because he's st. louis' version of Tony Soprano. great, now i will be shot.
Does anyone know if Mills is planning another new building within this project? I looked at the Pettingill (building closest to Forest Park Station) and thought it was quite nice and reasonably priced for the area. I thought the plan was to convert many of the buildings in the neighborhood. Does anyone know anyone who lives in one of these buildings and whats their opinion/experiences?
I live in one of the Mills properties buildings and I will tell you that they (Mills) suck, one of their real estate agents is extremely unprofessional, and if they screw up your hardwood floors before you move in they will refuse to fix it and threaten to break the contract. Other than that it's great!
However, don't judge all of their projects by my bad experience. I am in one of their earliest FP/DB projects and they rushed to get it done.
However, don't judge all of their projects by my bad experience. I am in one of their earliest FP/DB projects and they rushed to get it done.
^Is this a rental or owned property? I can't believe something like that would happen to prospective resident
They are marketing new condos in this neighborhood starting at $99,000. I hope this doesn't negatively affect those of us trying to sell our 3 year old condos down the street for $35,000 more than the new ones.
TB1000 wrote:They are marketing new condos in this neighborhood starting at $99,000. I hope this doesn't negatively affect those of us trying to sell our 3 year old condos down the street for $35,000 more than the new ones.
Have you looked at the layouts of these new listings? They're small 520 to 650 sq ft single bedroom and studio condos. Good target for Wash U. students.
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Out of curiosity, does each Metropolis building have its own condo association or is there a single joint association covering the entire Metropolis development? If there is a single association, then the apparent stalling of sales of the more recent conversions makes me wonder if some of the condo fees from the previously sold-out properties are being used to subsidize upkeep of the sparsely occupied buildings. If not, the residents of the latter are presumably going to get killed financially when their fees are adjusted to compensate for the vacant units.
Each building, with the exception of some at the end of Pershing towards Union, has its own HOA.
It is true that the developer stops paying for HOA fees on vacant units after a certain period of time but what I don't understand is why flood the already flooded market with more for-sale units? Why not make them apartments or just wait until the market rebounds?
I have a 1 bdrm, albeit in a nicer part of the neighborhood and in a nicer building, but now am VERY worried about being able to sell. In addition, there are already units in my building I have to compete with and to have to compete with NEW units that are $30,000 less than what mine is "worth" is going to be tough. I don't have a choice though because I am moving out of state and have to sell but can't afford to take a loss.
I'll just keep my fingers crossed.
It is true that the developer stops paying for HOA fees on vacant units after a certain period of time but what I don't understand is why flood the already flooded market with more for-sale units? Why not make them apartments or just wait until the market rebounds?
I have a 1 bdrm, albeit in a nicer part of the neighborhood and in a nicer building, but now am VERY worried about being able to sell. In addition, there are already units in my building I have to compete with and to have to compete with NEW units that are $30,000 less than what mine is "worth" is going to be tough. I don't have a choice though because I am moving out of state and have to sell but can't afford to take a loss.
I'll just keep my fingers crossed.
The new Marlborough building looks very cheap to me, hence the pricing. I can see this building being successful with the real estate market in the current state it is, however I think it will be some time before the entire building is sold.
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We close on our place in that neighborhood today. Love the neighborhood.
Metropolis has really done a good job of refurbishing those places. I think they have some other developments in the metro area as well. You can check them out at their website.
http://www.metropolisdp.com
http://www.metropolisdp.com
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We like to think we got in at, if not the right time, then not a disastrous time. We bought a 2 BR for $130K LY when some of the comparable were still listing (but not selling) at $150-165. Our appraisal came in at $145. Someone who has lived here since our building was refurbished says they started at $129 four and a half years ago. The bubble had already started in 2004, but wasn't at butt nutty 2006-07 levels yet.
Zillow (not that accurate, I know) has us at $137. The next-door neighbors are listing a 1 BR at $137.
Zillow (not that accurate, I know) has us at $137. The next-door neighbors are listing a 1 BR at $137.
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According to a "News Brief" in the latest issue of the West End Word, Mills Properties and Concert Realty will be auctioning off quite a few (most?) of their remaining buildings and unsold units in DeBaliviere Place on April 28.
The WEW article is the third item down on this page:
http://www.westendword.com/NC/0/1806.html
The WEW article is the third item down on this page:
http://www.westendword.com/NC/0/1806.html
In addition to the properties listed in the above quote, the auction company has a large ad on page 13 of the new RFT advertising 18 individual units in Metropolis buildings at 5625 Pershing and 5696 Kingsbury, with minimum bids of $30K.Among the properties that will be auctioned off are 5528-40 Pershing Ave., with 107 units in three buildings; 5560 Pershing Ave., with 53 units; 5560 Kingsbury Ave., with 66 units; 5654 Delmar Blvd., with 26 units and 9,200 square feet of available commercial space; and 5501 Pershing Ave., with four units.
Anybody want to take a gander on what Bruce Mills is up to.hugh ferriss wrote:According to a "News Brief" in the latest issue of the West End Word, Mills Properties and Concert Realty will be auctioning off quite a few (most?) of their remaining buildings and unsold units in DeBaliviere Place on April 28.
The WEW article is the third item down on this page:
http://www.westendword.com/NC/0/1806.html
In addition to the properties listed in the above quote, the auction company has a large ad on page 13 of the new RFT advertising 18 individual units in Metropolis buildings at 5625 Pershing and 5696 Kingsbury, with minimum bids of $30K.Among the properties that will be auctioned off are 5528-40 Pershing Ave., with 107 units in three buildings; 5560 Pershing Ave., with 53 units; 5560 Kingsbury Ave., with 66 units; 5654 Delmar Blvd., with 26 units and 9,200 square feet of available commercial space; and 5501 Pershing Ave., with four units.
Is he cutting his losses? Getting out while he made his buck? Looking for money to help secure financing on other projects (thinking stalled Euclid Ave development in CWE) or financing in project downtown?
