What's Next Depends on YOU!

Tonight there was an update to the downtown partnership site adding a new feature, the "Friends of Downtown" Joining quickly, I'm looking forward to getting my access codes to the member login page etc. and may describe some of the benefits for a future post. In looking over the site, the information that I was most interested was the "Downtown Next: The 2020 Vision for Downtown St Louis" What made this most attractive, aside from the catchy name, was that the plan it replaced was so wildly successful. Downtowwn NOW, a different quasi government entity created by Former Mayor Clarence Harmon was the author. At the time, I wasn't hopeful. I remember thinking that we'd get a few new signs downtown and maybe a new catchy ad campaign. The phenomenal period of growth and redevelopment that took place between 1999 and 2009 was totally unexpected. I remember viewing the plan and some of the Downtown Partnerships propaganda about the results through the years and being impressed with how things were coming together and thinking, "what's next?"

Aparently I wasn't alone.

Developing a new plan was something discussed at some of the outreach committees through the Partnership for Downtown St Louis. The reports are attached below. My feeling on the reports are that they really need to be discussed more. Looking at the credits they gave on the back, I didn't feel that there were enough people participating, that they weren't the right people, and that there was enough time and energy incorporated. Guessing that the Partnership was just trying to get the very large ball rolling, the challenge still exists to get people talking about the report and encourage the type of participation that the report is calling for.

Seeing the void where the skybridge once stood was a good start and all the construction that recently started is a welcome addition. The part of the reports that seem most urgent probably wont rely on the decisions of some deep pocket developer, but rest on the shoulders of our elected officials. Creating more effective transportation and seperating more bicycle traffic seem like a huge part of the equasion that I can easily see get swept under the rug by the powers that be.

Take a look at the reports. Call your alderman and shoot a message to the Mayor, Lewis Reed and our representatives on the State and Federal Level.

The best deal about the report is that, by comparison, the 'heavy lifting' is already done. Downtown has been revived, home owners live there and we have a great start on the commercial development needed. At this point we just need to tie the whole package together, and that will need more planning and vision along with the interest of the people downtown and throughout the region. Executive Summary

Full Report

Catching Up on Downtown

The past month has been an exciting time in the history of downtown development.

Most exciting was the funding of the three projects at the end of last month; the Laurel, St Louis Centre, and the Park Pacific. There were so many valid reasons for the delays, but having these few projects resurrected is particularly valuable. Interestingly, when the real estate market started to slide and the economy tanked, it seemed as if real estate was the front and center cause of it all...then banking took the center stage. While the pieces were being sorted out, the biggest problem locally was the construction trades. It seems that the industry of new construction was severely bloated back in 2006 and that the difficulty in finding a "happy medium" is falling mostly on the many unemployed construction workers. So seeing financing go through and some of these people get back to work is a sight to see and hopefully a sign of new things to come as we continue to wait for Ballpark Village and other notable projects that could complete the transformation of our downtown.

The project below always seemed such a small part of downtown's transformation, but it started to become the symbol for the times as we were repeatedly promised its removal. I was at my boys school picnic when this was being celebrated. Thanks to technology and everybody wanting to capture this on video, I have my choice of perspectives. What's really cool is that its done and we don't have to hear people whine about it still being there.


This blog was on a bit of a hiatus due to some technical changes with the blogs host,which was a drag, since aside from all the new developments, LoftsintheLou.com turned 5 in May. Back in 2005, there didn't seem to be any sources of information on downtown that shined a light on the positive changes going on. Now there are many. Even having many, there still could be more. The shift in how the commercial news media portrays their stories for more drama and intrigue seems to paint downtown in a negative light more than other neighborhoods. There are also lots places where the negatives are primarily focused upon, that's good too. My only problem with the way things were in 2005 was that by only having the negative features of a community to see, some might get the idea that downtown St Louis isn't a great place to live.

So besides seeing the most popular eyesore in Downtown St Louis coming down, we can see the wheels of progress continuing to move forward DESPITE a global

recession. As the economy continues to pick up, we hope to see the downtown continue to prosper even more quickly than it is now.


Good luck to everyone participating in the Race for the Cure on Saturday!

