The State of Real Estate

The April 2005 issue of St. Louis Magazine includes their annual ‘2005 Real Estate Guide.’ This magazine is mostly, in my view, a West County society magazine.

One agent is quoted as saying, “I am seeing people looking seriously at Lafayette Square. In one week, I did two sales down there.” In 2005 some people are just now waking up to Lafayette Square. Old St. Louis notion #1 – the city is “down there.”

The magazine promotes downtown lofts but from a different perspective than I am accustomed:

To affluent county folks with 5,000sf McMansions I guess a downtown loft is both a downsize and affordable. Despite the number of lofts built in the last few years it doesn’t seem like demand can be met. But what is with the “not a guaranteed investment” comment? No real estate purchase is a guaranteed investment. Old St. Louis notion #2 – buying in the city is risky. If you want a risky investment buy a vinyl clad ranch in a subdivision 45 minutes from downtown St. Louis. The magazine quoted a real estate appraiser as a backup of this view:

Old St. Louis notion #3 – people with kids leave the city if they can afford to. I know of people with school age children moving to downtown and midtown. Many families live in the city – sending their children to public, magnet, private, and parochial. Still others home school. The choices are many. For some city couples the lower property taxes in the city plus not necessarily having two cars more than pays for private schooling. Other parents find not spending hours driving to and from work or from subdivision to mall to industrial park gives them more time to spend with their kids and at their kid’s school. There is no substitute for parental participation.

First, Maplewood is a municipality – not a neighborhood. People need to stop throwing the word neighborhood around so indiscriminately. Municipalities and subdivisions are not neighborhoods. Old St. Louis notion #4 – anyplace is a neighborhood. New Urbanists have developed a list of 13 elements that most neighborhoods have. Click here and scroll down to see the elements of a neighborhood. That having been said, Maplewood does contain some great neighborhoods.

“There are great deals to be had in neighborhoods such as Forest Park Southeast and Old North St. Louis”, states the article. Wow, finally something good. Oh wait, “but buying in these areas is risky, because while some neighborhoods, such as Lafayette Square, can safely be called revitalized, others have a more uncertain future.” Old St. Louis notion #5 – anything not mostly white is risky. Buying real estate involves risk. I’ll agree that FPSE and ONSL involve greater risk than say Lafayette Square. I don’t think it is necessary to keep reinforcing this idea. If we continue calling an area risky guess what, it will remain risky!

In their buy or rent section you are advised to rent if, “Your job requires a substantial amount of travel.” Again, I disagree. Many downtown loft owners travel. They enjoy being able to get to the airport via MetroLink. The connectedness offered by loft living and Washington Avenue gives loft owning travelers a sense of belonging when they are in town and excellent tax benefits. The two-page spread of sale stats includes median days on market. At 188 days downtown looks like things don’t move. Since many lofts go on the market as soon as the developer buys the building and establishes a unit price this is a bit misleading.

One of the biggest challenges in St. Louis is simply one of perception. This article does very little to change perceptions about the city. In fact, it reinforces the conventional thinking that has kept many suburbanites from considering the city.

– Steve

Knights of Columbus Building For Sale

Yesterday the Knights of Columbus building located at 3133 Meramec was listed for sale at $275K. The MLS# is 518045 and is listed with the South County office of Coldwell Banker Gundaker.

I’m not sure if they are moving or closing. If you know, please use the comments below to pass along the information.

I’d like to see a new owner open up the storefront that was closed with concrete blocks.

– Steve

Mt. Pleasant Neighborhood Association & Mayor Slay

Last week was the monthly meeting of the Mt. Pleasant Neighborhood Association but it was anything but ordinary. Mayor Slay was the guest speaker before a full house. The meeting had to take place in the Chapel of the Charless Home rather than our usual meeting space downstairs.

Now that the primary is over Slay is sounding less like a candidate and more like a second term mayor. His civic boosterism is exactly what is needed at this time.

– Steve

Final Four Window Display Important to Street Life

Keeping things fresh is important in existing shopping areas and a must in emerging areas. I can think of a few South City window displays that haven’t changed in at least a decade. Lack of foot traffic in areas can partially be attributed to stagnant window displays. Conversely, interesting new displays is a contributing factor to increased foot traffic – even after hours.

For many years the St. Louis Chapter of the American Institute of Architects (AIA) was on an upper floor of a Washington Avenue building. A couple of years ago they moved to a ground level space right on the sidewalk and greatly expanded their book selection.

Rather than depend upon a staid display the AIA staff is constantly changing the window. This week the window recognizes the Final Four with a clever display on the origins of basketball. The store is closed but careful lighting draws you to the display. Passersby were stopping to look at the basketball display as well as some of the book titles.

Apparently basketball had origins with peach baskets. The AIA’s display has nothing to do with architecture but everything to do with good design. The two are not always related.

The AIA window is very important. The other window of the same size on this building contains a classroom for Webster University. The blinds are usually closed – adding nothing to street life. So much for Webster helping downtown.

Across the street is Niche furniture & accessories but their after hours presentation leaves something to be desired. The remainder of the block is convention hotel stuff which is to say immanently boring. Until lofts open in the building adjacent to the AIA office/bookstore this is the one bright hope on this entire block.

– Steve