Tuesday, July 20, 2021

We Need An Outsider....

 

Thanks to Time Magazine, for being able to see Downtown St. Louis and the many tremendous improvements as reason for inclusion as one of the Worlds Greatest 100 Places!

While I'm still anxious to see the traffic control barricades taken out of downtown,  I still get excited about the changes we've enjoyed in downtown St. Louis.   

It took an outsider to help me see the beauty in our urban core too.   I remember sitting in an office and meeting someone who moved to St. Louis from Florida.   I remember thinking, "why would someone do THAT?".   Typical suburbanite.   I'm glad I asked, because they had an answer, and it wasn't the standard.   Many times the answer is, "I met a girl from here... or my job moved me here.   Just the fact that she had an answer should have impressed me, because she knew more about my own city than I did.   It wasn't until that experience that I believed someone would want to live in the city.    It just hadn't occurred to me.

I'm excited about the things the folks at Time mentioned and more.   The website, St. Louis is a World-Class City  has more to say.  The Time article mentioned Brickline Greenway, which is still mostly in the works, but the work being done to expand trails in and around St. Louis is one of the most exciting things.   Interestingly thought, when I talk to many St. Louisan's, they aren't aware of the plans in the works to create trails from Downtown to Forest Park, and Forest Park to River des Peres, Clayton, U-City, Creve Coeur and even St. Charles County.  These are plans that have been going since 2000, and momentum has been increasing every year.

The past year has been a seller's market in many areas of St. Louis real estate, which I'm beginning to like because its in seller's markets when the boundaries of "the good areas" get pushed outward;  developers and buyer's start investing in areas that they wouldn't take on during more buyer-friendly markets.   Downtown's largest resurgence; from 2001-2008, took place in a seller's market, and residential redevelopment was the primary cause.  Currently downtown remains one of the few areas that isn't as much of a seller's market, but that won't be the case for long.  With all the great things being done in and around downtown, even St. Louisan's will find out.


Wednesday, May 19, 2021

Under Contract: Terra Cotta Lofts #905


Terra Cotta #905 Coming Soon!

As you walk in the door, Terra Cotta Lofts #905 has a view of the downtown skyline that's unbelievable!   This 2 bedroom 2 bath loft has a great layout with two large bedrooms, a huge master bath, and a spacious walk in closet off the 2nd bedroom.  

Located at 15th and Locust, the Terra Cotta is a short walk to Washington Avenue, City Museum, cafe's, clubs and entertainment, parks and even the new Soccer Complex!  The building has an amazing rooftop deck with views to the North, South and East, plus a new club room on the 2nd floor!  

This Downtown loft is priced to sell at $179,900!



Friday, April 16, 2021


 With the sale and consideration of what to do with the largest undeveloped properties downtown, I have to admit that I don't know.   I think about large scale entertainment, like City Museum, the Foundry or Ballpark Village.   I think about housing, I think of business.   In every sector, the current need has already been met.   What new plan can be developed to use such a large property?

Downtown Lofts HAVE to look good!

 


So the years were 2004-5.   We had just started our own real estate company and we were idealists.   We had an opportunity to list a loft, which led to a lot of buyers and noticed one thing:   Downtown listings weren't cared for.  

In those days, there were very very few resale listings, but what we did see wasn't good.  We'd see listings vacant, dirty, dark, lights burned out, no flyers, or flyers that were out of date.   Sometimes the vacant loft would smell like sewer gas because no one came by to check on things and fill up the p-traps with water.   As a new agent, I couldn't image not caring for listings better. For one reason or another, the job of making a listing desirable wasn't getting done. 
Syndicate Lofts

Fast forward 16 years.   Out with a buyer and looking at lofts and finding the same problem as 2005.   One after another, lofts smelled like sewer gas, vacant, dirty and burned out bulbs.   How can anyone expect a buyer to get excited about that?!?

