Are there too many condos downtown?

redfield · Post by **redfield** » Wed Nov 08, 2006 12:12 pm

Speaking of supply and demand,

There is so much talk about how many condos are under construction or planned, but people don't seem to realize that many of the projects under construction are getting close to to the point where people will be moving in. Most of what is on our market right now will be occupied within a year or two from now.

People started moving into Soma a while back and Beebe Runyan this summer. Riverfrtont Place will be moving people into tower 1 very soon. Ford, farnam 1600, rorick, St Clare, and Brandeis are already beginning to move people in. The Paxton is getting very close to moving people in.

1101 Jackson, 902 dodge, and Kimball lofts should all be ready to move into within the next year, if not this coming spring.

The demand is still increasing, and the supply is going to start dwindling. We are running out of easily convertable buildings, and new construction will have a difficult time keeping up with demand as more and more people have friends living downtown and loving it.

No, we don't have too many condos going on downtown. In fact, if we don't get some more projects going online as some of the existing ones fill up, prices could get out of hand.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Wed Nov 08, 2006 12:34 pm

In response to JoeGlow's original post:

I would say that the people you talked to's reaction is exactly the OPPOSITE of what they should be thinking. If they percieve there to be too many condos on the market right now (debatable) then now is the PERFECT time to buy, even if you're "only" planning on staying for 5 to 7 years. Like redfield said, most condos are expected to be occupied within a year or two, bringing an entire new rise of demand for new condos, AND existing condos.

I'd tell them to rethink their decision, both about wanting to raise kids out west, and about not buying a condo downtown NOW.

ModestMouse · Post by **ModestMouse** » Thu Nov 09, 2006 4:25 pm

I'm all for a private school in downtown not public.

I just don't trust public education...

but, meh, I'll just hope I can afford to send my children to brownell!

DTO Luv · Post by **DTO Luv** » Tue Nov 14, 2006 11:03 am

Channel 7 did a story last night and this morning that it was a buyers market since there seems to be a surplus of condos.

joeglow · Post by **joeglow** » Tue Nov 14, 2006 1:30 pm

DTO Luv wrote:Channel 7 did a story last night and this morning that it was a buyers market since there seems to be a surplus of condos.

-This is my concern. Nationwide, condos have been getting their |expletive| kicked MUCH harder the single family homes. I hope Omaha is an exception.

MTO · Post by **MTO** » Tue Nov 14, 2006 2:12 pm

http://www.ketv.com/news/10315632/detail.html

adam186 · Post by **adam186** » Tue Nov 14, 2006 7:39 pm

With my new involvment in the condo market, I hope to increase the sales even more. Watch out Omaha, here I come.

Vince Furlong · Post by **Vince Furlong** » Sun Feb 04, 2007 2:49 pm

In looking for indicators of the Omaha downtown and midtown condo market, what do you'all
think of using the residential real estate sales that are listed in the World-Herald each Sunday?

There are rarely any sales listings in the 68102 zip which may foretell slow condo sales. Or
can some real estate companies/developers not have their sales info published?

The 68131 zip does have occasional condo sales listings from Park Plaza, Twin Towers, etc.

I am just wondering if all the sales that happen are being covered by the WH?

Vince Furlong
OMAHA MAIN STREETS

adam186 · Post by **adam186** » Tue Feb 06, 2007 1:08 am

I've had a listing over there (68102) for about a week now. I've had a lot of interest and a ton of showings already. This one is going to go quick, I don't think the market is slowing at all. I think it's keeping pace and will increase even more when the weather gets better.

And to answer your question Chef, it costs money to put a listing advertisement in the WH. Some Realtors decide to do advertisements elsewhere. All in all, the WH doesn't cover everything, just what we give them.

Visual Tour (check out that view):
http://visualtour.com/show.asp?T=869271

Vince Furlong · Post by **Vince Furlong** » Tue Feb 06, 2007 7:08 am

Adam186,

I was not referring to paid ads that real estate companies place in the WH.

I was referring to the page on Sunday where they list all the transactions of the near past. I do not believe
these are paid for......

Vince

Stargazer · Post by **Stargazer** » Tue Feb 06, 2007 8:33 am

Yeah, those are more a matter of public record. I would think they'd all be in there.

Seems like we could get at these with the old omaha.com... are they no longer online now?

adam186 · Post by **adam186** » Tue Feb 06, 2007 1:10 pm

Vince Furlong wrote:Adam186,

I was not referring to paid ads that real estate companies place in the WH.

I was referring to the page on Sunday where they list all the transactions of the near past. I do not believe
these are paid for......

Vince

Oh, okay. Thanks for clearing that up. I don't know how the OWH does that, but I know there are many condos that go on reserved and will not close for another year or so. Fine examples are jLofts and Wallstreet Tower Omaha, many are "reserved" but will not "close" until they can move in. The same goes with Kimball lofts, 902 dodge, etc.

Also, keep in mind the season. Sales typically slowdown during the wintery seasons. I have trendgrafix reports that definitely show a rise in condo sales over the past 3 to 4 years.

joeglow · Post by **joeglow** » Tue Feb 06, 2007 1:12 pm

I think, based on the real estate transfers recently, that the market has slowed. However, I would also assume that this is a slow time of year, so I am sure that is contributing to it.

That said, yes the transfers you see in the public record should be the complete list, as they do not get this information from the realtors.

Asten · Post by **Asten** » Tue Feb 06, 2007 7:02 pm

joeglow wrote:I think, based on the real estate transfers recently, that the market has slowed. However, I would also assume that this is a slow time of year, so I am sure that is contributing to it.

That said, yes the transfers you see in the public record should be the complete list, as they do not get this information from the realtors.

It's been oft quoted in a number of articles I've seen that the Superbowl weekend is kind of the kickoff for the main house buying and selling season...

Coyote · Post by **Coyote** » Wed Feb 07, 2007 11:04 pm

Condo boom isn't over, developer says

Omaha World Herald wrote:Paul McGill insists that he isn't too late to tap into the downtown Omaha condo boom. Erin Place, the latest downtown condominium development, won a positive recommendation for its plans and for $380,000 in tax increment financing from the Omaha Planning Board on Wednesday.

City Planning Director Steve Jensen said he believes that the glut of lots and houses in some price categories is much greater in suburban areas than it is downtown. There is no evidence that anyone is backing off on plans for condo development in and around downtown, Jensen said, despite the Brandeis Building's recent financial problems.

In addition to approving McGill's project, the Planning Board also approved plans and tax increment financing of $450,000 for the Giovanna row houses. That project will create up to 16 townhouses at Sixth and Pierce Streets. Both McGill's Erin Place and the Giovanna attempt to capture specialized segments of condo purchasers rather than compete directly with many of the lofts, rows houses and converted apartments already in or planned for downtown.

DTO Luv · Post by **DTO Luv** » Mon Feb 12, 2007 5:36 pm

My building is going fast. I found out my home price jumped 5 figures. $xx,xxx. I've made a pretty penny already.