January 10th, 2008 10:46 PM by AJ Gentry
"The developer of One Park Place, the high-end but slow-selling condo conversion of the historic BMA Tower, has restructured its financing and slashed prices on 12 of its units." That's longhand for the developer's loan is due and they need cashflow so they've knocked $50K to $100K a dozen condos. That's of course easier to do when the average sales price is $685,000, nevertheless, I feel their pain.
I've always applauded developers that deliver affordable product to Kansas City's condo marketplace and watched apprehensively while others continued to peddle the ultra glam, celebrity income necessary condo goods. Yes, Kansas City is on the loft map as evidenced by its recent inclusion in Lofts magazine, but how many half million and up penthouses do we need (can we sell?) -- soft or firm market?