The Kansas City Real Estate market suffers from lack of single family attached and detached real estate investment. In contrast, the Chicago RE market has had the benefit of 50 years of affordable housing via the development of condominium and diminimus PUD projects.
EXAMPLE: Pulte Development has had a successful participation in the Chicago real estate market. Opposed to Pulte vacating the Kansas City market in the past decade. Why?
They could not sell their product in Kansas City that had been very successful in other markets. Developers in KC have found that the public does not have the qualifications to buy. The KC market is designed for the deep pocket market.
Very hard to find an attached single family property that was built in the past 5 years. Forcing out the buyer with limited resources.
Condominium developments would give first time home-buyers a chance to get a leg-up in their pursuit of financial independence due to spreading the cost of development over a broader base. For some reason, no developer pursues this process in KC (ie. Pulte gave it up and sold out to local builders.).
Result, more large apartment development. Great for Wall Street, but not for the homeowner.
That is my assessment of residential real estate in KC. Let me know if you have a different perspective.
Comments(1)