Blu Sky? Finance Mysteries Continue

In the category of "Haven't we been here before?", Chicago-based Silverstone Development - Midwest sent out a news release on Dec. 31 stating that, "Blu CitySpaces Condominiums at 210 N. 17th Street in downtown St. Louis announces an exceptional 100% financing program for first time homebuyers."

The program includes 100% financing with no down payment, $5,000 grants that build instant equity and $7,500 tax credits for qualified buyers.  Blu CitySpaces has partnered with Gorman & Gorman Home Loans to provide the financing, the release stated.

"Offering an unprecedented range of options to make homeownership a reality in the current economic market, Blu CitySpaces continues to be a leader in downtown revitalization," the release stated.            

According a statement by Steve Anrod, developer of Blu CitySpaces, “The ability to provide a catalyst to continue residential growth in the area is an amazing opportunity. Potential buyers will find that the exceptional financing options offered at Blu CitySpaces make homeownership within reach right now.” 

Silverstone Development-Midwest opened Blu CitySpaces, a 144 unit condominium development,  in early 2007. Price points begin in the $70’s for studios, $90’s for one bedrooms and $130’s for two bedrooms. Blu CitySpaces offers homes that range in size from 430 square feet to over 800 square feet with luxury finishes and amenities.  European-style kitchens, stainless steel appliances and granite countertops are standard elements at Blu CitySpaces.  Approximately half of all available homes have private balconies. Upgrades also include custom organizational and closet systems from St. Louis Closet Company and washer and dryers in the homes. Blu CitySpaces has approximately 4300 square feet of retail and office space and 3600 square feet of restaurant space available. 

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