With the sale and consideration of what to do with the largest undeveloped properties downtown, I have to admit that I don't know.   I think about large scale entertainment, like City Museum, the Foundry or Ballpark Village.   I think about housing, I think of business.   In every sector, the current need has already been met.   What new plan can be developed to use such a large property?

Downtown Lofts HAVE to look good!

 

So the years were 2004-5.   We had just started our own real estate company and we were idealists.   We had an opportunity to list a loft, which led to a lot of buyers and noticed one thing:   Downtown listings weren't cared for.  

In those days, there were very very few resale listings, but what we did see wasn't good.  We'd see listings vacant, dirty, dark, lights burned out, no flyers, or flyers that were out of date.   Sometimes the vacant loft would smell like sewer gas because no one came by to check on things and fill up the p-traps with water.   As a new agent, I couldn't image not caring for listings better. For one reason or another, the job of making a listing desirable wasn't getting done. 

Fast forward 16 years.   Out with a buyer and looking at lofts and finding the same problem as 2005.   One after another, lofts smelled like sewer gas, vacant, dirty and burned out bulbs.   How can anyone expect a buyer to get excited about that?!?

Selling downtown has been a challenge, especially during the COVID era.  If the product isn't saleable, it can't all be blamed on novel coronavirus.    

Despite challenges to that downtown in the past few years, there's great stuff too.   The main thing to remember is that the inside of the space is what's being sold, so it can't be left looking and smelling like garbage (or worse).   Loft owners and their Realtors have to put their proverbial best foot forward.   

A home buyer anywhere is trying to imagine their prospective life when visiting a home for sale.   If a buyer can't see themselves living someplace, they won't buy.

As 2021 heads into the summer it's going to be exciting seeing downtown come back to life, and hopefully new leadership will reinvigorate local government and stimulate interest in urban living.  Downtown loft owners and Realtors need to do their part too.

2019 SURGE in Downtown Sales!

Happy New Year!

Celebrating the 2019 Downtown Loft Market

The year and decade ending yesterday was a fascinating year for downtown St. Louis residential real estate.   I couldn't help but compare it to the ending of the prior decade in 2009.   I'll never forget 2009, because, as a loft owner and Realtor, I was experiencing shock.   Prices began to level off in 2006-7, and were flat.   The stock market crashed in fall of 2008, and prices started falling. So did the number of sales.   We had 28 lofts listed for sale the day the stock market crashed, buyer's dried up like ice cubes in Arizona, and seller's didnt' seem to be aware that our countries real estate market was in the midst of a dive.   They wanted answers that we didn't have.  2009 felt like the end of the end, but in retrospect, prices started falling more drastically as the year went on, and continued a bigger slide the following years.  2009 wasn't as bad as we thought.

Fast forward a decade, prices have never climbed like they did in the years prior to the recession. Buyer's considering the downtown market view it as an affordable place to own a great, modern urban residence.   Some of the challenges that started in the great recession are resolving themselves, and things are continuing to move forward.   In 2019, the biggest game changer was the mass sale of units in the Packard Lofts, changing it from a mostly rental building, to an almost 100% owner occupied, warrantable building.   The only drawback to such a fast turn around, like the Dorsa FDIC sale of 2011, was that the market was essentially flooded with below market lofts.   The opposite strategy was employed at the Syndicate, which also sold out last year, while maintaining an above average price per square foot.  Anything that adds more homeowners to the neighborhood is a good thing, and that's a huge win for 2019!   

What factors may have led to a surge in Downtown Sales in 2019? 🙄🤔

In 2019, there were 160 downtown loft sales according to the MLS, the highest number of sales in a year since 2007(182 sales) !  Another exciting statistic was the lowest average days on market of 95 days.   While downtown, and condos in general have always lagged substantially behind the overall real estate market, the downtown market DOM average usually hoovers closer to 200 days, than 100.   Having more sales, faster, is a nice change of pace!  

2019 wasn't the year of the big loft.   Out of so many sales, there were only 4 penthouses sold, and overall size range was about 200 sq ft lower than average (1317 sq ft).   When out showing lofts this year, we encountered more singles and almost no couples.   

