Tuesday, December 29, 2009

December 29, 2009 St Louis Real Estate Market Reports

A collection of real estate market reports for Ballwin, Bridgeton, Chesterfield, Crestwood, Florissant, OFallon, St Charles, Wentzville, Fenton, Kirkwood, Lake St Louis, and Sunset HIlls, MO.

For a list of market conditions on every zip code in St Louis, please visit St Louis Home Stats

Or Call Us Toll Free 866-456-1862

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Sunday, December 13, 2009

$8000 First Time Homebuyer Tax Credit Information

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$6500 Move up Buyer Tax Credit Information

Download now or preview on posterous
6500 tax credit.pdf (51 KB)

For additional questions Contact River City Real Estate

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Tuesday, December 8, 2009

Noah's Ark project gets residential units back!

Following objections from the St. Charles Planning and Zoning Commission, the developer of a mixed-use project at the old Noah’s Ark site is backing off its request to cut by nearly half the number of residential units.

A drawing of part of the planned Streets of St. Charles complex

A drawing of part of the planned Streets of St. Charles complex

Jeff Giebelhausen, president of Cullinan Properties, said Monday that the firm is willing to return to the 540 units listed in the version of the project approved by the city last year.

The Peoria, Ill.-based company had recently requested a reduction to 296 residential units, citing lowered market demand.

“We just thought in today’s market, it would be an appropriate way to show” residential on the plan, he said. But if city officials want to continue listing the higher number as the long-term projection, he said, that’s OK with the company.

He said he envisioned that the first round of residential units would be “luxury” apartments - opening in 2011 - and later construction would involve owner-occupied condominiums.

The planning commission last week, in recommending approval of various other changes in the plan sought by Cullinan, had objected to the reduction in residential units.  The issue is now before the City Council, which could vote on the matter as soon as Tuesday night.

Planning Commission members upset with the residential reduction had complained that it signalled a backtrack from so-called new urbanism - which emphasizes high density, pedestrian access and vertical development and a mix of residential and commercial uses.

Mayor Patti York also has said she’s concerned that the planned height of the buildings had dropped since the project was first approved in 2006 for another developer. Cullinan took over the project in 2007, along with a tax-increment financing subsidy of up to $55 million.

Cullinan now wants nine buildings of one or two stories - up from four approved in 2008 - and eight buidlings of five to six stories, a reduction of one. There also would be a single four-story structure. 

The original plan approved by the city had 27 buildings, including a 12-to-18-story tower deleted at Cullinan’s request last year. An 8-to-10-floor building has been dropped from the latest proposal.

The city and Cullinan are continuing to work on details of a jointly-backed bond issue of $38 million or more that would finance streets, garages and other initial costs for the project. Cullinan has been unable to get buyers for bonds backed only by the company. The bonds would be sold through a new neighborhood improvement district.

The City Council earlier this month approved a jointly-backed bond issue but York vetoed the measure at Cullinan’s request to allow for some details to be revised before the bonds are sold.

Giebelhausen said current plans call for construction to start at the 25-acre site, at Interstate 70 and South Fifth Street, before next spring. The project, to be called Streets of St. Charles, would be built over the next decade.

via stltoday.com

Thank goodness they are bringing back the residential side. We think they are vital to this unique corner of ST Charles. We wish they would put back in the Tower project. Higher end loft style living could be successful in ST Charles with views of the river.

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Friday, December 4, 2009

Ballwin, MO Price vs Inventory

via charts.altosresearch.com

See the correlation between inventory and price? As they trend back and forth between highs and lows you can see the effect that inventory has on price.

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Thursday, December 3, 2009

Real Estate Stats for Various St Louis Cities as of December 2009 #stlouis #altos

Real Estate Stats for Homes in Ballwin, Chesterfield, Clayton, Des Peres, Foristell, O Fallon, St Charles, St Peters, Town and Country, and Wentzville, MO

Courtesy of www.RCREonline.com
*Search All Homes in St Louis For Sale

For more information call 866 456 1862

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