All of these stats are from the cover story, The Law of Supply and Demand, in last week’s St. Louis Business Journal.
Downtown Projects Still in Development
- The Arcade 134
- The Alexa 85
- The Avenida 48
- Cupples Station 148
- Ballpark Village Condos 250
- City Museum Lofts Phase II 18
- The Concord 135
- The Ford 26
- Jefferson Arms 100
- The Laurel 99
- Leather Trade Lofts 59
- Park Pacific(existing building) 94
- Park Pacific (new construction) 48
- Port St. Louis 49
- Roberts Tower 69
- Sky House 166
That is a total of 1,528 projected to open by 2010. Right now sales are slow, averaging about 39 a month. There is a bright side. According to John Monshausen, Vice President of Development for Jacob Development, “If you go to any major city, 2% (of the population) wants to live downtown.” The population of the whole metropolitan area of St. Louis is approximately 2.7 million, so that 2% would equal about 60,000 residents.
If you want a condo downtown now would be a good time to buy. Developers are offering more incentives and upgrades in order to sell so the circumstances favor the buyer. However, it looks like those circumstances will persist for a while so if you are buying downtown be sure you can commit to at least 18-24 months. With so many new projects planned, it looks like it will be some time before the resale market downtown takes off.