Tag - Property

Boutique Realty: One Grade Above the Rest

Boutique Realty: One Grade Above the Rest

Boutique Realty Welcoming You Home for Over 15 Years

Chesterfield, MO/September 22, 2017 (STLRealEstate.News) –Boutique Realty is just what it sounds like…a company one level above the rest! Julie Pfeifer, owner and successful real estate broker in St. Louis, has been offering highly specialized services and products to her sophisticated clientele for more than 15 years.  She created Boutique Realty of her strong desire to change the image of traditional real estate and establish an authentic approach.

In 2011, Julie began her dream by leasing an office space in Clayton which she remodeled, and “Boutiqueified.”  She continued to grow as a business owner, started a family and in 2014, moved to their current location in the Chesterfield Valley.  With its barn wood floors, plantation style shutters, vaulted ceilings, and contemporary décor, Boutique Realty’s new home embodies all the fresh, warmhearted feelings that it aspires to convey.

So, how is Boutique Realty unique?  In a day and age when high-tech is such an integral part of doing business, she has tailored her company to be able to provide the most modern, technology centered, creative and service-oriented approach to real estate sales.  Not only is each and every real estate consultant at Boutique Realty extremely qualified and licensed, driven, but each bestows upon their clients something that is ever so important…a warm, positive and friendly attitude.

Buying or selling a home doesn’t have to be confusing or difficult.  It’s one of the most personal decisions that an individual makes and the consultants at Boutique Realty strive to ensure clients make the most educated decisions and have an enjoyable and rewarding experience while doing so.  They are dedicated to providing their clients with the finest and most professional brokerage service available in the St. Louis marketplace.

Boutique Realty is also known for their charity work, Boutique created a program called Boutique Gives Back, which helps make an impact for local charities.  For every closing that takes place they donate a portion of their commission proceeds to the charity of the month.

So, whether you’re a seller, purchaser, developer or landlord throughout the St. Louis & St. Charles region, Boutique Realty’s team of educated, experienced, fun and friendly licensed associates look forward to assisting you in finding your dream home, selling your current home, or determining your investment goals.

Boutique Realty
17269 Wild Horse Creek Road Ste 210
Chesterfield MO 63005
Phone: 314-266-2520
Fax: 314-266-2536
Email us: admin@BoutiqueRealtySTL.com

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By Kara Savio – published on STLRealEstate.News by STL.Properties

St. Louis officials have different opinions on short-term rentals

St. Louis officials have different opinions on short-term rentals

ST. LOUIS, MO/September 20, 2017 (STLRealEstate.News) St. Louis residents have complained that the city is less-than-friendly with the concept of Airbnb, a website that pairs tourists with homeowners for a short-term stay.  Locals wishing to earn extra income by renting out a room in their apartment or house for a few nights a week are being charged an excess of $400 to register the rental and obtain a license from the city.  Many end up listing their home, and consequently receive a citation stating that they are violating city rules that require a conditional use permit in addition to a business license for the rental.”

One specific council in St. Louis, the Maplewood City Council, stated they are considering proposals that would permit residents in other zones to rent part or all of their homes for brief stays.  Back in 2015, the council approved a list of restrictions on short-term rentals.  Other areas in the city are also busy crafting ordinances on such short-term rentals.  Some of these councils include the Chesterfield and Hazelwood councils, which have closed the door on the popular home-sharing market altogether.

One woman reported to the St. Louis Post Dispatch, “There seems to be a disconnect between renters and the people making the rules.  She went on to add that renting a room in her home helped her family make ends meet last year. Her assessed property value rose to $237,800 this year from $136,300 in 2011.  “In order to fill the gap of income from my rise in taxes, I created supplemental income on my property in order to cover these costs,” she said to the Maplewood City Council at a public hearing in the middle of July.

Since her proposal, the Maplewood City Council reluctantly approved her for Airbnb guests.  So far, very few have received the approval.  Officials are stilling reviewing rentals on a case-by-case basis.

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By Alexandra R. Fasulo – published on STLRealEstate.News by STL.Properties

NGA to build new headquarters in northern St. Louis

NGA to build new headquarters in northern St. Louis

ST. LOUIS, MO/September 11, 2017 (STLRealEstate.News) NGA (National Geospatial-Intelligence Agency), one of the country’s most important intelligence agencies that works to combat cyberterror and other kind of hacking in our world today, is going to be setting up shop in north St. Louis. The facility will sit atop 97-acres of St. Louis real estate so they can build their new western headquarters. The $1.7 billion campus with 3,100 employees is expected to have significant effects in an area that saw disinvestment for decades.

NGA is stressing the importance of building more partnerships with mapping tech companies and training and research institutions that could work together for the advancement of cybersecurity in America today. NGA is hoping that companies will cluster around their new location to meet the NGA’s need to analyze a growing torrent of data. They are hoping to turn the area into a hub of geointelligence that can be studied and used by a variety of institutions today.