Selling downtown has been a challenge, especially during the COVID era.  If the product isn't saleable, it can't all be blamed on novel coronavirus.    

City Museum Lofts
Despite challenges to that downtown in the past few years, there's great stuff too.   The main thing to remember is that the inside of the space is what's being sold, so it can't be left looking and smelling like garbage (or worse).   Loft owners and their Realtors have to put their proverbial best foot forward.   

A home buyer anywhere is trying to imagine their prospective life when visiting a home for sale.   If a buyer can't see themselves living someplace, they won't buy.

As 2021 heads into the summer it's going to be exciting seeing downtown come back to life, and hopefully new leadership will reinvigorate local government and stimulate interest in urban living.  Downtown loft owners and Realtors need to do their part too.

Wednesday, January 01, 2020

2019 SURGE in Downtown Sales!

Happy New Year!

Celebrating the 2019 Downtown Loft Market

The year and decade ending yesterday was a fascinating year for downtown St. Louis residential real estate.   I couldn't help but compare it to the ending of the prior decade in 2009.   I'll never forget 2009, because, as a loft owner and Realtor, I was experiencing shock.   Prices began to level off in 2006-7, and were flat.   The stock market crashed in fall of 2008, and prices started falling. So did the number of sales.   We had 28 lofts listed for sale the day the stock market crashed, buyer's dried up like ice cubes in Arizona, and seller's didnt' seem to be aware that our countries real estate market was in the midst of a dive.   They wanted answers that we didn't have.  2009 felt like the end of the end, but in retrospect, prices started falling more drastically as the year went on, and continued a bigger slide the following years.  2009 wasn't as bad as we thought.

Fast forward a decade, prices have never climbed like they did in the years prior to the recession. Buyer's considering the downtown market view it as an affordable place to own a great, modern urban residence.   Some of the challenges that started in the great recession are resolving themselves, and things are continuing to move forward.   In 2019, the biggest game changer was the mass sale of units in the Packard Lofts, changing it from a mostly rental building, to an almost 100% owner occupied, warrantable building.   The only drawback to such a fast turn around, like the Dorsa FDIC sale of 2011, was that the market was essentially flooded with below market lofts.   The opposite strategy was employed at the Syndicate, which also sold out last year, while maintaining an above average price per square foot.  Anything that adds more homeowners to the neighborhood is a good thing, and that's a huge win for 2019!   



What factors may have led to a surge in Downtown Sales in 2019? 🙄🤔


In 2019, there were 160 downtown loft sales according to the MLS, the highest number of sales in a year since 2007(182 sales) !  Another exciting statistic was the lowest average days on market of 95 days.   While downtown, and condos in general have always lagged substantially behind the overall real estate market, the downtown market DOM average usually hoovers closer to 200 days, than 100.   Having more sales, faster, is a nice change of pace!  

2019 wasn't the year of the big loft.   Out of so many sales, there were only 4 penthouses sold, and overall size range was about 200 sq ft lower than average (1317 sq ft).   When out showing lofts this year, we encountered more singles and almost no couples.   

The Downtown market continues to move forward with another year in the books, and many great new reasons to enjoy our downtown on the horizon!   

Here are the 2019 Loft sales downtown!

Elder Shirt Lofts  703 North 13th Street

10/24/2019 Unit#502 8 $385,000.00 3 2 (2 0) 2,545
04/12/2019 Unit #404 6 $201,000.00 2 2 (2 0) 1,970
03/07/2019 Unit #302 0 $225,000.00 1 2 (2 0) 2,439
12/30/2019 Unit #401 572 $155,000.00 1 2 (2 0) 1,804
03/15/2019 Unit #205 0 $145,000.00 2 2 (2 0) 1,404
02/26/2019 Unit #202 39 $235,000.00 2 2 (2 0) 2,439

Packard Lofts 2201 Locust St.

