Feb

9

2004 Real Estate Trends

February 9, 2005 |

Quality HillThe numbers are in from the real estate market in 2004, and two trends continue from previous years…

First, suburban growth continues shifting to the north. KCMO issued more permits for new houses than any other city in the metro area, mostly in it’s sprawling Clay County portion. That’s twice as many as popular suburbs like Overland Park, Lee’s Summit, or Oooolathe. Overall, 55% of new home construction was in Missouri. Johnson County’s share of the market continues to drop, falling to 32% from a high of 44% in 1998.

Second, home values continue rising faster in the urban core and inner suburbs. Resale prices in the hot Downtown condo market have doubled in the last 2-3 years. Other core neighborhoods like Hyde Park and Brookside saw double-digit increases in home values. Inner suburb hot spots included south KC neighborhoods and Northeast Joco areas along State Line Road (e.g. Praire Village and northern Leawood).


Comments

1 Comment so far

  1. Ben Edsall on December 17, 2005 6:01 pm

    Some areas of Kansas City are booming, as stated in the post. But for many the boom has passed them by. As a real estate broker and rental property manager I get calls weekly from people who have had their house on the market for a prolonged period of time.

    Some sectors are not selling, 15 year old $350,000 homes in Lee’s Summit or O.P. are having to compete with all the new construction.

    Leasing may be an option. Making two mortgage payments is hard on any budget. But listing the property with a firm that can offer sales and leasing might be the cure.

    Often times we can turn a renter into a buyer after a period of occupancy. Offering rent-to-own or Lease with option may cure your mortgage payment blues.

    Even if the rental amount barely covers your payment at least the interest is being paid and anything you put in it becomes equity.

    Ben Edsall
    Turn-Key Properties LLC

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