Friday, November 16, 2007
Demand Continues to Expand
The downtown loft market continues to surge. So says Lisa Brown, real estate reporter for the St. Louis Business Journal in this morning's edition. Interesting timing, really. The article headlines the fast pace and talks about the Syndicate building. The Syndicate is scheduled to start closings within the next few weeks, Dorsa has already begun closings. So between the surge in existing loft sales that has taken place in the past two months and longer range sales that should consumate before 12/31, we are on pace to nearly double the sales downtown from 2006.
Ok, so there's still a few developer's with mounds of unsold inventory. Despite the value and the recent uptick in sales, existing lofts are still sitting on the market. I do applaud the Business Journal's latest article for its positive perspective. As we hear all the time, or maybe that's just me, the St. Louis market is in pretty good shape considering the mess elsewhere.
Because we're finally taking advantage of our urban core (anywhere else this repository of 19th Century architecture would be priceless) we're ceasing to be the forgotten city. Real estate articles in the mid-90's, St. Louis wasn't even a city under consideration, now we're starting to regain our standing in the world.
PS. It's good to see we didn't make Forbes list of 20 MOST OBESE CITIES!