Block Party Today! 900 Olive 11-3

If you're not already occupied by the Occupy Movement's takeover of park land, stop by the block party on the 900 Block of Olive!  Hosted by Fifth-Third Bank, the theme of the block party is "A Block of Health and Wealth".  The cover band "Under the Influence" will be playing, food will be served, and businesses on that block will be participating in the festivities so that people can get a sense of how much is available Downtown.

This block has always been a great block in the City.  With the addition of the Culinaria at 9th and Olive and the Syndicate Condominiums with rennovated 1st floor commercial space, its one of downtowns most active blocks.

The weather should be perfect, and after things are over, everyone can cross the line into the 1000 block to Jack Patricks to watch the Tigers in the first round of the NCAA Tournament.

New Wave of Development Downtown

Syndicate Condos Open This Sunday 1-3

This weeks St Louis Business Journal is all about Doing Business in Downtown and the exciting progress being made this year.

Back when developers were trying to turn abandoned refrigerator boxes into loft condos, things seemed imbalanced.  It seemed like every every vacant building downtown had plans for new luxury lofts, and the "Doing Business Downtown" pages of those years business journal spoke almost entirely about more Downtown lofts.  Even without a recession, things would have needed to change.  

Now its been almost 5 years since a hammer has been picked up for loft condos and downtown is still moving forward.  It seemed that more and better residential construction was just the beginning for downtown.  St Louis loft dwellers would have told you what was needed all along:  stuff to do.  CityGarden, Old Post Office Plaza, tons of restaurants and cafe's, Peabody Opera House, have all added to the livability factor that was missing when the loft boom started.

This weeks paper talks about the next phase, with MX adding the National Blues Museum, Pi, and a cool new concept-an upscale adults-only movie theater.  This takes adds life to the area east of the convention center, which is long overdue. 

Syndicate Condominiums include large artist workshop

Lastly, there was an article about how downtown is developing as an arts center by providing 'artist friendly' housing throughout downtown.  Having the Syndicate Condos listed for over a year, one of the cool things about it is the huge artist workshop and 2 art galleries in the building.  Having a place to both create and show art is big for an artist.  I know lots of artists that live in single family homes that have their work just stacked up in closets and hidden from the world.  Just having those things is nice, but seeing the art community active in the building by hosting art shows and using the building in the process of creation is a buzz that no other condo building can boast.  Overall though, working to foster a better artists community will be attractive in many ways for the downtown community.

As the real estate market seems to be coming back to life and the downtown market is picking up, its nice to see the momentum continue with more things happening and better livability than what the first bunch of 'loft dwellers' could enjoy. 

Syndicate 4th & 5th Floor Galleries

The 'build it and they will come' philosophy works to a point, and what we're observing with downtown is consistent with much of life:  improvements were made to downtown streets that stimulated investment and residential developement.  Residential development stimulated retail, public spaces & restaurants.  More retail &  restaurants is stimulating more office use.

The renaissance continues and Downtown St Louis is coming together nicely.

Crepes in the City: Deja Vu!

One of the most depressing stories of of the past several years downtown was the rise and fall of Crepes in the City.

Starting out as a couple operating a side business within the Washington Avenue Post, then growing over a period of time into a classy restaurant at 14th and St. Charles where Lola is now.  We saw the whole thing.  Starting out in 2006, the idea brought a vibrant clientele into the Post in what would normally be a slow time, and brought some additional income to a family that was willing to put in the hard work.  Classic American Dream stuff.  When they chose to expand, everything changed, and things went awry.

On a more positive note....

This morning when I visited the neighborhood general store / grocer / printer / cafe and hear that they are resurrecting the weekend creperie business STARTING THIS SATURDAY! (duh, that's tomorrow!).  Bob, who unknowingly served as an understudy while the business was going on is pulling out the equipment and leading the charge to become the  Downtown West answer to IHOP;  but a little trendier and a lot healthier.

Stop by tomorrow, from 9-1 and experience the re-birth of the Creperie at the Washington Ave Post!

