Tuesday, August 13, 2019

Downtown Style, Downtown

1015 Washington Ave. #305 kitchenDorsa Lofts for sale1015 Washington Ave. #305 Dining Room

1015 Washington Ave. #305 balcony1015 Washington Ave. #305 master bath1015 Washington Ave. #305 Living room

Dorsa Lofts #305


This loft came on the market recently, and has a great vibe, great location and is part of a really nice association.  

As a Dorsa Lofts owner, I feel very fortunate that the building fared so well with its history.

Being built out in 2006-7, this building hit the market just in time for the great recession.   Most of the units were unsold, and several units that had been reserved by Pyramid never made it to the closing table.   Pyramid ended up folding and so did Premier Bank, the bank that took over.   

No one purchased this asset in the sell-off of Premier Bank by the FDIC, so all the units were sold by the FDIC one by one (Thankfully) to owner occupants ONLY.   This was the saving grace of the Dorsa Lofts.   Premier Bank had been trying to broker a deal with a real estate investor, which ultimately would cause the building to be non-warrantable.   Other buildings with large investors in them have fared poorly, most notably so, for the original purchasers.  

The FDIC didn't mess around when it came to selling.   Lofts were on the market for a few weeks, then incremental, large price drops of 5-10% on each unit, almost every week, until the building was sold out.  While this initial strain caused fear with the original owners, it paid off in the long run.   

Today the Dorsa Lofts have maintained a stable group of residents, maintained their building expenses, and have improved their reserves annually.   They will benefit tremendously from the up coming improvements to the streetscape and surface lots to the north when the Convention Center is upgraded

Thursday, June 13, 2019

Welcome to Lord Stanley... Downtown's newest resident!



This playoff season has been an awesome reminder of all the amazing St. Louis Blues teams of the past, how hard they worked, and how in many cases they still support the team and want great things for our city.    

It was also a reminder of the many disappointments and fears through the years, like when they were being sold and relocated, or when they had amazing regular seasons only to loose quickly in the playoffs.   Celebrating today brings a ton of gratitude for the people in Blues history that did what they could to keep hockey in St. Louis.   Winning the Stanley Cup, and just having played in the finals after this cinderella season is just what the doctor ordered for this franchise and for St. Louis.   See you all at the parade downtown!!!           GO BLUES!!!  #playGLORIA 

Some Awesome Places in and around downtown to Enjoy Blues Hockey in 2019-2020 Season
(click on image for details)


 Downtown Deluxe Penthouse

 Coming Soon!
Coming Soon!

Tuesday, October 09, 2018

The Deals Keep Getting Better


  Round 2:   Bringing Soccer to Downtown

So what I learned in 2017 is that St. Louisan's don't like the idea of giving public assistance to multimillionaires.   After all, we're still paying on the last deal and already lost the team.   The investment didn't seem wise.

Of course dreamers like me saw it as a piece in the downtown St. Louis puzzle.   A building block.   I was in favor, but still was wanting our leadership to put more pressure on those that stood to gain the most.   

The last plan, estimated at costing $305 million, was asking for 60 million in public assistance;  nearly 20%.  I was reminded of a line from Roger Dawson's, Secrets of Power Negotiating, when he asserts, "You'll have to do better than that."  I've often felt that conflict of emotions with investment in downtown.   Hopes that any public assistance would be a net positive for the city seems like a fair perspective.  

Apparently that's just what is happening.  

Fast forward to 2018.   I'm thrilled to read that the people I was thinking about all along arrive at Matthew Dickey Boys Club and announce that they have joined the party.   While public financing will still be a part of the deal, according to 6th Ward Alderman Christine Ingrassia, its “the model of what a public-private partnership should look like.”   

For anyone spending close to $400 million, I'd say they have a right to ask for concessions on entertainment taxes.   In this case, the City would become the stadium owner (a plus) and so the team and its owners would pay a lease, and not be required to pay property taxes.   If everything comes to fruition, the deal seems to make economic sense for everyone.   The Taylor family of Enterprise and Kavanaugh family of World Wide Technology appear to be viewing the deal more as philanthropic than as an investment that needs to make them money. 

