|Keep an Eye Out for this 2 bedroom 2 bath UPDATED LOFT!|
Good things seem to be on the horizon for the downtown housing market. Unlike years past when there was a glut of unsold units in several buildings, pent up demand from current owners, and no such glut of loft buyer's to match, the current loft market has leveled out. Reminiscent of the market in 2004-2005, when finding a loft was a struggle, buyer's have the hurdle now of being able to find 'the right space'.
In 2004 & 5, someone that could fog a mirror could get a mortgage, now getting a mortgage isn't so much an issue for the buyer as it is for the loft that's being sold, as banks additional scrutiny seems to have fallen more upon the condominium building / association than it has the buyer.
Still, loft sales have begun to pick up and appear to be poised for continued growth through the coming months.
One thing that we had to deal with in 2005 was the absence of a bonafide grocer in downtown. Now with a grocer plus several smaller convenience stores like Washington Avenue Post, that's no longer an issue. Plus there are several exciting things going on downtown that will continue to build upon our ongoing momentum for neighborhood building: SLU Law School, the new Mississippi River Bridge, Improvements along Tucker, Lafayette Preparatory Academy, CITY-ARCH-RIVER and Ballpark Village are all ongoing projects that will build upon the downtown living experience.
Another factor in the loft market is basic supply and demand economics. The number of lofts built and sold in Downtown St Louis between 2004 and 2007 was staggering. It will be virtually impossible to ever repeat that type of growth in the owner occupied condo market ever again. What seems to have kept the standard 'new construction' home in St Charles from being able to appreciate much is the availability of land and even newer homes nearby. The number of downtown lofts is almost 'locked in' due to construction financing, historic tax credits, and available buildings reduced drastically from our recent past. Values of lofts have nowhere to go but up!
Here are the sales for the first Quarter of 2013
Knickerbocker Lofts 507 N 13th Street#210 $53,000
Lofts at 2020 (Sporting News Lofts) 2020 Washington Avenue#703 $89,000
Motor Lofts 2201 Washington Avenue
Railway Lofts 1619 Washington Avenue
Windows Lofts 1601 Washington Avenue
Meridian Lofts 1136 Washington Avenue
Marquette Condominiums 314 N Broadway#1902 $158,000
Ely Walker Lofts 1520 Washington Avenue#717 $105,000
Printer's Lofts 1627 Locust Street
Syndicate Condominiums 915 Olive Street