100% Participation Required

Downtown residents and all St Louisan's should be at the Ferrara Theater tonight at 6 for the public presentation of the Arch Grounds plan update. 

Considering the Ferrara Theater only seats 14,000, it may be a challenge, but a good opportunity to get acquainted with the community.

The meeting was announced  last week.  The public interest in something so important to the future of St Louis is disappointing.  I know the story though. St Louisan's want to get home to have a quick dinner before American Idol comes on, still working like me, or whatever.  What's clear though, is that the public response to changes in the original plan, and knowledge of the finances of the project are key to completion.  Its how we may be judged as a community, and it does affect our opportunity for growth in the future.

I was talking to a transplant buyer recently who had made the comment about St Louisans being more negative about St Louis than anyone else.  (I did run into a fashion designer several years ago that challenged that assertion).  The way we see it though, is that some folks just miss the boat when it comes to being a part of a process, then stand back and complain about the results after the fact.

DON'T MISS THE BOAT!!

6pm Tonight, January 25th
Ferrara Theater - America's Center
701 Convention Plaza
St Louis, MO 63101


Looking for a Downtown Loft For Sale, Visit our new St Louis Lofts page at 4SaleStLouis.com!

St. Louis University Law School Moving Downtown

Lately I've been hearing about a few new additions to Downtown St Louis, ending with todays announcement of St Louis University Law School's Relocation.

Back in the day when I was considering law school, I remember seeing the school on Lindell and wondering how they fit a law school into such a small building.  Of course, being on the main campus, it could have been spread out in several buildings.  This way, it seems like they'll be able to house the school and library all in one place.

Also a benefit, is that its across the street from the old Federal Court Building, now the City Courts, and also a few blocks from the Thomas Eagleton Courthouse.  The school is scheduled to be in operations for the Fall semester which will bring an increased interest in Downtown Living.  This shot was taken today from the Syndicate Condominiums, just a few blocks away.

Also today, I went by the first public electric car charging station that opened  at 7th and Lucas.  I'll have to say, not really knowing much about electric cars, I was expecting a little more of a 'station' than this.  Its a good start, and having a fleet of electric cars downtown would be nice.  This Enterprise 'We Car' is a start.

Lastly, a marketing company I've been looking at lately, Response Targeted Marketing announced this week its move Downtown from Richmond Heights.  They are excited about the move and the larger quarters.  Downtown is excited to have them.

Cassilly Memorial

I went to Downtown St Louis back in the spring of 1996 to see an art show at this "weird museum" downtown.    It was my first experience in seeing the City Museum and my first chance to see a downtown loft.  We've been back to the City Museum with kids, to list the lofts, to rent them and with buyer's, but I never had the opportunity of meeting the late founder Bob Cassilly, or know much about him.   Working in the same neighborhood and benefiting so much from his contributions to the area, it was nice to see such a long article in this months (January) St Louis magazine about the life of Bob Cassilly.  The online article isn't the complete 4 page article that's in the magazine.

Normally, when someone contributes so much to an area, there are ceremonies and notoriety that comes along with it.  The absence of that almost makes it seem like Bob was taken for granted.  That could be the case, but from the article and everything else, it seemed that type of recognition was avoided while Bob was alive.

1.  At this point, my first wish is that City Museum stays what it is and somehow the vision for Cementland is completed.  It may take years, but in seeing what contributions have been made downtown and elsewhere in St Louis, its just what the doctor ordered for the north riverfront area.

2.  My second wish is that we honor the persistent requests of rock legend, Carlos Santana, and build a statue of Miles Davis.  I would say wish #2 should be to build a statue to honor Bob Cassilly, but Carlos Santana has been asking for St Louis to recognize Miles Davis for 2 decades.

3.  Build a statue of Bob Cassilly.  This request goes to the Partnership for Downtown St Louis and to the Downtown St Louis Residents Association.  Someone needs to pick up the ball.    Why this seems urgent to me is that if it doesn't happen Downtown, it will somewhere else.  From reading the magazine article, Bob seemed to have roots all over town:  Kirkwood, Lafayette Square, Webster Groves, Dogtown.  His work was all over town, and across the country.  