The Downtown market continues to move forward with another year in the books, and many great new reasons to enjoy our downtown on the horizon!   

Here are the 2019 Loft sales downtown!

Elder Shirt Lofts  703 North 13th Street

10/24/2019	Unit#502	8	$385,000.00	3	2 (2 0)	2,545
04/12/2019	Unit #404	6	$201,000.00	2	2 (2 0)	1,970
03/07/2019	Unit #302	0	$225,000.00	1	2 (2 0)	2,439
12/30/2019	Unit #401	572	$155,000.00	1	2 (2 0)	1,804
03/15/2019	Unit #205	0	$145,000.00	2	2 (2 0)	1,404
02/26/2019	Unit #202	39	$235,000.00	2	2 (2 0)	2,439

Packard Lofts 2201 Locust St.

04/19/2019	Unit #412	0	$95,000.00	1	1 (1 0)	985
06/20/2019	Unit #411	0	$88,500.00	1	1 (1 0)	900
06/18/2019	Unit #407	0	$116,000.00	2	2 (2 0)	1,160
04/26/2019	Unit #308	85	$114,500.00	2	2 (2 0)	1,140
06/28/2019	Unit #307	0	$113,500.00	2	2 (2 0)	1,160
06/07/2019	Unit #207	36	$116,000.00	2	2 (2 0)	1,160
02/20/2019	Unit #205	23	$118,000.00	2	2 (2 0)	1,230
04/04/2019	Unit #204	5	$78,000.00	1	1 (1 0)	765
06/07/2019	Unit #202	0	$121,000.00	2	1 (1 0)	1,220
01/17/2019	Unit #201	68	$117,000.00	2	1 (1 0)	1,180
05/03/2019	Unit #304	0	$75,000.00	1	1 (1 0)	765
07/01/2019	Unit #309	18	$145,000.00	2	2 (2 0)	1,400

Blu City Spaces  210 N 17th Street

date sold,   Unit #,    Days on market,   sale price,    beds / baths,   sq ft.

08/21/2019	Unit #302	35	$72,500.00	2	1 (1 0)	814
02/19/2019	Unit #208	69	$43,500.00	0	1 (1 0)	429
08/06/2019	Unit #1408	28	$45,000.00	0	1 (1 0)	427
02/20/2019	Unit #1106	111	$64,000.00	1	1 (1 0)	648
09/16/2019	Unit #901	0	$80,000.00	2	1 (1 0)	814
11/08/2019	Unit #609	52	$47,500.00	0	1 (1 0)	427
01/15/2019	Unit #510	1	$36,000.00	0	1 (1 0)	427
12/31/2018	Unit #508	0	$35,000.00	0	1 (1 0)	428
01/10/2019	Unit #310	61	$36,500.00	0	1 (1 0)	427
02/01/2019	Unit #308	113	$38,000.00	0	1 (1 0)	427
01/17/2019	Unit #1108	7	$39,000.00	0	1 (1 0)	427
05/20/2019	Unit #1005	87	$50,000.00	1	1 (1 0)	648

Knickerbocker Lofts  507 N 13th St  date sold, Unit #, Days on market, price,beds / baths, sq ft. 10/24/2019 Unit #702 8 $71,000.00 1 1 (1 0) 823 03/12/2019 Unit #607 32 $95,000.00 1 1 (1 0) 985 10/11/2019 Unit #505 63 $89,500.00 1 1 (1 0) 968 08/15/2019 Unit #402 377 $71,000.00 1 1 (1 0) 795 08/02/2019 Unit #307 30 $92,500.00 1 1 (1 0) 986

Lofts at 2020 (Sporting News Lofts)  2020 Washington Avenue

04/15/2019	Unit #710	57	$115,000.00	1	1 (1 0)	937
07/11/2019	Unit #610	291	$118,000.00	1	1 (1 0)	1,003
02/28/2019	Unit #604	23	$145,000.00	2	2 (2 0)	1,158
05/23/2019	Unit #511	229	$145,000.00	1	1 (1 0)	1,095
09/16/2019	Unit #509	0	$126,000.00	1	1 (1 0)	1,077
12/31/2019	Unit #503	218	$119,000.00	1	1 (1 0)	907
02/22/2019	Unit #411	73	$123,000.00	1	1 (1 0)	1,095
08/15/2019	Unit #302	388	$113,500.00	1	1 (1 0)	1,023
11/01/2019	Unit #101	187	$225,000.00	3	2 (2 0)	2,067

