A Kansas City Real Estate Blog by Realtor, Sarah Snodgrass

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So, as you all know, I wish I was a restaurant reviewer. I love food, cooking, and dining out in KC. I tried the new pizza place in Brookside over the weekend called Blue Grotto (couldn’t find a website for them - they need one!). There were things I loved about the pizza, and some things I might have changed, but overall it was really good wood-fired oven pizza. I loved the crust and the cheese, and the toppings were fresh and creative. The sausage pizza was outstanding - I think they make the sausage in-house, and boy was it yummy. I thought the restaurant was designed very nicely too, but the next time we go I think we will probably just get a couple of beers at the bar and share a pizza instead of getting a table.

Kansas City Lunch Spots wrote about my other favorite pizza place in the area, Pizza 51. I love Pizza 51, it’s my go-to place. It’s great to take clients when we are out looking for homes because it is delicious, casual, fast, comfortable, cheap, and because everbody likes pizza!

Noodletown writes about a new spot in Westport, The Foundry… I think I heard about this on the food critics, but I have yet to check it out. With a good report from Noodletown, I will definitely be adding it to my list of places to try!

Interest Rates are down.

East Village may not happen. I can’t say that I am that surprised to hear that the development company is pulling out of the residential project right now with the slow market and extremely high amount of condo/loft/townhome inventory available in the downtown market right now. I calculated the absorption rate for condos/lofts/townhomes from downtown to the Plaza, and, at the rate properties have been selling, it would take 2 years (about 23 months) for the market to “absorb” all these properties.

• A six months supply signifies a balanced market.
• Less than six months supply reflects a sellers’ market.
• More than six months supply reflects a buyers’ market, which is what we have here.

I am starting to see some incredible deals out there and prices are dropping in response to the current market situation.

The media is so strange - I keep hearing about how the President didn’t want to sign this housing rescue bill and all that drama, but I haven’t heard much about exactly what details are in the bill. The National Association of Realtors has a good summary on their website, although CNN’s article might be a little easier to read for those not in the industry. The main aspects that will affect my clients and business are the FHA loan downpayment requirement going from 3% to 3.5%, the seller-funded downpayment assistance programs, and the homebuyer tax credit. The Wikipedia entry on the Housing and Economic Recovery Act of 2008 is the most thorough explanation of the tax credit I could find. 

The June numbers are out and it is more of the same. It is definitely a slow, buyer’s market out there. And prices are still down from last year, but not by much. The actual amount of inventory is still falling which is good, but so are the number of sales per month. The sales data I receive is for Jackson County, Missouri, and Johnson County, Kansas, and the numbers are definitely rosier in Johnson County. Comparing June 2008 to last June 2007, the average sales price is down 8% in Jackson County, and only down 2% in Johnson County. Below is a chart illustrating the actual number of sales (not prices), for the entire metro MLS area. The neon light green color is 2008 numbers. You will see that the number of sales has been pretty steady over the course of this year, but still falling from previous years. With gas prices so high and the continued effects of the mortgage meltdown, I do not anticipate any sort of a rebound this year, but maybe after the election we may begin to see a light at the end of the tunnel. In the mean time, it is a major buyer’s market and rates are still good so I suggest that people really take advantage of this time while it lasts.

If you are looking for a loft or condo in the city, I really recommend looking at Wallstreet Towers. Yes, this is the building where I have a new listing for sale, but I swear it is my absolute favorite condo development downtown and here is why:

1. The Architecture of the building - this is a modern glass, steel and concrete building that makes for very contemporary living spaces with walls of windows, outstanding views and high ceilings.
2. The Rooftop Pool & Deck - the rooftop pool opened this year, and it is reason enough to buy a condo here. It is located on the sunny roof of the adjacent parking garage which is an 11 story garage. It is like swimming in the sky. The pool itself is very large and modern with two sections - one being an infinity style pool. Also, there are plenty of lounge chairs and deck area surrounding for laying out in the sun. You can also find Grills for BBQing and an awesome putting green for the golf lovers.
3. Location - You are on the best street downtown. Walnut Street has less traffic than other streets such as Grand, Main or Broadway, and it has plenty of street and garage parking. Also, Walnut is the street that runs straight down into The City Market, so you can walk down there year round for the weekly Farmer’s Market. Walnut also runs through the Power and Light District so you can walk to the bars, restaurants, or the Sprint Center.
4. Pet Policy - I have a boxer dog named Chester who is the love of my life, so the fact that this is a very pet friendly building is a huge benefit. There is a convenient city park next door where people take their puppies to potty. The condo is spacious enough that I think Chester would be very comfortable living here. Also, it is a short walk to the Riverfront Heritage Trail which my very active puppy would love.
5. Party Spaces - There are FOUR places in the building where you can host a party. First, your condo. The one I have listed has huge open spaces which the sellers claim have been great for parties. You have an open living/dining/kitchen area, with a guest half-bath nearby. Second, the Party Room on the 4th Floor of the building. Here you will find a big party room with a pool table, an outdoor deck (great for smokers) and a kitchen to make catering or food prep easy. Third, the rooftop pool and patio. You could host a legendary poolside rooftop party for all your friends, and even BBQ for them. Fourth, the theater room. Have all your pals over to watch a KU Basketball game!

