Omaha Condos

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NEDodger
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Omaha Condos

Postby NEDodger » Sun Jul 24, 2016 12:43 am

Hey all,

Kicking around the idea of moving into a condo building (not a townhouse). I had a couple of questions:

1.) Anyone have any experience living in them? Pros/cons?

2.) I was surprised by the very low number of available units that are two bedrooms or more. Is that a reflection of "no demand, so no supply" or is Omaha in need of more units that are for sale instead of so many apartments?

Thanks all,

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HR Paperstacks
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Re: Omaha Condos

Postby HR Paperstacks » Sun Jul 24, 2016 11:54 am

Pros:
Well if you live in one at MTC you have all the events you can just go downstairs for (or to the roof). Plus the restaurants and theater. You can have a few drinks and not worry about driving home.

You don't have to maintain your yard or shovel snow. In fact you don't have to do any outdoor work.

Cons:
They are like apartments where you have others living close by. So even though I have concrete between each floor, I can sometimes hear things like when they are doing construction above me. I also hear people out in the halls when there are groups of people. You also can't listen to music or movies too loud or else someone might complain.

If you have a dog, you need to walk them downstairs to go to the bathroom and move around instead of just letting them out the back door of a house and letting them do their thing. So during the winter you'd have to bundle up and go outdoors which is a big reason I haven't gotten a dog.

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Brad
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Re: Omaha Condos

Postby Brad » Sun Jul 24, 2016 12:33 pm

Everyone I know that has owned a condo has liked it. I would be cautious about where you buy if you are worried about equity.
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Omaha_corn_burner
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Re: Omaha Condos

Postby Omaha_corn_burner » Mon Jul 25, 2016 12:02 pm

Cons : Monthly fee.

A quick search on NP Dodge's website for condos under $300k, it looks like the fees are $200-$300 per month.
I saw some other properties over $600k with fees around $900 per month.
I would hope you do not also have an MUD bill to pay, but I've never lived in a condo so I don't know.

I looked at condos briefly but when I saw the prices and fees, it made much more sense to me to buy a house. You get much more for your dollar. Houses in Omaha are cheap, condos seem to cost more than houses. It blows my mind.

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Re: Omaha Condos

Postby NEDodger » Mon Jul 25, 2016 6:08 pm

Thank you everybody for the responses. Those fees are definitely something to think about, as that's a good chunk of change.

HR Paperstacks: How many parking spots do you get per unit at MTC? Happy with the decision to move there?

Brad: I've heard that before about equity - condos are a harder resale than a traditional house. I'd be looking at this being a pretty long-term move. Any areas that you've heard are worse "buys" than others?

Thanks again all,

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HR Paperstacks
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Re: Omaha Condos

Postby HR Paperstacks » Mon Jul 25, 2016 6:48 pm

NEDodger wrote:HR Paperstacks: How many parking spots do you get per unit at MTC? Happy with the decision to move there?

I got one included in my deed. I think it's like $50/mo for another one. But my place is only one bedroom. It could possibly come with more spaces with a bigger unit.

I've lived here for two years now and I really love living down here. I wish I faced Turner Park (I face MoO), but that would cost like another $30k+ for something like that. I love being in an urban area of the city instead of out in the suburbs where I've lived my entire life. It's extremely nice just walking everywhere - I sometimes even walk downtown.

While my cons list were longer than the pros, I have to say the pros definitely outweigh the cons at my age and status. Maybe as I get a little older and start a family that will change. But that's still a ways off.

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Re: Omaha Condos

Postby Trips » Wed Jul 27, 2016 4:05 pm

I am in the same situation as I have been having trouble finding one in the under $250k range. The only building that I currently like and can afford is the Ford Warehouse. With the Capitol District right there I think it will be a great location. I believe the owner/manager/developer is actually on this board.

Downsides for me - Not all have a balcony, no power for electric cars, price per square foot.

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HR Paperstacks
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Re: Omaha Condos

Postby HR Paperstacks » Wed Jul 27, 2016 7:27 pm

Trips wrote:I am in the same situation as I have been having trouble finding one in the under $250k range.

Mine in MTC was only like 165k. One and a half bedrooms.

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Re: Omaha Condos

Postby Omaha_corn_burner » Thu Jul 28, 2016 8:42 am

That's what turned me away from the condos. For the same price you could buy a brand new and much larger house out by Elkhorn. I get that some people want to live downtown though.

I was originally looking to buy a condo in Aksarben, but when they finally announced the prices, I changed my mind. Now that the development is progressing, I'm glad I did not buy a condo there. It didn't quite turn out the way they originally sold it as. I'm happy with my house and neighborhood in West O (even when I am discriminated against living in West O).

