While St Louis loft sales increased last year, they seemed to do so at a price. As expected, average prices dropped.
The culprit this year in particular, is the foreclosure agent. Aside from the FDIC take-over of the Dorsa Lofts sales, one trend we've seen this year is truly below market pricing on foreclosure listings. This has been great for the downtown buyers this year.
We're still working on the release of 2011 Loft Sales by Building, which should be posted within the week. The executive 'market summary' is below. While downtown residents may look at these numbers with some disappointment, these sales numbers reflect some necessary answers to questions we've had on the horizon for a few years.
In looking at the individual numbers, as we've observed all year, it seems less a matter of the dreaded 'prices dropping' as it does that more higher value lofts sold in years past. For example, several sales took place in Downtown West buildings that aren't eligible for conventional financing, Like Motor Lofts, Packard Lofts, and Kingbee Lofts, where virtually no sales took place last year. Also, there seemed to be an inordinately large number of foreclosures in the Lofts at 2020 (Sporting News Lofts) all at the same time. That 'competition' between foreclosures led to steep price drops by sellers (banks) that have very little patience for inactivity. Basically the same thing happened in Dorsa Lofts with the FDIC slashing prices even as lofts were selling at a fast rate.
St Louis Lofts Market Analysis
Downtown
Downtown St Louis neighborhood is bound by Chouteau on the South, the Mississippi River on the East, Cass Avenue on the North, and Tucker Boulevard on the West.
Average Price= $193,204 - Down from $222,816
Average Size= 2 bed / 1.9 bath 1605 square feet
Average Market Time= 180 days
Total Volume Sold= $8.68 million -up from 6.68 million
Downtown West
Downtown West St Louis neighborhood is bound by Chouteau on the South, the Tucker Boulevard on the East, Cass Avenue on the North, and Jefferson Avenue on the West.
Average Price= $119,559 - Down from $141,429
Average Size= 2 bed / 1.6 baths 1310 square feet
Average Market Time= 94 days
Total Volume Sold= $5.49 million -down from 7.08 million
Looking at the numbers, 2011 was a hard pill to swallow, but just like any other tough pill, it needed to happen for the market to fully recover.
Search the new and improved Downtown St Louis real estate site, http://www4SaleStLouis.com/downtown-homes to search for St Louis lofts by building, size and area.
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