Indications Of A Booming American Economy Gone Bad

The St Louis Post Dispatch reports from Missouri. “The downtown St. Louis turnaround that seemed just around the corner last fall may take longer than many had hoped. Indeed, the once-booming downtown residential market has cooled considerably. Over the past two years, 2,500 new rental and for-sale units were added to the 4,746 already in downtown, according to the Downtown St. Louis Partnership. Only 298 new units are expected to be added this year, said Jim Cloar, executive director of the partnership.”
“‘I have never built condominiums before so I have nothing to compare sales to, but the pace is slower than I would have expected,’ said Craig Heller, managing partner of St. Louis-based LoftWorks LLC, which is developing the Syndicate building.”
“‘If we can get the building built, we will get the condos sold,’ said Steve Smith, a partner in the St. Louis-based Lawrence Group. ‘Because housing prices are slowing, the […]

Original post by Ben Jones

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