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Quality Hill going “condo”

Several of Downtown Kansas City’s historic apartment buildings are being converted into condominiums in the Quality Hill neighborhood (above).  Sales velocity has been high since the condominium units hit the market last year, and recent sales have been strong during the last weeks of the federal government’s home buyer tax-credit program. The buildings – La Homa, the Case and Nelle Peters – have 17 units left out of 73. “The last couple of months have been crazy,” says Christina Boveri (below) of the Boveri Realty Group (above), which is now marketing the buildings. “Everyone’s trying to beat the deadline of the (first-time buyer) tax credits,” which is the end of April for deals under contract.

The three buildings are part of the portfolio of Kansas City-based CRES Management LLC, which in early 2008 purchased 21 buildings in Quality Hill from the neighborhood’s original developer, McCormack Baron Salazar. Since then, CRES has been updating several of the buildings with, among other things, new hardwood floors, walk-in showers and stainless steel kitchen appliances.  (see  below).

The exterior renovations include new roofs, siding and paint. The La Homa, Case and Nelle Peters condos are all priced to attract the first-time buyer. The La Homa, a 3-story brick building on 11^th Street, and the Case, a row of 2-story townhomes on 10^th Street, both offer 2-bedroom units starting in the $220,000s, and they are approved for FHA financing.  Nelle Peters, across Washington Street from the Quality Hill YMCA, offers 1-bedroom units as low as $115,000 as is, or $145,000 with renovations.  All three buildings also allow access to the neighborhood’s swimming pool, and their homeowners association provides snow removal and security patrols. Recent buyers have predominantly been younger, single professionals who work downtown. What attracts them, according to Boveri, is Quality Hill’s charm and location. There aren’t many other opportunities to own a newly redecorated condominium inside the downtown loop, within a few blocks of the Power & Light District. “The neighborhood is probably the biggest draw,” Boveri says. “The streets are tree-lined. It’s very walkable, and it’s historic.”

9525 Manor 1 :   Suzanne Roberts and Linda Jackson (Linda Jackson is the agent)

9525 Manor 2:    Donna Toma, Cathy Verschelden, Linda Jackson

9525 Manor 3:    Donna Martin, Genie Ullom

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Good Stats! Through the first two months of 2010, residential building permits in metro KC are up 32% over the same period in 2009. Here are the top gainers among area cities so far this year:  Olathe: +20 units, +77%;  Overland Park: +19 units, +238%; Lee’s Summit: +19 units, +475%; Independence: +11 units, +1000%.; Lenexa: +6 units, +600%; Parkville: +6 units, +1000%.

This entry was posted on Wednesday, April 14th, 2010 at 4:38 pm and is filed under Kansas City Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.