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?

Phenomenal Spaces Available in Downtown St Louis!!!

Getting ready to post the sales for the first Quarter of 2014 has me excited!  There were some fantastic lofts sold and a busy downtown market.  

These are some awesome listings that are available as of today!  The top one, PRINTER's 403  is a fantastic 2 bedroom 2 bath large space with a balcony and 2 parking spaces.  AT nearly 2100 sq ft, there's a great spot to add a 3rd BEDROOM if desired! We can't believe its still on the market!    

PRICED TO SELL AT $263,900!

This beauty was JUST LISTED by the Premier Team (it will be open as of 4/1/2014) and we're so excited for some lucky buyer!  

Originally built out as the developer's personal unit at the Meridian Lofts, this combination of 2 normal sized units into one huge corner space is exquisite!  

Top of the line appliances and phenomenal views of the loft district, this space is mind blowing!   On top of all the obvious features, the fact that each window was replaced with sound deadening windows.  

Phenomenal Experience at $519,900    

New Listing at the Syndicate

The Syndicate Condominiums are releasing the remaining developer held units for sale as the downtown market picks up.  We'll be holding this unit, and the other two developer close out penthouses open SATURDAY MARCH 15th from 1-3pm.  

 
 

 

Details on this unit and others at 
http://www.4SaleStLouis.com/downtown-homes/syndicate-condominiums/penthouse-1613/

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

http://www.4salestlouis.com/downtown-homes/

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

First Quarter 2013 Loft Sales

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
#509     $97,000
#309     $100,000
#305     $103,000

Motor Lofts 2201 Washington Avenue 

#302    $83,000

Railway Lofts 1619 Washington Avenue 

#905     $280,000

Windows Lofts 1601 Washington Avenue 

#204    $149,500

Meridian Lofts 1136 Washington Avenue 

#801    $219,000

Marquette Condominiums 314 N Broadway

#1902   $158,000

Ely Walker Lofts  1520 Washington Avenue

#717     $105,000

Printer's Lofts 1627 Locust Street

#704     $105,500

#706     $196,500

Syndicate Condominiums   915 Olive Street

#1104   $169,000
#1009   $260,000

Mixed Messages on Washington

Fantastic 2 bed/ 2 bath Printer's Loft Coming Soon!

A Tale of Two Markets
I spent the past few days showing some cool spaces to 3 different out of town buyers.  Nothing abnormal.  

Something we used to see quite a bit when walking from building to building showing lofts was "run in's" with other Downtown Realtors.  This is the sign of 'hot listings';  it feels like a party, everyone starts showing up at the same time by chance.  It happens all over, but today it was happening downtown.  Clients getting frustrated by excessive showings, seeing agents rushing around with file folders and clients in tow, and working past midnight trying to catch up on paperwork;  these are the signs of a busy market.  While the weather today wasn't fantastic, the market seems to be on fire.  

So when I sat down tonight to review the 1st Quarter St Louis loft sales, my expectation was massive growth in the downtown market overall in the form of loft sales.  While the number of sales wasn't bad, they were surprisingly normal.

In 2008 when the US economy hit a wall and our local real estate market followed suit, our problem with downtown sales was very simple:  Lack of buyers.  There were hundreds of lofts for sale and very few buyers.  That problem has become progressively better as the years have passed.  

Today the issue keeping the loft market stable may vary, but the most interesting problem has been lack of inventory.  

Looking at the numbers, there's 64 Lofts on the

Fantastic 2 bed/ 2 bath coming soon!

market, so one may say, that's roughly 8 months of inventory.  Traditional real estate statistics would say that's still a buyer's market with plenty of available homes.....but wait!  Condominiums have an interesting quirk.  Out of the available 64 condos, approximately one third of the available units would not qualify for any conventional or FHA loan.  Not being able to get a mortgage on a home is sort of a big deal.  Cash buyers are out there, but I ask my cash buyers one question, "when re-selling, do you want to be limited to only cash buyers?"  Most of them buy a unit where financing is not a problem.  

Five percent of the units are luxury penthouses, which, are in a sub-market of their own - not something the 'average' buyer would be able to purchase.    

