New developments poised to snap up eager residents
Despite the continuing lull in the larger economy and many area real estate markets, the downtown residential real estate sector is thriving, stakeholders say.
“Even though the economy really hasn’t helped accelerate the market like it did several years ago, we’ve really held our own,” said Maggie Campbell, president and CEO of Partnership for Downtown St. Louis. “There seems to be plenty of demand for downtown housing.”
Campbell said much of it is because of the continuing influx of residents downtown. According to 2010 U.S. Census Bureau data, the population of the city of St. Louis dropped 8 percent between 2000 and 2010, but a neighborhood breakdown of the census data released by the city showed the downtown area experienced a 359 percent increase in population during that same time.
“In the early days, you were a pioneer if you came down here to live,” Campbell said. “Now, for the people who find it attractive, they know that they won’t be here by themselves.”
Kevin Farrell, senior director of economic and housing development for the Partnership, said although young professionals are still the largest demographic among downtown residents, the demographics of those who have been moving downtown have become increasingly mixed and include mid- and late-career workers as well as retirees.
“The buyer that seems to be drawn to downtown is an established buyer, not just a first-time homebuyer anymore,” said Lisa Grus, broker/owner at Premier Realty Exclusive. “These are the buyers who a year and a half ago were skittish because of the general financial market.” Higher-priced spaces are moving well, she said, sometimes better than one-bedrooms.
“Arguably, it’s the fastest-growing neighborhood in the region and the census data and our own research has proven that,” Campbell said. Farrell said new developments, such as the $109 million Park Pacific Building at 1226 Olive St., which recently began leasing, the $142 million Laurel at 601 Washington Ave. and the $21 million Leather Trades Lofts at 1604 Locust St., which are expected to be available later this year, would bring about 500 additional residential units to the area.
Read more: New developments poised to snap up eager residents | St. Louis Business Journal
Despite the continuing lull in the larger economy and many area real estate markets, the downtown residential real estate sector is thriving, stakeholders say.
“Even though the economy really hasn’t helped accelerate the market like it did several years ago, we’ve really held our own,” said Maggie Campbell, president and CEO of Partnership for Downtown St. Louis. “There seems to be plenty of demand for downtown housing.”
Campbell said much of it is because of the continuing influx of residents downtown. According to 2010 U.S. Census Bureau data, the population of the city of St. Louis dropped 8 percent between 2000 and 2010, but a neighborhood breakdown of the census data released by the city showed the downtown area experienced a 359 percent increase in population during that same time.
“In the early days, you were a pioneer if you came down here to live,” Campbell said. “Now, for the people who find it attractive, they know that they won’t be here by themselves.”
Kevin Farrell, senior director of economic and housing development for the Partnership, said although young professionals are still the largest demographic among downtown residents, the demographics of those who have been moving downtown have become increasingly mixed and include mid- and late-career workers as well as retirees.
“The buyer that seems to be drawn to downtown is an established buyer, not just a first-time homebuyer anymore,” said Lisa Grus, broker/owner at Premier Realty Exclusive. “These are the buyers who a year and a half ago were skittish because of the general financial market.” Higher-priced spaces are moving well, she said, sometimes better than one-bedrooms.
“Arguably, it’s the fastest-growing neighborhood in the region and the census data and our own research has proven that,” Campbell said. Farrell said new developments, such as the $109 million Park Pacific Building at 1226 Olive St., which recently began leasing, the $142 million Laurel at 601 Washington Ave. and the $21 million Leather Trades Lofts at 1604 Locust St., which are expected to be available later this year, would bring about 500 additional residential units to the area.
Read more: New developments poised to snap up eager residents | St. Louis Business Journal
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