What's with JOCO High Priced Housing? (St. Louis, Overland: hardwood floors, for sale, real estate)

[kansaslady]

Granted that the JOCO area is nice - but it is NOT the prime location in the U.S. to live.

Can someone explain why JOCO feels it is necessary to jack up housing prices so much? Even decent rentals are getting out of hand.

In the last 5 years alone, just the price of condos has shot through the roof.

What's up with all of this?

[KsHmLok8r]

Just a thought... It surely is a great place to live and raise a family, and it certianly offers a clean and safe (compared to many US cities) environment, and I think as more people realize that they can have small town feeling and be close to big city living the population is growing. Granted there are many houses for sale in JOCO, there is no denying that JOCO is a sought after community to live in.
In fact, Olathe was rated 32nd as a one of the Fastest Growing Cities on a census report in June 2006 (taken from cnnmoney.com).
Overland Park, Kansas has been widely recognized in recent years:

Expansion Management magazine named the city One of the Best Places to Live and Work in 2005
Money Magazine ranked Overland Park sixth on its annual list of America's Best Places to Live in 2006
The city is one of only 27 cities in the United States to be named a Sterling Tree City USA by the National Arbor Day Foundation
Albeit great news about where we live, it might be to blame for JOCO high housing prices. In comparison to many other cities, we are still comparitively a inexpensive housing market.
-Keri

[kansaslady]

If one compared JOCO's housing prices to CA, then yes, JOCO is lower. This is not Utopia, and the prices are rising too fast. Yes, those who are seeing the value of their home skyrocket and are counting their profits are excited. But in the long range, it is not a good sign.

[midwest456]

I think Kansaslady was asking what changed in the last 5 years to make housing values start accelerating like they did, unless I misread her post. It is a nice area, good schools, low crime, etc but it was like that before 2002.

[kansaslady]

Originally Posted by midwest456

I think Kansaslady was asking what changed in the last 5 years to make housing values start accelerating like they did, unless I misread her post. It is a nice area, good schools, low crime, etc but it was like that before 2002.

Thank you for your considerate posting. Yes, the values that have been mentioned were that way prior to 2002. And you are correct, my question has not been answered.

[whowants2know]

The answer to your question is: Greed! JOCO is not paradise, I wholeheartedly agree. The weather is too hot/humid in the summer and way toooo cold/icy in the winter. Count the number of days during the year that you can actually leave your windows open and let in some fresh air...there are not very many!

If you want to buy a condo in JOCO with a garage, be prepared to pay upwards of 200k++++. And who in their right mind would NOT want to have a garage with the winters we get in KS? Plus the increase in crime....KC loves to steal from JOCO! They think we're all millionaires and our possessions are for their taking.

And why would anyone want to buy anything in tornado alley without a basement?

Cookie cutter homes? That phrase is used often for JOCO, and it is very accurate. Most of the new homes are clones and have no curb appeal.

I have to laugh at all of the new homes in south Overland Park...gee, anyone ever hear of the flood plain? When their homes get flooded, and it will happen...they will be the first ones to whine and cry about their misfortunes.

And the biggest joke about JOCO....the line of demarcation at 103rd. Those living south of 103rd have the audacity to claim they are upper class citizens, and anyone living north of 103rd are trailer trash. OMG!

[GraniteStater]

Yes, the average home value for Johnson County has been going up a lot over the past few years. However, the average median income continues to be well above the national average for the county. Price increases can be supported by the average median income increasing as well as overall demand. Also, specific towns in Johnson County also tend to be much higher priced than other towns. For example the average median house value for Leawood is around $525,000. However, the average house value for Olathe is only around $230,000 and is the average price for all current MLS listings right now. No, Johnson County is not overpriced and their are plently of affordable areas based on overall average income levels. The average home value for the entire US was right around the 225-230K range the last time a story about real estate came out on-line.

Another thing to keep in mind is that YES a lot of the newer homes are cookie cutter like other people have mentioned. The 20-30 year old homes are generally constructed with higher quality materials and construction. The real estate developers want to maximize their profits in some of these new developments by using cheaper materials and cutting corners on some of the details. That is why you see these large cardboard houses for such cheap prices. Also, I know of many established neighborhoods in CENTRAL areas of Overland Park that are really quite nice. Some nice neighborhoods would be Brookridge, Pinehurst, and Oak Park. Many have nice hardwood floors standard when they were built but were covered by carpet by many homeowners!

In conclusion, Johnson County does have higher real estate prices than other counties in the KC metro but it is not that overpriced compared with the national average. For example, $230,000 would not buy you much house at all in most of California, but it might get you a very nice house in Johnson County.

[whowants2know]

JOCO is definitely overpriced! Some posters have compared KS to CA...oh, please, let's not even go there. There is nothing in the entire JOCO area that justifies the ridiculous rapid increase in housing. Only those reaping high profits are the ones who will tell you that JOCO is utopia.

Before anyone goes balistic....JOCO is better than living in the ghetto....but one can always reference a place that is worse. That is not the answer, that is just a lame excuse to pad someone's wallet.

Greed is the cause no matter what anyone else will tell you.

[GraniteStater]

Originally Posted by whowants2know

JOCO is definitely overpriced! Some posters have compared KS to CA...oh, please, let's not even go there. There is nothing in the entire JOCO area that justifies the ridiculous rapid increase in housing. Only those reaping high profits are the ones who will tell you that JOCO is utopia.

Before anyone goes balistic....JOCO is better than living in the ghetto....but one can always reference a place that is worse. That is not the answer, that is just a lame excuse to pad someone's wallet.

Greed is the cause no matter what anyone else will tell you.

JOCO real estate is more expensive because it is a desirable place to live AND work. Money magazine has given high honors to a few of the cities in Johnson County for being some of the best areas in the US to live. I already said that JOCO real estate is more expensive than the rest of the KC metro. However, the average home values in Jackson County Missouri and Wyandotte County Kansas are extremely low compared with the national averages. Other metro areas in the plains and midwest have much higher average home values. For example: the average home values for the Minneapolis/St. Paul metro, Chicago metro, and portions of the St. Louis metro all have higher prices than the KC metro. For people moving into this part of the country from the East or West Coast the prices in the KC metro area will look quite affordable compared with the inflated costal prices.

[GraniteStater]

Here are the median home prices for various Johnson County cities based on current MLS listings. Their is a lot of variety in the cities in towns in Johnson County with a wide range of housing stock at varying price points. To say the entire county is overpriced is very incorrect. Their are many cities in Johnson County with housing values below the national average. This includes smaller towns on the exurban fringe and inner ring suburbs. The highest housing prices are the communities closest to the Missouri state line.
Roeland Park- $157,900 (below the national average)
Edgerton- $159,950 (below the national average)
Mission- $164,950 (below the national average)
Merriam- $165,000 (below the national average)
Westwood- $174,950 (below the national average)
Gardner- $185,000 (below the national average)
Prairie Village- $209,950 (below the national average)
Spring Hill- $216,600 (below the national average)
Olathe- $232,950 (near the national average)
De Soto- $245,000 (above the national average)
Shawnee- $259,950 (above the national average)
Overland Park- $279,916 (above the national average)
Lenexa- $315,950 (above the national average)
Fairway- $319,900 (above the national average)
Leawood- $525,000 (above the national average)
Mission Woods- $779,000 (above the national average)
Mission Hills- $849,000 (above the national average)