Wichita seller’s market expected to continue well into 2018 – Wichita Business Journal

Not skipping a beat, the robust Wichita housing market finished 2017 with a bang.

Released Monday, South Central Kansas Multiple Listing Service data showed that home sales last month jumped by 3.6 percent when compared to December 2016.

While the weather has continued to cool, the market remains red-hot, says Wichita Realtor Kirk Short.

"Housing values continue to improve and options are getting thinner," Short says. "Buyers are having to settle on homes that have more work to do after they purchase them. This means homes that buyers may do construction loans with or remodel loans like the "FHA 203K" loan."

A total of 812 units sold last month, compared with 784 the previous December.

Among existing homes in the five-county area (Butler, Sedgwick, Cowley, Sumner and Harvey counties) that makes up the MLS south central Kansas region, 751 sold in December, representing an increase of more than 4 percent from the December 2016 total of 721. In November of last year, 752 existing homes sold.

The average sale price for an existing home in December was just over $139,200, a decrease of more than 4 percent from the December 2016 average. New construction lagged slightly in December as 61 sales took place compared with 63 in December 2016.

"Now is the time to buy, however buyers need to be more creative as the move-in home is getting harder to find," Short says. "When it is there, we’re seeing multi-offer situations. I’m having an extremely strong January and February is looking the same.

A total of 580 contracts for sale were written last month. That number reflects a slight decrease from the 583 written in December 2016. Short says he expects interest rates to climb as 2018 moves along.

"I’m curious to see the impact or pressure on housing the increased hiring will have at Spirit and other places as our workforce gets stronger," Short added. "I’m really excited for Wichita and the state of real estate sales in and around Wichita. I’m also excited to see more out-of-state investors coming into Wichita buying up properties."

The MLS reported 2,214 active listings at the end of last month, which represents a slight dip from the 2,278 active listings on the market at the end of December 2016. That means about a 2.7-month supply of homes are on the market.

A figure representing less than five months of supply is generally thought of as a seller’s market.

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AVANA Capital Arranges $17.2 M Loan for Skilled Nursing and Assisted Living Facility in Wichita, KS

GLENDALE, Ariz., Jan. 17, 2018 /PRNewswire/ — AVANA Capital has provided $17.2 million through a conventional bridge loan to Mainstreet Property Group LLC, a private real estate development company specializing in healthcare. The loan was used to acquire the Healthcare Resort of Wichita, a 94-bed facility located 12 miles from downtown Wichita, Kansas.

AVANA Capital (PRNewsfoto/AVANA Capital)

Construction of the Healthcare Resort of Wichita was completed in 2016; the resort has 70 skilled nursing and 24 assisted living beds. Because the facility did not yet have its operating license, a process that was in progress, and there was a tight closing timeline, Mainstreet needed a lender able to navigate the complexity of the deal and still close quickly.

In looking for alternative and responsive financing sources, Mainstreet discovered AVANA Capital and closed on the acquisition within 35 days. Furthermore, AVANA was able to mitigate the lack of an operating license and allow the borrower the additional time (six (6) months) to secure the license.

"Financing this property presented certain challenges," explained Zeke Turner, founder and CEO of Mainstreet. "Fortunately, we found AVANA Capital. They overcame every hurdle and moved quickly to do the loan over the Thanksgiving weekend. Every interaction with the AVANA team has been positive, and we look forward to continuing to grow the relationship."

Mainstreet has developed more than 50 assisted living and senior care facilities under the guidance of Turner, who won the Ernst & Young Entrepreneur of the Year award in 2015.

"We have a goal to transform the way healthcare is delivered nationwide. The Healthcare Resort of Wichita is designed to give aging Americans what they want – more services, more amenities and more attention," Turner said.

The facility offers private skilled nursing rooms and assisted living units, a large therapy area where extensive rehabilitation services will be offered, and spacious common areas for socializing.

Matt Hunt, Chief Credit Officer at AVANA Capital said, "We are delighted that we were able to provide financing for Mainstreet on this facility in such a short amount of time."

"Mainstreet’s extensive experience in developing and operating high-quality, post-acute healthcare properties allowed us to feel confident in backing the Healthcare Resort of Wichita," explained Hunt.

The Healthcare Resort of Wichita will employ at least 90 people on a permanent basis. "One of our corporate missions is to create jobs and fulfill entrepreneurial dreams. We found in Mainstreet a partner that shares not only our way of thinking but, more importantly, our values," said Sanat Patel, Chief Sales Officer at AVANA Capital.

About AVANA Capital:
With roots dating back to 2002, and more than $1 billion in loans nationwide, AVANA Capital is a commercial real estate debt fund that offers private commercial real estate loans nationwide by sourcing funds from an array of accredited global investors. We leverage our expertise by lending in niche industries such as hospitality, solar and assisted living facilities and are committed to protecting our investors’ capital by subjecting our investments to a meticulous review process. For our borrowers, once we commit our funds to a project we guarantee certainty of execution in closing and funding. Above all, we believe in strong values imbedded in the way we conduct our business as a team, through our employees and management. For more information visit www.avanacapital.com

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SOURCE AVANA Capital

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How To Find The Best Wichita Kansas Apartments

If you are looking to make a big change in your life, you may want to consider making a move to a new state. While there are many states that are available, you want to ensure that you choose the best for your needs and wants. Many people are wanting to get back to their roots and enjoy a country style of life. However, they do not want to give up all of the convenience of living in a city. One of the best options to get a little bit of both is to move to an area like Wichita Kansas.

However, while this area may have both factors which makes it very appealing to all people, it can still be difficult to find the right form of housing. If you have never lived in the Wichita area before, it would be wise to look at renting an apartment first. This will allow you the chance to get to know the city and see if it is going to be a good fit for you. With that in mind, we wanted to share some tools that will help you find the best Wichita Kansas apartments. If you follow these simple tips, you will have no problem getting the right apartment.

Wichita is a decent size city with just under 400,000 people. With so many people you know you are going to get good areas and bad areas. The key to finding the right area so you will be sure that you will not have to move in the near future. You can easily do this with the help of a Wichita Kansas city data website. These websites hold all of the key information about the area. These are the statistics that you need to know to find the right area to move to. Simply search out the things that are most important to you such as good schools, low crime, and average income.

When you have found several neighborhoods that meet these criteria, you will want to begin searching online for various apartments in that specific area. You can use an online apartment locator to ensure you have searched the area for an apartment that is going to be not only the right size but the right price as well.

If you follow these simple tips, you will have no issues getting the best Wichita Kansas apartments!