Comments on: St. Louis Region Market Report 2008 – Single Family Homes http://www.archcityhomes.com/2009/02/st-louis-market-report-2008-sfh/ St. Louis Real Estate Thu, 09 Sep 2010 02:56:23 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Karen Goodman http://www.archcityhomes.com/2009/02/st-louis-market-report-2008-sfh/comment-page-1/#comment-168 Karen Goodman Tue, 10 Feb 2009 02:14:28 +0000 http://www.archcityhomes.com/?p=1386#comment-168 Richard, St. Louis region never had skyrocketing appreciation during the boom years, and as a result, we haven't crashed as hard. Prices in most areas of the region peaked in 2005. People that bought in 2006 and early 2007 typically paid more than homes are now worth. Prices are back down to 2005 prices in most cases and are holding pretty steady. In the last year, I've had a number of clients that bought between 2001-2003 and sold for more than they purchased. Of course, there are exceptions. There are subdivisions that continue to have slight appreciation, and others that are much more impacted by the housing downturn. Some of the hardest hit areas were ones that there was a lot of speculators (rehabbers and buyers that were encouraged to purchase with 100% the most expensive newly rehabbed house in the area). Condos are having a much harder time as is new construction compared to resale homes. See my condo report and my monthly market reports (via tab in the navigation bar). Richard,

St. Louis region never had skyrocketing appreciation during the boom years, and as a result, we haven’t crashed as hard. Prices in most areas of the region peaked in 2005. People that bought in 2006 and early 2007 typically paid more than homes are now worth. Prices are back down to 2005 prices in most cases and are holding pretty steady.

In the last year, I’ve had a number of clients that bought between 2001-2003 and sold for more than they purchased.

Of course, there are exceptions. There are subdivisions that continue to have slight appreciation, and others that are much more impacted by the housing downturn. Some of the hardest hit areas were ones that there was a lot of speculators (rehabbers and buyers that were encouraged to purchase with 100% the most expensive newly rehabbed house in the area).

Condos are having a much harder time as is new construction compared to resale homes. See my condo report and my monthly market reports (via tab in the navigation bar).

]]> By: Richard Stabile Bergen County Real Estate http://www.archcityhomes.com/2009/02/st-louis-market-report-2008-sfh/comment-page-1/#comment-167 Richard Stabile Bergen County Real Estate Tue, 10 Feb 2009 01:32:04 +0000 http://www.archcityhomes.com/?p=1386#comment-167 Karen, Yours is the first site I have viewed in St Louis Market. I have been studying and trying to understand technically what is going on it regional markets. Am I right in saying that your sales is about steady year over year? If they are, have they move down dramatically over the past couple of years? What I have found is areas like Southern California and Nevada, Florida, Arizona which have decline significantly have pick uop in sales. Has your area followed that mold or has it decline more modestly, less than 20% and is holding a bit steady. The heavy decline areas seem to have home prices off 40-60% in some areas. If real estate is basing your area should help in telling it. Mortgages are getting more available which should give your market a lift, as others. Richard Karen,
Yours is the first site I have viewed in St Louis Market. I have been studying and trying to understand technically what is going on it regional markets. Am I right in saying that your sales is about steady year over year? If they are, have they move down dramatically over the past couple of years?
What I have found is areas like Southern California and Nevada, Florida, Arizona which have decline significantly have pick uop in sales.
Has your area followed that mold or has it decline more modestly, less than 20% and is holding a bit steady. The heavy decline areas seem to have home prices off 40-60% in some areas.
If real estate is basing your area should help in telling it. Mortgages are getting more available which should give your market a lift, as others.

Richard

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