This morning I saw a great article in the Des Moines Register about how developers are trying to get more creative due to the downturn in the housing market due to the current subprime credit mess and our current poor economy.

In the last two years over 1,000 new condo units have been built with only about 700 of them being occupied. So how do the get the other 300+ occupied? Sales have been slow recently.

The new tactic is offering lease-to-own programs, at least that’s what the developer is going to offer at 111 City Lofts according to the article. It seems that rental market downtown is pretty hot. Apartments at the Hubbell Tower at 904 Walnut St. and the East Village Square at East Fourth and Grand were rented quickly.

This has even affected the building I purchased in. The Liberty Condo project had planned to convert eight to 10 stories of the 12-story Liberty Building into 46 residential condominium units. Now, it is keeping two-thirds of the building as office space for lease. Currently there are only 7 units sold out of the 17 that have been finished, only floors 9, 10 and 11.

 
Here’s a link to the full article at the Des Moines Register’s website.

Also here’s a sample of recent home sales in DES MOINES, IA (zip code 50309):

• 120 SW 5TH ST 701: $332,000 on 2008-06-23 (COOP OR CONDO)
• 615 PARK ST 1505: $155,000 on 2008-06-12 (COOP OR CONDO)
• 300 WALNUT ST 69: $146,500 on 2008-06-05 (COOP OR CONDO)
• 300 WALNUT ST 1010: $270,000 on 2008-05-29 (COOP OR CONDO)
• 300 WALNUT ST 1010: $270,000 on 2008-05-29 (COOP OR CONDO)
• 300 WALNUT ST 1010: $270,000 on 2008-05-29 (COOP OR CONDO)
• 615 PARK ST 1003: $123,000 on 2008-05-20 (COOP OR CONDO)
• 615 PARK ST 1006: $153,000 on 2008-05-12 (COOP OR CONDO)
• 525 E 9TH ST: $450,000 on 2008-05-02 (TYPE UNKNOWN)
• 507 E LOCUST ST 305E: $97,000 on 2008-05-01 (COOP OR CONDO)

closeAuthor: MulderDSM Name: Larry Bradshaw
Email: admin@livingdowntowndesmoines.com
Site: http://www.larrybradshaw.net
About: Please see www.larrybradshaw.netSee Authors Posts (383)

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