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Real estate site LeasingKC.com is experiencing a boom in business, with traffic numbers to the site are nearing 10,000 visits a month and an impressive one in five users ends up contacting a property directly through the site. The site has three owners, all of whom are Kansas City natives. Realizing a gap in the local rental real estate market, In late 2012 the three got together and decided there was a great opportunity in Kansas City to start a leasing company that focuses on technology and customer service.
Since it’s inception, LeasingKC.com has since become a popular search engine for renters who want to find the perfect apartment, condo, duplex, townhome or home in the Kansas City area.
The website is 100 percent mobile friendly from any device, making it an ideal tool for people on the go, including realtors themselves.
LeasingKC.com has certainly made moving to Kansas City easier for those who are interested. Every listing has a video tour of the property and/or floor plans that gives prospective renters an accurate depiction of the space in which they might be living. This allows renters to save time by being able to virtually tour properties from their computers, tablets or mobile devices and shorten their lists of properties they would like to pursue in person.

Good news for homeowners who have been underwater on their mortgages since the housing crisis: average sales prices are up for both new and existing homes in the Kansas City area. The average sales price of a new home in the area was $363,499 last month, 6 percent above May 2013, and the average existing home price was $183,121, 3 percent above a year ago, according to the Kansas City Regional Association of Realtors.

But the prices aren’t the only thing proving that Kansas City is a seller’s market lately—the inventory in the area has dipped again, making available homes even harder for prospective buyers to snag. There were 2,863 existing homes sold last month, 1 percent ahead of last year. Sales of new homes were up 1 percent too, with 272 sold. The inventory of existing homes dipped to 11,465 in May, down 3 percent from a year ago. A flurry of new Kansas City home construction, however, increased that supply to 1,337, 32 percent more than May 2013.

Current supply shows there is about a 5.3 month worth of inventory available for interested buyers in the Kansas City area in terms of existing homes, and new

When it comes to areas of growth in Kansas City’s real estate market, the commercial real estate market has expanded exponentially in popularity. Commercial real estate business in Kansas City is definitely improving. One reason is the health of the auto suppliers here. Auto suppliers have rented more than 3 million square feet of space in the last 24 months. New spec buildings are being built and leasing out space to companies, with big scale workplaces like the General Services Administration and the U.S. Department of Agriculture, as well as the USDA Animal and Plant Health Inspection Service. These companies and the auto industry have kept activity high within the Kansas City commercial real estate market.

But those aren’t the only companies seeing growth and success. Retail is seeing some good redevelopment taking place. The new IKEA store in Merriam is under construction now, which is a large absorption of retail commercial space. Offices in the area are also a popular market, as the existing availability is not enough to meet the needs of prospective business tenants, and as companies expand, the job market will strengthen as well. As employment strengthens, the community as a whole will continue to flourish.

If you’ve ever bemoaned the lack of available housing in downtown Kansas City, rest assured, changes are coming soon. Kansas City’s downtown riverfront is poised to welcome its first private project, a $65 million apartment development that would be the first fruit of a revitalization effort stretching back over 30 years. The luxury apartment sector will be expanding in the area as a developer is planning a 398-unit luxury apartment complex and retail space. The project speaks to the young professionals in the area and others looking to live within the downtown sector and utilize the area’s amenities, from shopping to dining and more.

This is definitely exciting news for the Kansas City apartments market. The development is not just about the building, however, as developers have planned large lots of green space around the area as well. Amenities of the complex will include a pool, sundeck, skybar, and fitness club. If all goes according to plan — some financial details still need to be resolved — the four-story apartment project, which includes 12,000 square-feet of retail and surface parking for 400 cars, could begin construction by this fall with completion by early 2016.

Additionally, there will be some city engineering in the neighborhood to clean up the streets, upgrade utilities and sewage services, and focus on transforming the neighborhood into more of an urban village filled with residential, retail and office space.

Good news for people looking to sell their Kansas City homes — prices are going up! According to the Kansas City Regional Association of Realtors, home prices in metro Kansas City were up in April compared with a year ago, and the supply of new homes was 30 percent greater than in April 2013. The average price of an existing home was 13.8 percent higher than in April 2013, with a recorded amount of $175,799 as the average sale, and the average for new homes is up 4 percent to $348,124.

But that’s not all. With sales rising slightly over last year, the lack of available inventory has spiked another trend, and builders are increasing the inventory of new homes. In April, 1,352 new homes were listed in the area market, up 30 percent from the same month a year ago. The existing home inventory was down 1 percent, with 11,221 listed. Currently in Kansas City, there is about a 5 month supply of existing homes available on the market, and a 6.4 month supply of new homes for prospective buyers. The new homes market is balanced for buyers and sellers, but the existing homes are slightly in the favor of the sellers.

Thinking of moving to Kansas City? Act quick, as the most affordable homes are the existing properties, and they are quickly running out of available inventory in the local market.