04/19/2019 Unit #412 0 $95,000.00 1 1 (1 0) 985
06/20/2019 Unit #411 0 $88,500.00 1 1 (1 0) 900
06/18/2019 Unit #407 0 $116,000.00 2 2 (2 0) 1,160
04/26/2019 Unit #308 85 $114,500.00 2 2 (2 0) 1,140
06/28/2019 Unit #307 0 $113,500.00 2 2 (2 0) 1,160
06/07/2019 Unit #207 36 $116,000.00 2 2 (2 0) 1,160
02/20/2019 Unit #205 23 $118,000.00 2 2 (2 0) 1,230
04/04/2019 Unit #204 5 $78,000.00 1 1 (1 0) 765
06/07/2019 Unit #202 0 $121,000.00 2 1 (1 0) 1,220
01/17/2019 Unit #201 68 $117,000.00 2 1 (1 0) 1,180
05/03/2019 Unit #304 0 $75,000.00 1 1 (1 0) 765
07/01/2019 Unit #309 18 $145,000.00 2 2 (2 0) 1,400

Blu City Spaces  210 N 17th Street

date sold,   Unit #,    Days on market,   sale price,    beds / baths,   sq ft.
08/21/2019 Unit #302 35 $72,500.00 2 1 (1 0) 814
02/19/2019 Unit #208 69 $43,500.00 0 1 (1 0) 429
08/06/2019 Unit #1408 28 $45,000.00 0 1 (1 0) 427
02/20/2019 Unit #1106 111 $64,000.00 1 1 (1 0) 648
09/16/2019 Unit #901 0 $80,000.00 2 1 (1 0) 814
11/08/2019 Unit #609 52 $47,500.00 0 1 (1 0) 427
01/15/2019 Unit #510 1 $36,000.00 0 1 (1 0) 427
12/31/2018 Unit #508 0 $35,000.00 0 1 (1 0) 428
01/10/2019 Unit #310 61 $36,500.00 0 1 (1 0) 427
02/01/2019 Unit #308 113 $38,000.00 0 1 (1 0) 427
01/17/2019 Unit #1108 7 $39,000.00 0 1 (1 0) 427
05/20/2019 Unit #1005 87 $50,000.00 1 1 (1 0) 648

Knickerbocker Lofts  507 N 13th St 

date sold, Unit #, Days on market, price,beds / baths, sq ft.

10/24/2019 Unit #702 8 $71,000.00 1 1 (1 0) 823
03/12/2019 Unit #607 32 $95,000.00 1 1 (1 0) 985
10/11/2019 Unit #505 63 $89,500.00 1 1 (1 0) 968
08/15/2019 Unit #402 377 $71,000.00 1 1 (1 0) 795
08/02/2019 Unit #307 30 $92,500.00 1 1 (1 0) 986


Lofts at 2020 (Sporting News Lofts)
  2020 Washington Avenue


04/15/2019 Unit #710 57 $115,000.00 1 1 (1 0) 937
07/11/2019 Unit #610 291 $118,000.00 1 1 (1 0) 1,003
02/28/2019 Unit #604 23 $145,000.00 2 2 (2 0) 1,158
05/23/2019 Unit #511 229 $145,000.00 1 1 (1 0) 1,095
09/16/2019 Unit #509 0 $126,000.00 1 1 (1 0) 1,077
12/31/2019 Unit #503 218 $119,000.00 1 1 (1 0) 907
02/22/2019 Unit #411 73 $123,000.00 1 1 (1 0) 1,095
08/15/2019 Unit #302 388 $113,500.00 1 1 (1 0) 1,023
11/01/2019 Unit #101 187 $225,000.00 3 2 (2 0) 2,067


Motor Lofts
 2207 Washington Avenue 

09/05/2019 Unit #412 218 $92,000.00 2 1 (1 0) 1,004
11/06/2019 Unit #302 458 $110,000.00 2 2 (2 0) 1,358