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Re: Omaha Condos

Postby Trips » Thu Jul 28, 2016 10:33 am

Current MTC Prices

Park View
2 Bed, 2 or 3 bath, 1,423 to 1,817 sqft = $400k - $479k

Backside (No View)
1 bed, 1 bath, 945 to 1,075 sqft = $190k - $205k
2 bed, 2 bath, 1611 sqft = $374k

I would have loved it the Capitol District had condo's.

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Re: Omaha Condos

Postby Omaha_corn_burner » Thu Jul 28, 2016 11:50 am

Trips wrote:Current MTC Prices

Park View
2 Bed, 2 or 3 bath, 1,423 to 1,817 sqft = $400k - $479k

Backside (No View)
1 bed, 1 bath, 945 to 1,075 sqft = $190k - $205k
2 bed, 2 bath, 1611 sqft = $374k


The 2bed condos are about $450 - $550 per month in association fees according to npdodge.com
The 1bed condos are about $285 - $330 per month in association fees according to npdodge.com

Paperstacks, did you also have a seperate MUD and OPPD bill each month? Those can add up to over $100 per month in fees.

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HR Paperstacks
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Re: Omaha Condos

Postby HR Paperstacks » Thu Jul 28, 2016 1:41 pm

Omaha_corn_burner wrote:
Trips wrote:Current MTC Prices

Park View
2 Bed, 2 or 3 bath, 1,423 to 1,817 sqft = $400k - $479k

Backside (No View)
1 bed, 1 bath, 945 to 1,075 sqft = $190k - $205k
2 bed, 2 bath, 1611 sqft = $374k


The 2bed condos are about $450 - $550 per month in association fees according to npdodge.com
The 1bed condos are about $285 - $330 per month in association fees according to npdodge.com

Paperstacks, did you also have a seperate MUD and OPPD bill each month? Those can add up to over $100 per month in fees.


I know OPPD is separate. I'm not sure if MUD is since I have everything setup to autopay.

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Re: Omaha Condos

Postby Ben » Fri Jul 29, 2016 8:50 am

I have owned a condo in Beebe for about 10 years now. Lived there the first 7, now rent it out. 2 bed, 2 bath, and I have 2 spots in the garage... Our HOA dues are about $350/mo, but we have a doorman/onsite property manager, something not all condo buildings have. Included in HOA fees are MUD expenses (gas/water/sewer), but we independently pay OPPD, and whatever internet/TV we want (recently got fiber run to the building, and they're offering gig service for ~$60/mo). Beebe was also the first condo building in the city to officially go smoke free earlier this year.

I loved living in the Old Market area, and really liked the condo concept, as I wanted to own, but traveled a lot for work for several years, so didn't want the upkeep associated with a house. Neighbors are generally more friendly/conscientious than renters, but you've occasionally got those sorts of issues to deal with.

It all depends on your budget, and what makes the most sense for you to look at. There's everything from Park Plaza/Ford Loft on the lower end of the price spectrum in downtown/midtown all the way up to Brandeis/Riverfront/MTC at the other end of the spectrum. Not that any building is necessarily better than another, its all just what makes sense for you as a buyer financially, and what you value amenities/style wise. I have friends that have owned at many of these buildings, and all seem to have been generally happy with their experiences.

NEDodger
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Re: Omaha Condos

Postby NEDodger » Sun Jul 31, 2016 12:50 am

I guess I'm just surprised that there aren't many units in that 200,000-350,000 range that are available. I would think that'd be a pretty nice sweet spot and that someone would make an absolute killing with units in that range?

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Re: Omaha Condos

Postby Trips » Tue Aug 02, 2016 10:32 am

Here is what is currently listed from Leavenworth to Cumming, 35th to the river. I included the Riverfront Condo's NE of the CLink.

$200k - $250k = 5 units
$250k - $300k = 6 units
$300k - $350k = 7 units
$350k - $4000k = 6 units
$400k+ = 17 units

According to CBS Homes there are not many options available.

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Re: Omaha Condos

Postby bigredmed » Tue Aug 02, 2016 5:08 pm

NEDodger wrote:I guess I'm just surprised that there aren't many units in that 200,000-350,000 range that are available. I would think that'd be a pretty nice sweet spot and that someone would make an absolute killing with units in that range?


One would think. They want to create an ambiance. If they sell 5 $300K condos, most likely they are selling to people interested in the aspect of indefinite living arrangement. If they sell 5 $150K condos, there is less profit margin per unit and the market gets penetrated by first time homeowners and people who are not as likely to be permanent dwellers.

Lots of what my contractor uncle referred to as "builders kitsch" Stuff that added little value, but was so easily up-charged because it looked cool or cutting edge that you could build a $200K house with the same effort as building a $150K house.

Still, the two things Omaha needs to get really bleeping serious about if they want to make downtown a neighborhood is the development of serious kick |expletive| K-8 schools for that part of town, and lots of housing in the $150-200K range that could house families with K-8 kids. People with little kids invest in their schools and put down roots. They are going to be the users of the stores and shops.


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