[JivecitySTL]

^I think it's a combination of the factors you mention. There is definitely demand for downtown loft living in St. Louis, as evidenced by the extremely low residential vacancy rate in downtown STL. It is true that Missouri has BY FAR the most progressive historic renovation tax credit program in the country, which has made most of these loft conversions possible. That's a very, very good thing for the city.

St. Louis is definitely not an overbuilt market in terms of housing inventory downtown, which helps keep the city relatively stable in rough economic times. No bubble here.