Clean & Green

Last week I was picking up a future loft buyer at the Hampton Inn downtown and noticed that activity was picking up at the adjacent Urban Garden 2200 Pine. Spring season is upon us and some of the coolest events to participate in are upon us. Operation Brightside and Gateway Greening team up for the Urban Roots project on May 9th and 10th. Getting out and beautifying the urban landscape does a lot for the neighborhood and the region in general.

Also on May 9th, Operation Brightsides clean up St. Louis Project Blitz will take place in Downtown.

Traditionally there has been a good turn out in Downtown for both of these events. There is also the opportunity to buy plants and donate to help make this year's event a success. Visit Operation Brightside or Gateway Greening for more information.

Loft Deals Scooped Up

I bought my first home in February. It was strategic. My thought was, who in their right mind would be running around in the snow looking at homes. With a prospectively lower demand, supply constant, prices would drop.

This February, prices were favorable too. Still not as good as the media seems to think. A sports reporter talking to Cardinals 3rd baseman made the comment that his house bought last year had dropped 50% in value. He should stick to sports. Real estate values look great compared to stocks. Bucking the trend elsewhere, only one sale was a foreclosure. Several banks seemed to stop accepting offers last month due to the larger forces of government stimulus and equity transfers.

Two Units sold were new construction. Favorably priced, but still above the resale market, pushing up the average pricing.

Click Here to see the February 2009 St. Louis Loft Sales

Love To Hate

Checking out the STLTODAY.com site tonight, I happened to notice the bottom right corner of my screen had the most commented upon stories. Whaddya know. LOFT DISTRICT was #1!

The story isn't new, but the article was from today. The Washington Avenue Apartments are housing veterans that were formerly homeless through some St. Patricks Center program[Project HERO].

The whole deal sounds good except for two small things. 1. When a group of any potentially risky people move into ANY neighborhood, there will be concerns and complaints. Inadequate notice and information seems to have been provided. 2. There is plenty of space in the City of St. Louis, Downtown has an inordinately large percentage of the special services for homeless.

All & all, the program sounds well thought out and managed. Not being an expert on programs to assist former homeless people, I was impressed with the operation as it was portrayed in the Post Dispatch article. There were several restrictions (no sex offenders, no dishonorable discharged veterans) and other checks and balances (weekly sobriety checks, on site supervision).

Unfortunately not all parties were portrayed in such a positive light.

The news stories that have been on the wire for the past
few days have the central theme that Downtown residents are outraged about this wonderful program for the formerly homeless veterans. Ironically, aside from the news stations & paper, the subject hasn't come up in any of my conversations with downtown residents this week.

What really inspired this post isn't my opinion of social programs for veterans but the negative perceptions that seem to exist for downtown residents. Read the comments after the story, its hideous! After a couple minutes, I was thinking that downtown residents need to hire downtown PR Firm Fleishman Hilliard or Weber Shandwick to improve thier image. Sincerely! Now, reading the comments after PD stories often makes about as much sense as what my 3 year old tells me. But I really started to question whether such a negative perception is common and if so, what affect it has on the growth and prosperity of downtown. Based on many of the comments, I would say the perception of Downtown St. Louis residents is an unpatriotic affluent yuppie with a sense of entitlement and a hatred for their fellow man.

Interestingly, I never thought of St. Louis as a 'military town,' but in my experience assisting people buying and selling downtown real estate, I've worked with 8 active military clients in the past, with two active military clients currently working with me and a few veteran contractors that work for the military as civilians. Statistically, the military is the largest employer of my clients, so the assault on downtown residents having "never served their country" is bogus.

Another total false-hood is that downtown residents as a whole can't live near the homeless. Obviously this topic isn't new. My very first client downtown lived in the Knickerbocker with a view into Lucas Park. Then and now; I've heard it all. Summing up everything though, most downtown residents are more concerned that 1. a small percentage of the homeless feel that rules don't apply to them, don't appear to be trying to improve their situation and are simply BAD NEIGHBORS, and 2. that as a society in general, and in several cases specifically, services to the homeless can be illegally handled and poorly appropriated. As an observer, things seem to have improved drastically since 2004, especially the overall appearance of Lucas Park. [Thanks, by the way, to all the Selfish entitled unpatriotic commie yuppie jerk downtown residents that spent thier weekends picking up trash and cleaning up after the homeless in Lucas Park back in the Fall.] (Had my bride and I not been in the middle of having our 3rd child, we would have helped.)