Motor Lofts 2207 Washington Avenue 

09/05/2019	Unit #412	218	$92,000.00	2	1 (1 0)	1,004
11/06/2019	Unit #302	458	$110,000.00	2	2 (2 0)	1,358

Westgate Lofts  410 N Jefferson Blvd. / 2323 Locust Street

07/18/2019	Penthouse #600	80	$401,500.00	2	2 (2 0)	2,366
05/17/2019	Unit #406	91	$140,000.00	1	1 (1 0)	1,348
06/19/2019	Unit #312	89	$147,000.00	2	1 (1 0)	1,295

Terra Cotta Lofts 1501 Locust Street

07/22/2019	Unit #806	14	$130,000.00	2	2 (2 0)	1,471
03/22/2019	Unit #402	324	$104,000.00	1	1 (1 0)	980
12/18/2019	Unit #205	348	$147,000.00	2	2 (2 0)	1,495
05/06/2019	Unit #204	198	$170,000.00	2	2 (2 0)	1,642
04/30/2019	Unit #1208	202	$186,000.00	2	2 (2 0)	1,732
12/10/2019	Unit #1202	99	$137,000.00	1	1 (1 0)	1,314
08/01/2019	Unit #1102	5	$99,000.00	1	1 (1 0)	1,050
02/11/2019	Unit #805	92	$174,000.00	2	2 (2 0)	1,495
03/28/2019	Unit #708	249	$166,000.00	2	2 (2 0)	1,732

Ventana Lofts 1635 Washington Avenue

None (better luck in 2020!)

Railway Lofts 1619 Washington Avenue 

09/19/2019	Unit #902	367	$260,000.00	3	2 (2 0)	2,475
09/19/2019	Unit #805	176	$197,000.00	2	2 (2 0)	1,627
09/20/2019	Unit #702	159	$215,000.00	2	2 (2 0)	1,680
06/28/2019	Unit #604	6	$160,000.00	1	2 (2 0)	1,595
11/05/2019	Unit #402	60	$215,000.00	2	2 (2 0)	1,680
04/25/2019	Unit #304	31	$163,000.00	2	2 (2 0)	1,595
07/10/2019	Unit #303	290	$163,000.00	2	2 (2 0)	1,339

Windows Lofts 1601 Washington Avenue 

08/28/2019	Unit #407	105	$111,000.00	2	1 (1 0)	1,086
04/25/2019	Unit #407	180	$120,000.00	2	1 (1 0)	1,086
01/16/2019	Unit #307	131	$117,500.00	2	1 (1 0)	1,081

Meridian Lofts 1136 Washington Avenue 

05/14/2019	Unit #907	150	$216,000.00	2	2 (2 0)	1,509
11/21/2019	Unit #706	151	$138,000.00	2	2 (2 0)	1,218
06/11/2019	Unit #704	195	$159,000.00	2	2 (2 0)	1,254
12/27/2019	Unit #607	0	$214,000.00	2	2 (2 0)	1,506
06/14/2019	Unit #510	5	$145,000.00	2	2 (2 0)	1,243
02/14/2019	Unit #412	94	$133,400.00	2	2 (2 0)	1,133
05/01/2019	Unit #404	32	$153,000.00	2	2 (2 0)	1,254
12/30/2019	Unit #403	69	$185,000.00	2	2 (2 0)	1,411
12/16/2019	Unit #311	7	$75,000.00	1	1 (1 0)	781
02/22/2019	Unit #300	203	$140,000.00	2	2 (2 0)	1,075