Westgate Lofts  410 N Jefferson Blvd. / 2323 Locust Street

07/18/2019 Penthouse #600 80 $401,500.00 2 2 (2 0) 2,366
05/17/2019  Unit #406 91 $140,000.00 1 1 (1 0) 1,348
06/19/2019 Unit #312 89 $147,000.00 2 1 (1 0) 1,295
Terra Cotta Lofts 1501 Locust Street

07/22/2019 Unit #806 14 $130,000.00 2 2 (2 0) 1,471
03/22/2019 Unit #402 324 $104,000.00 1 1 (1 0) 980
12/18/2019 Unit #205 348 $147,000.00 2 2 (2 0) 1,495
05/06/2019 Unit #204 198 $170,000.00 2 2 (2 0) 1,642
04/30/2019 Unit #1208 202 $186,000.00 2 2 (2 0) 1,732
12/10/2019 Unit #1202 99 $137,000.00 1 1 (1 0) 1,314
08/01/2019 Unit #1102 5 $99,000.00 1 1 (1 0) 1,050
02/11/2019 Unit #805 92 $174,000.00 2 2 (2 0) 1,495
03/28/2019 Unit #708 249 $166,000.00 2 2 (2 0) 1,732

Ventana Lofts 1635 Washington Avenue

None (better luck in 2020!)


Railway Lofts 1619 Washington Avenue 

09/19/2019 Unit #902 367 $260,000.00 3 2 (2 0) 2,475
09/19/2019 Unit #805 176 $197,000.00 2 2 (2 0) 1,627
09/20/2019 Unit #702 159 $215,000.00 2 2 (2 0) 1,680
06/28/2019 Unit #604 6 $160,000.00 1 2 (2 0) 1,595
11/05/2019 Unit #402 60 $215,000.00 2 2 (2 0) 1,680
04/25/2019 Unit #304 31 $163,000.00 2 2 (2 0) 1,595
07/10/2019 Unit #303 290 $163,000.00 2 2 (2 0) 1,339

Windows Lofts 1601 Washington Avenue 

08/28/2019 Unit #407 105 $111,000.00 2 1 (1 0) 1,086
04/25/2019 Unit #407 180 $120,000.00 2 1 (1 0) 1,086
01/16/2019 Unit #307 131 $117,500.00 2 1 (1 0) 1,081

Meridian Lofts 1136 Washington Avenue 

05/14/2019 Unit #907 150 $216,000.00 2 2 (2 0) 1,509
11/21/2019 Unit #706 151 $138,000.00 2 2 (2 0) 1,218
06/11/2019 Unit #704 195 $159,000.00 2 2 (2 0) 1,254
12/27/2019 Unit #607 0 $214,000.00 2 2 (2 0) 1,506
06/14/2019 Unit #510 5 $145,000.00 2 2 (2 0) 1,243
02/14/2019 Unit #412 94 $133,400.00 2 2 (2 0) 1,133
05/01/2019 Unit #404 32 $153,000.00 2 2 (2 0) 1,254
12/30/2019 Unit #403 69 $185,000.00 2 2 (2 0) 1,411
12/16/2019 Unit #311 7 $75,000.00 1 1 (1 0) 781
02/22/2019 Unit #300 203 $140,000.00 2 2 (2 0) 1,075

Lucas Lofts 1123 Washington Avenue 

12/27/2019 Unit #504 60 $152,500.00 1 1 (1 0) 1,115
07/12/2019 Unit #716 0 $145,000.00 2 2 (2 0) 1,522
05/22/2019 Unit #709 67 $128,500.00 1 1 (1 0) 1,053
09/03/2019 Unit #417 28 $172,000.00 2 1 (1 0) 1,556
10/11/2019 Unit #306 35 $182,500.00 2 2 (2 0) 1,169
07/25/2019 Unit #410 80 $124,000.00 1 1 (1 0) 1,146
05/06/2019 Unit #714 61 $144,000.00 2 1 (1 0) 1,430
05/31/2019 Unit #616 6 $145,000.00 2 1 (1 0) 1,522
07/03/2019 Unit #608 54 $152,500.00 2 1 (1 0) 1,131
04/12/2019 Unit #516 27 $147,000.00 2 1 (1 0) 1,531
08/12/2019 Unit #305 36 $152,000.00 2 1 (1 0) 1,247