  

We can do better than this!

.    

New Downtown Lofts Search Engine

Back when we started working in Downtown St Louis, there was a good St Louis Lofts website called StLouisLofts.com. It was good but not great, mainly because at the time, there was too much speculation about what was going to be happening and not always good information about lofts. A lot of loft buildings were in the pipeline to be redeveloped. Pages were linked to the old St Louis City website. Developers sites were listed, but try to find an objective view of a neighborhood at a developers website. Very few actual lofts for sale were listed on the site. Still, it was a good site. The webmaster pulled down that site sometime in 2007 or so, and has talked about doing it again sometime. I always wanted to have a similar presence online where individual buildings could be researched and lofts for sale could be posted.

Last month, I finally got off my _ _ _ and did something about it.

We made some changes to our company website and added up to date loft / condo searches for every loft building downtown and searches for difference price ranges too.  There are also searches set up for the most popular city neighborhoods too, like Lafayette Square, Tower Grove, Compton Heights, Shaw, St Louis Hills and Soulard.  Now this afternoon, we've added the Downtown St Louis neighborhood  pages to Lofts in the Lou to make these descriptions and lofts for sale accessible from this blog.  The bar just above the most recent post has the links to the Downtown and Downtown West pages. If you're in the market to buy a loft or luxury condo downtown or if you already own one and want to check out the latest listings in your building, check out these pages and let the Premier Team help with your urban home buying experience!

Have fun and happy home searching!

Loft Education Revisited

November was a tough month. 


Having to live with a euphoric fog of having another World Series Championship in the bag, enjoying the unseasonably warm temperatures, then the beginning of the holiday season.  The whole month just flew by.


One of the events I missed was the Condominium Education Event held by the Partnership for Downtown Saint Louis and Wells Fargo.  This type of class being held downtown for free gets me giddy;  not because of its entertainment value - more of a life-long mission.


That mission starts with my belief that there is a good amount of ignorance pertaining to condominiums.  This theory applies to professionals as well as the general public.  Some people say this is a St Louis thing, since we're not as experienced as a whole compared to South Florida or Manhattan.  Many of the mortgage lenders, insurance brokers and realtors in St Louis just assume that working with lofts and condos is the same as dealing with a single family home, or a mutifamily apartment.  In observing and speaking with other professionals, I've gotten the sense that if they've never lived in a condominium or if they only work with them occasionally, that they have limited understanding of how they can assist their clients. 


I've seen more lenders attempt to finance a loft and fail, I've seen hundreds of underinsured condos, and I've worked with other Realtors that make huge errors that would have been avoidable with proper condominium education.  


As far as non-professionals go, the biggest mistake I see generally is not considering what a prospective home buyer or their buyer's agent would perceive of decisions made on condo bylaws or management decisions.  Crazy stuff can happen.  I've heard some condo associations have decided not to maintain their buildings FHA approved status because they think that status will allow Section 8 tenants to live in the building or less than stellar buyers needing government assistance will buy!   These are both 100% false, yet once the decisions are made with false information, they're hard to be reversed, and often times aren't even realized by anyone else in the building, due to the same ignorance.
   
This brings me back to the event hosted by the Partnership and Wells Fargo.


I ran into one of the partnership folks a few weeks back, and they boasted of the success of the Condo Education event in November and said they were looking at another one soon.   Its a great event for Realtors, Loft owners, condo association memebers, board members, and property managers.  


The event will be held at the Laclede Gas Building in the New Yaeger 1st floor conference center.  NEXT TUESDAY (January 31st) at 6:30pm.  


While I'm not 100% sure of the topics involved, I know that this is information that will benefit the Downtown St Louis neighborhoods and can ultimately lead to better price appreciation and overall market stability.  


BE THERE! 

City+Arch+River Y2K+12

Good public monuments can be international attractions!

Visiting National Parks has always been a favorite experience for many.   The Jefferson National Expansion Memorial has its "ups and downs".  