Lucas Lofts 1123 Washington Avenue 

12/27/2019	Unit #504	60	$152,500.00	1	1 (1 0)	1,115
07/12/2019	Unit #716	0	$145,000.00	2	2 (2 0)	1,522
05/22/2019	Unit #709	67	$128,500.00	1	1 (1 0)	1,053
09/03/2019	Unit #417	28	$172,000.00	2	1 (1 0)	1,556
10/11/2019	Unit #306	35	$182,500.00	2	2 (2 0)	1,169
07/25/2019	Unit #410	80	$124,000.00	1	1 (1 0)	1,146
05/06/2019	Unit #714	61	$144,000.00	2	1 (1 0)	1,430
05/31/2019	Unit #616	6	$145,000.00	2	1 (1 0)	1,522
07/03/2019	Unit #608	54	$152,500.00	2	1 (1 0)	1,131
04/12/2019	Unit #516	27	$147,000.00	2	1 (1 0)	1,531
08/12/2019	Unit #305	36	$152,000.00	2	1 (1 0)	1,247

Louderman Lofts 315 N 11th Street

01/08/2019	Unit #702	258	$248,000.00	3	2 (2 0)	2,030
05/06/2019	Unit #1101	30	$295,000.00	2	2 (2 0)	2,163

Moon Brothers Carriage Lofts  721 N 17th Street

08/23/2019	Unit #504	95	$155,000.00	2	2 (2 0)	1,240
05/28/2019	Unit #410	5	$107,500.00	1	1 (1 0)	880
06/04/2019	Unit #303	10	$143,500.00	2	2 (2 0)	1,403
07/09/2019	Unit #101	157	$262,000.00	2	3 (2 1)	2,246

Shot from Moon Bros Roof - Prices did follow....somewhat.

Marquette Condominiums 314 N Broadway

12/17/2019	Unit #1802	195	$178,500.00	2	2 (2 0)	1,079
02/15/2019	Unit #802	102	$160,000.00	2	2 (2 0)	1,133
02/15/2019	Unit #501	121	$144,900.00	2	1 (1 0)	1,090
02/26/2019	Unit #1904	146	$115,000.00	1	1 (1 0)	803
03/11/2019	Unit #1805	12	$110,000.00	2	1 (1 0)	803
11/15/2019	Unit #1502	138	$194,000.00	2	2 (2 0)	1,131
04/19/2019	Unit #1303	6	$220,000.00	2	2 (2 0)	1,368
09/27/2019	Unit #1302	131	$184,000.00	2	2 (2 0)	1,131

Ely Walker Lofts  1520 Washington Avenue

03/19/2019	Unit #504	60	$143,000.00	2	2 (2 0)	1,422
09/30/2019	Unit #604	79	$150,000.00	2	2 (2 0)	1,422
10/11/2019	Unit #513	20	$115,000.00	2	1 (1 0)	1,101
06/24/2019	Unit #312	9	$96,000.00	1	1 (1 0)	1,029
12/27/2019	Unit #310	145	$115,750.00	2	1 (1 0)	1,092
06/27/2019	Unit #309	173	$157,000.00	2	2 (2 0)	1,604
07/09/2019	Unit #218	13	$120,000.00	2	2 (2 0)	1,200

Printer's Lofts 1611 Locust Street

02/08/2019	Unit #507B	87	$145,000.00	2	2 (2 0)	1,414
09/26/2019	Unit #404B	61	$210,000.00	2	2 (2 0)	1,576
03/18/2019	Unit #206B	196	$142,500.00	1	1 (1 0)	1,148
08/16/2019	Unit #204B	22	$211,100.00	2	2 (2 0)	1,576

Printer's Lofts 1627 Locust Street

08/13/2019	Unit #205C	202	$179,900.00	2	2 (2 0)	1,267
10/04/2019	Unit #902C	6	$269,900.00	2	2 (2 0)	1,588
10/24/2019	Unit #503C	25	$95,500.00	1	1 (1 0)	673
12/20/2019	Unit #402C	380	$150,000.00	2	2 (2 0)	1,279
12/12/2019	Unit #203C	2	$101,000.00	1	1 (1 0)	673