More Density Downtown

When the plans for Avenida lofts were announced way back in 2006, I was skeptical.  After all, the Avenida, located at 1225 Washington, was the third building in just over a year that Jacob Development was starting and the first wasn't even 25% sold (from memory).  The second, the Bogen, was a huge project and hadn't begun sales.  At the time, the number of spaces projected for development in the following year was a staggering 2265.

Obviously things didn't work out for the condos and the project was scrapped for a time, but fortunately, the momentum going on in Downtown St Louis procured another plan very quickly. 

It was good news to hear the plan for mixed use commercial building with rental lofts and a couple new themed restaurants and even better to see construction starting up.  Just last week, we started seeing ads for apartments at the newly named "Warehouse 7 Lofts." 

Hopefully the project will, as expected, bring continued enthusiasm for downtown living as another piece of the downtown puzzle is put into place.

Is It That Bad?

Back in my college days, Washington Avenue was the bomb!  The nightclub scene sort of migrated around between the landing, Wash Ave, and Central West End.  Most buildings downtown were essentially vacant except for warehouse space, some "true loft" dwellers, and the group of constantly changing nightclubs.  It was at that point, really a supreme low point in value, that Dave Jump started buying underutilized and undervalued buildings downtown. 

Watching the rennaisance downtown has been fantastic. 

In 2004, when we started working in the downtown residential real estate market, things were still fairly bleak.  Even with all the activity, many of the buildings hadn't changed in form or function since my college days in the early 90's.  Walking the streets with buyer's, we'd hear comments like, "it looks like you've still got a long way to go" as we passed by a boarded up building.  Some people were attracted to the idea of finding a diamond in the rough:  loft living amongst an otherwise deteriorating neighborhood. 

Now, despite a much nicer downtown, commercial values are dropping back down and Dave Jump appears to be speculating again. 

In talking with a former Pyramid Construction officer, the Jefferson Arms was going to really solidify the neighborhood as a rental building with a movie theater and street level retail.  Positioned at Tucker and Washington, the former "Jefferson Hotel" was one of the finest convention hotels in St Louis at one time, but hadn't received much attention since then when it was converted to the Jefferson Arms Apartments.  After the collapse of Pyramid, Sherman Associates, a partner in the Syndicate Development, was said to be aquiring the Jefferson, but the building ended up in foreclosure last summer.

In talking with the folks downtown back in the boom times, some folks idolized Jump, others demonized him.  I, like the article says, just saw him as a savy investor;  buying low and selling high.  Other than that, he stepped in to help save the City Museum at one point, providing much needed capital to keep the enterprise going.  Hearing he's the owner of the Jefferson Arms gives me a comfortable feeling for a few reasons, but mainly that he had a role in what has been a tremendous turn around of downtown.  Also, as a local business man, he has more interest in seeing the property turn around than its prior bank owner.  It seems like the Jefferson has sat vacant long enough, so it would be great to see the wheels in motion to make use of this old gem.

Laurel and Park Pacific get Help Soon

Interesting source of funds. 

Ever since the real estate market began to slow down in 2006, new people I meet get an overly sympathetic look on thier face when I tell them I'm a Realtor.  While things aren't 'what they were', things are still going.  Who I really feel for are the men and women in the building trades.  Unemployment in those areas are staggaring. 

The AFL-CIO Trust seems like a good way to help stimulate funds to get some of the union builders back to work, but is it sustainable? 

http://stlouis.bizjournals.com/stlouis/stories/2010/04/12/daily34.html

Loft Prices Surge

There are few things I hate more than the over-generalizations the media has been so graciously making about the real estate market in the past few years. Headlines like "HOME PRICES DROP" have been common place. It all goes back to the fact that news media has placed more focus on attention getting drama than on true reporting. I guess that sells more papers.

Well, if you can't beat 'em, JOIN EM! is what I say.

Looking at the sales for the first two months of the year, the number of sales increased and the average price increased by nearly $7,000, which is meaningless considering that doesn't allow for the size condition or location, but hey, "Loft Prices Surge" is a great headline, so there!

Also encouraging is that the number of sales jumped, and the days on market dropped by over 100 days. It underscores how bleak things were in early 2009.

