I have recently moved to STL for a new job. I have been looking at for a home to purchase (invest)

Asked by Nu2stl, Saint Louis, MO Thu Jan 10, 2008

in
different areas. I am looking for a home that I can purchase in an up and coming area that will appreciate reasonably well in the next few years. I would like to stay in the low 100's in a great neighborhod. What are some zip codes or neighborhoods that I should be looking in or avoiding. I am also considering St. Charles and St. Peters. Any advice is appreciated. Thanks in advance.

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Randy Robins…, , Saint Louis, MO
Thu Jan 10, 2008
First welcome to St. Louis. As I am sure you have already figured out St. Louis is comprised of many different and distinct areas, cities, and neighborhoods. In looking at where to buy a property that will give you the best return on your investment you need to take into account a variety of factors, the first of which are environmental factors. Environmental factors are those that are dependent on the location of the property. It is easy to change carpet and wallpaper, you can always landscape a yard, but the one thing that you cannot do once you purchase a home is change it's location. With that in mind you need to evaluate the following:

How good is the school district?
Proximity to shopping, parks, churches?
Municipal Taxes
Neighborhood Covenants
Etc, Etc.

Now that you have looked at the environmental factors you need to examine your needs. How many bedrooms/bathrooms do you need? How long will the commute to work be? What special features are you looking for in a home (garage, fenced yard, etc), and how long do you plan to keep the property before re-sale.

The metro area is very large, so narrowing down your search based on these basic criteria will give you a good starting point. There are many places in the metro where you can purchase a home in the low 100's, and if you are open to condo's that expands the number of potential properties. As an agent who works frequently with first time buyers, I can tell you that there is a lot of inventory in this price-range both in the city and the county. I would encourage you to first narrow down your geographical area, and then begin to evaluate properties on the other factors.

As I said before, our team is very familiar with all areas of the metro and would be more than happy to help you through this process; from narrowing your search to helping with loan pre-approval, to finding the right property and getting the RIGHT DEAL! Please don't hesitate to contact us with any questions, our web address is below.
2 votes
Nug3, Home Seller, STL
Fri Jun 20, 2008
I don't know how your search is working out, but just came across your posting. Having lived in Maryland Heights for many years (as well as others in the metro area) I would enthusiastically recommend it - very close to many highways, shopping, restaurants and good schools. There is so much to do within the community and surrounding areas. We happen to have our house on the market as we are looking for a large lot. While our home doesn't fit your current specifications I hope you can experience all Maryland Heights has to offer. Good luck to you!
0 votes
Nancy Humphr…, , 63303
Tue Jun 10, 2008
I would definetly look in St Charles County, this area has been one of the top growing area in the country for 15 yrs! As you know, you are in the best market to buy, get your financing in order at get pre-approved today. Go to http://www.average2fancy.com and you can view homes straight from the website, get financing and check out what is going on locally!
0 votes
Jennifer, , Saint Charles, MO
Wed May 14, 2008
I would like for you to see the property located at 5 Wilbert Drive in St. Charles, MO - call 636-293-5279 to request a showing - thanks!
0 votes
Jenny, , Oak Grove, VA
Mon May 12, 2008
I live in St. Peters and I know the area really well. I would be very interested in helping you find a home you can email me at jenny@century21.com, I can find these properties in St Charles County for you.
0 votes
Alicia Sierra, Agent, Saint Louis, MO
Tue Apr 22, 2008
Hi,
I specialize in working with investors. I have more to say on the subject than I could possibly fit here; there is a lot of activity in Metro St. Louis and a lot of great bargains right now.

I'd love to talk with you about it; feel free to contact me. Welcome to St. Louis!

Alicia Sierra
http://aliciasierra.cbp1.com
0 votes
Jennifer, , Saint Charles, MO
Thu Apr 17, 2008
Low 100's will be easy for in some areas but if you are looking for property that will appreciate you are going to have to come up a little in price. I would suggest going to open houses this weekend in the areas you are looking. There will be a lot this weekend because it is supposed to be nice out.
0 votes
John Rutledge, Agent, Saint Louis, MO
Wed Mar 5, 2008
I help people find good investment real estate in the St. Louis area all the time. That's my specialty. I know what I'm doing and know the areas that you should probably buy in.

Call me if you are interested in finding good foreclosures and learning the how to invest wisely. 636-675-3057.
0 votes
Marilyn Gibs…, Agent, Saint Charles, MO
Tue Mar 4, 2008
You may find this link to be helpful:
http://decliningmarkets.gmacrescap.com/
It is an indicator of stable and declining markets by zip code. St. Charles County appears favorable over St. Louis County according to this link. There is more local real estate info available on our website, feel free to check it out.
Web Reference:  http://BestSellerSTL.com
0 votes
Dale Weir, Agent, Chesterfield, MO
Sun Jan 13, 2008
Don't know if you are into having a big garage or not, but I just listed a home in the Ritenour school district area that has a 3+ car garage. It's at $129,900. I also have a lovely 2 bed 1 bath bungalow wtih a basement and 1 car garage in St Ann that's at $99,000 that has been totally rehabbed. There are a lot of others on the market right now as well. Let me know if you'd like me to set you up with a home search. I use the HBM program which is really great. It does a lot more than the other search programs that are out there.
Web Reference:  http://www.yourstlhome.com
0 votes
Dale Weir, Agent, Chesterfield, MO
Fri Jan 11, 2008
You never got around to telling me where you work at. Having a home that is within a reasonable commute can make a huge difference in your lifestyle. Trust me, I've had jobs where I had an hour commute and the day gets really long when that happens.

