Luxury homes have been selling lately.  We’ve added 5 new “Real Buyers” to our market in St. Louis.  This means that the odds of selling your luxury home in St. Louis has increased a few percent, and the “months of inventory” has dropped by about 1 month.  We’re still a solid Buyer’s Market, but the future is looking good.  This is great news.  For a detailed report on the St. Louis Luxury Home Market.

We’ve added a great new listing at 1823 Topping Road in Town and Country, MO 63131.   This sprawling home surrounds a large swimming pool and overlooks 1 1/2 acres of lush landscape.  Five bedrooms, 6.5 bathrooms, a remodeled kitchen, and much more.  This home is priced at $1.175M.

The Lodge in Des Peres

Located along Des Peres Road in the heart of Des Peres, The Lodge in Des Peres is the community hub for the city of Des Peres.  In addition to both indoor and outdoor aquatic centers, The Lodge in Des Peres has a state of the art fitness center, running track (1/10 mile), basketball courts, meeting rooms, childcare, and various casual seating spaces.  

The outdoor aquatic center at The Lodge in Des Peres has the following hours for the summer of 2009:

The Outdoor Aquatic Center is open 
Saturday, May 23 – Sunday, August 23.
Monday – Friday        12 p.m. – 8 p.m.
Saturday                   11 a.m. – 8 p.m.
Sunday                     11 a.m. – 6 p.m.

**The Outdoor Pool will operate on a school schedule beginning August 24.  
Monday – Friday                    Closed
Saturday                11 a.m. – 8 p.m.
Sunday                  11 a.m. – 6 p.m.

Holiday Hours
Memorial Day, May 25  11 a.m. – 8 p.m.
Independence Day, July 4  11 a.m. – 6 p.m.
Labor Day, September 7  11 a.m. - 8 p.m.    

Looking forward to seeing you there!

Real Estate absorption rate for St. Louis is defined as the number of months required to sell the current, St. Louis real estate inventory.  In a tough real estate market, this number is an important one to keep in mind.  The chart below shows the absorption rate for a selection of zip codes and for St. Louis county.  

Particularly shocking is the number of home sales last month in the Des Peres/ Town and Country/ 63131 area.  I’ve covered this area for a long time and am surprised to see only 4 sales in the zip code last month.  I’m sure next month’s numbers will paint a different picture.  We look at absorption rates as trends.  Nevertheless, 4 sales is pretty shocking.  

We look at absorption rate to help us gauge our expectations for our homes that are on the market.  If you put your 63021 home on the market today, you will be competing with 287 homes.  We can reasonably anticipate that only 31 of them will sell next month.  So what do we need to do to get your home to be picked?

First, we need to price your home in light of the competition.  We need to be priced lower than the competing properties of the same size, finish, and condition.  This will enable us to stand out in the sea of houses on the market.  I can advise you on how to price your St. Louis home competitively.

Second, we need to look better looking than the competition.  Buyers are judging a beauty pageant.  If you don’t stand out as the top of the heap in terms of condition and quality, you’d better be a real steal.  Nobody seems to be interested in painting, removing wallpaper and carpet, gutting kitchens, etc. these days.  The fact is, there is enough inventory out there that they don’t have to.

Thanks for visiting my blog.  This post shows our latest listings.  Of note are the “less than 200k” properties that are perfect for your first-time homebuyer referral.  You can also sign up for an auto-email of the latest St. Louis county real estate listings.  

First time home buyers are eligible for up to $8000 in tax credits for homes purchased before 12/1/2009.  This tax credit can be made on the 2008 return by filing an amendment.  In other words, you can get the credit mailed to you now!  See this website for information about the St. Louis first time homebuyer federal tax credit.

Also of note are a number of properties in the Mason Ridge School District:

1.  21 Broadview Farm Road, 63141
2.  23 Broadview Farm Road, 63141
3.  1608 Foxleigh, 63131
4.  1 Hawthorne Estates Drive, 63131

Call Russell Nolting at 314-267-2636 for more information.   

23 Broadview Farms Open 1 to 3pm
2469 Clarjon Open 12:30 to 2pm
52 High Valley Open 2:30 to 4pm

Thanks, Russell  

P.S.  For a great search engine for St. Louis Listings, visit SearchHomesStLouis.com.

I can help.  I’ve developed an association with the Destressed Property Institute.  This group trains Realtors to become Certified Distressed Property Experts.  Certified Distressed Property Experts can help consumers negotiate a short sale.  

But the fact is that other options besides short sale and foreclosure might be more beneficial to the distressed homeowner.  The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the “Making Home Affordable” loan modification and refinancing program.

I can help you weed through this mess.  You will need to have the following documents together:

*  Information about your first mortgage, such as your monthly mortgage statement.
* Information about any second mortgage or home equity line of credit on the house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all your other debts such as student loans and car loans.
* Your most recent income tax return.
* Information about your savings and other assets
* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
* It may also be helpful to have:  A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

Give me a call at 314-267-2636, or check out my St. Louis Home Guide website.

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For answers to all of your St. Louis real estate questions, visit Russell Nolting’s St. Louis home listings website.

For more information, visit your St. Louis Home Guide.  Or call Russell Nolting at 314-267-2636.

A few Des Peres Road Listings can be found here.

564 Hickory Ridge Court in Dougherty Ridge is under contract.  Originally priced at $375,000, 564 Hickory Ridge, had to reduce it’s price to $275,000 in order to get a contract.  This Dougherty Ridge home is quite beautiful inside, but has a rough back yard with a steep grade.  

This sale will be a St. Louis short sale.  

According to recent data from Zillow.com, “More than one in four St. Louis-area homes sold last year – 27.4 percent – sold at a loss.”  If you consider that lenders during the early to mid 2000s were notorious for100% loan to value lending, you can see why so many St. Louis homes are being sold short.

For more information, please visit your St. Louis home guide.

Dougherty Lake is a community of nearly 200 single family homes and various parcels of common land including a private five acre lake.  It is located in Des Peres, Missouri about a mile southwest of the intersection of Manchester Road and Interstate 270.  Dougherty Lake, along with neighboring subdivisions along Des Peres Road, continues to outpace the St. Louis real estate market.  

Click here, for Dougherty Lake’s restrictive covenants.  

Two homes are currently under contract in Dougherty Lake.

1.  12951 Beaver Dam Road, 63131, was listed for $344,900 (original listing prices was in the $390s).  It took 119 days to get an accepted contract on this property.  

2.  12927 Briar Fork Court, 63131, was listed for $429,900 and sold in 7 days!

For more information about Dougherty Lake, go to your Home Guide St. Louis.  

Not ready to talk to an agent yet?  Go to my St. Louis Home Values website to determine the value of your home.