Why are the condos so expensive in downtown Omaha?

shengs75 · Post by **shengs75** » Sun Oct 21, 2007 5:33 am

I don't get it. Why are the condos so expensive in DTO? I want to live there. I want to move there. I just can't afford the price per square footage.

I'd have to move from a 4BR home from out West to a 1BR condo for the same price. I just don't see how that can be feasible.

I guess the condos downtown are for the wealthy. Are they really selling out that quick? I looked on CBSHome and it looked like there are still very many units for sale. At prices more than I want to spend.

If I was single I would do it, but married with kid I just can't afford it.

Fnord Explorer · Post by **Fnord Explorer** » Sun Oct 21, 2007 6:54 am

It's too bad too, because I'm sure there a lot of people who don't want to be trapped out in the burbs that can't otherwise afford to live downtown. Benson was about as close as I could get to living in town affordably.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sun Oct 21, 2007 7:06 am

Oh boy. Yeah, we've definitely talked about this one.

I ask myself this ALL THE TIME. It's ridiculous. To have a truly vibrant, active, urban core it has to be accessible to a wide range of people (and a wide range of incomes). It actually really upsets me off.

And what's more, is I feel at this point its absolutely NOT WARRANTED! The high prices are the product of the IDEA of a utopian, urban environment. I know things are rapidly improving, but if downtown Omaha was some PERFECTLY awesome, dense, urban/mixed-use paradise, I might understand the high-prices. But it's not...yet.

I hate speculation, especially when it feeds off of itself.

shengs75 · Post by **shengs75** » Sun Oct 21, 2007 10:01 am

Sorry, I guess I was more so ranting. It probably shouldn't be under the Development section.

I would even consider trading down to a smaller space if the price variant wasn't so much.

If I moved here from NY or CA recently, I'd probably be able to afford it. Having been here for more than 7 years, and am accustomed to the lower real estate prices here I just can't find myself spending $2000/mo to live in a small 2BR apt. DTO is getting better, but in my mind there's still no enough to offer me for the price I'd have to pay.

Just my 2 cents.

I'm looking for a 3BR condo in DTO with about 1400 sq ft. for $200,000. Is that even possible?

Just FYI, for 200K I can get a 4BR, 3BA with 2 car garage with over 3500 sq ft in Millard with front and back yard for the kids. So, to spend the same for DTO for more than half the square footage is astonishing. What does DTO have to offer that warrants that much premium? I'm closer to the Qwest Center? the Orpheum? What is it? I don't get it. The school system wouldn't even be a good one. DTO is totally for a single wealthy person or for some out of towners who's well off and only here during the week.

Omaha's housing is going to drop until Q42008. I really hope the condo prices would come down a lot. (Sorry for all who owns a condo now I'm selfish

Uffda · Post by **Uffda** » Sun Oct 21, 2007 1:26 pm

I asked a similar question quite awhile ago and also asked how people can afford it. One response was "Haven't you heard of mortgages?" LOL

I have owned four different homes in my life time although the one I am in now is my first in Omaha. I paid about 120,000 for mine - it is qbout 30 yrs old and it has about 1600 sq ft. Being on this forum for the past couple of years, I am examined more closely the idea of a condo as I am single but with my salary (mid 40s) I couldn't afford a $200,000 condo. I also don't want a converted small apt that has been turned into a small condo. So i stay where I am

Stargazer · Post by **Stargazer** » Sun Oct 21, 2007 3:17 pm

Not in downtown, but those Twin Tower units are always intriguing... I've always been somewhat apprehensive of the future of the building though.

Check this one out. 3 bed/3 bath, 2,100 sq ft... $215k

Already a nice view... just imagine a couple of years from now.

That guy (what ever happend to him?) who bought at Park Plaza is looking like a genius now.

Stargazer · Post by **Stargazer** » Sun Oct 21, 2007 5:02 pm

I think Omaha needs more jobs downtown before it's going to see any significant boost in additional downtown housing demand... in any price category. There's only so much demand for the novelty of living downtown alone (only to commute to west Omaha to work in the morning)... and as long as it needs to cater to the raw appeal of living downtown, versus convenience to work/amenities... it's going to be in the high end price range (because most of us can't afford to only consider the former).