As the downtown YMCA continues to search for new potential venues, the Lyric Theatre has recently been suggested as a place for the proposed downtown gym to call home. The Lyric Theatre has been vacant since the symphony and opera left in 2011, and the owner of the building has expressed interested in housing the YMCA and has encouraged a renovation project for the iconic and historic building, which would help raise the face of the Kansas City commercial real estate market in the downtown region.

The supporters of a new YMCA have previously focused on a site located at 10th Street and Grand Boulevard, but now they are exploring other options that would cut costs such as the estimated $9 million parking garage the initial site would require. Fundraising has been a vital effort for the project as well, with the major hurdle surfacing with the garage, since people aren’t very inclined to have a parking garage named after them.

Aside from the 100,000 square foot gym, the YMCA will have a healthy living center where downtown companies can send employees for classes, a day camp for children during the summer, and an early teen and adult education center. Combined with the garage, the project was slated to run about $39 million. By renovating the existing Lyric Theatre, the project should save substantially.

The grassroots initiative Kansas City Startup Village is quickly gaining momentum, and it’s even luring startups from other areas to move in as opposed to typically larger and more populated metros, such as New York City. So what is the Kansas City Startup Village? It is an entrepreneur-led, organic, grassroots initiative helping to bolster the Kansas City entrepreneur and startup ecosystem. The Google Fiber network services the startups and help to grow a concentrated and collaborative community. Eventually, the village hopes to make Kansas City a top startup city in America.

Local, regional, national and startups are encouraged to look to the Kansas City Startup Village. Thanks to the Google Fiber infusion, the Kansas City commercial space benefits from some of the fastest internet speeds in the nation. The village was settled in 2012, and since then, the startup community has grown significantly. Top publications like CNN, The Washington Post, The Wall Street Journal, and Mashable, among others.

The village is located along 45th Avenue and State Line Road, and the growing community is inspiring entrepreneurs near and far to start pursing their business dreams.

Thanks to the continual growth of the global food company Cargill, Inc., there will be about 100 new jobs added to the Lenexa Southlake Technology Park. The food distributor recently signed a lease that runs long-term for 25,000 square feet of space in the Waterside I Building. While this is great news for the Lenexa commercial real estate and job market, though this isn’t the only growth for the company. According to reports, the Minnesota-based company is also setting up new operations in Costa Rica, too. The Southlake Technology Park was recently acquired by Hines Interest LP, which is an international commercial real estate firm based in Houston, Texas. The purchase of 40 Lenexa office and industrial buildings totaled $89 million for the buyers.

Commercial real estate is having a very strong year so far, and it’s a great time to be a property owner and a broker. Employment is strengthening here in Kansas City, consumer confidence is growing, and corporate confidence is high as well.

However, there is more exciting news for the retail and commercial real estate sectors here in Lenexa. Cargill expanded on another side of town, with its updated and bigger lease in the 5200 Metcalf Building, which resulted in the company doubling its occupancy in the building. New Horizons Computer Learning Center recently leased 12,647 square feet of space too, after leaving the Metcalf South Mall and moving over to the College Oaks Office Park in Overland Park.

The real estate market is strengthening in Kansas City, and a recent report shares that the market is going to continue to experience positive growth in the next year. Data compiled by Zillow Real Estate Research showed that the median home value in the metropolitan area reached $144,200 at the end of the first quarter. That means half the values were above that number, and half were below. Home values in the Kansas City area are expected to rise 2 percent over the next year as the market continues to strengthen, Zillow forecasts.

The first quarter number was up 0.1 percent from a year ago, but home values fell 1.2 percent from the fourth quarter last year. While there is certainly growth in sales, the home values still have a ways to go to edge closer back to the peak prices of November 2004. Buying a home in Kansas City is increasingly competitive as prices climb and supply runs out.

Home values nationally are projected to increase 3.3 percent over the next year, based on Zillow’s survey of more than 300 metropolitan areas. Kansas City’s growth is notable despite being predicted to jump at a rate below the national average.

Looking to sell your Kansas City home? Lucky you, your home is likely in demand! Currently, the market in Kansas City is so hot, that real estate agents are advising their clients to move quickly or the houses the want will be gone. So how limited is the inventory available for purchase? At the current sales rate, there was just a 4.8-month supply in March, down from the 7.1-month supply in March 2012. The market for new homes, however, is more balanced, with a 6.3-month supply at the current sales pace compared to 8 months in 2012.

Homes are going so quickly, they are even garnering multiple offers. There were 10,593 existing homes listed in the area in March, down 2 percent from a year ago and almost 19 percent lower compared to March 2012. As a result of that shortage, sales were actually down 9 percent in March over last year, the most recent month statistics are available, according to the Realtors association. If you are interested in buying a home in Kansas City – act quickly and be sure you are pre-approved and ready to make an offer.