Are you in a lease now? When does the lease end? ie how quickly do you need to close? That can make a difference as well, as some homes we can close in 2 weeks, others it will take 6 weeks (after we have an accepted contract) while the current owners move out.

When you are searching in St Louis, it is best to search by zip code or school district. We have a lot of small unincorporated areas and they get "lost" in a search by city.

Let me know if you'd like me to send you a map showing you where the different areas are. A map is also located on my website if you'd like to look at it there.

keep in mind, that there is no charge to you to talk to a Realtor and have them help you focus your search. You can interview different Realtors as well, to see who will best meet your needs and who you feel the most comfortable with. Just please, go back to the ones that you decide you don't want to use and let them know so they can close their file and then seriously focus on things with one realtor. If you are "loyal" to one Realtor, they will work their fingers to the bone to help you find the right home on the right terms for you (price is not the only term that can make a deal advantageous to you)

It's a GREAT time to be looking for a home in St Louis!
Web Reference:  http://www.yourstlhome.com
0 votes
Dale Weir, Agent, Chesterfield, MO
Thu Jan 10, 2008
check out http://maris.rapmls.com/scripts/mgrqispi.dll?APPNAME=Gstl&am… and see if there's any there that might work for you.
Web Reference:  http://www.yourstlhome.com
0 votes
Nu2stl, Home Buyer, Saint Louis, MO
Thu Jan 10, 2008
Dale, you mentioned that North county was on the lower end of the price spectrum of greater STL but this is where I have been looking because of its affordability. At the same time, I have noticed that Maryland Heights is in a really good location and I have recently started to explore it. Ladue, clayton and the rest of west county seem to be well out of my budget unless there are some hidden pockets of nice lower priced homes surrounded by the more expensive west county homes. I have been looking for a 3 br home with 1.5 bath for a reasonable price that does not need a lot of major rehabing because I do not have the time to put into rehabing right now. As far as the townhome or single family home question, I was going to post a seperate question about that. Reason being, I was wanting to know how hard it is to sell a townhome if a few years down the road I was ready to buy up. I really like to newer townhomes that have been built within the past 5 years but they all seem way overpriced. The thing that draws me to them are the low maintainance (yard work)but I am also concerned about the lack of privacy and noise through common or shared walls. But I am not interested in condos because they are too much like an apartment.
0 votes
Dale Weir, Agent, Chesterfield, MO
Thu Jan 10, 2008
OK, in the greater St Louis area (which includes St Charles county), we do have some properties that are in the low 100's but they are typically not in up and coming areas with better appreciation and if they are, they need some work done to them. Now you aren't telling me if you need a condo, or a single family home, or how many bedrooms, baths, etc you need and that will make a difference. It will also make a diference in what area you work and how long a commute that you are interested in and if you are interested in a "fixer upper" and sweat equity over buying a home that is move in ready (may be dated, but is functional). Right now, I'm seeing a lot of folks move in, toward the clayton area, since with highway 40 going down, they are closer to work. We are seeing some "hotter" areas build up along 40 as a result (and some are in the lower price ranges depending on condition). The parkway and rockwood school districts typically have excellent appreciation, and St Charles county has good appreciation. North county does not appreciate as well. South county is good, the city is block by block. For a good solid home in an area with solid appreciation, Maryland Heights is an excellent area and it is very central to everything.

If you were to put the SAME home on identical properties in our metro area, you would find the greatest value (price point) for the home in the clayton, brentwood, frontenac, ladue areas. Then it moves out to the creve coeur, chesterfield areas and west county. From there St Charles county and south county are about equal with st charles at this point coming is a bit higher, then north county would be the lowest. The city is block by block.

Hot areas in the city are dogtown, soulard, the central west end and the loft districts.

Many builders are having GREAT sales right now, HOWEVER, if you are looking at selling while the builder is still building it can be tougher. For rehabbing, you need to ensure that you don't over rehab for the neighborhood, since you won't get your money out of it.

If you would like, I'd be happy to sit down with you and show you on a map the areas that you might want to look at, then help you set up an on-line search in an excellent program that will allow you to save the homes that you like in an on-line folder that you can put notes with (and that will update you whenever there is a change with one that you have saved). there are some excellent buys out there right now, depending on what you are looking for.
Web Reference:  http://www.yourstlhome.com
0 votes
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