Loft Sales in Downtown St. Louis

Dawn Griffin Posted by
Market Conditions Sep 2007

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.

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