Perspective on the Central West End

[Will Johnston]

I'm looking at investing in a flip project in the Central West End, and I've got a couple of questions.  I'd be most appreciative if those of you who are familiar with the area could give me some insights.

First, the house is about 3000 square feet, and the plan is a total gut rehab with upper end finishings.  The projected sale price is $775k.  Does that seem right?

Second, it seems like condos in this area sell for more than houses.  I'd love to know the reasoning behind this.  I'd understand if they were high-rises with great views, lots of amenities in the buildings, etc., but they're not.  They're relatively small buildings.  Definitely nice places but not a lot of extras.

And then third, any indication on how the market is looking in St. Louis in general or in this area in particular?  I live out of state, so my only real connection is some good friends that live in St. Louis, but I'd love some insight onto how the market has been recently. I know where I am the market has softened considerably in the past six months.

Thanks!
Will