Foreclosures

[BoomBoxing]

lol I'm sure you'll find a good amount of wood panelling and wallpaper in older homes, but homes built in the last 10 - 15 years or so will have more modern features that you are looking for. There are a ton of those types of houses out in St. Charles county and west county.

[moorlander]

you should also be seeing quite a few updated homes and rehabs.

[CarrieNeno]

There is an extremely high number of foreclosures and shortsales in St. Louis. Though the decline is on a different SCALE than the worst hit states (like Cali and Florida)... we are still seeing market values down 25-40% from just 4-5 years ago. In some areas, as high as 50%. I started in real estate in 2001. The prices are lower than when I started.

Great time to be a Buyer in St. Louis... just be STRINGENT about location. No busy streets, no large wire towers, no flood plains, little commercial (unless in the city or near downtown areas like Kirkwood where it is DESIRED to be near commercial), and as minimal external obsolescence as possible. Those houses, as RIDICULOUSLY CHEAP as they are right now, will be virtually unmarketable in 5 years when we start to head into a stabilized market. Now that we have made it through the fast, frenzy of the housing BOOM and have taken a hit, it’s back to the Golden Rule of Real Estate when trying to determine a wise investment: location, location, location.

PS- Many of the suburbs have fantastic amenities, included in your taxes. For minimal additional fees, areas like Webster Groves, Kirkwood, Ballwin, Chesterfield among others have PHENOMENAL gyms, pools, activities, leagues, community centers, and public golf courses. In addition, there are a lot of reputable country clubs in the St. Louis area, if you prefer that avenue…

[CarrieNeno]

Also forgot to mention- the trend is that many out-of-towners settle west of the Missouri River in St. Charles County. St. Louis desperately lacks the affordable new construction that is so common in other parts of the country. When transferees desire newer construction, walk - in closets, 3 cars garages, jet tubs, and some room to sprawl for less than 500K... most relocation agents direct them towards St. Charles. St. Louis itself is very deeply rooted. Due to our innate location bias, most locals prefer to overlook tiny closets, 60’s paneling, and small kitchens for their desired location. The priority tends to be the opposite for out-of-towners.

[billiken]

St Louis lacks affordable new construction? Seriously? I guess the perspective all depends on where your coming from. It is not difficult at all to find newer massive houses in west county for under $500k.

[CarrieNeno]

Originally Posted by billiken

St Louis lacks affordable new construction? Seriously? I guess the perspective all depends on where your coming from. It is not difficult at all to find newer massive houses in west county for under $500k.

For 500K yes, in THIS market. New ones here and there in the central and the outer ring of West Co, into Marquette. Around the country, however, there are CROPS of affordable McMansion developments. 4-5 bdrms and all the niceties of new construction 300K and under. It doesn't exist here unless you go way north or into St. Charles. 500K is still a lot of house in St. Louis, unlike many cities. Many transplants want the typical new construction under 300K AND in a central location with good schools. It doesn't exist. There are pockets of new construction in the Central Corridor, but they aren't going for 300K. Hence, they often wind up going west.

[billiken]

Again, perspective, as I mentioned previously. If you're coming from Texas, sure, it may be a bit disappointing. If your coming from a lot of coastal cities, it's pretty awesome. St Louis regularly ranks as one of the most affordable places to buy a house among the large cities in the country.

[CarrieNeno]

Originally Posted by billiken

Again, perspective, as I mentioned previously. If you're coming from Texas, sure, it may be a bit disappointing. If your coming from a lot of coastal cities, it's pretty awesome. St Louis regularly ranks as one of the most affordable places to buy a house among the large cities in the country.

To a certain extent, though I have had people come here from areas like the Northeast where it is SUPER expensive... and they are totally disappointed by what you get for a mil here. They want a small mansion with full updates, space, and awesome schools. They just don't want to drive way out. Centrally, you may still have to do kitchen reno for a million. In Clayton, that may only buy you 3000 sq ft. They find that rather offensive.

[DinsdalePirahna]

I would also be aware that because "manliness" is a huge part of the local culture, you will see a lot of hack "handyman" construction, repair and remodeling jobs in the outer burbs, especially in St. Charles.