Twenty-two lofts sold in May and June, which is AWESOME!
The St Louis loft expert may point out that last year we sold more. The same period saw 25 sales in 2011. The 2011 market was a different market.
Last year, 9 of the 25 sales were the dreaded FDIC liquidation sales at the Dorsa Lofts. There was also a bit of a foreclosure glut of lofts at 2020 Washington last year, accounting for 2 sales.
The 2012 market has its share of distressed sales, but nothing like FDIC sales or a frenzy of foreclosures in the same building competing against each other.
Nationwide reports are showing an overall price increase in a majority of home markets, signaling a housing recovery. This recovery takes place on a market by market basis. Based on the lack of inventory (as of this posting, only 64 lofts are on the market downtown ranging from $44,995 to $1,300,000) and a drastic increase in market rate sales, the downtown market seems to be in the recovery phase too.
Like most markets, downtown has 'pent up demand' to sell. Many of these presumptive loft seller's are waiting for prices to reach a higher level. Like all markets, this may take time. This is consistent with most markets where the percentage of new construction going into the housing peak was as high as it was in Downtown St Louis.
Here are the Downtown Loft sales for May & June of 2012:
Blu City Spaces 210 N 17th Street#305 $42,000
Knickerbocker Lofts 507 N 13th Street#502 $49,100
Columbus Square Condominiums#33 $65,000
Lofts at 2020 (Sporting News Lofts) 2020 Washington Avenue#703 $85,000
Westgate Lofts 410 N Jefferson Blvd. / 2323 Locust Street#406 $94,000
Terra Cotta Lofts 1501 Locust Street#503 $99,000
Ventana Lofts 1635 Washington Avenue#509 $100,100
Marquette Condominiums 314 N Broadway#1404 $120,000
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