Louderman Lofts 315 N 11th Street

01/08/2019 Unit #702 258 $248,000.00 3 2 (2 0) 2,030
05/06/2019 Unit #1101 30 $295,000.00 2 2 (2 0) 2,163

Moon Brothers Carriage Lofts  721 N 17th Street

08/23/2019 Unit #504 95 $155,000.00 2 2 (2 0) 1,240
05/28/2019 Unit #410 5 $107,500.00 1 1 (1 0) 880
06/04/2019 Unit #303 10 $143,500.00 2 2 (2 0) 1,403
07/09/2019 Unit #101 157 $262,000.00 2 3 (2 1) 2,246
Shot from Moon Bros Roof - Prices did follow....somewhat.


Marquette Condominiums
 314 N Broadway

12/17/2019 Unit #1802 195 $178,500.00 2 2 (2 0) 1,079
02/15/2019 Unit #802 102 $160,000.00 2 2 (2 0) 1,133
02/15/2019 Unit #501 121 $144,900.00 2 1 (1 0) 1,090
02/26/2019 Unit #1904 146 $115,000.00 1 1 (1 0) 803
03/11/2019 Unit #1805 12 $110,000.00 2 1 (1 0) 803
11/15/2019 Unit #1502 138 $194,000.00 2 2 (2 0) 1,131
04/19/2019 Unit #1303 6 $220,000.00 2 2 (2 0) 1,368
09/27/2019 Unit #1302 131 $184,000.00 2 2 (2 0) 1,131



Ely Walker Lofts  1520 Washington Avenue

03/19/2019 Unit #504 60 $143,000.00 2 2 (2 0) 1,422
09/30/2019 Unit #604 79 $150,000.00 2 2 (2 0) 1,422
10/11/2019 Unit #513 20 $115,000.00 2 1 (1 0) 1,101
06/24/2019 Unit #312 9 $96,000.00 1 1 (1 0) 1,029
12/27/2019 Unit #310 145 $115,750.00 2 1 (1 0) 1,092
06/27/2019 Unit #309 173 $157,000.00 2 2 (2 0) 1,604
07/09/2019 Unit #218 13 $120,000.00 2 2 (2 0) 1,200

Printer's Lofts 1611 Locust Street

02/08/2019 Unit #507B 87 $145,000.00 2 2 (2 0) 1,414
09/26/2019 Unit #404B 61 $210,000.00 2 2 (2 0) 1,576
03/18/2019 Unit #206B 196 $142,500.00 1 1 (1 0) 1,148
08/16/2019 Unit #204B 22 $211,100.00 2 2 (2 0) 1,576


Printer's Lofts 1627 Locust Street


08/13/2019 Unit #205C 202 $179,900.00 2 2 (2 0) 1,267
10/04/2019 Unit #902C 6 $269,900.00 2 2 (2 0) 1,588
10/24/2019 Unit #503C 25 $95,500.00 1 1 (1 0) 673
12/20/2019 Unit #402C 380 $150,000.00 2 2 (2 0) 1,279
12/12/2019 Unit #203C 2 $101,000.00 1 1 (1 0) 673