So just over half the lofts downtown wouldn't be an option for the 'typical' buyer, and of the remaining 30 available homes, 10 of them are 1 bedrooms.  So the 'typical' St Louis loft buyer, as of today, has roughly 4.15 months of inventory to choose from.  The penthouse buyer fares better, but the 1 bedroom loft buyer fares worse, with only 3 months of inventory available.  

So breaking the numbers down, its no wonder that buyer's have been struggling to find a place to call home downtown.  And it's no wonder that the sales have been 'level' at 20.  I've seen how home buyer's get when the see exactly what they like.  It's different than when they get tired of looking and settle.  Vastly different.  While it still happens, most home buyer's give themselves enough time to not have to settle for a home they don't LOVE.  

Before we move on to the individual sales downtown, one more point should be made.  In looking at the sales market, it would be incomplete to look at sales without looking at what's 'in the pipeline'.  Lofts 'under contract' presently number 21 -- 9 of these have been sold within the past 10 days, 7 of which sold since this Thursday.  Sales are picking up for sure!!!

Loft Sales Busy in late Spring

Despite the negative PR campaign the Post Disgrace has for Downtown, sales have been steady in the past few months.  


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
#404     $44,995
#1210   $50,000
#406     $55,000
#312     $59,995

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
#706     $137,750

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
#1604   $120,000
#1403   $230,000

Ely Walker Lofts  1520 Washington Avenue

#316     $153,500

Printer's Lofts 1611 Locust Street

#601     $184,000

Banker's Lofts  901 Washington Avenue

#505     $200,000

10th Street Lofts  1010 Saint Charles Street

#803     $240,000

Dorsa Lofts    1015 Washington Avenue

#304     $249,000

Edison Condominiums  400 S 14th Street

#1216   $300,000

Syndicate Condominiums   915 Olive Street

#1612   $448,200

Elder Shirt Lofts  703 North 13th Street

#503     $455,000

Early 2012 Loft Sales

Downtown Loft sales reflect the overall market.  In one line;  more sold at lower prices.


Looking at January through April 28 for the past four years, we could come close to the previous high in 2008 of 56 sales.  Currently there are 27 lofts under contract with 30 sales so far.   


The area of greatest change is the price per square foot.  With the extensive amount of foreclosures, short sales, and appraisal challenged sales, the current price per square foot is right at $106. 2008 price per square foot:  $169.24.  Keeping in mind that the first third of 2008 was well in advance of the stock market crash and prior to the public knowledge of the banking crisis which hit later that year. 


Now, nicely finished, market rate sales selling above $150 per square foot are simply out numbered by homes dumped by institutional owners and short sales.   Sometimes the "like units" just don't exist, except for dist.  This isn't unique to St. Louis or downtown.  In talking with a nationwide developer, they've been having this problem much worse in other areas.  


I sort of feel silly making references to the market and its descent from the highs.  Like its never been talked about before. The media has beat this subject into the ground! In listing appointments though, when we hear the price that prospective loft sellers want for their unit, it seems that the reality of the market is unknown.  Sellers ultimately unable to accept the reality usually end up in foreclosure and their bank has to find reality for them.  


As real estate investors, our suggestion usually favors trying to rent out a loft space until the market recovers.  This strategy cuts down on our listings, but gives the owner tax advantages and hopefully a better sale price down the road.  Despite some horror stories, with proper screening and lease execution, downtown renters can be fantastic.


Despite the lower prices, the increase in sales is a good thing for downtown.  In 2008, while we had 56 sales, the inventory downtown was staggering.  The big question mark at that time was,  "How in the hell are we going to sell all these condos?"  Even worse, public perception was even worse than the reality.  They myth to the average St Louisan, thanks to the media, was that downtown was only 15% occupied and that there were hundreds of empty condos downtown.  That was never the case.  Now, with inventory being absorbed and prices more affordable, many people are making their move downtown.  Click on the building name and see, that very few units are currently for sale in each building.