Many members of that specific community were in St. Louis last week for a gathering of intelligence agency professionals and the contractors who collaborate and partner with them. Hundreds from the industry mingled downtown during the annual Defense Intelligence Agency’s Annual Department of Defense Intelligence Information System conference. This year’s event focus was on cybersecurity and the growing threats to the networks that oversee infrastructure and intelligence dissemination.

NGA laid out there plans for a more collaborative environment, which they argue, is necessary to leverage private sector innovation and keep pace with technology in our world today. By the pace of data development and creation right now, the NGA has estimated that their 15,000-strong network would need to grow to 8 million analysts to keep up with the growing cyber threats.

The NGA’s new location will encompass different zones, with public access expected by 2024. More details to come.

St. Louis Housing Market Rebounds In July

St. Louis Housing Market Rebounds In July

ST. LOUIS, MO/August 25, 2017 (STLRealEstate.News) The outlook for the St. Louis housing market is showing promise.

The median sales price and home sales jump 6 percent amid a tightening inventory, according to the latest numbers in the July St. Louis Realtors Housing Report. This comes after a less than impressive outcome for June, with the median sales price uncharacteristically flat and an atypical drop in sales volume.

St. Louis Realtors president Barry Upchurch calls this a rebound for the St. Louis housing market.

“The flat median sales price we saw in June, during the height of the summer selling season, was certainly a bit surprising,” Upchurch said. “The good news is what we saw in June appears to have been a market anomaly rather than a trend, as our median sales price and sales volume in July were up 6 percent compared to the same period a year ago.”

The median home sales price, covering MLS sales data for St. Louis city and county combined, increased from $179,000 in July 2016 to $189,900 this year. The number of St. Louis homes sold in July increased from 1,826 last year to 1,933 in 2017.

At the same time, July data support a tightening housing inventory as active listings were down 5 percent to 7,015 compared to 7,397 for the same month last year. Days on market dropped significantly from 150 in July 2016 to 92 days in July 2017. In addition, inventory for St. Louis city and county combined stands at a 3.6-month supply, compared to 4.1-month supply in July 2016.

According to economists, a 6.5 months’ supply is the ideal balance between supply and demand. A 3.6 month supply signifies a tight inventory and ultimately is considered a strong seller’s market.

“When you take a deeper look at sales within each pricing category, many home sales were in the mid-to-upper categories – $200,000 and above. That means a large number of lower-priced homes – which includes the first-time buyer market – were sold during the first six months of the year. The result is there are not as many homes available from which to choose within that particular housing category, and in turn more sales are taking place in the upper-market segments.” Upchurch explained.

John Gormley, St. Louis Realtors CEO, agreed: “The pricing cohorts for July reflect that homes sold in the under $200,000 category dipped below 50 percent – something we’ve not seen in our market lately. That dip underscores two things. First, the fact that many first-timebuyers in 2017 have already taken advantage of low interest rates and have invested in homes and their futures right here in St. Louis earlier in the year. Secondly, and as a result, there has definitely been a tightening of inventory within the first-time buyer market segment. The good news is there are still some great opportunities available within that market area; however, there are certainly fewer homes from which to choose.”

According to a realtor.com survey, 35 percent of homeowners are planning to sell their homes next year. More than half of those sellers are millennials. The survey suggests that as millennials begin to outgrow their first homes, they are poised to enter the move-up market – something that is predicted to significantly affect the housing market nationwide.

Another set of owners for the Chesterfield Mall

Another set of owners for the Chesterfield Mall

CHESTERFIELD, MO/August 7, 2017 (STLRealEstate.News) The Chesterfield Mall hasn’t had an easy last few years. Like most American malls, it’s hanging on for dear life. This week, the Chesterfield Malls’ lender finalized foreclosure on the shopping center, and the struggling property that remains open will soon be placed up for sale – again.

City officials met with an executive of mall owner C-III Capital Partners at the end of June to discuss plans to place the mall up for sale after 90-days. They predicted it will likely be turned into a mixed-use property after it’s sold, said Libbey Malberg-Tucker, Chesterfield’s economic development director.

Prior to the new ownership announcement, Chesterfield Mall was placed in receivership in August after C-III sued the mall’s previous owner CBL & Associations Properties, alleging CBL defaulted on repayment of a $140 million loan. Following that, the foreclosure became official on June 27, 2017, making C-III the new owner until the real estate investment company with offices in New York and Texas could sell the property. Fast-forwarding to right now, experts are predicting that they are likely going to sell the property.

“They will ultimately sell it,” Tucker reported to the St. Louis Post-Dispatch. “They plan to put it out to market for one month with a call for offers.” A spokesman for C-III decline to comment on the deal at this time.