Annex Lofts 1511 Locust Street

11/13/2019 Unit #701 0 $100,000.00 1 1 (1 0) 1,188
07/30/2019 Unit #503 16 $133,800.00 2 1 (1 0) 1,216
07/08/2019 Unit #302 140 $131,000.00 2 1 (1 0) 1,235
06/04/2019 Unit #708 225 $131,500.00 2 1 (1 0) 1,216
05/17/2019 Unit #701 15 $90,000.00 1 1 (1 0) 1,188
06/07/2019 Unit #608 42 $137,500.00 2 1 (1 0) 1,216
07/01/2019 Unit #406 50 $138,500.00 2 2 (2 0) 1,306
01/11/2019 Unit #106 83 $111,500.00 2 1 (1 0) 1,343

Alexander Lofts 1121 Locust Street


04/08/2019 Unit #202 900 $325,000.00 2 2 (2 0) 2,429

Banker's Lofts  901 Washington Avenue

07/31/2019Unit #7080$305,000.0023 (2 1)1,958
12/05/2019Unit #702250$242,500.0023 (2 1)1,937
12/06/2019Unit #60777$190,000.0022 (2 0)1,558
03/05/2019Unit #606175$189,900.0022 (1 1)1,514
06/14/2019Unit #510109$176,000.0012 (1 1)1,365
05/13/2019Unit #40871$140,001.0011 (1 0)1,249
04/25/2019Unit #30298$148,000.0012 (2 0)1,496
04/26/2019Unit #30360$180,000.0022 (1 1)1,414

Dorsa Lofts    1015 Washington Avenue

10/09/2019 Unit #604 208 $204,900.00 2 2 (2 0) 1,965
09/18/2019 Unit #407 6 $177,000.00 1 2 (1 1) 1,547
10/31/2019 Unit #404 156 $205,000.00 2 2 (2 0) 1,746
07/31/2019 Unit #308 48 $149,000.00 1 2 (1 1) 1,290
09/20/2019 Unit #307 88 $150,000.00 1 2 (1 1) 1,547
09/30/2019 Unit #205 146 $233,400.00 2 2 (2 0) 1,981

Edison Condominiums  400 S 14th Street

04/30/2019 Unit #1120 232 $305,000.00 3 2 (2 0) 1,964

10th Street Lofts  1010 Saint Charles Street

None (better luck in 2020!)

Syndicate Condominiums   915 Olive Street

05/20/2019 Unit #1610 290 $447,500.00 2 3 (2 1) 2,792
02/13/2019 Unit #1213 66 $235,000.00 2 2 (2 0) 1,473
11/08/2019 Unit #1013 151 $230,200.00 2 2 (2 0) 1,473
08/07/2019 Unit #904 0 $246,000.00 2 2 (2 0) 1,358
10/15/2019 Unit #1511 0 $251,000.00 2 2 (2 0) 1,295
04/01/2019 Unit #1509 150 $288,000.00 2 2 (2 0) 1,576
08/28/2019 Unit #1407 117 $253,000.00 2 2 (2 0) 1,496
04/04/2019 Unit #1401 185 $315,000.00 2 2 (2 0) 1,664
10/10/2019 Unit #1103 35 $288,000.00 2 2 (2 0) 1,527
05/31/2019 Unit #1008 7 $254,200.00 2 2 (2 0) 1,314
01/07/2019 Unit #1006 88 $170,750.00 1 1 (1 0) 1,021

The Bogen Lofts 1209 Washington Ave


06/07/2019 Unit #702 25 $170,000.00 2 2 (2 0) 1,673

Eden Lofts  1720 Chouteau 

04/15/2019 Unit #503 4 $122,000.00 2 2 (2 0) 1,113
03/29/2019 Unit #403 29 $110,000.00 2 2 (2 0) 993
07/01/2019 Unit #309 9 $87,900.00 1 1 (1 0) 796
07/10/2019 Unit #204 263 $119,000.00 2 2 (2 0) 1,396


AVERAGES
Overall
96.47% of list price
$119.22 per square foot

99.05% of list price
175.38 per square foot

Bankers
97.16% of list price
125.83 per square foot

Ely Walker
95.33% of list price
101.11 per square foot

Packard 
101.01% of list price
99.24 per square foot