1600 Farnam

ItsAllAboutMe · Post by **ItsAllAboutMe** » Mon Feb 28, 2005 9:00 am

Current renters have been informed that the building is going condo. Â They will be allowed to stay through the end of their leases. Â Those currently living there will be givin incentives should they like to buy a condo in the building. Â (closing cost paid..etc..)

Big E · Post by **Big E** » Mon Feb 28, 2005 9:42 am

any more info available? number, size, cost of units? est. completion date?

Anything?!?!?

-Big E

StreetsOfOmaha · Post by **StreetsOfOmaha** » Mon Feb 28, 2005 12:12 pm

I'm assuming the units will remain virtually the same...they will just be owned in stead of rented. Anyway, I hope these are affordable.

jsheets · Post by **jsheets** » Mon Feb 28, 2005 1:12 pm

I just confirmed this with a friend of mine who lives in the building. He has heard the units will be going for around $150,000. This is more affordable than other condos downtown, but they are also a little farther from the old market.

j4nu · Post by **j4nu** » Mon Feb 28, 2005 2:24 pm

I had a freind who lived in a one bedroom unit in the building a couple years back and it was fairly small but nice. They didn't have in unit washers and dryer though I don't believe. The ceilings were tall and the finished weren't too bad from what I remember. Does anyone know if there are larger two bedroom or more units in the building. Another positive is the attached parking garage.

DTO Luv · Post by **DTO Luv** » Mon Feb 28, 2005 3:48 pm

Well at least they will be more affordable. I'm not real thrilled about it being condos but that's the "in" thing right now. I wonder if the Orpheum will do the same?

RevitalizeOmaha · Post by **RevitalizeOmaha** » Mon Feb 28, 2005 4:21 pm

All of the marketing material will be in place and a sales office and 2 models will be available for viewing by mid-April. If you would like to be contacted when sales begin please e-mail me at tasha@UrbanOmaha.com.

eomaha · Post by **eomaha** » Mon Feb 28, 2005 6:28 pm

Tasha... what are you guys doing with these units (the Hill, 1600 Farnam, Regis, etc)... to prepare them for 'life as a condominium' ? We're so used to seeing projects like Paxton, Beebe & Runyan, etc... go through substantial renovations, takings months... if not years. Are the buildings you're representing nearly ready for market before you get to them? Or is alot being done to bring them up to a level commensurate with their respective sales prices?

StreetsOfOmaha · Post by **StreetsOfOmaha** » Mon Feb 28, 2005 10:17 pm

Considering that they're going to be offering models, I would assume that they'll be "updating" the units a bit as far as kitchen amenities and quality of fixtures, etc. But hopefully Tasha can answer those questions for us.

I think it's great that so many new and converted condos are appearing downtown. The more PERMANENT residents downtown, the better. It helps give downtown the appeal of having neighborhoods and of being a stable place to live, not solely for "transient" people, who will only stay for a few years at the most. Of course there will always be a market for that, but it's nice that we're getting diverse options.

RevitalizeOmaha · Post by **RevitalizeOmaha** » Mon Feb 28, 2005 10:37 pm

New construction is a lot more time consuming than a conversion from apartment to condo. That is why you see it taking months and years for some of the projects. The apartment buildings we are converting are essentially ready to go except for some cosmetic changes.

I will be able to offer more details to everyone at a later date. Right now our first concern is to make sure all of the tenants understand everything that is going on before the rest of Omaha does.

AZCorey · Post by **AZCorey** » Tue Mar 01, 2005 2:04 pm

I think the condo thing is great....but I wonder what is happening to rentals? Hopefully there will be some apartment complexes either built or converted as well....certainly there have to still be many who just want to rent??

DTO Luv · Post by **DTO Luv** » Tue Mar 01, 2005 4:38 pm

I'd hate to see to many people get priced out of DT. Even if they are more affordable not everyone can get a condo. People around my age who want to live DT need to be able to find nice apartments. We're not going to live their forever but we need more younger people down there. Do you really want the area full of old West O empty Nesters? Not everyone will be like that but I still want to see residences DT in all price ranges.

OmahaDevelopmentMan · Post by **OmahaDevelopmentMan** » Tue Mar 01, 2005 6:03 pm

Aren't there office suites in 1600 Farnam too? What would happen to those.

Big E · Post by **Big E** » Wed Mar 02, 2005 9:19 pm

From the OWH:

http://www.omaha.com/index.php?u_pg=46&u_sid=1350297

GoWest · Post by **GoWest** » Wed Mar 02, 2005 10:52 pm

It looks like some of them are priced fairly reasonably. I think this will be a great asset downtown for the younger crowd.

Big E · Post by **Big E** » Thu Mar 03, 2005 9:00 am

Yeah. At $60K-$200K, I might be scooping one up as an investment.