So if everything looks favorable, the only catch is 
Downtown St. Louis soccer stadium
that we'd have to win the bid with the MLS for one of the remaining two teams;  competing against Las Vegas, Detroit, San Diego and Phoenix.   In looking at U.S. media market rankings, St. Louis ranks behind Phoenix and Detroit in terms of media markets, but Detroits media market size is based upon proximity to Toronto, which already has a team.   So feasibly, we should fit in as a top contender.   We currently rank as the 21st largest media market, ahead of Portland, Salt Lake City, Columbus, and Kansas City that currently have teams, and Nashville and Cincinati which have been awarded franchises.  

So if we're not too late and things fall into place, folks in Downtown West would have a short walk to catch MLS soccer in St. Louis by 2022!

Thursday, October 04, 2018

Big Step for Downtown

 

   👍🏻 👍🏻

Downtown continues to move forward, as another major upgrade is announced today, pending county council and board of aldermen approval.  

In talking about the Ram's departure, most downtown residents didn't feel like we were really loosing anything.  Some of the Explore St. Louis staff seemed to think we really had a net gain, loosing blackout dates at the stadium and  allowing more room for conventions.  Unfortunately that didn't translate.

The current plan seems to address a lot of the complaints I've heard over the years about the convention center, particularly the unsightly exterior facade along 9th Street and Cole.   Many convention centers are like that though.  Aside from the plans to boost the convention economy, which is definately important, the benefits to downtown residents are worth celebrating too.   Having improved streetscapes, removing unsightly surface parking and generating more activity on the north side of downtown is long overdue.  

The picture above seems to be the new view from the Dorsa Penthouses, which like Banker's Lofts, will have a definate improved view.   

St. Louis is an awesome convention city!   Located in the middle of the country, easy and affordable access, plenty of hotels and an improved downtown with a continuous stream of development needs to work hard to compete against other midwestern cities like Indianapolis and Memphis that have recently completed upgrades to their convention centers.   

Wednesday, October 03, 2018

Coming Soon!


Good news for the Downtown West neighborhood as one of the long time holdouts to development is the subject of new development plans.   Tire Mart doesn't have the height to attract the first round developers like the many high rises, but it does appear to have 'good bones', and a nice classic look.


The key, in this Realtor opinion, is to build it as a mixed use structure, and to make sure that a successful, sustainable business or civic organization operates on the first floor.   Great examples are all around, but some bad ones are too.   The build it and they will come philosophy generated a lot of vacant or underutilized space downtown. 

Wednesday, January 03, 2018

Choteau Greenway - Events Tomorrow and Saturday!!!



The first time I heard about re-building Choteau's Pond was during the real estate boom in 2005.  My expectations were low.   Being a St. Louisan born well after 1850,  I hadn't heard of its predecessor and its tragic demise. I had heard of many grandiose plans for development that didn't take off, and this sounded too good to be true.

The fact that the area had been converted into a somewhat obsolete, underutilized rail yard as well as Cupples Station area, Union Station and the Sheraton City Center Hotel (Edison Condominiums) --the whole pond couldn't be restored, but anything designed to beautify the city and energize its residents was attractive.  Many people I spoke to loved the idea of reworking an attractive recreational area into what seemed to be a blighted scar on the downtown landscape.  Beyond that, the dream of having a network of bike paths crisscrossing the St. Louis area would be an attraction that would be transformative.

Fast forward to 2016 - despite my skepticism,  I've stayed interested and read up on any progress on the subject on GreatRiversGreenway.org .  Studies by the National Association of Realtors showed ‘trail availability’ outranked 16 other options including golf courses, security, sports fields, parks, and access to shopping or business centers.  They help build and sustain economic activity as well as increase property values of nearby homes as well as other .   The ultimate goal of the Choteau Greenway seems to be connecting Forest Park to Wash U Medical School, Cortex and Downtown, but that would be eclipsed by the master plan of making more connections on the Centennial Greenway Trail to extend from Forest Park to the Delmar Loop to Creve Coeur Park then on to St. Charles.   
Choteau Greenway Benefits

Currently there is a survey on the Gateway Rivers Greenway site to solicit public input about various aspects of trail development and an international design competition in the works.  The four remaining teams are set to have two public meetings in January and public participation is crucial.  The more people that are 'in the know,' the better.  Downtown residents are especially encouraged to show up for Meet the Designers Night or Community Day.   When I talk to loft owners ready to sell,  anything benefiting property values is always welcome news.