One plus is that its not a park that someone has to visit in order to experience it.  Having one of the best expressions of modernist architecture as part of the St Louis landscape can be seen for miles around.  


My thought is that could be why the park superintendent took the original Saarinen site plan and stripped it down; removing several key elements which would have contributed to public enjoyment..  Maybe he felt that the Arch and the Museum of Westward Expansion was all that was needed.


From some of the latest press conferences, it seems that may be happening again.  Fair enough.      The economy is still lagging.  Budgetary concerns are hitting the government.  


My wish is that more people would take an interest in what is happening with the City+Arch+River project and its tremendous implications to Downtown St Louis.   When the events were held to unveil the contest winner back in August 2010, I was amazed at how sparse the attendance was.  Fewer people than a high school football game.  Sad.


My trip 18 months ago to the City of San Antonio wouldn't have been the same if it hadn't been for the visionary regional leadership that helped create the San Antonio Riverwalk.  As a result of having a major attraction in its downtown area, the City has become a top convention destination, which has led to more development and economic growth.  When City+Arch+River competition was held, that was the vision I had for the Arch grounds.  Maybe its a crazy thought in these times, this awesome project for downtown shouldn't have to just be a government hand-out.  If enough St Louis residents get behind this project, alternative funding sources could fill in where government falls short.  The plan shouldn't have to be altered.  


Get behind it! by attending the REPORT TO THE COMMUNITY next Wednesday 1/25 from 6-7:30 at the Ferrara Theater at America's Center.   

2011 Loft Market At-A-Glance

While St Louis loft sales increased last year, they seemed to do so at a price.  As expected, average prices dropped. 

The culprit this year in particular, is the foreclosure agent.  Aside from the FDIC take-over of the Dorsa Lofts sales, one trend we've seen this year is truly below market pricing on foreclosure listings.  This has been great for the downtown buyers this year. 

We're still working on the release of 2011 Loft Sales by Building, which should be posted within the week.  The executive 'market summary' is below.  While downtown residents may look at these numbers with some disappointment, these sales numbers reflect some necessary answers to questions we've had on the horizon for a few years. 

In looking at the individual numbers, as we've observed all year, it seems less a matter of the dreaded 'prices dropping' as it does that more higher value lofts sold in years past.  For example, several sales took place in Downtown West buildings that aren't eligible for conventional financing, Like Motor Lofts, Packard Lofts, and Kingbee Lofts, where virtually no sales took place last year.  Also, there seemed to be an inordinately large number of foreclosures in the Lofts at 2020 (Sporting News Lofts) all at the same time.   That 'competition' between foreclosures led to steep price drops by sellers (banks) that have very little patience for inactivity.   Basically the same thing happened in Dorsa Lofts with the FDIC slashing prices even as lofts were selling at a fast rate.

St Louis Lofts Market Analysis

Downtown

Downtown St Louis neighborhood is bound by Chouteau on the South, the Mississippi River on the East, Cass Avenue on the North, and Tucker Boulevard on the West.

Average Price=                     $193,204    - Down from $222,816
Average Size=                       2 bed / 1.9 bath   1605 square feet
Average Market Time=         180 days
Total Volume Sold=               $8.68 million  -up from 6.68 million


Downtown West


Downtown West St Louis neighborhood is bound by Chouteau on the South, the Tucker Boulevard on the East, Cass Avenue on the North, and Jefferson  Avenue on the West.

Average Price=                     $119,559 - Down from $141,429
Average Size=                       2 bed / 1.6 baths 1310 square feet
Average Market Time=         94 days
Total Volume Sold=              $5.49 million -down from 7.08 million


Looking at the numbers, 2011 was a hard pill to swallow, but just like any other tough pill, it needed to happen for the market to fully recover.

Search the new and improved Downtown St Louis real estate site, http://www4SaleStLouis.com/downtown-homes to search for St Louis lofts by building, size and area.

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

State of the Market: 2011, Coming Soon!

