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| Image courtesy of The Partnership for Downtown St. Louis | |
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Whether you’re a homeowner looking to ditch your lawn guy for a doorman or a condo owner thinking of selling your slice of St. Louis, you’re probably wondering how this economic aneurysm will affect the market (read: your pocketbook). We hear you loud and clear. That’s why we’ve talked to the movers and shakers of St. Louis’ condo world to find out what you need to know before making a move with your piece of the pie.
The Economic Factor
Let’s get the boring stuff out of the way first. Is the market here really as bad as headlines say? In brief, yes and no. Many realtors will tell you it’s a buyer’s market, which doesn’t traditionally bode well for current owners. Carole Baras, president of the St. Louis Association of Realtors, recognizes young people are having trouble getting credit and loans, and older condo seekers are having trouble selling their original homes, but she points out that other cities have it worse. “St. Louis has good stock—good average sale prices compared to other parts of the country,” says Baras. “And there is a large variety to choose from. So it’s a good area to purchase. It’s just a little bit more difficult right now.”
Downtown Details
St. Louis’ loft boom started along Washington, and even today, trends that begin there reverberate throughout the city. So what’s happening downtown that we can expect to happen elsewhere?
The Partnership for Downtown St. Louis’ Kevin Farrell says development has slowed but not stopped, and some condo complexes have turned into apartments offering rental options—allowing consumers more affordable prices. Farrell says one thing unique to downtown is constant revitalization. “I think you’re going to continue to see not only retail and restaurants opening, but more services people really look for in a neighborhood,” he says. Besides a new Schnucks, slated large-scale developments include Chouteau’s Landing, Roberts Tower, and Ballpark Village, as well as gathering spots like
Old Post Office Plaza and City Garden.
