St. Louis real estate outlook: more pain ahead, but relief in sight
St. Louis real estate outlook: more pain ahead, but relief in sight
CLAYTON, Mo. (KMOX News) – Under the dark cloud of a recession, hundreds of St. Louis area realtors gathered in Clayton Wednesday for their 25th annual market forecast.
Craig Meyer, national president of the Society of Industrial and Office Realtors (SIOR) dispensed with the sugar-coating.
He told 600 local realtors and business leaders at the Ritz Carlton that 2008 was a year to remember…and a year to forget.
“This happened so quickly,” Meyer said. “In my 30 years in the industry, having been through other cycles, I can’t ever remember when we drove off a cliff like we did six months ago.”
Local experts think that after a few more months of wheel-spinning, recovery measures will take hold and boost that all-important market indicator – consumer confidence.
They hope that when they return for next year’s conference, the financial picture will be brighter, but they also caution that a full recovery is still likely two to three years away.