Overall, the excitement for this type of project in St. Louis is building.   Cities have been realizing that catering to the health and recreational needs of its residents is imperative if they want to continue to attract businesses and new residents.  Predictions about the 2018 Housing market nationwide predict that the single greatest demographic will be millenials looking for starter homes for the next several years, and citing their attraction to urban core areas with attractive, walkable areas.   These nationwide trends will appear to benefit areas like St. Louis due to a more affordable area, lower taxes and available urban housing.


Sunday, December 31, 2017

2017 Downtown Loft Market


The 2017 Downtown St. Louis housing market appears to have been a similarly stable real estate market compared to the past few years.   Sale of 119 units this year is within just a few sales from a slightly higher level in 2016 (124 sales) and 2015 (122 sales).  Prices have been similarly...eh hem... stable.   For thos of us that experienced the stock market crash of 2008 and its ensuing real estate decline, stable is still good!   Improvements and new life continues to move into downtown.  We'll soon be talking more about the Choteau Greenway project, City Foundry, Ballpark Village phase 2, as well as long term effects of the relocation of the defense mapping agency to the near north side. 


Here's the 2017 Downtown Loft Sales.....

Sale Date Address CDOM Price Beds Bath Sq Ft
Ballpark Lofts
11/27/17 1004 Spruce #510  36 $183,000 2 2 (2 0) 1,024
10th Street Lofts
8/31/17 1010 Saint Charles #1001  259 $209,000 2 2 (2 0) 1,688
2/24/17 1010 Saint Charles #403  0 $160,000 2 2 (2 0) 1,538
5/1/17 1010 Saint Charles #502  259 $200,000 2 2 (2 0) 2,104
9/29/17 1010 Saint Charles #503  449 $175,000 2 2 (2 0) 1,538
12/21/17 1010 Saint Charles St #803  77 $217,500 2 2 (2 0) 2,070
Dorsa Lofts
10/30/17 1015 Washington Ave #502  11 $183,000 2 2 (2 0) 1,611
8/2/17 1015 Washington Ave #708  19 $370,000 2 3 (2 1) 1,983
Columbus Square 
2/24/17 11 Columbus Square Dr 8 $54,000 2 2 (1 1) 1,178
Lucas Lofts
4/4/17 1113 Washington Ave #318  51 $155,000 2 2 (2 0) 1,520
7/25/17 1113 Washington Ave #401  45 $108,500 1 1 (1 0) 700
3/17/17 1113 Washington Ave #606  139 $135,000 2 1 (1 0) 1,183
10/6/17 1113 Washington Ave #607  98 $135,500 2 1 (1 0) 1,279
5/11/17 1113 Washington Ave #608  5 $154,500 2 1 (1 0) 1,131
12/18/17 1123 Washington #701  18 $111,000 1 1 (1 0) 747
4/11/17 1123 Washington Ave #316  19 $147,000 2 1 (1 0) 1,531
Alexander Lofts
4/14/17 1121 Locust St #302  31 $380,000 2 2 (2 0) 2,429
Meridian Lofts
11/14/17 1136 Washington Ave #202  127 $315,000 4 3 (3 0) 2,710
2/28/17 1136 Washington Ave #402  6 $175,000 2 2 (2 0) 1,299
6/9/17 1136 Washington Ave #410  69 $158,000 2 2 (2 0) 1,243
8/8/17 1136 Washington Ave #505  54 $210,000 2 2 (2 0) 1,509
4/25/17 1136 Washington Ave #510  19 $140,000 2 2 (2 0) 1,243
