Condo/Prices/Questions

MrWh1t3 · Post by **MrWh1t3** » Mon Jun 27, 2005 12:43 am

I was thinking, for someone that makes 45k a year, you are looking at a condo price of $120k-$135k. I raise some questions.

Do you think that price range is long gone? (In a hip area downtown not 20th-25th streets areas) In my opinion that is not downtown.

Do you think North downtown (if it gets built up) will have some in this price range since it will be kind of, well, trashy for awhile until construction is completed in areas.

What in the heck do they consider "young professionals" I would consider myself young (22) and a professional but I sure as heck can't afford $250k starting price and I don't know many 20-30yr olds that can.

almighty_tuna · Post by **almighty_tuna** » Mon Jun 27, 2005 12:57 am

There's a guy I work with who owns a condo in the Regis building. It used to be apartments but made the change to condos. At last I heard they were quite affordable and under 150K. The Regis is right by the Orpheum.

Uffda · Post by **Uffda** » Mon Jun 27, 2005 11:20 am

I wish i had been making $45000 when i was 22 --- I made $12,300 as a second year teacher.

Now 26 yrs later -- still teaching, making $43,000, divorced/child support bought a house for 122,000 and struggle to make ends meet. I have followed these articles on the condos and think that might be a great place to live when retired -- let's see that will be when i am 85.

omahapropertymanager · Mon Jun 27, 2005 11:41 am

Uffda wrote:I wish i had been making $45000 when i was 22 --- I made $12,300 as a second year teacher.

Now 26 yrs later -- still teaching, making $43,000, divorced/child support bought a house for 122,000 and struggle to make ends meet. I have followed these articles on the condos and think that might be a great place to live when retired -- let's see that will be when i am 85.

I've got to give props to you teachers. I think teachers today are so very important and the good ones should be rewarded... with a free loft downtown!!

Uffda · Post by **Uffda** » Mon Jun 27, 2005 12:01 pm

I've got to give props to you teachers. I think teachers today are so very important and the good ones should be rewarded... with a free loft downtown!!

Well thank you. I wouldn't mind a nice raise in my salary without having to pay for it with a nice raise in my property taxes.

futrecndvlpr · Post by **futrecndvlpr** » Mon Jun 27, 2005 12:21 pm

Agreed MrWh1t3. I find myself in a nearly identical situation.

I am dying to move DT. Everytime there is an announcment I think maybe this will be the one, but to no avail.

I guess there are only two options, get married or what a few years.

DTO Luv · Post by **DTO Luv** » Mon Jun 27, 2005 6:17 pm

I'm right on the cusp of that 20-30 year old DT demographic. (19) I love hearing about the new condos but I wish we would get more people interested in putting more apartments DT. I don't know how much a condo payment would be but I'm not at that point in life where I want to buy a place (condo or house). I'm sure their are other people around my age who want to be DT but could be priced out. After the forum meet we were talking with some other people DT and one guy had said he didn't really want to see DT become to yuppified with all of the older people. It's just as important (maybe not as profitable) to have nice rentals (like the TipTop not the Rorick) DT as well as places to own.

Mr White I talked to your brother before he moved and one good point he had made was that people like me that want to live DT need to be able to have money to enjoy living DT or we might as well live someplace else.

MrWh1t3 · Post by **MrWh1t3** » Tue Jun 28, 2005 1:20 pm

That is true what he said. However I would have enough money left over to have fun. On a 135k loan you are looking at a monthly payment of $809.00. At 45k you take home about $2450-$2400 after taxes, 401k (6%) and health/dental care. That leaves you with a decent amount of money left over to enjoy downtown. Define enjoy downtown: If you goto the bar everynight and spend $60 a night then no, you wont have a lot of money left over, not only that what is the point of living down there if all you do is go to the bar? Save $300 a month in rent and move midtown. Downtown is about walking around, enjoying the different people, the little parties things that go on down there. I believe (my opinion) some of this will go away. First the people living above all these bars will get mad about noise (don't say you can't hear it I lived down there, didn't bother me though) younger people wont go there as much, the young people are what make downtown hip not old people. You wont see a 50yr old with green hair. These are the things that make downtown neat. I think this will decline as older people move down there....anyway I am not sure where I am going with this I was just talking...

MrWh1t3 · Post by **MrWh1t3** » Tue Jun 28, 2005 1:24 pm

On the other side downtown can't be supported on the bar scene alone. This is why they do need the $200k - 1million places but they also need the one where people like you and I can afford. (not 3 miles away from all the action) Why would I buy some place downtown if I couldn't really walk to any place. 2 mile walk is not reasonable to get some place. If i am going to drive 5 mins why not drive 10 - 15 and get twice as much space some place else.

Finn · Post by **Finn** » Tue Jun 28, 2005 1:35 pm

A mix of people is what makes downtowns hip. Often the hottest spot/vibe is at a new restaurant that the young, green(haired) kids can't afford.

MrWh1t3 · Post by **MrWh1t3** » Tue Jun 28, 2005 1:52 pm

And if all you have is 30-60 yr olds eating dinner at a hot spot, I wouldn't call that a mix of people. First off, as a large group the people buying 300k - up condos aren't going to the the group of people that go out to hot spots. They are the quite resturant type for the most part..

I am just saying if they keep turning the apts into condos that are out of the range of the majority of people you are going to turn it into a place where people aren't going to come as much. (my opinion)

Even if you get full time residents down there, lets face it they can only buy so much art, cigars, and used books....You need the traffic from the other people too. Maybe they will address this issue in the North Downtown and make it a more hip area. I can't see people shelling out $300k - and up to live next to a concert hall and a like.

DTO Luv · Post by **DTO Luv** » Tue Jun 28, 2005 9:17 pm

I see what you're saying about not wanting DT overrun with the older and elderly. I think someone will catch on but, right now people like me can feel left out of what's going on DT.

Finn · Post by **Finn** » Wed Jun 29, 2005 12:38 am

I agree, I'm just saying it needs a mix as not only young people make it hip. I think another important component is apartments, including affordable apartments. We need a mix of incomes as well as mix of age. I hope some new apartments/conversions are developed (especially to offset the zealous conversion pace - Regis, Farnam 1600, Rorick, Ford Lofts).

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