The bottom line, thanks again, in no small part to the Post Disgrace, people seem to "love to hate" downtown residents. Unlike T.O., in this case there's no basis in fact. (They were even ripping on Downtown residents for not having a grocer nearby. What's wrong with City Grocers?!?) Interestingly, the article cited two downtown residents that had opposition to the project. Both had business interests in downtown as well. Then two people that were in the Project HERO. So apparently that's all it takes to really get people ticked off and hating downtown is 2 people out of 11,000. I can't imagine that 0.018% of the population anywhere else has controversial opinion the Post can write about. Good luck to the men in HERO. Enjoy downtown!

The Syndicate Motel

This weekend I left my home as some guy was hammering a sign at the corner, "RENT YOUR HOME FOR $5000 DURING THE ALL-STAR GAME". (My illustrious block captain has since removed the sign). The thought did cross my mind. Who couldn't use an extra Five Grand these days.

Then I got an email this morning from a client who had purchased a loft last year who had read the Post Dispatch story on how downtown residents are looking to cash in. "Can I rent my place out for the weekend?"

Having read through many condo by-laws, this subject is usually addressed early on. Having my own personal CONDOMINIUM DOCUMENT library, I thumbed through a few different associations. My question is where do they find people to write these things? Its almost like the same person writes it. "No Residential Unit may be leased or subleased for transient or hotel purposes or for an initial term of less than one (1) year for residential units;"
Each building had some form of that sentence.

The thought actually is scary what downtown buidings could be like if this activity were allowed. Hotels have 24 hour security, maintenance, and all kinds of administration to make sure that people can do what they came for. A loft building would be a whole different operation. It would be psycho!

Business is Business

Lately business hasn't been great. Not necessarily real estate, but any business. Consumer's are tightening their belts, businesses are doing the same, and a whole chain reaction follows. News of the present economic challenges are everywhere, why loftsinthelou?

Last week I was in two places I would consider prime business locations. At Meramec & Carondelet, adjacent to the St. Louis County Government Center and Courthouse in the heart of Clayton and at West County Mall in Des Peres. Noticing that J Bucks closed its West County Mall location and another restraunt closed at the corner of Meramec and Carondelet, it was a sign that the economic woes are everywhere. Even at arguably some of the best locations in the region, businesses are struggling.

Even some well managed businesses are failing. My rants are always about poorly managed companies or bad business plans. Some companies that are run successfully for many years just don't have the reserves to withstand the adverse climate.

What's the point? The businesses in Downtown need our support. Also, there still seems like there's a negative bias about the ability of stores to survive downtown and that when a shop closes downtown or moves out of downtown that its because of the area and not all the other factors.

One news source that seems to always represent downtown well is the St. Louis Business Journal. This weeks issue's special section "Doing Business Downtown" talked a great deal about some of the factors facing downtown.

One thing that was sort of annoying was an article talking about condo projects going rental. It does happen, but a quote from one developer talked about the tax credit advantages of going rental like they were really benefiting from the whole thing. Nutty really, considering the same developer had 5 or 6 mechanics liens published a few pages later for unpaid bills to a contractor. Condo buildings that have gone rental have done so ONLY to avoid eminent foreclosure. What would have been an improvement would be if they also addressed the implications that these developers actions had on their owner occupied units and thier ability to re-sell. I guess that every angle can't be covered. That may come up in next years issue.

Things keep moving forward though and downtown St. Louis will be one area that continues to grow during these tough times.

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!

Urban Oasis

Construction means different things to different people. In general, it pushes people away. Sidewalks are closed. Construction vehicles, dump trucks, cranes and fences take up the sidewalks and block off the area. Prior uses of a space come to a halt and the project takes over.

Right now, there are two projects nearing completion that are currently in the state described above. Thier eminent completion this spring/summer will revamp downtown in a much needed direction.



