KC Condo Tracker

As the old saying goes, when you're handed lemons, make lemonaide. That's just what the recession is doing for the real estate market for buyers. The National Association of Realtor's Housing Affordabiilty Index is at an all time high since the index was created in 1971.  What does that mean? Declining home prices combined with low mortgage rates make it the most affordable time to purchase real estate if you have the means to pass stringent underwriting standards. Drink up.

Just 18 months ago, you'd be hard pressed to find a condo owner that would entertain a lease purchase arrangement. Now 40% of condo owners and developers in Kansas City have condos in ownership buildings for rent.

So if you've been thinking about moving from the suburbs into the city, why not rent a condo if you're on the fence about owning. That way you can see if you love the lifestyle, arts, walking, energy and entertainment.

Condo rentals general aren't inexpensive though. Most owners are trying to cover their mortgage payments and some of the home owner's expenses.

Want a two bedroom condo for rent? I have a penthouse at The Vista in KCK for $1250 a month and a luxury furnished apartment in The Hemingway for $2000 per month. I also have a 2 bd/2bth on the fourth floor at the Metropolitan downtown for $1450 a month.

Want a one bedroom condo for rent? Ask me about my furnished 800 s/f unit on the 7th floor of The Hemingway for $1100 a month.

There won't be any P&L condos in the P&L District. The former developer, Steve Brettell, couldn't make the numbers work in this economy. However, Ron Jury, who redeveloped the historic President Hotel four years ago, wants to buy the building and rennovate it into a 1017-room hotel. Jury says, "It's time to restore a historic icon that's veen sitting there underutilized for 20 years."

The price tag is estimated at $350 million. The Kansas City council is reviewing it along with a proposal that calls for a 1000-room convention headquarters hotel by 2013.