Unfortunately the price per square foot has dropped. The good news, is that we are going to be seeing more short sales until prices raise to 2006 levels, and banks may be absorbing some of those drops as well as paying realtor commissions.

In truth, prices aren't really surging.  Some great deals are out there, and its best to hang onto your space and ride this market out if its possible. 

The data is below. Here's to the turn around!


             2009 Sales   Listing $    SqFt    Listing Pr/SqFt    CDOM      Sale $      Selling Pr/SqFt
                (12)         $190,244  1364      $147                314       $179,692        $139

2010 Sales                Listing $    SqFt     Listing Pr/SqFt   CDOM      Sale $      Selling Pr/SqFt
   (21)                      $197,090  1346      $150                207       $184,954         $132

Life As We Know It

Downtown St Louis saw an investment of 4.4 billion dollars in reinvestment between 1999 and 2008.  During most of that time, the acronym "FHA" used in conjunction with home loans was mostly unheard of (see My Day at the FHA part 1 and Part 2).  Having been developed during that time, there was no percieved need for loft buildings to be "FHA Approved" at that time.

FHA insured home loans have always treated condominiums different than single family homes, having an complicated approval process.  Once approved, FHA loans could be done on a building with "limited review," meaning that the underwriting was simplified and minimal information from the association was required to complete the loan. IN THE PAST, if a condo buildning wasn't approved, but was acceptable, it could go through the SPOT APPROVAL process, by which most loans downtown were done.

In life, the only guarantee is change.

In a past life, watching the ripple effects of government decisions trickle down often meant watching how the affected businesses would respond to the governments mandates.  When the FHA changed thier guildelines, it seemed as if they were trying to make things easier overall.  After all, why should EVERYONE wanting to buy a condo in an acceptable building have to go through a "spot approval" process over and over instead of just doing a bit more work and approving the whole building?  Their goal was to simplify the approval process, stating that any Direct Endorsement lender could do the approval.  What we're hearing is that these same Direct Endorsement lenders are passing the buck to condominium associations. 

In 2008, when I visited the FHA offices, I asked why a condo association or realtor couldn't just arrange for the approval.   My question seemed to be confusing.  "Why can't the lender just do it?" was the confused response.  Of course, knowing lenders, I couldn't think of too many lenders that wanted to go through the public service of having a whole buildng approved just to do one loan. 

The attached picture file shows the requirments needed and most of the buildings downtown should do EVERYTHING THEY CAN to try to comply with these requirements to get thier building FHA APPROVED!  

Looking at the requirements I have some questions.  More will be revealed when I get the answers. 

The basic fact that seemingly alludes condo associations is that the more difficult a condominium is to purchase, the longer it can take to sell and the stronger the buyer's chances of getting a better deal. 

While some buildings will have more buyers looking for FHA loans than others, it would benefit ALL buildings and downtown as a whole if condominium associations act now to get FHA approval for the next two years.

Downtown Farmer's Market?

Old Post Office Plaza was completed downtown, my feelings about it were that it could be a great part of the city, or not.

With the sculpture in it, I thought of the public plazas in Greece where Plato was taught by Socrates. I envisioned Tai Chi and farmers markets.

I've been hearing rumors about the later use and am hoping for the best.

My own neighborhood has a very nice farmer's market in Tower Grove Park that has become a weekly event for many of the neighborhoods surrounding the park (Shaw, Tower Grove South, Tower Grove East, Compton Heights & Southwest Garden). They've done a great job of not only presenting a nice market with entertainment, food and refreshments, but have also promoted the event to have a sizable following.

Having a farmer's market downtown really is a win-win. Lots of Downtown residents go to Soulard Market, but having the market move to Downtown could be a potentially good thing for Downtown workers and visitors too.

The real benefit of a Farmer's Market Downtown is the community aspect. Something needed downtown. Just a decade ago, downtown's residents were viewed more like a parasitic entity. News stories would refer to the "loft dwellers" and not the downtown neighborhood. Lots of community exists downtown, that's one of the major selling points to living there. It exists within buildings and at restaurants, bars and coffee shops. What a Farmer's Market could potentially do is bring the community out into the open.

