investing in the downtown condo market?

swiskus · Post by **swiskus** » Sun Feb 22, 2009 4:31 pm

If you guys saw this post over on city-data.com, you can disregard it...

I'm considering a move from out of state to downtown Omaha. I'm originally from the area and visit my family here frequently, so I've got a good handle on what the city has to offer.

For years, I've thought about moving back to the Dundee area, but lately have been considering a condo downtown (most likely in The Paxton at 14th & Farnam) as it's more suited to my lifestyle as a young professional.

I'd be curious to hear everyone's thoughts on whether or not this will be a good investment. I'm inclined to think that it will be, considering all of the effort that's going into developing Omaha's downtown (North Downtown, the Baseball stadium, etc.).

At the same time, I've not lived in the area for quite awhile and I may be missing something. It also seems like there are a ton of condos springing up lately. I'm no real estate expert, but I'm wondering if the downtown condo market could become over-saturated. If it does, will that cause the value of the condo I might purchase to tank?

What does everyone think?

StreetsOfOmaha · Post by **StreetsOfOmaha** » Sun Feb 22, 2009 5:04 pm

Do it!

It will probably be one of the most rewarding decisions of your life.

It's certainly not the time to be flipping real estate, but if you're really planning on moving to Downtown and living there for a significant/long-term period, GO FOR IT. You won't regret it.

What area of work are you in?

adam186 · Post by **adam186** » Sun Feb 22, 2009 5:23 pm

If you need a real estate agent that specializes in condos, I can help you out. If you are in town sometime I can show you some properties and answer your questions.

windsor · Post by **windsor** » Sun Feb 22, 2009 5:27 pm

The Paxton is a beautiful property, however it is not urban/loft enough for me.

Good luck on you upcoming move.

swiskus · Post by **swiskus** » Sun Feb 22, 2009 8:39 pm

StreetsOfOmaha wrote:Do it!

It will probably be one of the most rewarding decisions of your life.

It's certainly not the time to be flipping real estate, but if you're really planning on moving to Downtown and living there for a significant/long-term period, GO FOR IT. You won't regret it.

What area of work are you in?

I'm a principal partner in a marketing firm with primarily nonprofit and political clients...

swiskus · Post by **swiskus** » Mon Feb 23, 2009 12:30 pm

For those that have recently moved to a downtown condo, were there any difficult adjustments? I'm excited about all of the upsides... living in more of an urban environment, proximity to everything downtown has to offer, not having to worry about a yard, etc. I'm wondering what the negatives might be (if any)...

Big E · Post by **Big E** » Mon Feb 23, 2009 12:50 pm

Negatives:

1) There is really no major retail downtown. This is the only thing I really hate about downtown Omaha. Hopefully it is resolved on the next economic upswing. But, what most people like to bemoan as "every day items" are things you go to Target or a department store once every 90 days for, so it really isn't THAT big of a deal.
2) Next to zero public transit. The buses here are literally a joke.
3) Unless you're in a two block radius of 11th and Howard, you're taking your life in your hands crossing a street on foot. People here simply do NOT look for pedestrians - and some major pedestrian intersections are not even remotely pedestrian friendly (ie, the corner of 11th & Suicide Lane... er, Harney.)

Are you moving from another downtown or from other 'burbs to downtown Omaha?

swiskus · Post by **swiskus** » Mon Feb 23, 2009 1:05 pm

I'm considering moving from a Dundee-like neighborhood in Springfield, Missouri.

justnick · Post by **justnick** » Mon Feb 23, 2009 1:15 pm

Big E wrote: 3) Unless you're in a two block radius of 11th and Howard, you're taking your life in your hands crossing a street on foot. People here simply do NOT look for pedestrians - and some major pedestrian intersections are not even remotely pedestrian friendly (ie, the corner of 11th & Suicide Lane... er, Harney.)

I think that's half the fun.

ShawJ · Post by **ShawJ** » Mon Feb 23, 2009 1:17 pm

Will you buy a place at Wallstreet Tower? We would all love you...

DTO Luv · Post by **DTO Luv** » Mon Feb 23, 2009 2:51 pm

Big E wrote:Negatives:

1) There is really no major retail downtown. This is the only thing I really hate about downtown Omaha. Hopefully it is resolved on the next economic upswing. But, what most people like to bemoan as "every day items" are things you go to Target or a department store once every 90 days for, so it really isn't THAT big of a deal.
2) Next to zero public transit. The buses here are literally a joke.
3) Unless you're in a two block radius of 11th and Howard, you're taking your life in your hands crossing a street on foot. People here simply do NOT look for pedestrians - and some major pedestrian intersections are not even remotely pedestrian friendly (ie, the corner of 11th & Suicide Lane... er, Harney.)

I would agree with most things you've said but I'd argue your 3rd point. I walk every and haven't had a car for 2 years and most the of pedestrian vs autos problems I see ARE closest to 11th and Howard.

I can't complain about living DT other than the every day shopping of a Target or similar store. Most of my complaints are about things don't don't directly affect me.

Big E · Post by **Big E** » Mon Feb 23, 2009 3:26 pm

DTO Luv wrote:I walk every and haven't had a car for 2 years and most the of pedestrian vs autos problems I see ARE closest to 11th and Howard.

Such as drunken drag queens screaming at liberal heathens while hanging out of car windows...

