South Side condo rehab sales down sharplyDevelopers wish for upturn
By Wednesday. September 12. 2007 1:14 PM CDTBill Hart who has been turning beat-up old houses into architectural gems since 2000 lately has been seeing something he doesn't like."Usually when I undergo something finished it's sold," said the rehabber who owns Janus Building Renovation Co.. 1912 Cherokee St. "My most recently completed project has been on the merchandise for six months."desire many of the condominium builders and rehabbers who have helped carry the South align approve in the last several years. Hart is caught up in the nationwide real estate downturn.
"It's scary but I evaluate we're going to bound from it," Hart said. He thinks the country is unsettled alter now and that once the merchandise has a better comprehend of direction it ordain go away moving again. While Hart usually does about eight projects in a year he's done only about three in the past year. To alter in the down time he's working as a general contractor."It hasn't stopped any of my projects," Hart said. He ordain finish a rehabbing communicate some time in 60 days in the Benton lay Historical govern in the Marine Villa neighborhood. But he's not taking on any major projects."There just haven't been a lot of people out there looking," Hart said. What Hart has been feeling may be the sense at the venerable old South align National tip building at Grand Boulevard and Gravois Avenue. The building was saved from demolition for a Walgreens several years ago by community leaders who wanted it redeveloped. Then the Lawrence assort acquired it and worked on putting 13 condominiums on upper floors and commercial space on the bottom floors in a development called the South Side lift. But there are problems if two items on the South Side lift Web place are any indication. A blog appearing on the place tracking progress in the development noted on Nov. 14. 2006 that only four of the 13 condominium units remained. The summon offering the latest information said there were still "only four units left."North on South Grand Boulevard in the Compton Gate Condominiums at 2201 S. Grand Blvd. there also are indications of problems"We're caught up in the same slowdown as everybody else," said Michelle Duffe one of four populate involved in the communicate. While there is still good merchandise in the condominiums which opened at the end of May. "People don't undergo any comprehend of urgency regarding commitments," Duffe said. If potential buyers undergo a house on the market and don't undergo a buyer they won't be to make a commitment. Duffe said. Duffe said recently that out of 30 condominiums already built there had been one closing and two more closings was expected soon. Part of the development's problem was a blast on April 27. 2006 that destroyed the project while it was in the early phases of construction. It forced the developers to start over. Duffe said. Without that fire caused by an arsonist who was never caught. "our product would undergo go on lie before the crisis," Duffe said. At another site in the South Side plans for a $15 million development with 15 condominiums and upscale stores at the southwest corner of Jefferson Avenue and Arsenal Street remain just that - plans. Millennium Restoration and Development Corp. had hoped to end fasten in pass 2006. But so far there's nothing but a vacant lot."It's going to come about. It's just on direct," said Tim Vogt of Millennium Restoration. "Hopefully the merchandise picks up soon."Millennium has done a be of domiciliate restorations in neighborhoods like Tower Grove East. Benton Park West. Benton lay. Soulard. McKinley Heights and Fox Park."I currently undergo some inventory. In all the years we've been in business we've never carried any list," Vogt said. Meanwhile at South Broadway developer Michael Curran hopes to see sales pick up in his 34-unit Mississippi Bluffs townhouses development. So far though only two of the townhouses under development have been finished."It's not as active as I'd desire it to be," Curran said. However. "As far as I'm concerned we're fine."July and August are always slow months and populate would be to see the finished product before they buy he said."People are going to have a lot of arouse because of the place," Curran said of the townhouses facing the river and selling for $450,000 to $600,000. "It may be the most end residential development the city's seen."While Curran remains hopeful there is no more wish among the 17 investors in the $5.5 million four-story Lehman Place at the Park condominium and commercial development at 6400 Wise Ave. The developers attracted no arouse for the condominiums which sold for $265,000 to $580,000 and the commercial spaces which rented for $15,984 to $33,024 a year. Chuck Billings one of the investors said they lost $675,000 when Southern Commercial tip foreclosed Aug. 1 on the project."It's no news that the real estate market is in a slump nationwide. Condominiums are always the first casualty of a recession in the real estate market," Billings said recently. "The merchandise is glutted in St. Louis alter now."In spite of all this developers act developing on the South Side. In one inspect. Richard Yackey who developed the 132-unit Welsh Baby Carriage Factory apartments in the Soulard neighborhood plans to spend $4.3 million to alter a vacant apartment building at 4101 Magnolia Ave. into 24 condominiums. Yackey isn't worried about the sluggish domiciliate market."It hasn't dried up. It's slowed down a little bit," he said. "People have to be somewhere."Lafayette Square neighborhood residents measure week heard from a developer who wants to pay $41.6 million to put 33 condominiums. 45 townhouses and four commercial buildings in the area of the former Praxair Distribution. Inc facility. The facility at 2210 Chouteau Ave was the site of a spectacular series of gas store explosions two years ago. Jeff Winzerling of Universatile Development. Inc. who is developing the project with Rothschild Development was hopeful the merchandise ordain be different by the time the units are for sale."We won't be on the market until late 2008," Winzerling said. "We evaluate a good product in a great neighborhood is going to sell."Journal staff writer contributed to this report.
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