Buyers struggle to find homes in"Red Hot" STL housing market

A catch-all forum for urban discussion. If it doesn't fit elsewhere, post here.
urban_dilettante wrote:
Tue Apr 18, 2017 10:45 pm
We've been shopping for a house in the city lately. There doesn't seem to be much available, at least not much in our price range (<$120K) that doesn't need a ton of work. Our agent concurred that March and April--prime listing season--have been pretty sparse.
if you are still having issues, look north of olive in u-city. granted it's not as hip as south city, but the clayton boom is putting insane pressure on u-city prices/demand and it's absolutely rippling over olive, now, into quite safe and very cheap neighborhoods. there's all kinds of pre-war rehabs coming online, as well as deals.
^ City needs to hit "rock bottom" so buyers can get deals here again.

On a more serious note, I see at least nationally mortgage apps dropped significantly last week b/c of rise in interest rates.... any folks here currently in the housing market sense any changes in outlook in the local market?
warwickland wrote:
Thu Jul 13, 2017 10:19 am
urban_dilettante wrote:
Tue Apr 18, 2017 10:45 pm
We've been shopping for a house in the city lately. There doesn't seem to be much available, at least not much in our price range (<$120K) that doesn't need a ton of work. Our agent concurred that March and April--prime listing season--have been pretty sparse.
if you are still having issues, look north of olive in u-city. granted it's not as hip as south city, but the clayton boom is putting insane pressure on u-city prices/demand and it's absolutely rippling over olive, now, into quite safe and very cheap neighborhoods. there's all kinds of pre-war rehabs coming online, as well as deals.

Yep. I'm just a couple of blocks north of Olive, and I got my house (four years ago) for at least 25% less than comparables in The City.
STLrainbow wrote:
Thu Jul 13, 2017 11:09 am
^ City needs to hit "rock bottom" so buyers can get deals here again.

On a more serious note, I see at least nationally mortgage apps dropped significantly last week b/c of rise in interest rates.... any folks here currently in the housing market sense any changes in outlook in the local market?
My mother works for a title company and she's been working 50+ hours week all year and said doesn't seem to be slowing down on their end. She does more Clayton, Ladue, Creve Couer areas
joelo wrote:
Thu Jul 13, 2017 12:36 pm
STLrainbow wrote:
Thu Jul 13, 2017 11:09 am
^ City needs to hit "rock bottom" so buyers can get deals here again.

On a more serious note, I see at least nationally mortgage apps dropped significantly last week b/c of rise in interest rates.... any folks here currently in the housing market sense any changes in outlook in the local market?
My mother works for a title company and she's been working 50+ hours week all year and said doesn't seem to be slowing down on their end. She does more Clayton, Ladue, Creve Couer areas
Our house in the burbs went under contract on the first day. Multiple offers, all above asking price. It's definitely a seller's market right now.

At some point will high prices in the Tower Grove area cause buyers to give serious consideration to Dutchtown and Gravois Park?
^^ thanks, joelo.
debaliviere wrote:
Mon Jul 17, 2017 10:01 am

At some point will high prices in the Tower Grove area cause buyers to give serious consideration to Dutchtown and Gravois Park?
It's already happening at least to a degree... old neighbors were slowly rehabbing and have now moved into a Dutchtown home after selling their TGS home for good price; in a 2-family rental next to that two guys moved over to Cherokee St. after a rent increase (and another couple bought are buying into Holly Hills after having a baby). I think urbandilletante said he just bought in Dutchtown.

I wouldn't exactly call that a scientific study but I think it gives a bit of credence to the logical belief that the escalating housing prices in the neighborhoods around Tower Grove Park are leading to a closer look at those with cheaper housing just beyond.
^ Yep, we did. And our real estate agent just put one on the market around the corner from us on S. Compton for $180K. He said the turn-out for the first open house was fantastic. I went a half hour before the end and about 15 people came through. Very promising. A couple recently purchased and are renovating the large craftsman-looking house at Meramec and Louisiana. I haven't met them yet, but apparently he's involved in a Dutchtown CID effort. There's also a plan in the works to calm Louisiana and turn it into a safe bike/pedestrian route, essentially from Carondelet Park to Tower Grove Park. Lots of good stuff happening.