DTO Luv · Post by **DTO Luv** » Mon Feb 23, 2009 3:28 pm

You do know you'll burn in h*ll you liberal and you should be happy that someone loves you enough to hang out of a passing car and tell you about it.

justnick · Post by **justnick** » Mon Feb 23, 2009 3:30 pm

Big E wrote:
DTO Luv wrote:I walk every and haven't had a car for 2 years and most the of pedestrian vs autos problems I see ARE closest to 11th and Howard.
Such as drunken drag queens screaming at liberal heathens while hanging out of car windows...

Be good, or you'll get deleted.

Big E · Post by **Big E** » Mon Feb 23, 2009 4:40 pm

justnick wrote:Be good, or you'll get deleted.

No pictures. That's the only time it is offensive, apparently.

Oh, wait:

Can you believe I even found one from a church?

windsor · Post by **windsor** » Tue Feb 24, 2009 9:39 am

Big E wrote:1) There is really no major retail downtown. This is the only thing I really hate about downtown Omaha. Hopefully it is resolved on the next economic upswing. But, what most people like to bemoan as "every day items" are things you go to Target or a department store once every 90 days for, so it really isn't THAT big of a deal.
2) Next to zero public transit. The buses here are literally a joke.

1)I agree with the retail problem. I hear people talking about retail coming to Midtown Crossing. That will be closer to downtown than the current options, however I think that option is still not ideal for people downtown, you can't feasibly walk to midtown crossing and buy a load of supplies and walk back downtown. Downtown needs their own retail too.
2)Did MAT do away with their downtown circle routes with the retro buses?

DTO Luv · Post by **DTO Luv** » Tue Feb 24, 2009 9:46 am

From DT to MTC isn't a bad walk. I used to walk it everyday when I worked at Mutual. That's why I like where I'm at. I'm right in the middle of both areas.

windsor · Post by **windsor** » Tue Feb 24, 2009 10:02 am

Its not the distance I would worry about. Its the time it takes. If you want a truly vibrant downtown, you need more than a small market downtown, you need some serious retail, places where you can pick up housewares, clothing, a new tire for you bicycle.

DTO Luv · Post by **DTO Luv** » Tue Feb 24, 2009 10:15 am

From my house to work/OM is a leisurely 15 min or less walk. 10 if I haul |expletive|. It's the same to Mutual. From my house to the bridge is about a 20 minute walk. Until the streecars is up and running a bike would make things a lot more in reach.

windsor · Post by **windsor** » Tue Feb 24, 2009 10:26 am

That seems odd, where do you live?

DTO Luv · Post by **DTO Luv** » Tue Feb 24, 2009 10:37 am

Look under my name.

windsor · Post by **windsor** » Tue Feb 24, 2009 10:42 am

That makes more sense, your not in the heart of downtown. You are closer to Midtown crossing than a lot of people downtown. But back to the topic, Omaha really needs some retail in downtown.

DTO Luv · Post by **DTO Luv** » Tue Feb 24, 2009 10:45 am

windsor wrote:That makes more sense, your not in the heart of downtown. You are closer to Midtown crossing than a lot of people downtown. But back to the topic, Omaha really needs some retail in downtown.

I hate getting lumped into Midtown. I'm a heck of a lot closer to the CBD than Mutual. But yes DT does need more retail.

windsor · Post by **windsor** » Tue Feb 24, 2009 10:55 am

DTO Luv wrote:
windsor wrote:That makes more sense, your not in the heart of downtown. You are closer to Midtown crossing than a lot of people downtown. But back to the topic, Omaha really needs some retail in downtown.
I hate getting lumped into Midtown. I'm a heck of a lot closer to the CBD than Mutual. But yes DT does need more retail.

I didn't lump you in, I just said you are closer than the average downtown resident.

DTO Luv · Post by **DTO Luv** » Tue Feb 24, 2009 10:58 am

Not you per se but we get lumped in with Destination MT all the time and I don't see how.

thenewguy · Post by **thenewguy** » Tue Feb 24, 2009 10:37 pm

it's because you don't live in first national or something...you're on the outskirts, hence midtown. Wait, what am i thinking? That's damn near suburb.

Bosco55David · Post by **Bosco55David** » Tue Feb 24, 2009 11:25 pm

thenewguy wrote:That's darn near suburb.

*takes cover*

thenewguy · Post by **thenewguy** » Tue Feb 24, 2009 11:34 pm

ah, he know's i'm being sarcastic.

DTO Luv · Post by **DTO Luv** » Tue Feb 24, 2009 11:49 pm

That's what you think. Where do you sleep again?

thenewguy · Post by **thenewguy** » Tue Feb 24, 2009 11:58 pm

on a bench near the rorick.

justnick · Post by **justnick** » Wed Feb 25, 2009 9:01 am

thenewguy wrote:on a bench near the rorick.

GLAM!

RegisResident · Post by **RegisResident** » Wed Feb 25, 2009 10:25 pm

I love living downtown- I moved down here in 2004 when they converted the Regis to condos after living in West O for a short 8 months. Over the past 5 years the downtown area has really grown- when I first moved into my place I would look out my windows and see the boarded up Paxton, 1415 Harney looked like it was going to fall over, Jazz was a sketchy night club, etc. In 5 short years we have slowly expanded outside of the Old Market- the Paxton has some awesome condos, we have several very nice restaurants, we have a starbucks, and 1415 Harney just got remodeled not to mention the other development that has occurred. As one of my neighbors said... we might have to drive to the grocery store once a week but for almost everything else we can walk. Now with Patrick's, we at least have a place downtown where we can pick up some groceries if we don't want to drive to Baker's.

Downtown is a great place- I would highly recommend living down here.