Last week I visited the opening of the Haden Lofts. This is a condo conversion from an old commercial brick building in the Crossroads area located at Broadway and Southwest Boulevard, just around the corner from one of my favorite local eateries, Lulu’s Noodles. I am not sure how many units there are in the building (over 22 different floor plans), but there are currently 5 listed for sale in MLS ranging in price from $260,260-$587,160. I think some of them might still be under construction.

Anyway, my impression of this development was positive. It is for people who want a crossroads location, and something in the “loft” style, with exposed pipes, high open ceilings, big windows, and brick walls. Evidently there is parking, and amenities include an exercise gym and free internet service. The standard finishes (kitchen and bath) were pretty tame, but they have upgrades and personalized options available. Of the five or so lofts I viewed, I saw several unique floorplans with lofted rooms, skylights and creative use of space.

Hey readers… It has been a busy week for me, and now I’m leaving for the Royals game - but I wanted to quickly feature my brand new awesome listing in Wallstreet Towers. For those of you who don’t know, Wallstreet Towers is my favorite condo development downtown. More to come later, but for now the listing is online, and here are a couple photos. (Most awesome pool in KC by the way - it is on the rooftop of an 13-story parking garage).

A couple photos from the Feist show last Sunday at Starlight Amphitheater… Starlight is a lovely outdoor concert and live theatrical venue in Swope Park, next to the Kansas City Zoo. It is my favorite place to see a concert on a lovely Summer night. Trivia: Swope Park is Kansas City’s largest park, and the nation’s 55th largest city park, boasting a size of 1,769 acres (according to the Trust for Public Land).

Thinking of selling your home and upgrading into something new, but too scared to attempt selling in the current market? I hear this sentiment more and more these days, but listen up scaredy-cats because I have a theory. My theory is that you are going to even out. In most areas it is a buyers market. A buyers market is identified when there are 6 months or more of inventory on the market, or, in other words, a market with more sellers than buyers. As a seller you may have to concede more than you hoped, but you should get a great deal when you purchase a new house. So, you lose a little on the selling side, but gain a little on the buying side. Even-steven and you’ve accomplished your goal to move to that better school district, or downsize from that big, empty house, or to ditch the house in the suburbs with the long commute for a Vespa and a condo downtown.

Where are the deals?
Well, if I had a nickel for every time I heard this… I wish I knew! You just have to get out there and hunt for one. In general, they are not going to be advertised - you have to make and offer and see what happens. Five things to watch for if you want a deal:

• The house has been on the market for a long time - there are ways to doctor this, so make sure you have your realtor (me!) check the property’s history
• If the listing advertisement says “motivated seller” or something to that effect
• If the listing advertisement says “make an offer”
• Selling a home out of an Estate
• If they are selling “as-is”
• Foreclosure Auction - I hear lenders are starting to accept lower offers

There is no guarantee that a seller will come down on price; however, you just might get lucky if the seller is actually getting desperate and in a bad situation. Also, if it looks too good to be true, it probably is. This adage is especially true when it comes to foreclosures and short sales.

Another question I hear is if there are good deals on condos in Kansas City. It is true that there is a huge inventory of condos on the market right now in Kansas City, but I cannot point to one particular development and tell you that is a great deal. In general, I look for the same things I noted above when searching for a “deal”. If I’m looking for the next best thing in condos, you might want to consider the Power and Light District if you are a risk-taker. That area could really explode, but I do have a word of caution: make sure you are in it for the long run. In general, do not expect to own something for two years and make a windfall.

Photo below: Above: Photo of friends & me watching fireworks from Rainbow Boulevard. From there we could see three different displays: The City of Westood, Kansas City Country Club, and an unidentified third display…

Thanks for always coming up with something groovy, bon bon girls. I love the retro kitchens and baths they are always writing about. Saw in an older post that one of the girls has been house shopping recently- sure wish I could have helped her because I love clients that appreciate the old charm of the Dible Tudors. Napoleon Dible was one of the first and only builders to build homes especially with women in mind. His homes had colorful and feminine colors in the bathrooms and kitchen (think lots of pink, mint, yellows), built-in ironing closets, laundry chutes and so forth. It was a different time when kitchen appliances were still a new idea and becoming affordable for all. Some of my clients hate these original features and colors, but some absolutely love them - just depends on your style and how nostalgic you may be. I recently remodeled my bathroom and I stuck with the Dible style though I greatly toned down the colors to bring it into the modern times.

It is comforting to know that in these hard economic times with low housing prices, $4 per gallon of gas, $4 per gallon of milk, low stock market levels and so on, that you can still get motel room in Kansas City for $29. I love this town.