urbanSTL

Downtown2007 wrote:It doesnt really matter. Most lenders will not lend more than 90% on new construction condos anyway. Maybe thats what they are referring to.

Yes they do. Lenders will 100% finance almost anything. I know many people in my building and others that 100% financed(though I didn't). The rate is higher, but they will lend.

They are few and far between. Are you positive it wasnt the preferred lender?

Positive. The perfered lender would do it of course, but one guy I know did it through a non-perfered lender. The key is there have to be a certain percentage of units sold/closed to gain the financing. You just have to plan ahead.

Urban Elitist wrote:Positive. The perfered lender would do it of course, but one guy I know did it through a non-perfered lender. The key is there have to be a certain percentage of units sold/closed to gain the financing. You just have to plan ahead.

Why would you put down more than you need? You can make much more in the market than 6% or whatever the rate is.

innov8ion wrote:

Urban Elitist wrote:Positive. The perfered lender would do it of course, but one guy I know did it through a non-perfered lender. The key is there have to be a certain percentage of units sold/closed to gain the financing. You just have to plan ahead.

Why would you put down more than you need? You can make much more in the market than 6% or whatever the rate is.

I didn't put down more than I need. I put down the minimum percentage to get the best interest rate. If you want to finance 100% and pay an inflated interest rate, then go right ahead.

How much are you referring about when you say inflated. A total of .5 or .75 combined for both mtgs assuming you are getting an 80/20?

I think they wanted half a point or so higher on each loan if you financed 100%( to balance out the increased forclosure risk to the lender). Half a point on 225k+ adds up quickly. This was a while back though, I can't remember all of the exact numbers. I worked out my financing 8 months ago. Basically, if you have any money to put down. 100% financing is a bad idea. But if you don;t have the down payment, it can be a godsend. Now if I went in some on these new buildings now starting at $190 a sqft before upgrades, Looking at the market I'd be really careful about 100% financing at this time....

I was wondering the same thing. I thought this development would have brought a lot of buzz and interest based on the location to the new ballpark but it seems like there is no interest in this project at all. Maybe the response is reflectful of the housing market in general right now.



I don't know about everybody else, but I can't wait to go the selection event this Saturday and pick my unit and watch the progress unfold. It will be nice being able to walk two blocks to the ballpark during the season

stlbaseball..... what was the average sq ft price for this project?

bsharmastl wrote:stlbaseball..... what was the average sq ft price for this project?

I just received an E-mail with floor plans and prices. Took a screen shoot of the files and am posting them here. Resolution is only 72 DPI so it might be difficult to see all the small print.

Bastiat wrote:Aren't these income restricted or something due to the tax abatement or something like that?

I think you're thinking about the Cupples Station Loft Apartments, developed by HRI, at 1023 Spruce Street.

irocktheparty2000 wrote:

bsharmastl wrote:stlbaseball..... what was the average sq ft price for this project?

Well that didn't work out very well.



Floors 3 - 5 average 802 SF to 1138 SF and priority pricing good for one day ranges from $146,626 to $258,360



Floor 6 plans range from 932 SF to 1602 SF with prices of $234,864 to $397,500.



After the one day price event things seem to jump about $5,000 to $11,000 per unit.

When did they go from Historic Renovators to Urban Developers?

M|W is very smart. I expected them to target the already overtargeted high end market with a bunch of large units beside the ballpark all for 250k+. But it seems that they have realized that these people will wait to buy in the BVP towers. Thus decided to target single males or couples looking for a place to party before and after games( hence the many 1br 1ba units) who love baseball, rather than full time residents (who would likely want 2br 2ba units). Very clever. With those starting prices, these will sell.

ChrisInDownTown wrote:When did they go from Historic Renovators to Urban Developers?

Probably when they decided to get into new construction.

Everytime new lofts go on the market I'm surprised by the number of very small units. Maybe I'm just not the target market. Does anyone have insight into the market for 900 sq ft/$240,000 units? In this case is it just the proximity to Busch?

Just the proximity. The actual market rate on Wahington Ave. for 900 sq ft unit may be around 160K

^ the going rate for 900 sq/ft around Skinker/DeBaliviere is about $135,000 (Metropolis, I believe)

Ihnen wrote:^ the going rate for 900 sq/ft around Skinker/DeBaliviere is about $135,000 (Metropolis, I believe)

And that is a STEAL at that rate. S/D is amongst the best upcoming area in my opinion.

Not sure if this is true but I have also heard that the prices do not include any parking. You can purchase one spot for an additional $18,000 (don't know is this is underground or above) or lease a spot for $65 a month. Again, this is third party info so not sure how true it is.

I would love to see what units 606 and 610 are like for $340K to $400K.