I do believe in downtown Kansas City and buying condos, but I think you have to be careful when buying and don’t expect a windfall if you decide to sell in a year or two. Remember, real estate is a long-term investment. This is an interesting time for Kansas City, not only is it a slower market, but we have a downtown revitalization going on with many new condo developments both new and old, and many still on the way. A staggering number of condos have been added to the KC market since January 1, 2008: 358 condos have been listed. During this same period of time, just 74 condos have gone under contract or sold. Bumping up the number of those just listed is The Reserve condo development which is the converted Federal Reserve Bank building downtown at 9th and Grand.
For this reason, I urge you to use a (good, knowledgeable) Realtor when you buy. We have very valuable resources to help you evaluate your situation and the market.
(This is info derived from the Heartland Regional MLS system, for the area of Kansas City, Missouri from Downtown to about 75th Street.)