My annual market review is a pretty deal at LoftsintheLou.com, so what can I do to prepare.   A day at the City Museum, of course!  Other than several stiff drinks, nothing helps me to forget the real world better than hanging out with kids at the City Museum.   


Suprisingly, the real estate market is busy now.  Usually things slow down quite a bit at some point between Thanksgiving and Christmas.  This year we were running all the way up to the later holiday.  Despite that, the idea of showing all the loft sales for the year makes me nervous.


Back in the glory days of downtown real estate, I remember telling other agents that my seller's were "motivated".  That's a generic way of saying they want to do a deal.  


I say that about all my listings.  


In reality, I didn't know what 'motivated' meant back then, when seller's were making money, selling lofts they owned for a few months or more.  2011 was the year of the motivated seller.  


Of course, being the year of the motivated seller wasn't all that bad.  From 2008-2010 these same sellers may have been waiting to sell, and just rented their place out, or maybe went into foreclosure as they just didn't see the market rebounding quickly enough.  In 2011 some St Louis loft owners just lost patience and decided to sell......whatever it took.    Prices will reflect that.  


We've also seen some banks go this year.  


At the end of 2010, the bank that owned the remaining Dorsa Lofts went under and the FDIC took over where they left off in selling the remainder of the building.  The FDIC is a motivated seller.  Prices were slashed.  They weren't messing around.  The building was such a great deal, that it sold out quickly, which was good for the building and for Downtown.  


Some of the other bank owned sales were priced low.  Too low.  One that comes to mind was a 2 bedroom 2 bath in the Terra Cotta Lofts that went on the market on July 3rd.  Despite being on a holiday, the unit had 3 offers on it within days.  It was priced a hideously low $124,900.  I understand foreclosures, but that space had no business being priced that low.  


The rental market was the real hot spot in Downtown this year, with the completion of the Laurel and the Park Pacific.   Adding several hundred new rental units to the Downtown St Louis market had very little impact on demand or rental rates.   It did, as it always does, seem to give a shot in the arm to many of the Downtown businesses with more popularity and more residents.     I anxiously await the opening of the National Blues Museum at 601 Washington sometime in 2013.   The first event of the future Washington Avenue venue was last August and was a fantastic time!  We had a staycation planned Downtown for that weekend, and had given up on the Cardinals for the year, so the Bluesweek was the high light of the weekend.  


Another hot spot for 2011, on a personal level, was being interviewed by the St Louis Business Journal,  Post Dispatch and also for an article on "How to Buy a Loft" in Time.  


Of course, didn't I feel like a jerk when the Cardinals I had left for dead came back and won the Fall Classic?  Talk about great events and a shot in the arm for Downtown.  

So as soon as we can close out the books for downtown real estate in 2011, look for my breakdown of sales for the year here at LoftsintheLou.com.   For a quick look at what's available in the St Louis real estate market, including great deals on foreclosures, visit our new and improved site at www.4SaleStLouis.com.

Happy 20th Schlafly's!

The accolades for the rebirth of Downtown St Louis are usually given to Downtown Now, or the bankers, or the tax credits. It's hard to argue against the impact those entities had.

 Schlafly's Tap Room opened 20 years Ago today, and provided they type of business that helped generate excitement about rebuilding downtown for the first wave of downtown residents, before tax credits or new loft condos were around. The Posts article  frames Schlafly's as a pioneer in the Craft Beer industry, but they were a pioneer for Downtown St Louis too.

Holiday Cheer!

'Tis the Season to shop downtown!  

With the Republican debates going on and almost nothing else taking on so much of the news cycle, its tough to talk more about the economy.  One thing that will help the economy is for the people who support downtown the most, its residents, to consider the shops and restaurants downtown as possible holiday gifts for friends and family.

A gift card to Mango would make me happy!  Santa (above) may have bought those pants from Eve's Apple Vintage by the Meridian.  Some artwork from the new 10th Street Gallery would really make someone's Christmas bright.