Meanwhile... firms like ACI are leading the way past 204th Street... and suburban housing marches on into the sunset. The city (which is in the unique situation of not having to complete with an 'West Des Moines', 'Ankeny', etc)... needs to step up and create much stronger incentives for locating in the core. The savings in future infrastructure upkeep alone should make it in our interests.

DTO Luv · Post by **DTO Luv** » Sun Oct 21, 2007 5:23 pm

I would agree with having more jobs Downtown helping but I don't think that it's the main reason. My a good friend of mine lives in the Old Market but works out on 108th and Maple but he still loves being Downtown.

I think part of the reason it's expensive is that there isn't any other comparable part of the city to live in so the fewer options down here drive the prices up. You are alot closer to the things that most people make a special trip for like the Old Market, river, jobs. I don't think it's really unreasonable to live down here. Like someone said the more high profile projects are pricier but there are plenty of other lower priced options Downtown. I know one thing that you can do to keep the prices lower is to not get all of the fancy finishes and decor in the place right away. You don't have to have the dream house right away. I got my place finished simply until I can decide what I really want it to look like.

Also if you have kids you can still have them Downtown. I didn't realize how many people that live down here still make it work with children. They are definantly the minority but as long as you're not popping one out every 9 months you should be all right. One thing to consider is that you can live close to DT in the neighborhoods around DT. You can still have the house you would get in other parts of the city but still be close enough to walk to DT and take advantage of it more often.

I've lived DT for just over a year and I'd have to say that for me, it's worth it. I've also been lucky enough to either work in Downtown or Midtown so I'm never far from work. With being close to work I've been able to go carless which has freed up tons of money to go towards and bigger house and more going out. I hardly ever eat at home anymore. Downtown living can be pretty hedonistic so I wouldn't live down here unless I could afford to take advantage of going out here.

DTO Luv · Post by **DTO Luv** » Sun Oct 21, 2007 5:44 pm

Oh yeah and we get to look at this..

..and you guys get to look at this.

Stargazer · Post by **Stargazer** » Sun Oct 21, 2007 7:40 pm

Well gee whiz... show our bad side... that's like looking at this...

Obviously it's all personal preference... at this stage in my life (still able to push a mower and drop a shrub in the ground)... I prefer this...

Oh, I like this view too... hopefully some day downtown will have a similar one...

Fortunately for me... this view is well within my financial reach.

DTO Luv · Post by **DTO Luv** » Sun Oct 21, 2007 8:31 pm

I find dead bodies in the leaves by my house all the time.

I'm not quite sure I'm picking up what you're laying down with this? I think I might but care to elaborate?

Stargazer · Post by **Stargazer** » Sun Oct 21, 2007 9:02 pm

I'll be that much more enthusiastic about paying for that downtown view... when the every day shopping/services needs are more fully satisfied. Getting there... still along way to go.

DTO Luv · Post by **DTO Luv** » Sun Oct 21, 2007 9:20 pm

Wow. It's amazing I haven't starved to death in the last year without having a car and 98% of the time having to rely on the retail and services I find DT. It's almost miraculous. Outside of a nice men's clothing store I can't think of anything that I need that isn't down here.

I'd like to hear what you think is missing Jeff? I'm genuinely curious.

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sun Oct 21, 2007 9:22 pm

That's hilarious, D'Shawn.

Stargazer · Post by **Stargazer** » Sun Oct 21, 2007 9:45 pm

No doubt... in the future third world America... we'll all have to become a little less frivolous and brand oriented... and be content with a new utopia where Urban Outfitters and a good ethnic dish in the Old Market satisfies our families needs.

DTO Luv · Post by **DTO Luv** » Sun Oct 21, 2007 9:58 pm

Stargazer wrote: when the every day shopping/services needs are more fully satisfied. Getting there... still along way to go.

Where you live.

Where I live.

So still tell me what am I missing? Just becuase a store doesn't say Walmart or Target doesn't make it a store?

DTO Luv · Post by **DTO Luv** » Sun Oct 21, 2007 10:00 pm

Stargazer wrote:No doubt... in the future third world America... we'll all have to become a little less frivolous and brand oriented... and be content with a new utopia where Urban Outfitters and a good ethnic dish in the Old Market satisfies our families needs.

Now you're really grasping at straws.

They actually have grocery stores down here. In fact they're opening a new one.