This weeks St. Louis Business Journal had an article about the Post Office Plaza and how its problems are being addressed. The unanticipated costs of construction is nerve-wracking. In this case, assuming a parking lot hadn't been the construction dump from a prior building at that location was the problem. Kudos to the Danforth Foundation and the Partnership for Downtown St. Louis in keeping the project moving forward. In order to repay a loan from the Danforth Foundation, organizations or idividuals can purchase "naming rights" to park benches for $7500, so businesses like mine who are just shy of buying naming rights to a sports arena can participate.

Just a few blocks away from the Old Post Office
is the nearly complete CITY GARDEN. Expected to be completed by mid summer, this park between 8th and 10th along Market will be another opportunity to showcase downtown and give residents and visitors an enjoyable hiatus. Unlike the plaza style of Post Office Plaza, the combination of art and nature is a welcome addition.

St. Louis City Sales Data 2007 & 2008

Last week, I put down a fair amount of information on the downtown real estate market and provided the sales information about the area. I also talked a bit about how the year of 2008 felt for a real estate professional (2008 Real Estate Sales Downtown ).

The post is something I've tried to do for a few years. Putting the year in perspective.

Of course, that was just downtown.

Hearing a news broadcast yesterday, I heard some remark about housing values and felt that the report was misinformation; exagerating the markets downturn.

Today I pulled up the city wide sales statistics. Looking at single family residential, condominiums and multi-family homes, the report is included below, but the most notable data follows:

Year----Total Sales Number/$ Value----Average Price---Days on Market

2007--------5000 / $701,227,559---------$140,246---------------88

2008--------4532 / $515,009,046---------$113,638---------------99



city%20sales%202007%202008.pdf

2008 Real Estate Sales Downtown

This post is something I've been thinking about all year. After 2007, as a realtor, I felt kicked around. As we found out a few months ago, a recession started in December of 2007 and we could feel it. My annual Downtown St. Louis real estate sales post,was appropriately titled "To Forget or Not to Forget 2007." We were starting to notice problems on the horizon. Regardless of the hard work or the below market pricing, some listings just wouldn't sell. That was a new problem. Buyer's were surfacing into the market with a cut-throat mentality. Low-ball offers and walking away after the first counter.....another strange new anomoly. Despite the changes that were just appearing on the horizon, as things continued to get progressively more difficult and bizzare in 2008, that post came to mind.

Despite getting harder, the market makes sense today. A year ago, we were still waiting for over 2000 units to flood the market. Nearly all of those had to become rentals as demanded by the bank. Developer's had to start taking responsibility for the loans. Some couldn't.

Pyramids collapse in April was a dismal blow. Despite the numbers not making sense, John Steffen had a vision for our city that was adopted by many. "Paris on the Mississippi" was his line. His ability to do so much at one time was questionable, and ultimately a big part of the company's demise, but the end result was something worth believing in.

The financial crisis which played a big part in Pyramid's collapse has taken its toll on just about all projects downtown and elsewhere, from Ballpark Village to our listing at Westgate Lofts not being completed. Easy street is no more.

When the media covers the financial crisis, the stress always seems to be on foreclosures and personal finance, when the bigger news seems to be the effect on large scale commercial projects. Being out with a buyer a few days ago, they insinuated that the shift in scale of Ballpark Village was proportional to the ability of downtown to sustain that project. My thought and comment was that projects all over the world have been scrapped, delayed,reduced, or changed like Brown Shoe and more recently the Shriner's Hospital.

Foreclosures and relocation sales have taken thier toll on the sales prices this past year. Appraisals are supposed to take similar properties in similar sales conditions. Not using a distressed property to compare with a property being sold "at market" is the standard, but unfortunately, in some places, there aren't any sales taking place other than foreclosures or relocation sales. In this regard, downtown is fortunate. Foreclosures are prevalent, but not the majority of sales. Looking at the sales data though, seeing a loft sell for around $100 per square foot is just wild. The condition of these units are often times horrible.

To sum it all up personally, feeling "bashed in the face with a baseball bat" didn't feel good last year. Now the real estate market is all about getting "bashed." Interestingly though, it's not as bad as the media makes it out to be. We're having the best January as a company we've ever had. Interest rates are favorable and supply is good for buyer's. For seller's it can be horrible unless able to price extraordinarily low and STILL get low-balled.

Happy New Year! Here are the MLS sales from 2008.