Here's the sales data from the first third of 2012


Building/Address                       Sale Price
Blu City Spaces
210 N 17th St #610                  $29,995
210 N 17th St #908                  $29,995
210 N 17th St #411                  $30,000
210 N 17th St #803                  $54,995


Columbus Square
29 Columbus Square                 $54,900


Knickerbocker Lofts
507 N 13th St #204                  $78,023


Westgate Lofts
2323 Locust St #307                $80,000


Lofts at 2020 (commonly known as "Sporting News Lofts")
2020 Washington #605            $83,000
2020 Washington #604            $84,000
2020 Washington #313            $105,000
2020 Washington #803            $128,500


Annex Lofts
1511 Locust #508                     $90,000


Meridian Lofts
1136 Washington Ave #209    $102,000
1136 Washington Ave #712    $168,500
1136 Washington Ave #903    $215,000


Lucas Lofts 
1123 Washington #409           $110,000
1113 Washington #308*          $117,050
1123 Washington #716           $161,000


Moon Brothers Carriage Lofts
721 N 17th St #507                  $110,000


Dorsa Lofts
1015 Washington Ave #509    $119,795


The Marquette
314 N Broadway #1601           $129,900
314 N Broadway #1101           $165,000


Printer's Lofts
1627 Locust St #305                $158,000
1611 Locust St #502                $165,000


McGowan Lofts
1209 Washington #608           $175,000


Terra Cotta Lofts
1501 Locust St #707               $200,000


Ventana Lofts
1635 Washington Ave #912   $222,500


Edison Condominiums
400 S 14th St  #1113              $290,000
400 S 14th St #1202               $330,000


For more details on any sale or available unit, Contact the Premier Team for Information

Downtown Loft Sales Increasing!

When the year wraps up and we're celebrating another year gone by, many folk are drawn to the numbers of what's been done that year. While it may not be my first inclination, I'm interested to see how things stack up for the downtown lofts and condos sold. 


 This year was looking up. 


 When the stock market and housing market slid into the tank back in 2008, one thing was clear: it would take time to climb out of "this mess." Since then, we've seen a process. A backlog of lofts, and pent up demand to sell. 


Much of this demand isn't as much because of the market itself, but because the conventional wisdom of buying homes for the 'long run' was abandoned by many home buyer's during the housing boom. It wasn't uncommon to hear buyers talk about living downtown for a few years, then finding some place bigger in Lafayette Square, Tower Grove or a suburban area like Kirkwood or Webster Groves. 


 Unfortunately, the drop in home values changed the plans of many downtown residents.


Preparing the numbers to look at the current downtown real estate market, I couldn't help but think that many readers wouldn't have the proper perspective about our market without first looking at a basic analysis of the inventory of downtown lofts.


In 2007, my partner and wife confronted a developer on Washington and 14th Street because of her concern about the over-development being unveiled that year.  Over 2,200 loft condos were supposed to be built and added to the inventory in 2007-08.  The graph below shows the numbers from the MLS of the total number of listings per year (based on expired listings, cancelled listings and sold listings) and the numbers sold.

In 2004-5, there was a housing shortage in Downtown.  Even in a perfect market, some homes don't sell;  price too high, bad smells, dirty, or ugly finishes will kill some sales.  In 2005, 62% of the listings sold.  What makes that even more exeptional, is that in this case, a majority of the lofts sold were newly built condos and were sold pre-construction, so they weren't even on the MLS.    It was almost pure growth.  


The percentage of lofts sold in Downtown dropped quickly from that point.  The low point of 2008, only 18% of the inventory was sold.  It was a tough year.  


From that point on, the percentage of total inventory has risen steadily.  In 2010 we saw a 20% increase in loft sales!  Good news for the neighborhood and downtown residents.


I'm comfortable with that steady increase.  For 2012 I anticipate a drop, only because the 2011 market was influenced greatly by the FDIC sell-off at the Dorsa Lofts.  


With no condominiums being built downtown completely since 2007, and with a steady increase in both residency downtown and in condos sold, we should achieve a more balanced market soon.  


What does that say to me?   Now is a fantastic time to buy, before prices start to creep upwards.  


So that is my non-economists analysis of the downtown residential inventory.  Seeing that downtown is weathering the sluggish economy, I'm excited to see what happens when things really pick up.  