Please get to the point of what it is you're trying to prove.

Stargazer · Post by **Stargazer** » Mon Oct 22, 2007 12:39 am

Unfortunately at this stage of my life I don't have much of a need for tarot card readings and incense.

Don't get me wrong... I'm as anxious to see more options return to the core as anyone (forget downtown... let's start with Saddlecreek).

DTO Luv · Post by **DTO Luv** » Mon Oct 22, 2007 12:44 am

Great way dodge a question Senator Huston.

Honestly I wouldn't buy any of that |expletive| either. All you've done so far is show how ignorant you are on the every day retail that Downtown already has.

I'm still waiting on what I can get outside of Downtown that I can't get DT.

Here's my short list:
Movie Theater: I wouldn't really put the Sokolof in this category. The new theater at Midtown Crossing will definantly fill this void though.

Men's clothing store: Again, Midtown Crossing although not Downtown, will fill this void.

Stargazer · Post by **Stargazer** » Mon Oct 22, 2007 12:57 am

There you go... you've begun to answer the question yourself... the void is there, hopefully it will begin to be filled in the relatively near future.

Once again...

Don't get me wrong... I'm as anxious to see more options return to the core as anyone (forget downtown... let's start with Saddlecreek).

I think you need to lighten up and be a little less defensive. I'm as hopeful as anyone for the promise of Midtown Crossing and North Downtown. My fingers are crossed. My kids are nearly out the door... I'm anxious to find a nice new home to 'retire' to near the core (I'm fairly certain I'll never be able to afford something I'll like downtown... so it likely will be a Dundee bungalow or something).

DTO Luv · Post by **DTO Luv** » Mon Oct 22, 2007 1:57 am

I pointed out 2 examples of things that are lacking. A movie theater and men's clothier.

Please answer the question Jeff.

What retail/services do you see lacking DT that would keep you from moving down?

OmahaChef · Post by **OmahaChef** » Mon Oct 22, 2007 2:55 am

Perhaps it is more a matter of definition of needs, DTO. As you stated earlier, you hardly ever eat at home. Not all of us dine out every day. In fact, if I did, I'd be homeless in 2 months and weigh 300 pounds again. Cubby's new meat/seafood counter with in-house butcher fills a definite gap. but if you like to cook at home, fresh produce downtown is severely lacking, especially when you work every Saturday and can not attend the farmers market. So it's the #15 to Hyvee on Center or the #11 to Bakers. Hopefully Patricks will fill that void also, but organic produce comes with a price tag, much like the $13 a pound for salmon at Cubby's. Cubby's, under Chef Jerry, has done a great job of replacing the "Our Family" line of canned everything under the sun with imported Italian pastas, French mineral sea salt, British crackers, chutney for cheese and jarred grilled vegetables for bruschetta, all of which I buy. But I also like the imported foods department at Cost Plus World Market, and I like Whole Foods. I also like Pottery Barn which is more to my taste than Niche, and I like Williams-Sonoma, which has no comperable store downtown. Once again, it's a trip to the burbs.

I am allergic to certain brands of deoderant, and for me deoderant is a need. Cubby's sells about 6 kinds of deoderant, so it's a trip on the #2 to Target at Crossroads. Being on my feet for 10-12 hours a day, I find I go through socks and shoes a bit more often than in my previous corporate America life. Where downtown does one find these things? Off on the #2 to Crossroads or Westroads. I like to read cookbooks. Pereferably new ones that have recently come out. Off to Crossroads again. The only bookstore downtown that sold current releases was in The Passageway, and closed several years ago.

Guess my point is, living downtown again, I would never consider living anywhere else in Omaha, but that is just me. Everyone has different needs, and it is definitely a fact that not all needs are met by the current mix of downtown businesses. At least not for me. I try to spend as much of my money as I can downtown, and for those things I can't buy here, I take the bus and try to spend it east of 72nd. Crossroads, the future Midtown Crossing, Aksarben Village, ect. fill, or will hopefully fill a number of voids that exist downtown, but for me there are voids, and the places I mention I do not consider downtown, so I would have to agree with Jeff, whom I have no particular beef with, that yes, there are voids downtown and yes, I hope they someday will be filled, but in the meantime I travel to where the things are that I can not get down here.