When the Partnership for Downtown St Louis hired its new President, Maggie Campbell, I reviewed the news clips promoting her past experience. One of the items was a Farmer's Market. At the time, I figured that with Soulard Market being so close, that it wasn't likely for downtown, but did think about either Schlafly Tap Room's parking lot and / or the Old Post Office Plaza as being good locations.

Right now, things are just rumored.  The idea seems like it would work if it gets the support in needs by the residents. 

Bad News for the Cynics

For years, I was as negative as the best of them. St Louis was a town I was somehow stuck in and my feelings were well known. Growing up here, I just knew there was someplace else for me.

I'll have to admit, the changes citywide that have taken place, as well as my lifestyle and age, all have a fair amount to do with my change of heart. St Louis is still a work in progress.

Working as a realtor, we see lots of 'outsiders'. I'll never forget meeting my friend who moved here from Florida....by choice! Were they crazy?!? Who could leave the beach to come here? In the past several years, its less and less suprising to hear people moving to St Louis and really loving it.

This month, St Louis made the National Trust for Historic Preservation's 2010 Dozen Distinctive Destinations. Visitors to the site can register and vote for thier favorite destination. There are some nice places, but St Louis has my vote.

Obviously, historic buildings aren't for everyone, and so everyone might have differing values, but as a person aware of the phenomenal collection of preserved and restored buildings throughout the St Louis area; particularly downtown. We've heard on this blog and many others about some of the same resources we've squandered over the years, but what we have left is certainly worth celebrating. Visiting the Old Post Office, Union Station, The Cathedral Basilica, The Fox, The Continental Life Building, and EVERY loft building downtown is something that can be taken for granted. Any St Louisan that hasn't visited those places and taken a tour should consider a staycation and check it all out. What's hard about St Louis in comparison to the other 'distinctive destinations' is that we just have too much to consider. The past decade and the Missouri legislature has helped our cause by creating incentives for the development of historic structures and districts.

Making the list is great, but as a St Louisan, show your support for the great things being done here and vote for St Louis as the top distinctive destination by visiting the National Trust website today.

Happy Happy New Year!

This past New Years Eve, like most people, I hoped for better times. Real estate this year has been heartbreaking. Going through the 92 sales that took place in the downtown area (according to the MLS), most of them were sold at a sizeable drop from when they were most recently sold. One loft we sold in 2006 was sold in 2009 for 18% less. That was more the rule than the exception this year. Buyers are the true beneficiary.

On a side note, Congratulations to Blue City Spaces. They seem to have reinvigorated their sales this year by offering incentives and maintaining an active social media campaign. Nothing like the years when Loftwork or Pyramid would close 50-80 sales a piece, but their 12 sales (per MLS) last year showed they are committed to keeping the project alive intead of moving quickly to refinance and rent the property. Hopefully that continues.

There are several other things that are interesting and reassuring at this point.

1. Last Year at this time, it felt that we were continuing our slide into the recession. The bottom had just dropped out of the stock market and banks weren't lending their own money. Now it feels like we are working our way out. I'm hearing signs that banks are starting to look at being portfolio lenders, rather than just being mortgage brokers. The massive job loss is coming to a halt.

2. Despite the downturn, the urban renaissance in St Louis marches on. St Louisans are continuing to decide that they want to be downtown. Population is on the rise. While sales were the lowest (92) downtown since 2004, the rental market is robust. Businesses here, while still struggling, seems to be holding up better than the region as a whole. New additions of the Culinaria and CityGarden seem to have energized downtown and added a positive element to the regions perspective on Downtown. Plans for the Avenida Lofts have been converted to a mostly commercial renovation which is ongoing. When we began working extensively in Downtown in 2004, one really had to have an imagination. Having a vibrant downtown where people want to be is more and more a reality. The continued activity even during this recession will continue to pull people in.

My long term perspective for Downtown St Louis is good. One of the things holding up many would be downtown residents is that they want to see housing prices recover on their big suburban homes before they sell and enjoy city living. That probably won't happen tomorrow, but we're working in that direction. The housing market still has some shuffling to do, but its happening.

