Thursday, September 26, 2013

Back On Market!!! Penthouse Gem!

Originally scooped up in just 4 days, this awesome space has everything a penthouse buyer would ever want!  2 full parking spaces, access to the rooftop pool, guest parking and a MASSIVE master suite and 2 private rooftop decks!!!   Perfect views of the downtown skyline from your floor to ceiling windows or your full length deck!

Call ASAP for showings because this one won't last!

Wednesday, September 25, 2013

Summer St Louis Loft Sales

Summer ended this past Sunday afternoon, and it seems like a good time to review the latest Downtown Loft sales data from the MLS.  

This summer's loft market was a step in the right direction for the downtown market as well as the overall St. Louis real estate market.  Following a very busy winter and spring, we could have seen a plateau in loft sales.  Fortunately, that wasn't the case.

While the shift from last summer wasn't dramatic, every metric that we saw showed improvement.  

Average sale price rose from $165,278 to $172,528.

Average days on market reduced from 169 to 122.

Average Price per square foot rose from $108.76 to $113.68

Total sales rose from 27 to 31

All that good news, plus there's still 18 units under contract currently.  

One thing that has no metric, but has mostly disappeared is the number of people that talk to me about a glut of unsold lofts downtown.   Inventory is reduced and we're even starting to see year over year sales with moderate appreciation.  

Here are the sales for Summer 2013 from the MLS:

Blu City Spaces  210 N 17th Street

#1207   $27,600
#1112   $36,300
#705     $37,255

Knickerbocker Lofts  507 N 13th Street

#308     $57,000
#309     $104,000

Lofts at 2020 (Sporting News Lofts)  2020 Washington Avenue

#104     $85,000
#713     $92,000
#501     $95,000
#607     $144,000

Terra Cotta Lofts 1501 Locust Street

#201     $101,50

Railway Lofts 1619 Washington Avenue 

#304     $223,500

Meridian Lofts 1136 Washington Avenue 

#612    $148,000
#505    $148,200
#406    $172,000
#501    $200,000
#407    $235,000
#910    $497,500

Printer's Lofts 1611 Locust Street

#606     $200,000
#504     $216,000

Printer's Lofts 1627 Locust Street

#401     $152,000

Moon Bros Lofts  721 N 17th Street

#206     $154,000

McGowan Lofts  1219 Washington Avenue

#510     $147,000

Banker's Lofts  901 Washington Avenue

#205     $225,000
#502     $229,900
#304     $264,000

10th Street Lofts  1010 Saint Charles Street

#1001   $225,500

Dorsa Lofts    1015 Washington Avenue

#305     $260,000
#404     $263,000

Syndicate Condominiums   915 Olive Street

#1201   $193,950

Elder Shirt Lofts  703 North 13th Street

#407     $258,500

Eden Lofts  1720 Chouteau Avenue

#304     $82,600

Monday, September 16, 2013

Homeless Town Hall Meeting Tomorrow Night -- Be There Loft Dwellers!

In 2004, we started working downtown by listing a really cool loft at the Knickerbocker Lofts. 

At that point, the downtown neighborhood was a doormat.  There seemingly was an editorial slant that people living downtown were arrogant and whiny; called "loft dwellers" they were presented negatively.  Problems in other areas had neighborhood feedback and referred to residents, concerned citizens, or home owners.  

Other than the media bias, the Downtown and Downtown West neighborhoods seemed were the dumping grounds for the area.  Visitors to the neighborhood would urinate on buildings and drop trash and think it was ok.  Even worse, Downtown St Louis seemed to be the solution to all other areas vagrancy problems.  It wasn't uncommon to see police cars from outside the city dropping off "new downtown residents" to shelters around the neighborhood.

Our listing at the Knickerbocker gave us a front row seat for some of the problems downtown;  especially that of homelessness.  

In those days, Lucas Park was the scene of most problems with the homeless.   Being homeless itself isn't what bothered the residents downtown, but public urination, public intoxication, public bathing in park fountains, pan-handling, drug dealing, sleeping on park benches, loitering and illegal feeding stations were problems that wear on people.  Downtown residents were looking for a change.  That's where the media bias came in.  Any effort to address the problems associated with the homeless created a classic battle between the "haves" and the "have nots", both in the press, with City Government and with the Police.  City government was even more complicated in that the Downtown Neighborhood has three different Alderman and the neighborhood was seemingly on the 'outskirts' of all three wards.  Lastly, population was a problem.   Downtown wasn't very populous (about 3500 folks), so it was easy for various entities to view any problem as minor since it didn't involve many people.  Thankfully, things have changed since 2004.

Homelessness and its side effects are still downtown.  The voice of the downtown residents and business owners have been heard by the city and downtown continues to improve.  

Now the Downtown Population is around 14,000, and the voice of the downtown residents continues to be important.  

Tomorrow night there is a meeting where the voice of downtown residents will be particularly useful.  

Downtown Hall Meeting
Christ Church Cathedral 1210 Locust Street

According to the flyer, there will be a brief presentation followed by a town hall discussion.  
Without downtown residents at meetings like this, the meetings can be largely dominated by folks with their heart in the right place, but with little realistic perspective on what the homeless problems are and worse off, no concern for the well being of Downtown St. Louis neighborhood.  

So for those of you who care about the continued improvement of the downtown area and the increase in downtown real estate values, plan on being there.  Especially if you are willing to participate in the discussion.  What we don't need is a one sided discussion without the voice of the downtown residents.