Big E · Post by **Big E** » Mon Oct 22, 2007 3:21 pm

DTO Luv wrote:I find dead bodies in the leaves by my house all the time.

I can see the dead bodies... but where do you find the leaves?

-Big E

joeglow · Post by **joeglow** » Mon Oct 22, 2007 7:10 pm

Raraavis wrote:
If you can't find what you need downtown, It is possible to order about any kind of food or personal item on the Internet and have it delivered to your door if you are willing to pay a little extra.

-I think that is the key. Those of us kids have other costs we need to concern ourselves with (i.e school, new set of clothes every year, etc.). While we all gladly accept these costs when we decide to have children, an area that is cut is wasting money to special order items that can be gotten a few miles away.

Fnord Explorer · Post by **Fnord Explorer** » Tue Oct 23, 2007 12:31 am

How friendly are these condos to people who like to play drums nonstop for hours at a time?

Big E · Post by **Big E** » Tue Oct 23, 2007 2:23 am

The condos are fine. It's the neighbors that F you up.

-Big E

Swift · Post by **Swift** » Tue Oct 23, 2007 5:41 am

Stargazer wrote:There you go... you've begun to answer the question yourself... the void is there, hopefully it will begin to be filled in the relatively near future.

Once again...
Don't get me wrong... I'm as anxious to see more options return to the core as anyone (forget downtown... let's start with Saddlecreek).
I think you need to lighten up and be a little less defensive. I'm as hopeful as anyone for the promise of Midtown Crossing and North Downtown. My fingers are crossed. My kids are nearly out the door... I'm anxious to find a nice new home to 'retire' to near the core (I'm fairly certain I'll never be able to afford something I'll like downtown... so it likely will be a Dundee bungalow or something).

Well you and DTO are roughly the same distance from the nearest movie theater (roughly 1 mile for you to VP, 1 mile for him to FilmStreams and Midtown Crossing), so that point is moot.

Stargazer · Post by **Stargazer** » Tue Oct 23, 2007 3:23 pm

I'm as hopeful as anyone for the promise of Midtown Crossing and North Downtown

Hence the promise.

shengs75 · Post by **shengs75** » Wed Oct 24, 2007 7:01 pm

I'm glad to see so much discussion over this topic. Here are my lists of possible things not offered in DTO:

1) my daughter has swimming and gymnastics, I wonder if that's available
2) right now we have 2 cars, I don't see myself getting rid of a car since public transportation isn't the best
3) because of 2 I would need 2 parkings spaces. Parking is not that easy to find
4) I don't think I can find the type of food I want to buy without driving. Not everything is available downtown. Let's be realistic
5) What if I need to go to the mall? Sure there are shops downtown, but there needs to be a shopping plaza of some sort. a few clothings stores and boutiques is not going to cut it
6) is there a playground downtown? the Gene Leahy mall and heartland of america park doesn't count..I mean with swings, slides, and things kids can climb
7) there are many restaurants in DTO, but there are quite a few that I would drive out too still (name a good Chinese or sushi place downtown?)

I think my real pet peeve about downtown is transportation and lack of stuff within the vicinity. How long do I have to wait for the bus? and why is the guy that's standing next to me smelling so funky at a bus stop? does anyone even take the bus around here? Is there a pharmacy opened 24 hours if I need to get some headache medicine? These are the type of questions I ask myself?

Sure, I would still love to live in DTO if I could afford the condo plus 2 parking spaces. For me, being close to the airport and living in a metro area attracts me. I grew up in NYC, so I like the populated environment. I just wished there was more DTO has to offer for the price it's asking for.

Big E · Post by **Big E** » Wed Oct 24, 2007 8:23 pm

shengs75 wrote:I'm glad to see so much discussion over this topic. Here are my lists of possible things not offered in DTO:

1) my daughter has swimming and gymnastics, I wonder if that's available

I know there is at least one pool in the Pinnacle Club by the Joslyn. Don't know about classes.

shengs75 wrote:2) right now we have 2 cars, I don't see myself getting rid of a car since public transportation isn't the best
3) because of 2 I would need 2 parkings spaces. Parking is not that easy to find

Everyone in my development has a two car garage. Most places offer one spot with the unit, and you can upgrade to two. I know no one that lives downtown that thinks parking is an issue.

shengs75 wrote:4) I don't think I can find the type of food I want to buy without driving. Not everything is available downtown. Let's be realistic
5) What if I need to go to the mall? Sure there are shops downtown, but there needs to be a shopping plaza of some sort. a few clothings stores and boutiques is not going to cut it

You know what people in the suburbs do when they need something? They get in their car and go get it. Know what people downtown do when they need something? They get in their car and go get it. Know what people in the burbs do when they want to see a concert or show or museum? They get in their car and go downtown. Know what people downtown do when they want to see a concert or show or museum? They walk out the front door.

