urbanSTL

Not a big deal unless you personally are affected or if you have the best interests of Downtown's revitalization at heart. Put yourself in the shoes of someone who just purchased a unit in this building or one close by.

Isn't the point being made by some that current residents will benefit more from having a full building than having 60% occupancy. I understand that neither option is ideal, but if I were a resident I would rather have units full. Think of is this way - if I put a unit on the market in three years wouldn't it be worse to still have vacancies?

Does everyone think that the starting auction prices are set that low? Is this really different than any other open house? Maybe they're just using the word auction because they think that it'll attract a larger crowd of potential buyers.

I think this is absolutely true. I'll be interested to see the final prices.

And this map is rediculous. Conveniently left out are 22nd, 23rd, 19th and 20th streets and 15th-17th (not to mention Olive, Pine, Chestnut and others). Westgate is more like 8 blocks from Union Station and another three or so from Scottrade. I'm sure they were just highlighting major streets , but it's a bit misleading.

If you are more than six months away from closing, some of these firesale units will close before you do and could become comps. As I understand it, bank loan committments only have a life of six months. It would seem to me that a bank is concerned about the risk associated with the loan and therefore will look at your downpayment as a percentage of appraised value.

Time limits for appraisals depend on the bank. Also, sometimes they will renew a loan commitment without a new appraisal, just not increase the amount of a loan without a new appraisal. I don't know much about mortgage banking, but it seems that the risk to the bank deals more with the customer's ability to repay the loan, rather than the percentage of your down payment. The bank doesn't want to take the unit and sell it. They want you to pay them back. Appraisalman, would the terms of the sale affect the use of these auctioned units as comps? As I understand appraisals they deal with a "reasonable exposure time" would an auction be considered reasonable exposure time?

ksaett,



You are correct. Performing an appraisal is more of an art than an exact science, and each individual appraiser can choose whatever comps he wants, and make adjustments to those comps in a reasonable way. I would imagine that since these sales would be considered distressed sales, that they would not reflect the true market value, unless they are bid up at the auction. As for the % of downpayment, these lofts could appraise for $250,000, but you are buying it for $230,000 your down payment would be based on the $230,000.

What if you are buying the unit for $230,000 and it appraises for $210,000?

And, how likely is it that the bank would loan you the additional $20,000, or 90% of $20,000?

I would try to reason with your appraiser if this becomes a problem. They may be willing to take other comps into consideration, or make adjustments based on other factors.

It depends on a number of factors, but if you were already preapproved to borrow $230,000, they will usually loan you that amount.

Are the numbers in the 1/1/07 Pricing column actual appraisals (by someone not associated with the seller) or are they just numbers that the seller pulled out of the air?

^ I've starred at these numbers for hours, have come to the conclusion that there is real value here. The location isn't central, but prices per square foot are very attractive. Even though I'm already downtown, I'm thinking about picking one up as a rental property. Haven't seen the building inside - can anyone comment on the quality of workmanship and amenities? Their website is a joke when it comes to detail.

loftlover wrote:Haven't seen the building inside - can anyone comment on the quality of workmanship and amenities? Their website is a joke when it comes to detail.

It is ridiculous that there isn't a single picture of the actual interior on their website, and they've probably lost many potential customers by not adding something so simple.



Click on these links to see more pictures. The place looks amazing--and no, I'm not one of the agents.

• http://www.cbgundaker.com/search/advanc ... 2&type=cnd
• http://www.cbgundaker.com/search/advanc ... 9&type=cnd
• http://www.cbgundaker.com/search/advanc ... 7&type=cnd
• http://www.cbgundaker.com/search/advanc ... 6&type=cnd
• http://www.cbgundaker.com/search/advanc ... 8&type=cnd
• http://www.cbgundaker.com/search/advanc ... 6&type=cnd

Here are some interesting logo designs. They went with the second one on top.







Read more about WestGate Lofts here.

• http://www.urbanstl.com/viewtopic.php?t ... sc&start=0