The St Louis downtown loft market had a slow start back in the early 90’s and then picked up some steam later in the 90’s after Missouri launched its historic tax credit program which gave developers another tool to use to make loft projects more financially feasible. The loft market, as the chart below illustrates, peaked in 2005, stalling out before the majority of the residential hit its peak in 2006. The St Louis loft market saw a kind of double peak with prices rising in 2007 after dipping the year before, but then loft prices followed suit with the rest of the market and started a long slow decline until hitting bottom in 2011.
In looking at the St Louis downtown loft district market from 2002 through the end of last year, as depicted on the chart below, you can see that loft prices, while they have increased from the bottom reached after the housing bubble burst in 2008, have not recovered to pre-bubble levels, not even back to 2002 levels. The median price of St Louis downtown loft district lofts sold in 2002 was $192,975 in 2002, rose to a peak of $236,000 during 2005, dipped down to $205,505 during 2006 however, it should be noted, that the number of lofts sold peaked during 2006, hitting 131 sales, the highest level for the entire 15 year period covered here. St Louis loft prices then hit the second highest level in 2007 with a median price of $209,000, however, there were only 51 lofts sold that year, less than half the year before. Loft prices then continue to tumble until hitting bottom in 2011 at $128,250 with only 34 lofts sold that year. Last year, there were 71 lofts sold at a median price of $152,000. To recap, for the loft market, 2016 prices were just 19% higher than the bottom reached in 2011 and 36% lower than the peak in 2005. Loft prices in 2016 were 21% lower than the 2002 median price of $192,875.
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