What I love about it is that it's done in the kind of instructional style that I feel, had I gone on and actually taught in front of a classroom formally (hence that's what my degree is in), I would teach in a similar informal yet engaging style. Or so I hope. :)

Anyway, enjoy the video and learn about the power of RSS.

Check out this great new Century Home listing in the beautiful Southwest Garden neighborhood, ajacent to the Missouri Botanical Garden and Tower Grove Park!

http://www.4537TowerGrove.com

Circa 1907: Here's your opportunity to experience life on a private street without the usual hefty price tag! Nestled into the SW Garden neighborhood behind the Botanical Garden, enter 4537 Tower Grove Plc: 2+ bed, 1 bath, over 1,600 sqft filled w/loads of architectural detail! Pull up to a private front drive w/gates and experience the mature, park-like landscaping that frames the exterior.

Once inside, find large rooms, tall ceilings and nice circular flow throughout both levels of this solid masonry home, showcasing a variety of art glass, egg & dart molding, bay windows, original hardware & molding, window seat, french doors, arched doorways, stately staircase, flanking built-in bookcases, oak hardwood flooring and much more!

Out back find a lit pond w/fountain, deck, and large fenced yard filled with a variety of perennials & trees. Updated systems throughout. Unusually tall basement - could add addt'l finished room later. Central location w/many amenities within walking distance. Hurry!

In real estate, a short sale refers to the sale of a property in which the sale price is insufficient to pay off all encumbrances (loans, mortgages, liens, etc) and pay the expenses of sale. If the lender is convinced that the owner, for various reasons, is unable to continue making the payments the lender will often agree to take less than the full amount owed to allow the sale to close.

Why on earth would they do that, you ask? The incentive for the bank to approve a short sale is to have the property sell before the loan becomes a problem account on their books. Bottom line: banks do not want to own property. When someone is foreclosed upon, the bank "takes back" the property as collateral. Then they have to sell it, usually for an additional loss, plus the time and expense in holding and managing the property until it does sell.

Before a lender approves a short sale they will make two key decisions:
First, can the owner afford to continue making the payments on the property? If they can there is no reason for the bank to eat the loss. **NOTE: Banks will not look favorably upon a borrower that they determine lied to get the loan.**

Second, will approving the short sale leave the bank in relatively the same position as they are likely to be in by going though the foreclosure process and then selling the property? If the bank can do significantly better by foreclosing they are likely to do so.

The seller must not receive any sale proceeds for themselves.

Short sale sellers need to be careful, however, because there is no such thing as a free lunch! This process may sound like "the easy way out" but it really isn't. The seller may end up with taxable income in the amount of the debt that is forgiven. The seller may also end up with adverse entries in their credit history. Any property owner considering a short sale needs to seek the advice of competent legal and tax advisors before entering into the transaction.

For the lack of a better term, I'm going to coin this buyer the "turn key buyer".

What is the Turn Key buyer? Well, it's more of a mindset or an attitude of a buyer, than the buyer itself. Going WAY back to the era of 2004-2005, I seemed to have nothing short of a running list of buyers who were looking for "that next great deal" in real estate. Wanting to find something that was in the "next up-coming neighborhood" that "needed a little work" or fixing-up. Their expectations weren't high, but their dreams were. Actually, their expectations usually matched their pocket books and mortgage pre-approval amounts (surprise!).

But today, there seems to be this new mixed-signal attitude from buyers. Even those that say "Christopher, I would consider a home that needs some fixing up, or some cosmetic improvements" don't ultimately mean it at the end of the day. Perhaps I'm slacking a bit on my job by not asking them to "clearly define" what their idea of cosmetic improvements is, so perhaps there is a disjoint in the levels of expectations right from the begininng. But, there are SO MANY great opportunities still out there!

The turn-key buyer is this new buyer who doesn't even want to paint a wall. If the house is perfect (meaning that it meets at least 85% of their major criteria in the price point they're shopping in) and has a wallpaper border going around the dining room that they wholeheartedly dislike, it's immediately rejected as an option. Carpet in a couple rooms that is worn or a color that doesn't go with their current bedspread causes them to run screaming from a well-priced home.

Why is that? Has the media beat into the minds of the public the idea of it being a "buyers market" to the point that buyers come to expect perfection? There truly is no such thing as the perfect turn-key house, yet it seems that is all that most people are out shopping for.

I guess my bottom line in this rant and rave is this: don't be afraid of a paint brush, don't fear peeling wallpaper, don't shy away form replacing tile or refinishing a hardwood floor or two. See these as OPPORTUNITY!