Having worked downtown for a while now, I've always noticed how excited residents get when a new place opens up close by, and how disappointed if it doesn't make it.   Vote with your feet and help downtown businesses have Happy Holidays too!

Got Junk?

As I type, the City's Preservation Board is re-considering the question of Cupples 7. 

Normally, I side with the preservationists. Buildings that can be salvaged should be.

In real estate though, we sometimes see the result when buildings that should be bulldozed but are salvaged.

Whether its economically not viable, or the building remains in shambles after the renovation; there are limits to what can be done.

Take Cupples 7. This has been a hot topic for years.

There was a thread on UrbanSTL back in 2005 that talked about the damage done to the building during its possession by Bank of America. Having a gravity fed sprinkler systems water tank crash through the roof and 5 floors would lead some to believe that the buildings structural integrity was questionable.

The same issue came up when we listed Cupples 8 (Ballpark I) in the early part of 2009. Uncertainty about what would be necessary to fix the structure was plaguing the developer.

In the case of Cupples 7, timing is everything. If there was more life and viability in the real estate market, both residential and commercial, we may be in business. If 300 lofts per year were being scooped up, or the vacancy rate on commercial office space was extremely low right now, there would be developer's lining up to take a crack at it.

Unfortunately that is not the case.

One other new factor is the tightening up of historic tax credits and other

subsidies. While there are still some buildings downtown that aren't being utilized, its not what we were faced with a decade ago. Lawmakers have to balance the need for the subsidy with other, more pressing needs. Downtown is not the charity case it used to be. After 5 billion in investments and a growth surge in population, many believe that downtown projects should be able to hold their own.

So while I would normally take the side of the preservationist, its unrealistic to disregard the position of the owner.

All we can ask, is PLEASE....Don't give us another parking lot!!!

Need Affordable Housing Downtown?

Ever since Downtown St Louis started its renaissance in residential housing, some phenomenal homes have been built. As is the case with most newly constructed homes, the prices weren't considered "affordable" by many. Times have changed, and there are some phenomenal deals downtown. Unless someone is really familiar with the market, its difficult to realize what's a great deal, and what's not. Someone working with an agent from another area might miss out on the best opportunities. This home at the Terra Cotta Lofts is a GREAT DEAL! When you open the front door to this home, you're greeted with a view of the Gateway Arch and Downtown St Louis skyline. The layout is spacious and roomy.

Many downtown St Louis lofts have a 'shot gun' layout with bedrooms in the rear and no windows. This unit has a master suite with great views adn plenty of light.

During the peak of the market, units like this would get scooped up in a matter of days. So if you're interested in seeing what downtown living is all about, check out this space for starters. Getting this kind of views of the downtown skyline is a great way to experience the urban renaissance in downtown.

OPEN TODAY! 12-2

 
Looking to "see the sights" of Downtown between the Rock & Roll Marathon and the Rams Game?

Stop by one or both of our downtown OPEN LOFTS!  

Featured in Time.com, the fantastic 3000 sq. ft Loft at Jack Thompson is what many people think of when they consider downtown living.  Tons of open space, Tons of natural light, and great modern finishes.  Located at SW corner of Tucker & Washington.

The Syndicate Condominiums at 915 Olive are located in the heart of the OLD POST OFFICE DISTRICT and are selling out quickly.  Stop by before your floorplan sells out!

Post-Season Bonus Burning a Hole in Your Pocket?

Watching the Cardinals muscle through the National League Championship Series was awe inspiring.  Last nights game notwithstanding.  

I was doing some searches for a downtown buyer with one eye while the other was fixed to the tv. 

The thought crossed my mind that all of the Cardinals would receive a post season bonus, and a fairly healthy one, for reaching the Fall Classic.   So out of curiosity, I started to look into the numbers to see how much of a loft one could buy with that bonus.

It's pretty tricky, and the Cardinals organization and player contracts have a great deal of say in how much a player gets.  

My projection was that the organization would get about 21.6 Million to split up between the team if they lose the series  and 32.4 Million if they win.

As affordable as the Downtown St Louis area is, players could really get a phenomenal space with the change they get from the post season play.