Now it is more important that ever for Downtown St Louisans to work together and remain active in DSLRA. While the big projects like CityGarden get the headlines, the small community based programs and volunteering can also go a long way towards supporting the effort to continue growth and revitalization.

Most neighborhood associations put on some form of housing tour annually. While the Partnership for Downtown St Louis has taken on this role each year to mainly serve condo developers, that tour has been scaled back and virtually eliminated. In its present form, it still seems based too much around new condo or rental projects and not enough around the real community. It would be nice to see a real community based neighborhood tour grow into the void. Great things could happen.

Benefits of Foreclosures

Right now, I've had just about enough of foreclosures! Hearing that the Arcade Building is being foreclosed on was somewhat of a relief though and I'm not sure why.

Maybe its because of what felt like a big "land grab" back in 2004-2006 as rival developers postured to see who could stake out the remaining gems downtown. Prices for abandoned buildings rose as high as $30/square foot. This surge in buying somehow seemed to force development downtown much too quickly and at to high a cost for the then market to support. By itself, completing the Arcade may not have posed a monumental challenge at that time, considering that the Syndicate Trust underwent a similar conversion. Going back to that time though, Pyramid was unable to sell out the remainder of the Banker's Lofts and had 50% of the Dorsa Lofts to sell also. Both of these projects were priced at less than $150/square foot(base price) while the the Arcade shows a price of just over $200/ square foot for a unit that included parking.

The Post Dispatch article announcing the foreclosure blames the "nationwide housing collapse" for the foreclosure. That's as close to the truth as if the Culinaria purchased 4 times the amount of bananas it normally sells in a week and bumps the prices up 46% then blames the economy for the not selling. Ridiculous! I won't even touch the "housing collapse" comment except to say that a 20% drop in prices is hardly a collapse.

Like so many people following this buildings history and future, my hope is that someone with a viable plan can step in once the building is priced right. This foreclosure just might be the first step in seeing that process move forward. Map of 800 Olive shows the location in the heart of downtown adjactent to the Old Post office and Metrolink Station. My take isn't more condominiums, but rather a custom build out for a corporate headquarters along with a slight mix of retail and possibly some apartments or corporate housing. With such a phenomenal building and perfect location, who could resist?

Downtown North?

Remember when Ballpark Village, the MX Exchange and the Bottle District were all being unveiled and in competition with each other for the new hot commercial zone in downtown St Louis? Having downtown built out in every direction with great new places to go seemed far fetched, but exciting. How could it all come together.....could it all come together?

Obviously that answer was, " uh..NO".

This new bit of information was released today about some plans for the Bottle District site.

While the work HRI did on the Merchandise Mart Loft Apartments has been allegedly some of the worst construction downtown, somehow this new project is exciting. The area to the north of the downtown area can really benefit from some affordable loft style housing and its obvious that the 'big picture' for the Bottle District won't come together as one giant plan as previously announced. Building the area block by block will do. While the Art Lofts, City Museum and the Syndicate have some great amenities geared for artists, downtown has still been limited in the area of affordable yet updated homes. We'll see if this plan takes off. In this day and age, building an effective plan to obtain financing is a long shot contingent on many factors.

Lets just hope this plan includes soundproofed walls & floors!

Back in my younger days, I was an avid hiker. Hiking the Grand Canyon was the coolest thing for me, but one of the focal points was being able to dine at Phantom Ranch at the bottom.

Interestingly, most of the time, I didn't do it. Out of 4 hikes, I usually didn't have the time or money. One time it was in my plans, but I would have had to wait an hour for lunch, and I had another leg of hiking to do before nightfall. There just was a mystique about having a restaurant that was entirely supported by mule trains.

There have been talks about getting local control of the archgrounds so that we can make more of the space. On one visit with my (at the time) two boys, I saw crumbling improvements and a space that didn't seem to favor the current National Park Service management of the place.

Today, the Post Dispatch reported that there may be some changes on the horizon. The local control idea was dropped in favor of beaurocracy of the NPS. Sounds good. I think of the initial Arch Grounds being cleared in the 30's, the competition for the design in '47 and the arch completion in '66. A real plug for beaurocracy, huh?

The good news is that they are open to making the changes and taking a national landmark and really making it an experience.