If you're looking to get a better grip on the downtown loft market....stay tuned for the 2010 Loft Sales here at loftsinthelou.com

Sales Up, Prices Stabilizing

Last week was a busy week at the title companies as the 1st half of 2011 came to an end and Festivities for Independence Day started up. The million dollar question remains in every real estate market, when will the market "come back?"

In the past few months, the inventory of available downtown lofts has been less than what we've seen in past years. A search for 2 bedroom, 1 bath spaces for less than $240,000 produced only 39 possibilities. Not what we're used to seeing. I double checked to make sure there wasn't a mistake.

This year it seems that several great things are happening downtown that indicate a turnaround is on the horizon. A sweep of the Reds over at Busch Stadium would have been icing on the cake.

Looking at the numbers, there were 53 condos sold in downtown St Louis during the first half of 2011. That is based on Realtor sales on the MLS. Last year there were 41 sales in the first 6 months. While the median sale price dropped by about $20,000.

From the Realtor perspective, it seemed like seller's in this years market seem to realize what they're up against more than in years past. One big factor in the increased sales this year also was the failure of Premier Bank of Jefferson City, the owner of the remaining lofts at the Dorsa. That change of the guard made the prices of these attractive units drop substantially overnight. As of today, the building is 90% Sold. The FDIC doesn't mess around when it comes to unloading property. Other foreclosures still pop up, and some are ridiculously priced. One would think that in this market, getting multiple offers on a property in less than a week wouldn't occur, but it does when a foreclosure agent prices a condo $50,000 to $100,000 below market, that happens.

Despite the number of distressed sales taking place in all areas right now, it seems that compared to 2009 and 2010, there are more loft buyers that are interested in buying a place on more factors than just price alone. I had a conversation with one agent earlier this year about how her listing was substantially overpriced. It was! It didn't matter though, someone scooped it up for nearly $180 per square foot. Most seller's aren't that lucky, but just seeing it start to happen is reasurring that prices are beginning to stabilize. Considering the inventory is lower and only the 24 Grace Lofts have been added to the number of available condos in the past 4 years, we may start to see a housing shortage again downtown; the condition we were in back in 2005 when pricing began to spike.

Lastly, one thing has continued to drag pricing down, which is the number of non-warrantable condos in the downtown area. Some of these were non-warrantable from the beginning, and others became non-warrantable when developers chose to rent out unsold inventory or some other factor. Lofts in buildings like Ely Walker, Ventana, Packard Lofts, King Bee, or Ballpark Lofts have been unable to entertain anything except cash offers; they've been sold for the lowest prices of all.

We'll see about the future, but here are the sales for the past 6 months:

2207 Washington Ave #307 47,250
1709 Washington Ave #904 58,000
210 N 17th St #205 65,000
210 N 17th St #1011 75,900
2020 Washington Ave #214 90,000
2020 Washington Ave #707 92,250
1511 Locust St #303 95,000
2020 Washington Ave #404 95,040
1501 Locust St #601 97,000
2020 Washington Ave #406 97,000
1627 Locust St #504 100,500
1511 Locust St #205 102,500
1312 Washington Ave #4a 104,000
901 Washington Ave #308 106,000
2020 Washington Ave #402 St 118,000
1720 Chouteau Ave #402 120,000
1511 Locust St #606 St 125,000
1611 Locust St #504 129,000
314 N Broadway #1301 St 134,900
2323 Locust #403 140,750
1123 Washington Ave #507 152,000
314 N Broadway #1307 St 154,000
2323 Locust #308 161,000
1123 Washington Ave #605 162,500
1123 Washington Ave #213 165,000
507 N 13th St #509 168,000
1123 Washington Ave #316 168,000
400 S 14th St #1106 184,000
1601 Washington Ave #205 200,000
2020 Washington Ave #101 St 207,000
1611 Locust St #301 211,000
1015 Washington Ave #301 213,500
901 Washington Ave #509 225,500
2020 Washington Ave #813 233,500
703 N 13th St #404 255,000
315 N 11th St #703 265,000
400 S 14th St #1214 275,000
915 Olive St #1209 285,000
915 Olive St #1401 287,900
901 Washington Ave #706PH 399,000
901 Washington #204 345,600