How often do you people in the suburbs need to shop for socks, anyway? You don't walk anywhere, so you can't possibly be wearing them out. Most of the stuff people call "everyday items" are things they buy once every six months.

shengs75 wrote:6) is there a playground downtown? the Gene Leahy mall and heartland of america park doesn't count..I mean with swings, slides, and things kids can climb

While not a "playground", I think the Children's Museum on 24th (I think) would fill the void nicely. It was voted one of the best children's museum in the country by someone that gives a rats |expletive| about those sorts of things (someone help me out with that).

shengs75 wrote:7) there are many restaurants in DTO, but there are quite a few that I would drive out too still (name a good Chinese or sushi place downtown?)

King Fong's and Matsu Sushi. Hiro allegedly coming soon. O Casual definitely allegedly coming soon. Panda House.

shengs75 wrote:I think my real pet peeve about downtown is transportation and lack of stuff within the vicinity. How long do I have to wait for the bus? and why is the guy that's standing next to me smelling so funky at a bus stop? does anyone even take the bus around here? Is there a pharmacy opened 24 hours if I need to get some headache medicine? These are the type of questions I ask myself?

I think my real pet peeve is blissful ignorance. Or maybe it's people that have decided for some trivial reason or another that they can't live downtown and then find the need to bash my neighborhood when they've justified whatever other decision they've made (and possible regret) to make themselves feel better without any real frame of reference to what living in downtown Omaha is like other than what they've heard from other people that don't know what they're talking about holy run on sentence!

-Big E

Raraavis · Post by **Raraavis** » Wed Oct 24, 2007 8:25 pm

No matter where you live in Omaha you are going to have to drive to do lots of things. I am not sure if anyone has promised you that if you lived downtown you would never have to get in a car again.

thenewguy · Post by **thenewguy** » Wed Oct 24, 2007 9:35 pm

I dont live in downtown, but one thing i did notice (or didn't, i should say) is that there is no Walgreens or the likes downtown. With all the space in brandeis and similar buildings, with all the residents, that is something i thought would have gone in? Maybe i'm wrong on this one, but it'd be cool to know. Also, they could stand to use a taco bell over in downtown, because let's face it, when you get done at the bar, it'd be a whole lot easier to pop into one while in the old market than drive back to CB and wait in the drive through when you have to pee like a race horse

(i didn't realize how alcoholic and fat that made me sound, haha)

DTO Luv · Post by **DTO Luv** » Wed Oct 24, 2007 9:41 pm

thenewguy wrote:I dont live in downtown, but one thing i did notice (or didn't, i should say) is that there is no Walgreens or the likes downtown. With all the space in brandeis and similar buildings, with all the residents, that is something i thought would have gone in? Maybe i'm wrong on this one, but it'd be cool to know. Also, they could stand to use a taco bell over in downtown, because let's face it, when you get done at the bar, it'd be a whole lot easier to pop into one while in the old market than drive back to CB and wait in the drive through when you have to pee like a race horse (i didn't realize how alcoholic and fat that made me sound, haha)

Who told you about my night out?

There used to be a Walgreen's in Central Park Plaza (the twin red buildings) but it moved to Midtown by Mutual. I would like to see a Walgreen's DT again. Every other city DT I've been to is littered with them.

I would also kill for a Taco Bell.

thenewguy · Post by **thenewguy** » Wed Oct 24, 2007 10:11 pm

Ah yes, my fiance works in one of the buildings (i envy her working downtown!!) Was it where sullivan's is, or where starbucks is? It'd be awesome if they could get some more stuff rolling from 16th west, so that it didn't seem like downtown leaned so much on the old market (even though i love the old market area). They should remove one the lots to the west of Woodmen and put in a mixed use tower of some kind with a parking garage built beneath. That way when i'm watchin the news, it doesn't look like there's a canyon of pavement behind FNB and Woodmen

Swift · Post by **Swift** » Wed Oct 24, 2007 10:18 pm

Well, if you were to live at Wallstreet tower, the nearest Walgreens is at 30th and Dodge, 1.1 miles.

