KCMO Slashing Prices on Rehabbed Homes

KANSAS CITY, Mo. — If you’re in the market for a new home, then the City of Kansas City may have a bargain for you.

Officials say that 45 new homes built with federal stimulus money and other funds in Kansas City remain unoccupied, and now City Hall is slashing prices to entice potential buyers.

On the city’s West Side, a brand-new home is now on the market for $129,000. Now, the city is offering to give buyers a 30 percent down payment – nearly $39,000 – that they don’t have to repay if they agree to remain in the home for at least 10 years.

Real estate agent Janet Fournier says that the price cut combined with the down payment incentive may finally get the home sold after languishing on the market for months.

“That 30 percent is huge, so on this house that’s priced at 129k, 30 percent of that is if you stay in the house for 10 years or more, is waived,” said Fournier. “It’s just off the price of the house. It’s a great deal.”

A few blocks away, another rehabbed home has seen its price slashed to below $100,000. Neighbor Roberta Roseburrough says that the house had been overpriced, and that a price cut may spark some interest from buyers. But she says that after millions in federal money was spent to build or rehab the homes, she wonders what kind of neighbor she’ll get if they couldn’t afford it without more taxpayer money to cover the down payment.

“Nobody helped my parents buy this house. my sister, nobody helped them buy their house,” said Roseburrough. “You have to earn the money and pay for it yourself.”

According to city officials, if the latest round of price cuts and incentives don’t produce sales by September, the city will try to rent out the homes. Otherwise, Kansas City must repay the federal dollars used to build or upgrade the homes.

If you are interested in one of the homes for sale, contact the Kansas City Housing and Community Services Department at (816) 513-3036. There is no list of properties available online.

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