As a child, we took field trips to places like the Arch, the Zoo, etc. I remember as a child thinking that the Arch and its associated museum were sort of lame. Some would argue that speaks more to my sense of entitlement than to the Arch. I wouldn't argue, but watching the downtown renaissance unfold over the past decade, I'm more inclined to think that we can do better with the Arch Grounds too.

My thought from here is to shout out to the public to PARTICIPATE!! Especially the creative types: architects, artists, visionaries, entrepeneurs. It seems that society often relies on the decisions of the "ruling class". One perk of the NPS is that they level the playing field and truly look for the best plans. That doesn't mean that St Louisan's should sit back and play the waiting game. Check for the news release once it's posted on the National Park Service news site and give some input. The community will benefit more from participation now rather than sitting back and criticizing later.

Where's Tonto?

The 2009 Downtown St Louis Residential Survey is out!

More amazing that there are no Native Americans surveyed as living downtown is that there are actually 5 people that think downtown has taken a step back. Ok?!? The only way I can concieve of that answer is if someone really relies on Highway 64/40 to get to work. Westward travel has taken a step back, and particularly in the last year. Thankfully we're rounding the stretch there.

Downtown residents are still fascinated by Reverend Rice, check.

Downtown residents would like some large scale retail, check.

Overall, downtown residents are happy about living downtown, check.

As a rule, the results of this survey still seem one dimensional to me. I'm curious if any homeless people were given this survey, or residents residing in affordable housing...

Its still a good survey, and hopefully its use will continue to build upon the growth of businesses seeking a downtown location.

Another Anouncement about St. Louis Center

As far as I'm concerned, Downtown St. Louis doesn't need St. Louis Center.

There was a day when an anouncement regarding a major development downtown would generate a buzz downtown and people would be talking. Now, either anouncements have become white noise, or we just don't care. There have been so many big plans unveiled, so many ribbon cuttings, and so many projects that have given us what we want in regards to an urban environment.

Indeed, based upon combined effects, this bit of news about the former St. Louis Center site sort of rubbed me the wrong way. The good news though, is that this is not really an anouncement or a ribbon cutting or even about tax credits. This is about money (approximately 17% of the total costs) which has been the sticking point on
all projects lately.

The Business Journal had its post on the matter as well. Both describe the opposition to the plan being mainly initiated by bribes from the building prospectively vacated by the moving law firm.

Of particular interest is how would the former St. Louis Center be re-developed. Prior plans called for condos and retail. It seems that both retail and condos would not be as easily financed and developed as they were in the past. The location would be phenomenal though and having residences spread further into downtown would add a nice element to the area.

Time to Get Out this Weekend!

This weekend is an awesome weekend to be in St. Louis! There are some great things to do and not enough time to do everything :( (unless you're the Funky Butt Brass Band)

My first pick is Taste of St. Louis downtown. It started today and runs through Sunday. Beyond the typical Foodie event, there's tons of Art and Music too. On my trips downtown I 've been watching them get ready for this for nearly a week now. I'll be disappointed if I can't make it over on Sunday!!

I'm mostly excited about another event, partially because its new and partly because its practically in my back yard. The Morganford Music & Street Festival is only one day, Saturday. On a side note, its exciting because I remember when this section of Morganford consisted of mostly board up run down ugly buildings with a 7-11 and a ratty car wash. Now the ratty car wash and 7-11 are surrounded by an up and coming walkable community. Grocer, cafe's, barbers, some great restaurants & bars and ending with the beautiful Marti's Garden ( a memorial garden for St. Louis activist and St. Louis City Realtor Marti Frumhoff).

I noticed that the Funky Butt Brass Band (a very cool local act) will be on Morganford in the Afternoon and then Downtown at 7:30pm. What a day! Since I'll be out of the area for the morning and most of the afternoon, I won't be able to make it until Javier Mendoza goes on at 7. Since they don't have a website, the fun is located at Juniata and Morganford in the Tower Grove South Neighborhood from 12pm to 9pm.