I continually find myself going back to this site for inspiration. While the City of Saint Louis has progressed leaps-and-bounds from where it was even just 7 years ago when I decided to become a full-time resident, I still dream of the day when every major street corner such as the intersection of
Kingshighway and Chippewa oozes of the true urban spirit like one might see in Chicago: walkable features, wide sidewalks, pedestrian-friendly features, mature trees and street landscaping, bike-friendly features, vertical (rather than horizontal) development.

The site at Urban Advantage (http://www.urban-advantage.com) really gets my blood going. The question I ask over and over when I watch these animated suggestions of creating "urban" spaces is -- why is this considered unique? It makes, to me, so much common sense. Yet day after day, we see buildings being razed and tracts of land reproportioned for wide, sprawling 1-story horizontal strip-mall type develoepments. Is it just so outlandishly more expensive to build UP than build ACROSS? Not to mention the sea of lovely asphault that is created in a horizontal development.

I am not really as "brick-hugging" as I think at times I might consider myself. I am totally of the mindset that development is better than decay. But development for the sake of a quick dollar and no forthought into the future? That's not better than decay in my opinion. We live in such a disposable world. So much of what I often see appears "disposable". One 'dead' strip mall next to the brand new one (example: the north and south side of Chippewa just east of Kingshighway). Why do something "fast and dirty" when, with a little forethought, you could create something that could be a legacy.

*sigh*

Many folks I run into have an inkling to do some sort of renovation to the wonderful, historic housing stock we have available in the City of Saint Louis. Often times, buyers say they'd "like a house that needs a little cosmetic fixing" or even perhaps go so far as saying they want to find a "gut rehab project".

While the meaning of those terms can range greatly from one person to another, even the experienced developer can use a little education on the process. A fellow city dweller and resident of the Tower Grove South neighborhood has put together a wonderful educative online resource for helping those with just these interests.

Visit http://www.RenovateSTL.com when you have a chance.

Also be sure to check out the essay I've contributed to the website, which discussed rehabbing from the selling standpoint: what to avoid, who to consult, how to make decisions, etc.

Happy Rehabbing!

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Vintage melded with Modern...

http://www.1955Withnell.com

Circa 1910, this historic Benton Park home blends modern convenience and updates with vintage turn-of-the-century elements, all at a very palatable price!

With Benton Park nearly in your backyard, this 4 bed/2 bath renovated single family home (converted duplex) features over 2,000 sq ft w/hardwood floors, original moldings/trim, 2 pocket doors, tall 9’ ceilings & LARGE ROOMS with lots of light.

The dining room oozes old-world charm with plate moldings/paneling, built-in display cabinets with glass-front doors, boxed ceiling with rosette lighting & wooden columns.

The updated kitchen is large and features ceramic tile, maple cabinets, dishwasher, disposal & newer appliances. Find 4 spacious bedrooms and another full bath on the 2nd level. Outside find two decks, NEW 2-CAR GARAGE, privacy fencing & nice landscaping.

The “guts” are well-updated too, incl: newer white membrane roof, newer thermal windows, zoned HVAC, 50 gal water heater, 200 amp electric, copper plumbing and PVC stacks. Hurry, PRICED TO SELL.

PRICED IN MOVE-IN READY CONDITION, so you'll want to HURRY and call this 'home'!

Contact me for more information today, view MLS data sheet, or to schedule a private showing of this property!

http://www.1955Withnell.com

Seeing signs of a city that is "maturing" is very exciting to me. A recent post on the Rehabbers Club list-serv pointed out this adaptive reuse of a single-story flat-roof bungalow in the Tower Grove Heights neighborhood.

A good friend of mine, one who always has great visionery ideas, once proposed to me this idea of taking a 1-story flat roof bungalow and adding on top of it. In my somtimes overly-conservative ways, I shrugged it off as "nope - not doable. Not gonna happen." And then this photo surfaces and proves me wrong--and boy am I glad it did!

I think this is wonderful. While the TGH neighborhood doesn't have particularly large numbers (if any) of the mansard-style 2-story homes, I think it's a great new addition that truly pays homage to the architectural history and make-up of the surrounding area, while keeping and re-using ina modern way the century-old structure that perahps was a bit unusable, being a 3-room, 1 bed/1 bath shot-gun style home. I'm anxious to see them continue and see what materials they use to finish out the space.

Check out this great new city home listing for sale in Dogtown

http://www.1557Louisville.com

On a premier all-brick block in the heart of Dogtown, this 2 bed / 1 bath well-adorned full-brick bungalow boasts larger-than-average rooms for over 1,100+ sq ft of living space.

