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  • Tour Showcases New Downtown Living Save Email Print
    2008 Downtown Living Tour
    Posted: 4:56 PM May 10, 2008
    Last Updated: 10:02 PM May 10, 2008
    Email Address: sixonline@wowt.com

    A | A | A

    There's been a lot going on and going up in downtown Omaha recently, and Saturday prospective buyers took a tour of the new condos and townhouses for sale.

    Housing prices continue to drop around the country, nearly 13 percent nationwide. For the most part, Omaha is the exception. Recent figures show only a two percent dip in sales which may explain why developers are still investing in condos and hoping the young and older empty-nesters will buy.

    “It would be great downtown living, everything is close with a new stadium that's coming down. Wonderful.” Amy and Mike Dugan are seeing what downtown living can provide. "We just like to see the growth of the area,” says Amy. “With us living in midtown, the more that builds up in the downtown area is beneficial to us."

    They love what the high-rise at Riverfront Place offers. "Where it's located right now, heck it could be like Wrigley where you could basically be looking down right into the stadium,” says Mike. “Best seat in the house."

    People got a free tour of what downtown living can provide, showcasing 14 urban properties ranging anywhere from $150,000 to a couple million dollars.

    "What you'll find a lot of in downtown when you're touring the projects is that we definitely sell pretty fabulous homes, but there is a lifestyle element that comes with it as well," says Riverfront Place’s Ben Proctor. "We're gonna provide you great access to the arts the town offers, great dining and a certain sense of progressiveness as well."

    It's those same qualities that attracted the Dugans to a half-million dollar condo. "You have a view of the downtown cityscape and then you can turn around and still have the natural views of the river and the walking bridge."

    "The convenience, I think, I've always loved downtown Omaha, I've lived in Omaha for 25 years and it's always been my favorite part of the city,” says Teri Cunningham-Swanson.

    While the real estate market may remain uncertain, Mike Dugan is certain of one thing. This is the place to be. "I think having a vibrant downtown is essential to a city as it continues to grow. We love being downtown and again where this is located, it's just kind of a happening place right now."

    Home real estate in the metro averages $135,000. As for how long they're on the market, the Omaha Board of Realtors say homes sell within 79 days, 13 days longer than a year ago.

    See the new condominiums, row houses and townhouses in downtown Omaha.

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    Posted by: Redder on May 11, 2008 at 02:02 PM
    Who is purchasing these overpriced units? 1) Realtors marketing the properties who get a discount to buy first to boost the % sold figures for the development and who hope to flip at a profit. 2) Transferees to Omaha from more expensive locations who are mistaken in thinking the units a "bargain." 3) Wealthy weekenders from west of here who like to dine in the Old Market and go back to the ranch during the week. 4) Well-heeled empty-nesters who are downsizing from the 'burbs 5) Double-Income No Kids couples who can afford it 6) Some units are rentals, as the developers are encountering difficulties in selling them. Developers ALWAYS get the breaks over us ordinary citizens, as they, road contractors and the unions contribute the most $$ to local politicians.

    Posted by: Greenie on May 11, 2008 at 01:52 PM
    I support urban infill projects, as they can lead to reduced gasoline bills if people walk to work, shopping, etc. (there are 2 markets, now, downtown!). What is scary is the pricing in Omaha per square foot relative to house prices in Omaha versus other cities and, especially, given the condo vacancy rate (and more capacity coming online every day). Folks who buy in Omaha will pay more in property taxes than in many other places, making downtown Omaha more expensive than many larger cities with more downtown amenities and higher incomes. Simple economics would dictate an impending bust, I am sorry to say.

    Posted by: Lola on May 11, 2008 at 12:56 PM
    To Tim: how do you figure that taxpayers get some sort of "tab" when spec real estate ventures don't pan out? The real estate developers get the "tab," even in TIF situations. Do some research.

    Posted by: To Mary and Tim on May 11, 2008 at 08:32 AM
    I work downtown and I walk along 16th Street and see all the vacant store fronts and empty buildings. If I work on the weekend and walk down the street in the middle of the day, I end up getting hassled all the time by the homeless. And Tim, right or wrong, Fahey sees what has happned to most of the East coast cities and what flight to the suburbs have done to the city cores - no housing, no businesses and no retail, only empty buildings with crime, so I cannot blame him for trying, but building a baseball stadium for use 2 weeks a year is the wrong solution. He needs to be recruiting new employers to Omaha, something Hal did well, and Fahey has done poorly (of course, our ranking as the 6th worst state for taxes does not help).

    Posted by: Bill on May 11, 2008 at 05:49 AM
    Who can afford these condos? Not us. We live comfortably and have very little debt. I imagine everyone has to keep up with the Joneses. More power to you if you can AFFORD a condo without going into so much debt that it will bury you.

    Posted by: County Resident on May 10, 2008 at 10:40 PM
    The inner city coundo market will be overbuilt, just as it has been in other cities. Wthout the tax incentives, a number of these project would never be built. Maybe the Mutual project will make it.

    Posted by: Tim on May 10, 2008 at 09:47 PM
    All of the money seems to be going to downtown Omaha. How about the rest of the town?????? We're putting all the eggs in one basket. Plus, downtown re-development is very highly subsidized. Look at all the congestion and gridlock being CREATED. While downtown gets invested in with mostly speculative building, the libraries, streets and more go to waste. Of course, the real estate people will defend all of this, as they're getting rich on all this. Meanwhile, the taxpayer gets the tab. The average Joe can't even afford a movie.

    Posted by: Mary O. on May 10, 2008 at 09:23 PM
    A lot has improved downtown in the last 15 years, and I'm glad there are people who like downtown condo living; but I'd much rather live at ground level in a quiet neighborhood in the middle of all the major retailers and restaurants; not to mention being closer to friends, doctors, work. Too much traffic, too many people, too much trouble. I'd feel like I was staying in a hotel.

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