Annex Lofts 1511 Locust Street

11/13/2019	Unit #701	0	$100,000.00	1	1 (1 0)	1,188
07/30/2019	Unit #503	16	$133,800.00	2	1 (1 0)	1,216
07/08/2019	Unit #302	140	$131,000.00	2	1 (1 0)	1,235
06/04/2019	Unit #708	225	$131,500.00	2	1 (1 0)	1,216
05/17/2019	Unit #701	15	$90,000.00	1	1 (1 0)	1,188
06/07/2019	Unit #608	42	$137,500.00	2	1 (1 0)	1,216
07/01/2019	Unit #406	50	$138,500.00	2	2 (2 0)	1,306
01/11/2019	Unit #106	83	$111,500.00	2	1 (1 0)	1,343

Alexander Lofts 1121 Locust Street

04/08/2019

Unit #202

900

$325,000.00

2

2 (2 0)

2,429

Banker's Lofts  901 Washington Avenue

07/31/2019	Unit #708	0	$305,000.00	2	3 (2 1)	1,958
12/05/2019	Unit #702	250	$242,500.00	2	3 (2 1)	1,937
12/06/2019	Unit #607	77	$190,000.00	2	2 (2 0)	1,558
03/05/2019	Unit #606	175	$189,900.00	2	2 (1 1)	1,514
06/14/2019	Unit #510	109	$176,000.00	1	2 (1 1)	1,365
05/13/2019	Unit #408	71	$140,001.00	1	1 (1 0)	1,249
04/25/2019	Unit #302	98	$148,000.00	1	2 (2 0)	1,496
04/26/2019	Unit #303	60	$180,000.00	2	2 (1 1)	1,414

Dorsa Lofts    1015 Washington Avenue

10/09/2019	Unit #604	208	$204,900.00	2	2 (2 0)	1,965
09/18/2019	Unit #407	6	$177,000.00	1	2 (1 1)	1,547
10/31/2019	Unit #404	156	$205,000.00	2	2 (2 0)	1,746
07/31/2019	Unit #308	48	$149,000.00	1	2 (1 1)	1,290
09/20/2019	Unit #307	88	$150,000.00	1	2 (1 1)	1,547
09/30/2019	Unit #205	146	$233,400.00	2	2 (2 0)	1,981

Edison Condominiums  400 S 14th Street

04/30/2019

Unit #1120

232

$305,000.00

3

2 (2 0)

1,964

10th Street Lofts  1010 Saint Charles Street

None (better luck in 2020!)

Syndicate Condominiums   915 Olive Street

05/20/2019	Unit #1610	290	$447,500.00	2	3 (2 1)	2,792
02/13/2019	Unit #1213	66	$235,000.00	2	2 (2 0)	1,473
11/08/2019	Unit #1013	151	$230,200.00	2	2 (2 0)	1,473
08/07/2019	Unit #904	0	$246,000.00	2	2 (2 0)	1,358
10/15/2019	Unit #1511	0	$251,000.00	2	2 (2 0)	1,295
04/01/2019	Unit #1509	150	$288,000.00	2	2 (2 0)	1,576
08/28/2019	Unit #1407	117	$253,000.00	2	2 (2 0)	1,496
04/04/2019	Unit #1401	185	$315,000.00	2	2 (2 0)	1,664
10/10/2019	Unit #1103	35	$288,000.00	2	2 (2 0)	1,527
05/31/2019	Unit #1008	7	$254,200.00	2	2 (2 0)	1,314
01/07/2019	Unit #1006	88	$170,750.00	1	1 (1 0)	1,021

The Bogen Lofts 1209 Washington Ave

06/07/2019

Unit #702

25

$170,000.00

2

2 (2 0)

1,673

Eden Lofts  1720 Chouteau 

04/15/2019	Unit #503	4	$122,000.00	2	2 (2 0)	1,113
03/29/2019	Unit #403	29	$110,000.00	2	2 (2 0)	993
07/01/2019	Unit #309	9	$87,900.00	1	1 (1 0)	796
07/10/2019	Unit #204	263	$119,000.00	2	2 (2 0)	1,396

AVERAGES

Overall

96.47% of list price

$119.22 per square foot

Syndicate

99.05% of list price

175.38 per square foot

Bankers

97.16% of list price

125.83 per square foot

Ely Walker

95.33% of list price

101.11 per square foot

Packard 
101.01% of list price
99.24 per square foot