  That may all change as they develop the Fed and the "East Village" but for now I think you will find it pretty darn slow and quiet over there.  The market isn't that far but it involves the lovely walk over the loop. 

[staubio]

Nice buildings but the neighborhood is one of the more boring areas of downtown - very little of interest in the immediate vicinity.  That may all change as they develop the Fed and the "East Village" but for now I think you will find it pretty darn slow and quiet over there.  The market isn't that far but it involves the lovely walk over the loop. 

Actually, not necessarily.  The View is right next to the underpass of the loop and has direct and excellent access to Columbus Park, which has a lot of promise.  The walk to the River Market can be next to a hotel, under an underpass, through a park, next to upscale townhomes, under a bridge and voila!

I would consider this area if you plan on holding on to your investment for awhile.  This area has the potential for the most dramatic change and thus the more dramatic impact upon values.  It is all risk/reward.

[KCPowercat]

Personally, I'd stick to Grand and west if you are in the CBD....that's just me.  East of there you start losing the very reason to live downtown...walkability of amenities.


I'd be wary of the View.  Something didn't seem right when I toured that place....can't put my finger on it.

The Metropolitan is cheap but for good reason....you are getting an old apartment unit that I don't believe is being redone. 

[Rusty]

The Metropolitan is/has been gutted...when I toured, they explained prices were lower because they didn't have to add new plumbing, walls, and HVAC that is necessary for an office or warehouse conversion.  You get new appliances, carpet, windows, coutertops, etc. and can customize floorplans somewhat.

Personally, I think it's the best deal in the loop.

[skim82]

I'd be wary of the View.  Something didn't seem right when I toured that place....can't put my finger on it.
 

KCPowercat,

Could you elaborate???  cause that was my first choice.... 

One more thing, is the RiverMarket and CityMarket the same thing???

[Tosspot]

One more thing, is the RiverMarket and CityMarket the same thing???

City Market pertains to the farmer's market and accessory shops and retail that inhabit a portion of the larger River Market. 

[KCPowercat]

KCPowercat,

Could you elaborate??? cause that was my first choice....

I didn't like their realtor at the time (I think they switched)...she acted like we were wasting her time.  The other thing is I can't help but remember that place bombed out and full of homeless.....it's just me though.  I know there are some here that live there and love it.

[KCLofts]

If you're on a budget, I don't think the View would be your best choice.  The View has an amazing array of amenities.  Unfortunately, that translates into some substantial HOA dues.  The more you're spending on HOA, the less you have to spend on your condo.  My advice would be to get the most square footage that you can afford and forego some of the wacky amenities.  Your best bet would probably be the apartment buildings that are going condo, like Riverbend, the Atriums, Coffee Lofts and 700 Broadway.  More are on the way, including West Seventh Street and SoHo South.  They won't be shiny and new when you move in, but you can fix them up as your budget allows.

[skim82]

Thanks a lot for your guys help..

I am going to look at the Coffee Lofts and 700Broadway today...

Keep me posted on any more suggestions.

Thx..

[skim82]

I've decided to just ask for a realtors advice and recomendations...

This will be my first home, so I don't want to make a mistake.  Plus, the Coffee Lofts are cool, but I still think I could find a better condo/loft downtown for under $200,000..... 

Call me crazy to think that, but I guess I'll find out next week... 

[shelroni]

i think that part of what makes the metropolitan great is that you can get a downtown address with a modern updated feel for a reasonable price. they still beat every place in town when you weigh out the price of purchase and hoa along side what you spend.

and most importantly he developer is experienced, legitimate, and knowlegable. You can't underestimate how important that is!

However, on that side of town, you are buying in a developing neighborhood. All of the discussion points to it being really great over there but you are looking at 5 years minimum before that happens. So you would want to be in it for a while. (at least 5 years).

I also think that once you get to $200,000 + in price range you have to get really conservative about what the resale will be. You are really outside of the "first time homebuyers" market at that price range and if you buy a loft that is not completely rehabbed you have to get realistic about who the potential customer is at resale time???

700 broadway, coffee lofts, soho(s), etc. were all developed by the same company. To make a smart decision you should be researching that developer and make sure that you are comfortable with them and their work. because, truely you are investing in and betting on the fact that you (the buyer) are getting a fair shake. Builder and developer reputation and integrity are a big part of that.

and you are right...you need an agent. if you don't have one you are literally "giving" about 3% of the purchase price to the seller's agent and getting NOTHING in return.

it seems silly to say it but think about it: you probobly wouldn't go to court without an attorney, you probobly don't work on your own car, you probobly don't do your own dental work,...so why would you buy a home with out a realtor (on your side)? for the love of God...it costs you nothing!

[myxomatosis]

Skim, you should consider who offers a tax abatement.  Beyond the View and Metropolitan, I'm not sure who else in the market has an abatement and is in your price range, but that savings can help you absorb HOAs.

[KCPowercat]

skim...try out the urban living center in the crossroads for ideas.

[skim82]

skim...try out the urban living center in the crossroads for ideas.

Thanks for all your help guys

Powercat, could you tell me where abouts this place is?

Maybe an address or a telephone number?

[shelroni]

Thanks for all your help guys

Powercat, could you tell me where abouts this place is?

Maybe an address or a telephone number?

urban living center is at like 18th and wyandotte. right near the pitch. it is on the east side of the street. be prepared if you go there...it is a real estate agency that is set up like a library. so...they are sales people.

also, as far as tax abated property. the view is the only one that i know of that is a "true 25 year abatement". the rest come up for review at some point in the near future and the abatement amount is decreased over time. (or might go away)

riverbend lofts is abated, atriums is not, coffee lofts is not, western auto is, etc., etc.

[KCDowntown]

The Urban Living Center is at 1705 Baltimore. 
(816)268-4555

They have a website, but it isn't really centered on urban living.

KCDowntown