(P.S. We really need somebody credible to pick up the vacant 4-family at Meramec and Minnesota. Alderman Spencer was trying to get Jason Deem interested but Deem currently has his hands full with his efforts on Chippewa. So if ya know anybody...)
warwickland wrote:
Thu Jul 13, 2017 10:19 am
if you are still having issues, look north of olive in u-city. granted it's not as hip as south city, but the clayton boom is putting insane pressure on u-city prices/demand and it's absolutely rippling over olive, now, into quite safe and very cheap neighborhoods. there's all kinds of pre-war rehabs coming online, as well as deals.
thanks, warwickland. we actually did look at a couple north of olive but ultimately didn't care for them and found one in Dutchtown.
framer wrote:
warwickland wrote:
Thu Jul 13, 2017 10:19 am
urban_dilettante wrote:
Tue Apr 18, 2017 10:45 pm
We've been shopping for a house in the city lately. There doesn't seem to be much available, at least not much in our price range (<$120K) that doesn't need a ton of work. Our agent concurred that March and April--prime listing season--have been pretty sparse.
if you are still having issues, look north of olive in u-city. granted it's not as hip as south city, but the clayton boom is putting insane pressure on u-city prices/demand and it's absolutely rippling over olive, now, into quite safe and very cheap neighborhoods. there's all kinds of pre-war rehabs coming online, as well as deals.

Yep. I'm just a couple of blocks north of Olive, and I got my house (four years ago) for at least 25% less than comparables in The City.
i moved into my house in u-city in august of last year. at that time there was a vacant house (with broken windows and vines growing all over it) that was later purchased at auction for around 100k, and was rapidly rehabbed over the winter and went on the market for 275k this spring and sold pretty quickly...not sure how long it was on market but less than a month. i'm sure they were holding out for top dollar. in general i've never seen a neighborhood in the st. louis area increase in value so quickly.
debaliviere wrote:
Mon Jul 17, 2017 10:01 am
joelo wrote:
Thu Jul 13, 2017 12:36 pm
STLrainbow wrote:
Thu Jul 13, 2017 11:09 am
^ City needs to hit "rock bottom" so buyers can get deals here again.

On a more serious note, I see at least nationally mortgage apps dropped significantly last week b/c of rise in interest rates.... any folks here currently in the housing market sense any changes in outlook in the local market?
My mother works for a title company and she's been working 50+ hours week all year and said doesn't seem to be slowing down on their end. She does more Clayton, Ladue, Creve Couer areas
Our house in the burbs went under contract on the first day. Multiple offers, all above asking price. It's definitely a seller's market right now.

At some point will high prices in the Tower Grove area cause buyers to give serious consideration to Dutchtown and Gravois Park?
i'm seeing quite a lot of leapfrogging over to carondelet the last 6 months from people ready to buy but priced out of places like TGS. i was looking at some properties over that way but for me it was too far from the central corridor. on the other side of the central corridor there is some rehabbed stuff quietly coming online in pre-war nooks most people wouldnt even think of like vinita park, now, around u-city driven by the housing market and central corridor i guess for the same reason carondelet is getting attention (although with almost no walkable amenities in vinita park, unlike carondelet, like a lot of pre-war northwest county).
I keep a close eye on TGS prices, and while they've exploded in the past year or so, in the past few weeks things seem to be cooling just slightly. Nothing major, just some of the homes in TG Heights were priced a bit too aggressively and have been sitting on the market longer than they did a few months ago.

As a TGS resident, I think one of the most important things for our future is building up the neighborhoods just to our South and East like Dutchtown, Bevo and Gravois Park. I think of Grand between Carondelet Park and TG Park as sort of the spine of South City. I say bring on the rehabs, the faster the better!
I know two first time home buyers that purchase houses in Benton Park (proper) within the last 3 months. There weren't crazy bidding wars, door buster open houses, prices going above asking or anything like that. But the houses they saw hadn't been on the market for very long before they snapped them up.
wabash wrote:
Mon Jul 17, 2017 10:49 pm
I know two first time home buyers that purchase houses in Benton Park (proper) within the last 3 months. There weren't crazy bidding wars, door buster open houses, prices going above asking or anything like that. But the houses they saw hadn't been on the market for very long before they snapped them up.
Anecdotally, Benton Park seems really hot right now. I don't know if it's spilling into Benton Park West or not.
SouthCityJR wrote:
Mon Jul 17, 2017 4:35 pm
I think of Grand between Carondelet Park and TG Park as sort of the spine of South City. I say bring on the rehabs, the faster the better!
Agree. The stretch of Grand between about Cherokee and Meramec needs to be stabilized ASAP. In it's current state it's a huge deterrent to the progression of rehab activity south from Tower Grove. Unfortunately the only thing that seems to be happening at the moment is a new dollar store on the old National site (Grand and Chippewa). That large site and the Grand/Gravois intersection are key components to revitalizing Grand, IMO. We're going to lose the building at Grand and Miami (3600 Grand) pretty soon if something doesn't happen. Unfortunately one of the two agents on the "For Sale" sign (which can be seen from Street View) apparently loves gas stations and has brokered deals for them in the past (based on interactions with him on NextSTL) so I won't be surprised when it becomes a Quick Trip.
Recent numbers show home sales are booming in the Metro East
http://www.kmov.com/story/35909071/rece ... metro-east