Year--#Sold-------$/Sq Ft----Ave.Days on Market-------Ave.Price
2008----109-----------$163-----------------237-----------------$227,668
2007----178-----------$186-----------------181-----------------$240,252
2006----221-----------$164-----------------93------------------$223,063
2005-----121----------$156-----------------209-----------------$256,678
2004------84----------$141-----------------233-----------------$187,976
2003------53----------$135-----------------170-----------------$214,890
2002------25----------$121-----------------248-----------------$186,674
2001------19----------$104-----------------194-----------------$233,908

See The Whole Report Here

Down to the Ballpark

As a realtor, I've been asked lots of times about the Ballpark Lofts. There really wasn't much to say for a long time. Things started up with an interest list, followed by an event "the NFL Style Draft" where each and every one of the units on floors 3-5 were reserved. Up until a month ago, I'd never heard anything different.

When we got a call from Kevin McGowan to help out with the building, it really excited me for three reasons: its the only "for sale" development within 2 blocks of Busch Stadium, they're move in ready, and lastly that they weren't really made available to realtors to share with buyer's due to the draft style reservations.

Once we got to the building and inside each and every unit left, I was impressed with the views and the modern finishes. With Spring Training starting today, I'm thinking of how the landscape will transform with Cardinal red coming so soon. Also with Ballpark Village's recent approval and removed residential components, these spaces will be the only ones available in Ballpark Village.

Contact us to check out the Ballpark Lofts and get one of the best spaces for Redbird season today!

Do You Have to Sell Now?

I'm going out with a buyer this morning and am just blown away by the deals out there. Foreclosures, short sales, and just plain motivated sellers are pretty much all that's out there.

It begs the question that we ask all our prospective listings now; do you HAVE to sell NOW? In a bad real estate market, in the middle of winter, during a recession? Usually we get some derivitive of "yes" to that question. The bottom line, if you try to sell now, you're leaving money on the table--and having to compete for buyer's with those (especially relocation companies) that slash prices incredibly.

Unfortuantely for the buyers though, dealing with banks can be a nightmare. We work with them all the time in either foreclosures or short sales and they can really give the impression that they don't care about anyone.

Happy New Year Ward 6

In the past, the downtown area has been exempt from having to perform occupancy inspections at the sale or change of residency of a loft or condo. As a side effect from the rift going on at the King Bee Building, it was ordained that buildings downtown would begin to be incorporated into the city's HOUSING CONSERVATION PROGRAM

In November, I checked with the office in room 406 of City Hall. As a city landlord and resident, these inspections are familiar. Asking when they would be adding downtown buildings, they told me to check back.

So it was strange, last week, when I did look up the Terra Cotta address to find that they, along with all the other downtown buildings in the 6th Ward, were now assigned to Conservation district 54. (This presently includes 2020 Lofts, Terra Cotta Lofts, The Annex Lofts, Printer's Lofts, Railway Lofts, Windows Lofts, King Bee Lofts, Paris Style Lofts, Knickerbocker Lofts, Garment Row Lofts, Denim Lofts and Westgate Lofts) All the buildings are scheduled to require occupancy inspections by July 1.

Looking at downtown, it should be interesting. Just like any other situation, being able to get the occupancy inspectors into a building requires more leg-work than necessary in a house. Its also one more step in the process of selling or renting your loft.

Sick Buildings!

Nothing new to report here. Buyer's get freaked out when they see lots of places for sale in a given area. Drive down one street in a neighborhood and see two or three houses together with 'For Sale' signs and people start asking what's wrong with the area. Is the Love Canal flowing in back? Is there a crack house on the corner?

The funny thing about downtown is that some buildings go out of there way to force EVERY prospective buyer that walks into their building to see how many units are, or have been on the market based upon the number of lock boxes they see when they walk in the door or as they walk by the building. This is a problem that really should be fixed. Not only does it reflect on the building, but it reflects on downtown as a whole.

Of course, having a buyer's agent like myself, we can explain that there are a number of units that have sold and still have the box there. There are others that may be for rent, and there are still some that just need a lockbox for entry of a utility or service technician. We can also point out that in a building with 100 units, having 10 on the market isn't bad. In the mind of a buyer, no one would want to sell in the building they want. It would be too cool for that.