Though it’s fairly uncertain at this time what the mall’s future holds, Tucker stated that I’s highly unlikely to remain an enclosed shopping center. “We know it can’t remain all retail, and we’re open to it becoming a mixed-use development. Whether that’s office, hotel, living space, all of those things we’d embrace,” said Tucker.

Tucker went onto state that Chesterfield would consider some incentives for a redevelopment of the property, including a Transportation Development District. No requests or suggestions have been submitted to city officials at this time.

St. Louis’ self-storage industry is booming

St. Louis’ self-storage industry is booming - STLRealEstate.News

ST. LOUIS, MO/August 7, 2017 (STLRealEstate.News) America is home to 75 percent of the world’s self-storage facilities today. Apparently, Americans really like having access to self-storage facilities for housing items and other personal belongings. There are nearly 50,000 self-storage facilities in the United States, with the rest of the world housing 15,000 combined – according to the Self Storage Association. This summer, St. Louis is adding to the monstrous statistic by getting at least 1 million more square feet of it: give or take.

Demand for self-storage is most often attributed to four major life events that are referred to as the four Ds today: divorce, death, downsizing, or dislocation (ie. job loss). “The big driver is change,” said Brad Schwer of Morningstar Equity Research to the St. Louis Post-Dispatch. “In one way or another, people are looking for stability.”

The U.S. has an estimated 2.6 billion square feet of self-storage, according to numbers from the Self Storage Association. That’s about 8.1 feet of available storage per person today. The number is drastically growing. “We’re not sure how long this trend will last. We think maybe we’re at the top of the bell curve,” said Mike Blackett, a senior vice president with the Alexandria, Virginia-based trade group. “But the demand is there, and facilities are expanding, so you will see some price wars, competition and see who’s left standing.”

According to Beau Reinberg, the co-owner of the 10-year-old W-Ave Storage facility, when a steady income or residence is elusive, leasing a small square of storage space can provide some peace and stability to the person. Reinberg also confirmed that when the economy took a dip nearly 10-years ago, he maximized his income at W-Ave Storage by leasing to Urban Harvest, a food roof-farming tenant. Part of the parking lot is paid out today. He has five to six new storage sites in the works for St. Louis at this time, with plenty more planned for the future.

St. Louis lands on national list for highest real estate returns

St. Louis lands on national list for highest real estate returns

ST. LOUIS, MO/August 7, 2017 (STLRealEstate.News) HomeUnion, an online real estate investment management firm, released a report this week for usatoday.com in which they ranked the top 20 zip codes in the United States with the biggest return on real estate at this time.  Naturally, St. Louis found its way onto the list, which was configured by identifying zip codes that maximize real estate returns while minimizing risk over a five-year horizon.  The firm went onto examine school quality and neighborhood attractiveness for single-family rentals over the five-year period.

“HomeUnion Research Services looked at more than a dozen attributes that characterize a neighborhood including crime, schools, white-collar jobs, unemployment, home-ownership, permitting activity, and more,” said Steve Hovland, director of Research for HomeUnion.  “Based on those attributes, we forecast appreciation, vacancy, and rent changes over the next five-years.”

The study also calculated Annualized Total Return, which includes HomeUnion’s projections for how much the value of single-family rentals will appreciate and how much cash flow they’re expected to generate in the future.  HomeUnion’s model, according to Hovland, can determine the price and rent for every single-family home within a specific zip code while enabling them to predict the price and rent in five-years.

Americans are known for investing in real estate for flipping a profit over a certain time period.  Therefore, knowing a zip code and its predicted appreciation rate is a critical tool for those looking to invest in 2017 and 2018.  To mitigate the risks, investors should focus assets that can maintain value even during downturns.

Number 20 on the list kicks off with North Indianapolis, Indianapolis with annualized total returns at 5.4%.  Next comes North Hollywood, California with a 5.4% annualized return as well.  Jumping up to number 17, Maryland Heights, St. Louis clinches the spot with 5.5% returns.  Number one is Hamptons at Boca Raton, Florida.

Survey Shows Pets Motivate First Time Millennials Home Buyers

Survey Shows Pets Motivate First Time Millennials Home Buyers

August 6, 2017 (STLRealEstate.News) Pets appear to be the motivation for many millennials to pursue home-ownership.

That’s according to a new survey conducted by Harris Poll on behalf of SunTrust Mortgage. The survey found that a third of millennial-aged individuals who purchased their first home say the need to have more space or a yard for their dog influenced their decision to purchase a home.

In addition, 25 percent of 412 millennials surveyed listed marriage and 19 percent listed the birth of a child as the dominating factor for purchasing a home. The only factors respondents ranked higher than dogs are the desire for more overall living space (66 percent) and the opportunity to build equity (36 percent).

“Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home buying decisions,” says Dorinda Smith, SunTrust Mortgage president and CEO.

“For those with dogs, renting can be more expensive and a hassle; home-ownership takes some of the stress off by providing a better living situation.” Smith added.

The survey also showed that 42 percent of millennial prospective homeowners say their dog or their desire to adopt on is a key factor in their desire to purchase a home in the future.

Smith also said that millennials are playing a significant role in the housing market.

“Demand among millennial-aged, first-time home-buyers is robust, and we expect them to continue adding strength to the housing market.” Smith explained.

That seems to certainly hold true for the St. Louis area. A recent survey conducted by apartment listing company ABODO, found that St. Louis ranks in the top ten nationwide for millennial home-ownership.

The survey, which analyzed millennial home-ownership in 100 of the largest metropolitan cities in the United States, cites the fact millennials currently make up 40.2 percent of all homeowners in St. Louis, and if housing remains affordable that number is expected to increase.

Local Real Estate Executive Jim Dohr Forecasts Positive Market For St. Louis

Local Real Estate Executive Jim Dohr Forecasts Positive Market For St. Louis

Jim Dohr, President of Coldwell Banker Gundaker Forecasts Positive Market For St. Louis

ST. LOUIS, MO/July 20, 2017 (STLRealEstate.News) The forecast for the St. Louis area real estate market looks bright.

That’s according to Jim Dohr, President of Coldwell Banker Gundaker – St. Louis, who said the St. Louis area is experiencing one of the best seller markets in history due to the high demand for inventory.  It is being driven by the lowest month of inventory supply in residential real estate.  Currently, the St. Louis area is at a two month supply for inventory, resulting in an advantage for sellers.

“We’ve had houses selling in hours in some cases or a couple of days with multiple offers on the property.  That’s much more common than it was in recent history.” Dohr explained.

The average days on the market in the St. Louis region for the first half of 2017 is 53 days.  This is a favorable increase from a year ago, with homes selling 16% faster than they were during the first six months of 2016.

Dohr said the fastest market with the lowest inventory is in St. Charles County, which currently has less than two months of inventory.  This is followed by St. Louis County and St. Louis City, with slightly over two months of inventory.  Meanwhile, Jefferson County has just over three months of inventory.

Although it’s sellers’ market, Dohr stresses the importance of pricing a property appropriately.  “Buyers today, more than ever are looking for houses that are in great condition, but if you can’t afford to put your house in pristine condition because it may have some level of disrepair, that’s okay as long as you price it appropriately and discount the price to reflect the condition it is in.”

Dohr said he also attributes low interest rates to the strong real estate climate.  The current average interest rate for home loans is around 4%.

Dohr anticipates this positive trend to continue, “I do think we’re going to continue to fight the challenge of low inventory, but the outlook for the foreseeable future, the rest of the year has been pretty bright.”

Dohr adds, “The National Association of Realtors and others are forecasting a very strong market through the balance of this year and beyond.”

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Local resource: St. Louis REALTORS®

St. Louis County reassessments have residents in shock

St. Louis County reassessments have residents in shock

St. Louis County residents shocked by reassessments

ST. LOUIS, MO/July 19, 2017 (STLRealEstate.News) St. Louis residents this week expressed a fear in opening the mail they’ve received regarding their property reassessment. They don’t want to see the latest numbers, most of which have been reported to include a sharp increase since the last assessment. The city sent out the reassessment notices last week, and it’s put a lot of community members into sheer shock.

It would be one thing if St. Louis County residents were used to this kind of change. The problem is that this is the first time everyone, no matter their community, is seeing an increase, to the tune of 7 percent across all real estate properties. It’s something the city hasn’t seen for years. Reassessments come out every odd-numbered year, and the greater region hasn’t seen pricing increases since before the Great Recession back in 2008. For many who haven’t been following along with the read hot real estate trends and transactions in St. Louis, opening that reassessment notice came as a complete shock.

Residents, like Brenda Achenbach, want to know why her assessment shot up dramatically. She has lived in the Tower Grove East Neighborhood since 2005, and recently received her first hiking notice. She claims her assessed value went up by 76 percent. “The real estate market in St. Louis has gotten warmer, and we’ve seen our fair share of that – but 76 percent is outrageous,” claimed Achenbach.

To come to the assessment conclusions, the city claimed it used a “mass appraisal system to value the real estate.” The system uses construction location, condition, and other variables to value a specific property. The city reported that of the 140,000 parcels of land in the county, about 55,000 had an increase in value this year. “We haven’t seen significant increases in 10-years,” said Freddie Dunlap, St. Louis assessor.

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Additional resources: St. Louis Association of Realtors

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STLRealEstate.News publisher K Amant, LLC