Hardwood floors, arched doorways, wood-burning fireplace, expansive front porch w/swing, stained glass & built-insoozing with classic city character. Add to that recessed lighting, an updated kitchen (island + stools stay), newer appliances (all included w/a full price offer), walk-in master closet, full bsmt, off-street parking (driveway) and great move-in-ready decor.

Plenty of system updates, with newer roof, gutters, facia & flashing in 2004, copper plumbing, some PVC, newer front storm door, and seller to offer 1-year AHS home warranty plan for peace of mind to the lucky new owner. This home sparkles so hurry for the chance to call 1557 Louisville home!

Video Tour: Click here

Virtual Tour: Click here

Email me about this listing

Apparently, a new business is taking over and is reshaping the facade and creating a new home for itself. It's going to be a bakery!

Very exciting... now I have a coffee stop AND a place to find a donut to dunk in it all within walking distance of my abode. Scary stuff... :)

The whole idea of a "marketplace" is all about psychology. Honestly. Let's think about it: the stock market... remember back to pre-tanking of the tech stocks? It was built up on people putting faith in something... believing that it is strong, and worthy of their investment. Then, corporate fraud and changes in regulation come about and everyone runs scared and yanks their investments out of the "unsafe stock market". Where did alot of that go? Yep -- into the real estate market, I'll bet. Had to be. They "believed" in that more than the stock market after getting hurt. Now people are fearing that 'hurt' in the real estate arena and are beginning to panic.

I fear that we're going to cause a collapse of the real estate market UPON OURSELVES if we are not careful! Let's look at the facts and then analyze the psychology behind it.

The current average interest rate for a 30-year conventional loan product is hovering around 6.5-7%. While I will TOTALLY AGREE that we don't have it as good as we did about 2 years ago, that does not mean that the well has run dry and that we're in for a major drought! In fact, if you look at the history of interest rates (especially pertaining to mortgage interest rates), you will discover that our CURRENT MARKET INTEREST RATE conditions are still exceptionally low! Now is a GREAT time to buy, not get scared adn start getting gunshy... we all need a place to live and if you gamble that if you wait, conditions will get better, chance are you'll kick yourself even harder in a year when rates are back at a more NORMAL 7.5-8%!

While I wish one of us could get ahold of that genie in a bottle (I'd gladly volunteer) and get one wish -- the wish to be clairvoyant -- to see into the future, to have that crystal ball. I don't have that power, and market conditions could change drastically tomorrow. But the more scared we get as investors (buyers), and the more we allow ourselves to be affected by the sensationalized conditions and trends in the media, the bigger long-term impact we'll have on ourselves! We'll cause it on ourselves!

Bottom line -- I believe that this "buzz" out there about the looming "real estate bubble burst" is full of misconceptions. The often-mentioned housing market bubble is a myth. Every market has corrections and our Saint Louis real estate market is no exception. Let’s dismiss some of these misconceptions, one at a time...

1) First, real estate has not declined due to rising mortgage rates. In fact, most 30-year mortgage rates are still under 6.5%, and lenders are still offering great deals on adjustable-rate mortgages and refinancing.
2) there has not been a “collapse” in real estate housing prices, as the doomsayers are sensationalizing. The problem is declining sales, not declining prices. As a matter of fact, average real estate prices may continue to rise here in the Midwest. The housing market has slowed for one simple reason: Prices are simply too high for most investors (buyers) to find great buys in the housing market, especially the NEW housing market. However, considering a crash is probably a far fetched assumption and completely pessimistic. Some markets will correct but most will not crash and all of this will produce terrific buying opportunities as the amateur investors and overpriced developers are flushed out.
3) there is also a problem within the Saint Louis market, specifically, with a "critical mass" issue. We continue to build and build and built, while our internal population of potential homeowners do not rise. We are not actively attracting new, large businesses to our market that would bring along with them increases in population to fill and purchase these new housing units.

All in all, I hope this posting is taken off-the-cuff, and that again -- without the crystal ball, no one can predict what might happen tomorrow, or next week, or next year. But if we all fall into this sensationalized 'hype' that is plaguaging the media, we'll start to BELIEVE it.

How does the cliché go? Oh yeah... what you BELIEVE you can ACHIEVE. So get out there and take advantage of the market conditions -- purchase that investment property and use your streghts as a buyer in a looming buyer's market to capitalize on the opportunities out there, and revel in it in the future. :)

Thus, PRESTO! It is born. While I know my musings won't be nearly as educated or profound as those of other local urbanites who I highly respect (www.urbanreviewstl.com, for example), nonetheless, perhaps I will find a small following who will banter with me and share info or correct me when I'm in the wrong!

Looking forward to this new medium to connect with those out there in the Saint Louis City community!