As the job market and economy in Kansas City improved, the property sector is also growing, as per the Kansas City Regional Association of Realtors (KCRAR). Chris Kamberis, CEO of CTK Real Estate, has expressed his excitement regarding the new opportunities in the area.
The account from the KCRAR shows that home sales are remaining strong as buyer demand is outnumbering current supply. Economists predict that this growth will continue over next year, after comparing local data and outlining its stability. Chris Kamberis is confident the news will stimulate other sectors and have a lasting impact on the local economy overall. “When Kansas City is enjoying healthy real estate, and when residential deals reflect a strong market, the trend often transfers to other industries too,” the expert developer stated. “This could include the financial sector, commercial markets, and construction manufacturing.”
Despite witnessing its strong growth in Kansas City, investors are carefully monitoring the real estate market before moving forward with large-scale projects. In 2016, city-wide sales were reported to be up 13.6 percent for both new and resale properties in a recent MLS report, with the average sale prices rising by 5.6 percent. “Currently, the inventory is lower than desired with an estimated four-month supply of homes for sale in Kansas City instead of the preferred six-month for a balanced market. This means buyers have fewer options to choose from, which tips the properties in favor of the sellers,” says Kamberis.
Investor confidence for the development of more varied projects, like shopping centers and restaurants, is reinforced when the amount of available housing stays low and the property prices rise. Developers and real estate experts such as Kamberis are monitoring the Crane Watch Map released by the Kansas City Business Journal to help track these ongoing commercial projects. Contractors are also motivated to work with local councils by the recent growth, in an attempt to seek financing and attract larger and more mixed-use developments, which combine commercial and residential property within a single building for communities.
As the founder of CTK Real Estate, Chris Kamberis has more than twenty years of experience in real estate development and transactions involving sale-leaseback, disposition, and acquisitions for a number of international companies. He has been directly responsible in providing properties for businesses including, Burger King Corporation, Bank of America, McDonald’s, and Starbucks Corporation. CTK Real Estate works closely with Fortune 500 companies throughout the nation, managing a wide range of real estate needs effectively and efficiently. The firm assists its clients improve the value of their property and positions in the marketplace through strategically focused solutions. As each individual opportunity is researched by CTK Real Estate, all transactions and projects are overseen personally by Chris Kamberis, allowing him to directly analyze the project and its market potential.
Opus Development plans 256 apartments over retail in Westport: http://www.bizjournals.com/kansascity/news/2017/03/06/opus-development-westport-256-apartments-retail.html
New Westport player flips one of his properties for Opus’ redevelopment: http://www.bizjournals.com/kansascity/news/2017/03/07/ctk-group-developer-chris-kamberis.html