@BlogKCBelieve it or not, it is possible to find a reasonably-priced loft or other condo in the booming Downtown real estate market. Here are a few of the best bests. You can explore further at the Downtown loft/condo tour May 5-6.
Metropolitan Condos
Modern-style condo conversion for an apartment building in the notheast corner of the loop. Prices are actually competitive with new construction in the suburbs, starting at $90,000 for a studio or $138,000 for two bedrooms. Possibly the best opportunity to get in on the rising market.Professional Building Lofts
Apartments for rent in a magnificent Art Deco building at 11th & Grand, just steps from the future Power & Light District and Sprint Center Arena. Rents start at $500/month.Cold Storage Building
One of the few old warehouses that hasn’t already been converted to residential. This one is in the River Market neighborhood, the most mature Downtown neighborhood with the most existing amenities. It will have a mix of market rate and affordable apartments for rent.
Also, many other buildings do have a portion of their units set aside for people that meet maximum income guidelines. Be sure to ask the landlord or seller’s agent.
I believe the Professional Building lofts are all “affordable” apartments, meaning you can’t make much more than $30k a year to live there.
Let me make this very clear…
I am VERY excited about the “loft boom” in downtown, and think that living downtown would be PERFECT.
However…
Have you seen the prices of these condos?
Who the hell lives in these? They are either incredibly expensive, incredibly small or BOTH.
The Metropolitan Condos that were so affordable are $89,000 for ONE LITTLE ROOM. I can understand prices like these if you lived in San Francisco, Chicago, etc. This is Kansas City! You can pay under $150 K and get a great home in the metro area that gives you a lot more than these condos have.
I guess you are paying the price for location and for the promise that your home will be really valuable when KC starts booming. I just can’t see how people can live in such tiny homes when larger homes are still very available.
The Metropolitan Condos are really comparable in size to some of the other lofts downtown which go for much more…they just aren’t as nice. I’d say they are still a good value for someone looking to have their own place.
Also, I believe you have to pay for a parking spot, otherwise you’d have to park on the street which is pretty limited in that area.
Has anyone been to the Metro condos? They’re awful. The place smells, and it’s basically like buying apartments that would went for around $400-600 for a 1 Bedroom previous the arena. That area of downtown where they are located is not the greatest either. It’s a couple blocks too far east. I’d rather put up the extra money for a unique space in the river market area.
>>”Prices are actually competitive with new construction in the suburbs”
Ummm $100k in the suburbs will buy you a small house. $100k + $250 a month will buy you a studio downtown. This is not competitive or affordable.
>>”Who the hell lives in these?”
From what I have seen no one. These buildings are still mostly dark at night. The downtown loft boom is starting to look more and more like an ENRON type shell game. Most of the transactions for these lofts seems to be investors buying them to turn around and sell them again for more money. With the market falling I think we may see the downtown loft market crash in the next 12 -18 months.
I looked at downtown condos last fall and they were averaging $250 per square foot. While this is a fourht of the cost compared to NY or SF it is too high for KC, given we are missing one of the biggest ammenities downtown which is mass transit. Its still much cheaper to buy a house in the burbs and then drive in.
I agree with Pronerd, the market has not taken off and is likely to see a major correction in prices (I dont necessiarly think it will crash) But, all the spec buyers are going to have to get out first
Some people seem to not be able to imagine why anyone would live downtown. Yes, it is true, you can purchase a house in the burbs for much less. If this was the only criteria that people look at when deciding where to live then we would see a mass migration of New Yorkers headed to Wichita. Clearly, cost per square foot is not the only factor for everyone.
Some on here have commented that all of the condos are being bought up by investors and that no one actually lives downtown. It is true that some of the condo’s are being bought up by investors, but the downtown population has risen from about 5,000 in 1999 to almost 15,000 today and is still climbing.
While you may not be able to fathom WHY people are moving downtown, it is undeniable that it is happening.
We manage lofts and condos all over Kansas City, and yes many of them were purchased by out of town interest. But we rent them and people live in them. It’s not as though they sit vacant. The rent seldom justifies the cost of the unit. Most of the buyers “investors” are looking for appreciation.
http://www.turnkeyproperties.org
Great job guys…
The prices of these condos are comparable to nice houses in the surrounding residential areas. The amenities, unique style, and care-free maint. requirements of the downtown lofts, however, make this comparison moot. Coming from Boston where you have to be WEALTHY to live in one of these limited-quantity, warehouse-style lofts, the availability of these affordable lofts is an absolute dream. With the attention being paid to the downtown KC area, and the new construction (power-light, etc.) KC will be a wonderful place to live. The balance of convenience, space, affordability and entertainment KC offers is truly unique. (I am moving from Boston, MA to KC in a month!)
I’ve lived in KC area 3 years, Liberty.
It has seemed as if everything in KC was 20-30-40 miles away.
Now I am ready to head to the city.
The Cold Storage lofts in River Market look promising. As this was originally the Muehlbach Brewery, then Schlitz, I think it would be very cool for a guy from Milwaukee.
KC needn’t compare rents to NY, Boston or wehrever. IT is a happening town now.
I personally look at lofts downtown like little playpens for rich youth…and I’m young. Read the apartment ratings for Cold Storage lofts on apartmentratings.com and you’ll hear horror stories of a building covered in beer cans, cigarette butts, and dog waste.
I almost rented there, but luckily the new manager showed her true personality before I signed, and helped me make a decision by being a complete…well you know. I now live in Midtown in a great building and despite what my Plaza/Brookside/Waldo friends think of the “crime” I’m quite happy…and my place has income guidelines.
The only thing I can recommend is to seek out income guideline units if you qualify…but beware, first…think about who you are going to be sharing a building with. Next, the guidelines are strict, and recertifying is not easy. Also, students do not qualify so don’t even think about it. Finally…just ask some of the residents who have received notices under their doors that simply say, “goodbye, you’re in a future condo.”
my daughter is getting ready to rent @cold storage, i have always lived in the country and hoping she is going to be okay, I hear good and bad please give us the truth regarding this facility. I did meet the new manager and seemed very gracious and helpful in answering questions. I realize when dealing with the public we do have to be stricked.
Please help?