1/31/17 1136 Washington Ave #801  435 $220,356 2 2 (2 0) 1,872
11/21/17 1136 Washington Ave #805  150 $209,900 2 2 (2 0) 1,509
5/23/17 1136 Washington Ave #905  420 $303,500 3 3 (3 0) 2,200
Jack Thompson Square Lofts
4/13/17 1204 Washington Ave #5B  6 $159,900 2 2 (2 0) 1,446
3/9/17 1204 Washington Ave #6A  324 $325,000 2 3 (2 1) 2,993
Terra Cotta Lofts
5/12/17 1501 Locust #1205  91 $133,000 2 2 (2 0) 1,495
10/27/17 1501 Locust #701  85 $75,000 1 1 (1 0)
2/16/17 1501 Locust St #1001  46 $107,000 1 1 (1 0) 1,002
5/17/17 1501 Locust St #1201  46 $175,000 2 2 (2 0) 1,342
5/5/17 1501 Locust St #201  38 $101,000 1 1 (1 0) 1,002
5/3/17 1501 Locust St #206  22 $165,000 2 2 (2 0) 1,444
9/29/17 1501 Locust St #404  147 $177,900 2 2 (2 0) 1,642
7/7/17 1501 Locust St #407  62 $171,000 2 2 (2 0) 1,679
6/30/17 1501 Locust St #505  193 $166,228 2 2 (2 0) 1,495
5/31/17 1501 Locust St #707  70 $180,000 2 2 (2 0) 1,679
11/15/17 1501 Locust St #803  72 $103,500 1 1 (1 0) 1,053
Annex Lofts
3/24/17 1511 Locust #301  18 $82,000 1 1 (1 0)
5/10/17 1511 Locust #403  374 $107,000 2 1 (1 0) 1,216
9/7/17 1511 Locust #409  142 $126,000 2 1 (1 0) 1,233
12/19/17 1511 Locust #410  192 $103,000 1 1 (1 0) 1,381
9/22/17 1511 Locust #706  101 $119,000 2 2 (2 0) 1,302
12/13/17 1511 Locust St #204  114 $139,900 2 2 (2 0) 1,400
11/21/17 1511 Locust St #509  40 $138,000 2 1 (1 0) 1,233
Ely Walker Lofts
5/18/17 1520 Washington Ave #214  0 $165,000 2 2 (2 0) 1,595
5/18/17 1520 Washington Ave #220  0 $135,000 2 2 (2 0) 1,272
3/8/17 1520 Washington Ave #420  108 $132,900 2 2 (2 0) 1,272
10/30/17 1520 Washington Ave #602  7 $133,000 2 2 (2 0) 1,221
Windows Lofts
7/7/17 1601 Washington Ave #210  8 $126,500 1 2 (2 0)
6/8/17 1601 Washington Ave #306  139 $129,900 2 1 (1 0) 1,187
Printer's Lofts (B)
9/22/17 1611 Locust #204  60 $209,000 2 2 (2 0) 1,576
11/2/17 1611 Locust #503  69 $252,500 2 2 (2 0) 2,062
4/28/17 1611 Locust St #402  268 $190,000 2 2 (2 0) 1,606
5/24/17 1611 Locust St #406  227 $150,000 2 1 (1 0) 1,148
Printer's Lofts ©
9/22/17 1627 Locust #304  37 $102,000 1 1 (1 0) 797
6/9/17 1627 Locust #305  188 $150,000 2 2 (2 0) 1,267
1/20/17 1627 Locust St #406  136 $140,000 2 2 (2 0) 1,244
3/13/17 1627 Locust St #704  266 $95,000 1 1 (1 0) 797
Railway Lofts
5/30/17 1619 Washington Ave #405  29 $140,000 1 2 (2 0) 1,627
3/16/17 1619 Washington Ave #603  125 $169,900 2 2 (2 0) 1,470
1/26/17 1619 Washington Ave #901  53 $285,000 2 2 (2 0) 1,999
11/17/17 1619 Washington Ave #903  7 $340,000 3 2 (2 0) 2,500
Kingbee Lofts
3/6/17 1709 Washington Ave #602  0 $176,000 2 1 (1 0) 1,996
Eden Lofts
7/3/17 1720 Chouteau #107  55 $90,000 2 2 (2 0) 1,330
Lofts at 2020
5/31/17 2020 Washington Ave #304  64 $140,000 1 2 (2 0) 1,293
4/6/17 2020 Washington Ave #312  167 $116,000 1 1 (1 0) 1,189
11/7/17 2020 Washington Ave #402  271 $120,000 1 1 (1 0) 1,023
11/29/17 2020 Washington Ave #513  157 $151,900 2 2 (2 0) 1,300
11/14/17 2020 Washington Ave #706  92 $152,000 2 2 (2 0) 1,456