So this may be another post for the condo board members out there to consider. If the first message a buyer gets out of your building is that a bunch of units are for sale, you have a problem. At a time when re-sale value isn't something we even want to look at, its not a bad time to address the things that will hold back re-sale values in ANY market.

To Live or To Sell!

Last month at the Downtown Neighborhood Nights, we ran into one of our clients. With so much for them to do and see, we didn't spend too much time talking except for a few brief minutes. How's your life? Do you enjoy your space? etc.

We found out they had become the Association President too.

That brought up the subject of how they had chosen to implement leadership in the building.

One topic that seems to be coming up lately as a problem for people trying to sell is the creative RENTAL RESTRICTIONS have been implemented in some of the loft buildings downtown.

It seems that buyers, when faced with a decision between two or three lofts will choose one with less restrictive by-laws. Their "short list". That often times one of the determining factors is conveyed like this, "well if I ever needed to rent this one, I could." Of course some loft buyers have every intention of renting out their space at some point of their ownership.

We discussed that with our client. He cited some research that was provided regarding appreciation levels in comparable buildings. One building chose to "manage" its residents affairs with edicts and fines. Another similar building had higher fees with less restrictions. According to the study, in this situation price appreciation was higher in the building with less restrictions. Instead of being heavy handed, the condo association held parties and mixers in the building so that residents could get together and talk about issues in an informal setting.

Of course, I have no idea what study this is or the validity. There could be other factors not made clear in our discussion.

It seems interesting though, that the lofts we are trying to sell with the most difficulty have strict rental restrictions while the units that seem to sell faster have less absolute restrictions regarding rentals or other matters. Since the summer, we've actually sold more units in the Syndicate than any other building. While prices are drastically lower in resale units,

Also interesting to me is that often times condo board members we talk to only cite the negative problems that rentals can cause and seemingly have little or no interest in how restrictions can stiffle resale. Seemingly there are two sides to the matter, and those that believe having strict limits on rentals do so because they are entirely focused on the buildings livability and fear of renters. Selling and resale value tends to not be as high of a consideration. The minority of people selling seem to take up the issue of association restrictions at times, but as people leaving the group, they have little influence. As a realtor, of course, we'd like to think we focus on the "big picture" but my primary interest with buyer's is usually resale.

Condo assocations to have to consider the number of leases allowed in a building to keep the building "warrantable". Usually that number is a maximum of 40-49% leased units. The former giant Pyramid had a brilliant scheme: to only allow rentals for "original owners" creating a noble class within their buildings. This really was a scheme that allowed them to sell with less trouble, and to reduce competition for them down downt the road. Members of the noble class always seem to embrace this right. Sometimes those affected by strict rules talk lawsuit: forcing the will of one onto the many. That doesn't seem like the way things should be handled either.

No matter how this issue is viewed, or any other, one thing clear is that setting policy in condo associations can be a delicate matter. No training or education is required to be elected to the board or to lease, but having some collective wisdom or case studies available to those who serve would be nice.

Help Design Lucas Park TONIGHT!

In just 30 minutes from now, a "design charette" will be held at Crepes in the City, 500 N 14th St. It should last until about 9. Plenty of discussion has led up to this event in hopes to transform the current space into a more useful and welcoming park for all the city residents.

One Holiday Thought.........SHOP DOWNTOWN!

A Big topic of discussion this year is holiday retail shopping. Turn on the news. There's talk of the economy and its effects on how much a person will spend on gifts this season. Our thoughts aren't how much, but where our money is spent.

Growing up in suburbia, no one really had to worry where they shopped. Most shops were owned by big business paying minimum wage to its employees. My wife, on the other hand, grew up not far from me but had an entirely different outlook. There were the malls and all the big box retailers, but there were a few strip malls nearby her home with mostly independent businesses. It was important to her to support them because without LOCAL SUPPORT, the storefronts that made up that community would be empty.

Looking at the downtown streetscape, what's different? Particularly around the residential areas, take out the Sprint store and what's left? Small, locally owned and operated independent businesses; many of which are owned by downtown residents!

There was a big increase in store openings in the past year which really helps everyone. Turning around empty or unsightly street level retail does more to change public perception of an area than having 100 occupied lofts sitting above them.

Earlier in the year, we posted about shopping downtown. That was more about the city not being supportive of the downtown retail district.

