Monday, March 09, 2009
Loft Deals Scooped Up
I bought my first home in February. It was strategic. My thought was, who in their right mind would be running around in the snow looking at homes. With a prospectively lower demand, supply constant, prices would drop.
This February, prices were favorable too. Still not as good as the media seems to think. A sports reporter talking to Cardinals 3rd baseman made the comment that his house bought last year had dropped 50% in value. He should stick to sports. Real estate values look great compared to stocks. Bucking the trend elsewhere, only one sale was a foreclosure. Several banks seemed to stop accepting offers last month due to the larger forces of government stimulus and equity transfers.
Two Units sold were new construction. Favorably priced, but still above the resale market, pushing up the average pricing.
Click Here to see the February 2009 St. Louis Loft Sales