-Big E

DTO Luv · Post by **DTO Luv** » Thu Mar 03, 2005 2:54 pm

That's not bad at all. Maybe I could even get one. The OWH could have had a better view in the paper. Everyone has seen the Mall, not averyone has seen what the buildings look like from another building though.

Post by **Coyote** » Fri Apr 01, 2005 6:14 pm

OWH wrote: 6 Farnam 1600 building tenants fight condo switch

Six tenants of downtown's Farnam 1600 building won a temporary restraining order Friday preventing the owners from proceeding with plans to convert 81 units to condominiums.

A hearing will be held, probably next week, to consider a temporary injunction.

That effort will be fought, said Larry Jobeun, the Omaha attorney representing the building owner, a Minnesota corporation.

The company's real estate agents notified tenants about a month ago about opportunities to buy their units, setting off complaints about the prices, from $60,000 to more than $200,000.

Roger Holthaus, an attorney with an office and a residence in the building at 16th and Farnam Streets, filed on behalf of six residents.

He said residents were given an April 3 deadline for entering into contracts but have yet to see a public offering statement.

The statement, he said, is all residents will have to rely on because Nebraska's "outdated" condo conversion law doesn't provide for independent inspections.

Jobeun said the statement is still being prepared and, by law, residents will have 60 days after receiving the statement before their unit can be offered to anyone else. All leases, he added, are being honored. Jobeun said the April 3 date referred only to the time to take advantage of discount prices.

"We fully intend to comply with the law," he said

DTO Luv · Post by **DTO Luv** » Fri Apr 01, 2005 6:22 pm

I hope they win.

OhioStreetKid · Post by **OhioStreetKid** » Fri Apr 01, 2005 6:38 pm

Could you please not be so specific next time.

Post by **Coyote** » Fri Apr 01, 2005 6:43 pm

DTO Luv wrote:I hope they win.

Given DTO's previous rants concerning more apartments DT - I think he hopes that 1600 remains apartments.

DTO Luv · Post by **DTO Luv** » Fri Apr 01, 2005 7:17 pm

1 point for Coyote.

GoWest · Post by **GoWest** » Sat Apr 02, 2005 8:48 pm

I hope these do go condo as planned. These are by far the most affordable condos that have been announced downtown. These will help diversify the condo market as opposed to all high end condos. There are other apartments downtown for rent.

DTO Luv · Post by **DTO Luv** » Sun Apr 03, 2005 9:37 pm

Yes there are other apts DT but not all of them should turn condo even though the money is tempting. Plus if everyone keeps converting it'll be that much longer we have to wait before we see new construction.

RevitalizeOmaha · Post by **RevitalizeOmaha** » Mon Apr 04, 2005 12:04 pm

Farnam 1600 will be turned condo regardless of this temporary restraining order. These are people who are being misled by a lawyer that is using this issue to get more exposure for himself. If the government has the authority to stop anyone from selling their property then we have a lot more to worry about than how many apartment buildings there are downtown.

RevitalizeOmaha · Post by **RevitalizeOmaha** » Thu Apr 07, 2005 9:17 pm

OWH Article:

JUDGE CLEARS FARNAM 1600 FOR CONDOS

Owners of downtown's Farnam 1600 building can proceed with plans to convert 81 units into condominiums, a Douglas County District Court judge ruled Thursday.

Judge James Gleason said that based on the "paucity" of evidence presented that residents would suffer harm, he could not order a preliminary injunction.

He lifted the temporary restraining order won Friday by six tenants.

Thursday's hearing focused on tenants' motions for a preliminary injunction and to allow them to hire an independent inspector.

Roger Holthaus, the tenants' attorney, said they were given an April 3 deadline for entering purchase contracts, but have yet to see a public offering statement on the building's condition.

That statement, he said, will include results of inspectors hired by the owners, and tenants want an independent inspection.

Greg Scaglione, an attorney representing the owners, said residents are free to have inspections of their individual units and to negotiate as part of a contract further inspections.

He said the owners are doing what state law requires and were "very ambitious" in their efforts over the past month to gather expert information for the public offering statement.

"We are holding none of the tenants to the April 3 deadline," he said.

The company's real estate agents notified tenants about a month ago about opportunities to buy their units, prompting complaints about the prices, from $60,000 to more than $200,000. The agents said all leases would be honored. They set an April 3 deadline for taking advantage of discount prices.

Brian Pellowski, who represented the owners, said after the hearing that phase one of the inspections had revealed no issues with radon, asbestos or lead-based paint. Owners are awaiting another report before compiling the public offering statement, he said.

Holthaus, who has a residence and law office in the building, and some other tenants expressed disappointment with the court ruling and a desire for better communication.