This is the call to all city and downtown residents and workers. With the economy suffering and retail sales lagging, it's more important than EVER to take care of your own neighborhood by SHOPPING THERE! From my experience as a realtor, downtown residents always get excited by stores and restaurants opening up in and around their building. The thought of these same residents leaving the downtown area to shop would be a disappointment.

Last week, Mrs. G was out with a friend from Springfield MO, enjoying THE LONDON TEA ROOM and Sushi at Wasabi when they did a little window shopping at the new ladies accessory shop D'Elegance, someone pulled them inside and they began holiday shopping. Do your part by adding your "wish list" items from stores downtown and supporting them! Not only will it benefit the owners, the local residents but also will keep tax revenue in the city. SHOP DOWNTOWN!

Our National Audience

Last week, setting the record for audiences at the Gateway Arch Grounds was a nice day of publicity for our otherwise HO-HUM National Park.

Not that the Arch isn't great, but really, outside of some good scenery, what is it?

Today's cover article on STLTODAY.com talked a bit about the little struggle we have going over the hope for revisions of the arch grounds.

According to the NPS, they can't just listen to what St. Louisans want. It has to be opened up for a national competition, similar to the one that Eero Saarinen was in. Seems respectable, huh?

This was posted back in April, the last time the media covered it.


Three concerns I have now. 1. The Arch Grounds are a National Park and should be treated accordingly....BUT we have to live with it year in and year out. Plans should be something that takes into account the city's desire for a world class destination, not just a quick makeover.

2. The actual plan that Saarinen submitted for his original contest victory was more involved. What we have is a stripped down version. Original plans include a theater a levee restaurant, an architectural museum and a history museum. Also the grounds would be forested and the Old Rock House would have been re-built from original materials. The NPS had an opportunity to get it right already. It makes a hell of a fairground, but is it something that brings people downtown?

3. My hope was for a call to action from within the city. Contact your Congressman! Of course, saving the economy has been a bit more pressing, but this should be a close second!

Claims that its National Historic Site should prevent local pressure to make improvements is NONSENSE! I would understand if it was Arlington National Cemetery or something of historical significance but c'mon! Everything historic was razed for the modern art, grassy landscaping and westward expansion museum. Nice, but historic? I might even be swayed by a bit more history on the part of the city that was destroyed to plant the Arch.

Party in the Park

Lots of talks have taken place about what can be done with Lucas Park. What happened in the past month or so is really fantastic....the talk turned (quickly) to action. Who is to say what the best use of the park is, or how it figures into the neighborhood, but having it cleaned up is fantastic!

Support the efforts and show up!

Fearful?

Last week, Warren Buffet said something that really hit home with me about his investment choices. He said he follows a simple rule, to "be fearful when others are greedy and be greedy when others are fearful." As a believer in home ownership, it wasn't disconcerting back in 2004 or 2005 when many buyer's came to me wanting to find a home. Buying was a foregone conclusion in those days. At the Ely Walker Lofts release party, I remember some people that tried to reserve several lofts. Stories of huge profits from flipping lofts were legendary then and people wanted to cash in that night. I think about that evening often.

When the market really tanked in Florida, I thought about the launch party at Ely. I heard stories of people getting stuck with multiple units and not knowing what to do. Greed really reared its ugly side.

Despite the markets in many locations being turned upsides down and many of the builders downtown having to drastically change their business plans, the market isn't as horrible as we hear on the news.

One presidential candidate is going around saying that the housing market has "collapsed". When the stock market collapsed during the great depression, it lost nearly 90% of its value. In contrast, our housing appreciation has mostly just flattened out with slight drops or slight appreciation based on market demand.

Other things I keep hearing is that the credit markets are frozen. No one can get a loan. "You watch too much TV!!" was what one mortgage lender told me. I had called him to ask if they'd be able to fund a loan set for closing last month. Of course, there are limitations. Some good, some not so good. Most of what industry professionals called "exotic loans" are a thing of the past. Also, much of the lending going on is in the form of loans that can be sold on the secondary market or otherwise insured by FHA or VA.

So thoughts about the world today are that the news media is spewing bad advice, engendering terror and paralyzing the community. People that buy homes right now are following the most fundamental rule in investing: buy low and sell high. Had I not gone on my buying spree last year, I'd be greedy right now.