If you were living at 144th and Center, the nearest Walgreens is 131st and Center, 1.0 miles.

So really, that tenth of a mile is preventing you from living downtown?

Post by **Brad** » Wed Oct 24, 2007 10:57 pm

But there us is no mainstream grocery or retail. That what some people look for.

thenewguy · Post by **thenewguy** » Wed Oct 24, 2007 11:21 pm

I know this will probably be moved to downtown grocer, but why is it so hard for someone to come in and do a mainstream grocer? I mean surely there is enough space (i see a lot of empty buildings to the south and west of UP and central park) for a larger grocer? I know there's cubbies, and there is going to be patrick's, but they could throw in a baker's, hy-vee, or something, by that chinese resturant (panda, i think?) and by that new york pizza place. With all the condos there, they should surely have business to support it? Or no?

DTO Luv · Post by **DTO Luv** » Thu Oct 25, 2007 12:06 am

You do realize that few Downtowns across the country have "mainstream" grocers. What oes that even mean? Just because it's not a Baker's you wouldn't shop there?

shengs75 · Post by **shengs75** » Thu Oct 25, 2007 12:24 am

LOL I love how people get SO defensive.

I said these are my wants and needs of downtown, in my opinion. I never try to bash people for living downtown. If I was bashing DTO, then why would I want to live there?

In response to Big E:

Everyone in my development has a two car garage. Most places offer one spot with the unit, and you can upgrade to two. I know no one that lives downtown that thinks parking is an issue.

Sure, if you're willing to pay a premium anything is possible.

Most of the stuff people call "everyday items" are things they buy once every six months.

Sure, but many "every six months items" come around and living downtown doesn't save me anything.

Sorry I don't consider the Children's museum a playground. You have to pay an admission just to get in, and where's the grass? I'm talking about an outdoor playground.

Yep, I'd have to drive out to Grand Fortune and Hiro's or Sushi Japan. King Fong's is good, but it's Cantonese food, a different type of Chinese food.

I think my real pet peeve is blissful ignorance.

Please do not call me ignorant. I have done my studies. I'm willing to make the sacrifices to live in downtown, and even pay a little bit of premium. Again, I just don't feel for the price you are getting your worth.

In response to Raraavis:
I know you still have to drive. I never said I don't want to drive. The issue here is if I was to live downtown, it SHOULD highly minimize the number of times I NEED to drive. (At a competitive price), I really shouldn't need to drive to buy a big bag of diapers. I really shouldn't need to drive to buy a big bag of potatoes. I really shouldn't need to drive (YES to buy some socks). I really shouldn't need to drive to get a Chalupa/Gordita at 2:00AM in the morning.

What's the sense of living downtown, if you have to drive anyway? When I lived in NY, I didn't NEED a car.

Again, if public transportation was better, and if we get rid of all the crazy people downtown it would attract more people. Then, and only then would I see a price premium justified in downtown Omaha.

My 2 cents. I'm not here to bash anyone who lives downtown. That wouldn't make any sense since I want to be there.

thenewguy · Post by **thenewguy** » Thu Oct 25, 2007 12:34 am

Not at all, DTO. I am just curious, that's all. I know that there are options down there, but it's just something a lot of people ask...i think it would be a good addition, though, just because there are some things that people may be able to get at a mainstream chain that may not be available elsewhere. The super mega hy-vee by the mall of the bluffs carries a lot of cheeses, fine wines, stuffed chicken breasts, hard-to-find organic vegetables, etc, that many people that live in suburbs, or just off downtown, might look for. I haven't been in cubbies or patricks ("no duh" to the second one), so i don't honestly know if they carry stuff like that (do they?) I will say, however, that a lot of the grocers like the aforementioned 2, offer a lot of things the big guys don't: know-you-by-name service, hand cut meat, etc, plus a lot of other niche items mainstream grocery doesn't carry. I'm just an impartial observer, on a quest for answers, haha.