Lastly, the Historic Shaw Art Fair is not just another Art Fair. Growing up in the suburbs, I would attend art fairs on some vacant school parking lot and didn't get too excited. Going to the Historic Shaw Art Fair is nothing like that! Set in the street of Flora Place surrounded by gorgeous historic mansions, great entertainment and plenty of great HOMEGROWN ART, Its an event I attend annually. When the real estate market picks up, I look forward to an art buying spree there. Maybe next year :) This year I'll just have fun with my kids and start to scope out possibilities.

The Difference of Downtown

The Sunday Open House is a real estate tradition. All over the region and throughout the country one can see agents and their balloons dashing about on weekends to hold down the fort at an open house somewhere.

Holding open houses downtown during the weekend is a hit or miss affair. Like any event, there are many contributing factors to the level of activity. The largest segment of the people who use downtown, those that work downtown are almost entirely out of the picture. In general, people who commute downtown during the week aren't likely to want to visit downtown on their days off.

Looking at some other more established urban communities, we've found that some urban real estate companies have abandoned all together the notion of the weekend open house for a week night open house. What a concept!

Last year the Downtown Partnership held an evening tour. While the attendance wasn't through the roof, it was refreshing to be able to see people have the opportunity to get off work and check some lofts out before the trek into suburbia.

We'd love some feedback. Our first slate of week night open houses are being held next Thursday, September 17th. We'll have lofts open at the Railway Lofts, the Printer's Lofts, and 2020 Lofts.

Centenary Tower on the Block

Residents of the Terra Cotta lofts and Printer's Lofts should have a keen interest in the fate of the Centenary Tower building located across the street. A classified ad in the St. Louis Business Journal this week is advertising its foreclosure sale on September 23rd at the Civil Courts building.

The apartments located there were closed in 2007 because of mismanagement. Closing it was a good thing for the neighborhood at the time. Hopefully a new owner will be willing to re-establish the building as a positive part of the Downtown West neighborhood.

Look Forward to Fall

The field of real estate, like any other, is fraught with pre-concieved notions. I love watching HGTV, but one thing that television has a tendency to do is distort reality, even in (especially in) reality TV.

One notion I had early on in my career was that real estate sales are seasonal. That season, in my mind, would last from about April through August. Surviving from September through March would depend upon how busy we were during the so called "selling season". This myth, one that is widely shared, was the first to go.

The last few weeks seems to have picked up downtown. Some attribute it to the Culinaria opening, any number of positive factors can be added. Lots of pieces to the big puzzle are coming together in Downtown St Louis.

Reality though, is that real estate sales don't just happen in the summer. While sales are still lagging, they seem to have picked up from July and August, which are nearly as slow as January-February. In the past two weeks, clients have called with a greater concern about whether we should just "close up shop" and take their listing off the market for now. While that may be the right move for some, it isn't a rule. The interesting thing about the market is that activity in the range of $250,000 to $500,000 has nearly always been relatively slow during the summer months and picks up during the fall and winter months.

The bottom line, its still a great time to buy rather than sell. It's impossible to predict the future, but as the plans in motion to revitalize downtown continue to move forward, so will the presently fragile real estate market.

A "CAN DO!" Town

Something evident in St. Louis is our "Geographical Inferiority Complex" when it comes to development. Some say it's well earned. Others say its overstated.

Last week while traveling down Market Street towards the Gateway Arch and passed CityGarden. I was telling my sister, visiting from Albequerque, about how cool our newest downtown destination was. Her experience living in New York City, Phoenix and Albequerque prompted a comment about how controversial that type of project can be. That got me thinking. Here was a project that was being planned and completed over several years and not only was it not controversial, it didn't really seem to have much fanfare, positive or negative, until it was done (LoftsintheLou post from 10/2007).

What's better is that the talk of the town now is sprucing up the rest of downtown to keep up with those fantastic two blocks. The contrast between CityGarden and the surrounding blocks is blatant. Just today the St Louis Beacon published a good story about the movement underway to continue what was started or re-started with CityGarden. While any time development is proposed or discussed, one can't get their hopes up too much; not just St. Louis, but anywhere.

The good news is that the forward momentum of our little rennaisance continues to move forward in Downtown St. Louis. The enjoyment of our city will continue to grow and prosper. To all the doubters, "It Can Be Done!"