7/13/17 2020 Washington Ave #713  72 $123,000 1 2 (2 0) 1,195
Blu City Spaces
7/19/17 210 North 17th #205  4 $48,889 1 1 (1 0) 648
2/10/17 210 North 17th #303  260 $50,000 1 1 (1 0) 648
3/7/17 210 North 17th St #1011  23 $50,000 1 1 (1 0) 0
10/6/17 210 North 17th St #1012  14 $60,000 0 1 (1 0) 624
3/17/17 210 North 17th St #206  36 $68,000 1 1 (1 0)
7/31/17 210 North 17th St #603  56 $51,000 1 1 (1 0) 0
4/13/17 210 North 17th St #712  40 $57,000 1 1 (1 0) 0
Packard Lofts
7/17/17 2201 Locust #206  21 $130,000 2 2 (2 0)
Marquette Condominiums
3/17/17 314 North Broadway #1004  271 $106,000 1 1 (1 0) 795
7/6/17 314 North Broadway #1404  7 $115,000 2 1 (1 0)
5/23/17 314 North Broadway #1407  42 $200,000 2 2 (2 0) 1,142
7/27/17 314 North Broadway #1503  116 $219,900 2 2 (2 0) 1,399
7/18/17 314 North Broadway #1606  230 $207,000 2 2 (2 0) 1,383
11/30/17 314 North Broadway #603  93 $118,000 2 1 (1 0) 774
6/21/17 314 North Broadway #703  34 $115,000 2 1 (1 0) 775
4/5/17 314 North Broadway #905  930 $149,500 2 1 (1 0) 1,125
7/31/17 314 North Broadway #906  214 $115,000 1 1 (1 0) 891
Louderman Lofts
8/1/17 315 North 11th St #803  50 $285,000 2 2 (2 0) 2,214
Edison Condominiums
2/8/17 400 South 14th St #1004  20 $250,000 2 3 (2 1) 1,527
1/20/17 400 South 14th St #1014  63 $395,000 2 3 (2 1) 2,200
12/1/17 400 South 14th St #1208  132 $232,000 2 3 (2 1) 1,527
6/5/17 400 South 14th St #907  399 $358,500 4 4 (4 0) 3,054
Westgate Lofts
8/16/17 410 North Jefferson Ave #403  84 $130,000 2 1 (1 0) 1,252
Elder Shirt Lofts
5/18/17 703 North 13th St #504  210 $630,000 2 2 (2 0) 2,900
Moon Bros Lofts
9/8/17 721 North 17th #204  59 $148,000 2 2 (2 0) 1,240
3/15/17 721 North 17th #207  38 $157,000 2 2 (2 0) 1,340
11/30/17 721 North 17th #208  202 $137,000 2 2 (2 0)
8/7/17 721 North 17th #308  176 $152,000 2 2 (2 0) 1,334
9/18/17 721 North 17th #408  176 $168,500 2 2 (2 0) 1,333
5/16/17 721 North 17th #503  25 $176,000 2 2 (2 0) 1,403
2/22/17 721 North 17th St #407  13 $172,000 2 2 (2 0) 1,340
Bankers Lofts
8/21/17 901 Washington Ave #206  118 $229,900 2 2 (1 1) 1,540
5/26/17 901 Washington Ave #208  176 $174,860 1 1 (1 0) 1,249
2/16/17 901 Washington Ave #407  76 $216,000 2 2 (2 0) 1,558
6/28/17 901 Washington Ave #602  242 $190,125 1 2 (2 0) 1,496
10/16/17 901 Washington Ave #703  64 $507,500 3 3 (3 0) 3,483
1/20/17 901 Washington Ave #704  69 $375,000 2 3 (3 0) 2,596
Syndicate Condominiums
8/11/17 915 Olive #1008  0 $245,000 2 2 (2 0) 1,314
2/16/17 915 Olive #1011  190 $220,000 2 2 (2 0) 1,281
8/8/17 915 Olive #1012  114 $266,000 2 2 (2 0) 1,462
5/22/17 915 Olive #1113  290 $230,900 2 2 (2 0) 1,473
8/8/17 915 Olive #1307  40 $255,000 2 2 (2 0) 1,486
2/16/17 915 Olive #1408  48 $239,900 2 2 (2 0) 1,314
4/18/17 915 Olive #1608  572 $472,400 2 3 (3 0) 2,893
8/3/17 915 Olive #908  110 $240,000 2 2 (2 0) 1,314
4/7/17 915 Olive St #1305  167 $323,500 2 3 (2 1) 1,884
7/26/17 915 Olive St. #1009  4 $285,000 2 2 (2 0) 1,575