.bodytext {float: left; } .floatimg-left-hort { float:left; margin-top:10px; margin-right: 10px; width:300px; clear:left;} .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 10px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 10px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 10px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} Last week we heard one real estate expert call for another 1,000 apartment units downtown as soon as possible. Some of the work might already be done – another expert predicted that Des Moines will soon see some of the city’s new, unsold condominium units converted to apartments.

The generally slow pace of condo sales downtown suggests that such a change of strategy might be wise. If the idea was to get young workers to live downtown, $300,000 price tags never did seem like the way to go.

The condo/apartment mix is not just a Des Moines issue. A national report earlier in the year by Marcus & Millichap Real Estate Investment Brokerage Co. noted that “The slowdown in the housing market has led to the return of condos to the rental pool …”

Multi-Housing News said earlier this year: “The apartment market is well positioned to stage another strong performance in 2007. … the pace of improvement will moderate from 2005 and 2006 when the condo conversion frenzy led to significant apartment supply reductions.”

Some of our downtown condos are occupied, of course. According to the Polk County assessor, about 20 units have been sold at Soho Lofts in the East Village, for prices ranging from $122,000 to $272,000. The assessor has no records of sales at 111 City Lofts, at the corner of 10th and Mulberry streets, but the developer says he has purchase agreements in hand for 29 of the 66 units. About 20 sales have been recorded for the Whiteline Lofts at 120 S.W. Fifth St.

Still, condo sales have been disappointing, while apartments have rented out quickly.

A big boost in the apartment supply would require new construction projects. Developers say the cost of developing apartments downtown is too high relative to the market value. So far, tax credits are the only solution that’s been identified.

The city, developers and financial leaders ought to hold a summit meeting and look for new ways to fuel the downtown renaissance.