There are some exceptional penthouses available in the downtown area that would suit a redbird perfectly.  Close to work, secured entry and top level amenities.   


Even if you're not a Cardinal, but just want to take advantage of everything downtown has to offer, call the Premier Team for a no obligation tour of the fantastic urban homes available at Developer Close-Out Pricing.

Enjoy Downtown, Workers!

Next Friday will be the Downtown St Louis Employee Apreciation Day. I'm a fan of the concept. Everyone in life obviously has their own perspective, and in watching the Downtown St Louis rebirth over the past several years, the one perspective that doesn't always change quickly is that of the downtown worker.

Years ago, a long time downtown worker was at a party we were attending. I was pumped up about downtown. They seemed drab. "Oh yeah...I remember the last time they tried to change things (talking about when St Louis Centre was built)." While there was a very cool influx of new residences and lots of other new plans, the overall landscape still hadn't changed much. This was in 2005.

At the time, we didn't see many veteran downtown workers climbing onto the downtown bandwagon. The typical buyers were looking
for an edgy neighborhood. Of the folks that worked downtown, most were recent grads that had just began their careers.

As time marched on, so did downtown
progress and the addition of the many things that make it the fastest growing St Louis neighborhood: new restaurants and businesses, more updated homes (both owned and rented), new public spaces and commerce.

At the same party each year, I run into the same veteran downtown worker. While she still doesn't live in a St Louis loft, her attitude about the progress downtown has changed from complete skepticism to appreciation for her improved surroundings.

The Partnership for Downtown St Louis have a great message to all the downtown workers with this years Downtown Employee Appreciation Day and many of their other efforts: ENJOY DOWNTOWN!

A Turning Point....

Something is happening today that signals a turning point for the downtown neighborhood. The last developer owned unit at the Dorsa Lofts is scheduled to close, which is great news for the Dorsa building and for downtown.

When the Dorsa project was first unveiled I was excited. This was in september 2005. We were in a housing shortage downtown. Buyer's were looking downtown, only to find that the space they were looking for hadn't been built. Buyers were flipping their newly built lofts for large profits, and pricing was creeping up towards the $200/square foot mark. The Dorsa, an attractive building with timber ceilings and exposed brick was promised to be finished similar to the newly completed Banker's Lofts. Pricing started at $122 / square foot. It seemed like a safe bet on a great block. The opening party held by Pyramid Construction casual. We showed up at the beginning and started pouring over the sales materials, pricing and such to get a grasp on what was going on. We had several clients showing up and more that were interested.

The first unconventional thing about the Dorsa was that, unlike other new construction sales downtown, Pyramid failed to convert its reservations into executed purchase agreements for over 6 months. It wasn't long until the market started to cool down and lots of reservations were cancelled. It still was a good value. The location was great. We kept our reservation.

Closings started happening in Summer 2007, Pyramid collapsed in April 2008. Premier Bank took over as the 'builder' and ran the building. For over a year, the vacant units, over 50% of the building, sat empty with no visible efforts to sell. The Bank thought that selling off the units as a large block would be in its best interest, despite the negative implications for the building. With virtually no commercial lending available for anyone to buy the remaining units, they allowed a prospective buyer to start renting out units and a few went on the market. Sales started trickling in. Eventually in the fall of 2010, Premier Bank was taken over by the FDIC. Assets were going to be sold quickly. Regardless of the market, prices were slashed drastically. Rentals were terminated and some ended up buying. Finally the building started to fill up.

While the road to completion for the Dorsa took significantly longer than the buildings sold during the boom, after today, we can say that its SOLD OUT!

How is that a turning point?

When the stock market crashed in 2008 and banks started failing was when the St Louis real estate market went from slow to scary. The additional burden that downtown struggled with was the public perception that there was a glut of unsold lofts downtown.

Now that the inventory of Dorsa Lofts have sold out, we're a step closer to a balanced market (between a buyer's and seller's market) and most likely a more favorable climate for appreciation and more new construction.