Pete Wetzel said the hearing was the first time he heard that the April 3 deadline was waived.

"A lot of people refer to apartments or condos," he said. "We refer to them as our homes."

DTO Luv · Post by **DTO Luv** » Thu Apr 07, 2005 9:28 pm

Damn, kind of.

RevitalizeOmaha · Post by **RevitalizeOmaha** » Mon Apr 18, 2005 10:43 am

Farnam 1600 sales started this weekend and within 3 days about 20% of the units are sold or reserved.

almighty_tuna · Post by **almighty_tuna** » Mon Apr 18, 2005 11:14 am

That's great!

aj4andy · Post by **aj4andy** » Tue Jun 19, 2007 5:07 pm

I am considering a unit there on one of the top 2 floors, facing west (above the Regis though). Â What are your thoughts on this building, location, price range, etc. Â I really dislike the street hoodlums and bums out front but like the units. Â I would likely be there for 2 yrs minimum and maybe more. Â I work out near Regency. Â Am I making a mistake by getting something in Farnam given my job and uncertainty with time commitment? Â I am just concerned I might struggle selling something like this in this building in the short term if I had to??

This decision is driving me crazy!

Post by **Brad** » Tue Jun 19, 2007 5:12 pm

It has good views, and a Central location.

Here is our previous discussion:

http://eomahaforums.com/phpBB/viewtopic ... 600+farnam

adam186 · Post by **adam186** » Tue Jun 19, 2007 5:23 pm

From what I'm seeing from your post is that your biggest concern is resale time when you decide to move. If priced appropriately and done right, this shouldn't be a problem. Are the units already upgraded or still in the original state? I've showed them to a few of my of clients recently and they really liked them as well. Also, there is a PROPOSED streetcar line that will go down 16th St. adding much value to the area (can't find the link to the streetcar newsletter).

Although I don't have a good feel of your situation or all your concerns, I would have to say go with your gut. Your natural instinct is usually correct. If you want to talk more or whatever please PM or email me at avanzee@npdodge.com. Hope I helped.

aj4andy · Post by **aj4andy** » Wed Jun 20, 2007 10:09 am

Adam186,

My 2 biggest concerns are that I'll take it in the shorts if I decide to sell in 2 yrs or so AND that I will regret buying a place downtown when I work around 100th & Dodge will probably spend plenty of time west of there. Â Coming from Minneapolis where I work downtown, I have grown to appreciate the downtown condo and character of areas like the old market.....

As for the unit. Â 13th floor 1br 750 sq ft. Â It will be updated with wood (real) floors, tiled bathroom floor, new bedroom carpet, stainless steel appliances, painted the colors of my choice, and possibly granite or granite tile counter tops. Â I will also own the parking stall. Â $135k-ish. Â The unit was assessed at $154k. Â Which has me wondering if it will be that much harder to sell as a west facing unit?

Any thoughts are appreciated. Â I love hearing others opinions on this!

DTO Luv · Post by **DTO Luv** » Wed Jun 20, 2007 9:57 pm

Glad to see you made your way over to this site.

I don't think a west facing unit would have a problem with resale. 1600 is not a bad place to be in at all. The streetcars running in front of the building will be a great boost to your resale. Also new residential, retail, and dining options are moving closer to 16th St. Look no further than the Paxton block and how it was a vacant building 2 years ago, to a true DT success story. New high-end condos, 3 new restaurants, a nightclub, a lounge, tanning salon, and bank branch location. The Barker building on 15th will see the same treatment in the next few years which will bode well for 1600 Farnam.

In the coming years that unit would be great for resale to someone working Downtown. I know a couple of people from out of town that have gotten jobs with First National or UP and they've have looked at 1600 Farnam as a place to live. I know there are already quite a few FNB employees who live in 1600.

Now as far as where you will spend your time, that's totally up to you. If you're already used to a DT environment than 1600 will be great for you. Yes it does suck that some homeless and vagrants like to congregate along 16th St. but that will change as more people move in and frequent the area keeping the vagrants out.

RFO · Post by **RFO** » Thu Jun 21, 2007 11:10 am

Downtown condo living will fit the profile of the new Google employees of Council Bluffs. Â The timing could be ideal for resale in a couple years.

Uffda · Post by **Uffda** » Sun Jun 24, 2007 4:56 pm

I was down at the Art Festival this afternoon and a woman was handing out fliers for a one bedroom condo in the 1600. Based on the photos --- it looks very nice and she said it faces east with a view. Under $150,000.

aj4andy · Post by **aj4andy** » Mon Jun 25, 2007 1:20 pm

I am betting it was the #1006 unit for sale. Â Real nice unit but without garage. Â Some of the others will/can be nicer for less $'s though.