Dorsa Lofts
1015 Washington Ave #503 158,000
1015 Washington Ave #607 159,000
1015 Washington Ave #608 159,500
1015 Washington Ave #407 169,000
1015 Washington Ave #601 171,000
1015 Washington Ave #505 179,250
1015 Washington Ave #405 180,440
1015 Washington Ave #404 185,200
1015 Washington Ave #605 193,000

1015 Washington Ave #706PH 306,000
1015 Washington Ave #708PH 325,000
1015 Washington Ave #707PH 389,000

FHA Approval and Buying a Loft

We had our open house at the Ballpark Lofts yesterday and for a while it seemed as if the housing market was back in full swing! Getting so much interest there was almost enough excitement to make up for having to postpone our trip to Cancun scheduled for today.

Someone asked me a question that I take for granted as a realtor and someone who specializes in St. Louis lofts: "So how does this being 'FHA approved' benefit me?"

Back in May 2008, when all of the sudden FHA loans were a big deal in lending again, we did 2 posts to Lofts in the Lou (My Day at the FHA part 1, My Day at the FHA part 2 )that addressed some aspects of FHA financing and some of the flaws in the approval process.

The basics of getting any loan that seems to be more relevant today is that the money lender has to approve of 3 things before loaning money: the borrower, the buy, and the reason. To get any home mortgage, the bank begins the process by approving the borrower (checking credit, income, assets & liabilities). Once the buyer selects a home, regardless of it being a house or condo, the lender must approve the property too. This usually comes with an appraisal.

Condominiums can be complicated. Appraisers don't have the time or access to obtain enough information about the condominium association, its funding, etc. so the bank usually takes care of that. It can be difficult at times. There are several different types of bank reviews that occur when dealing with a condo, but the two basic options are "limited review" and "full review". Buying a condo or loft in a previously FHA APPROVED building helps the process because then your lender would be able to obtain a speedy approval through a limited review.

Most home sales take roughly 30 days to complete. Often times home buyer's think that the process of getting a loan mostly involves shopping for the best rate and everything else falls into place. NOT TRUE! The process of getting financing is only begining during the initial consultations. Usually a good lender can make the process seem like everything falls into place. Getting lenders not fully competent in financing condos can make the process seem like an arduous nightmare.

So my answer to the buyer's question: "How does FHA approval benefit me?" would be that having one fairly big piece of the puzzle already in place will give a borrower more options in financing, a smoother transaction, significantly less down-payment required, and an assumable loan (another story, but a great benefit when selling).

Get Down to the Ballpark!

Last month we were able to list the Ballpark Lofts! A Blue Urban project, these lofts were long thought to be sold out within 1 day. An NFL style draft was a great concept, but did, combined with the recession, didn't work out past the theory. As downtown specialists, never heard until recently that there were some units that didn't close that had come back on the market.

So today, the buildings completed. The units are spectacular, many having views of the stadium, Stan Musials statue and the Gateway Arch. Spring training starts next week, and in a short time the area surrounding Busch Stadium will take on a new life as it does every year.

We're holding the lofts open today for the first time and we have a special buyer's incentive! Any unit reserved today will receive a custom paint package at closing!

The open house will be from 12pm to 3! We hope to see you there!

What's up with Tony's?

The last month, news about the floundering Busch's Grove in Ladue has suggested that Vince Bommarito saving the historic restaurant with hints of uncertainty for downtowns Tony's.

This week, Vince made an offer and hinted about the possible changing of the guard at Tony's in an article that included talk about suitors to Pyramid's projects.

Developing the Arcade under a different plan would be a great thing for the city for several reasons. For starters, the ultra-luxury plan envisioned by Pyramid wasn't marketable. Even the developer's have to remember that St. Louis is still a conservative midwestern city. Many "high end" buyer's start out looking for the penthouse and end up spending less.

The next phase of developers that take on downtown will hopefully stick to a more realistic business plan. As admirable as John Steffen and Pyramid are, it seemed that the past year or two that operations were more based on a fantasy than on a business plan. Many other developer's seemed to be caught up in the same notion. Of course, that's just an outsider's perspective. It was an issue that came up with each buyer and seller I worked with.

With the brakes slammed on so many projects downtown, it will give the market a chance to settle down. Despite all the hoopla, progress is being made and downtown is still in business!