St. Louis Real Estate-Market Watch November 30th, 2009

St. Louis Real Estate-November 30th, 2009

Real Estate-Market Watch by Art Wagner @ Keller Williams Realty Southwest Saint Louis , Sunset Hills, Mo.
November 30th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

Our St. Louis Real Estate Market this week is definitely showing signs of Holiday Slow-Down. Over the past two weeks, we’ve seen active listings decline by 243 listings and homes accepting contracts have declined by 175. Due to this decline, our pending ratio has dropped to 12.77 percent as compared to 16.03 percent just two weeks ago.

Blame the holidays and we think first time homebuyer activity has slowed a bit since the extension has passed. First Time Homebuyers are not faced with such a small window of opportunity any more. Now they have until the end of April 2010 to get a home under contract and until the end of June 2010 to get their deal closed.

After spending some time in Pontiac, Michigan last weekend, all I can say is that we should count our blessings that we don’t live in the suburbs of Detriot.

We talked to numerous real estate agents and investors who live and work in the Detroit, Michigan area and heard many accounts of homes selling for pennies on the dollar all around the area.

It is not uncommon for homes around the Pontiac area and Flint area to be selling for 10 cents to 50 cents on the dollar. These homes range from low price point, investor/rehabber type homes up to pretty homes in the $250,000 to $400,000 dollar range.

Remember the Pontiac Silverdome?? A year or two ago it was valued at between 20-30 million dollars. A couple weeks ago it sold, at auction, to a group of investors for a little over $500,000 dollars! The sale is being challenged in court, but this may be a quick view into the future of where some commercial real estate is heading, and not just in Michigan.

The area is deemed to be so lucrative for investors these days, that many are coming from other parts of the country to invest in Michigan real estate. We even ran across an investor from Australia, who is living in Michigan temporarily and investing in properties in and around the Detriot area.

Between the problems plaguing the auto industry and the real estate industry in Michigan, their challenges are compounded greatly.

WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!!

WHO DO YOU KNOW that’s thinking of buying or selling a home?

Contact Doug Aegerter or Art Wagner for more information and a FREE Comparative Market Analysis (CMA) of your home or your neighborhood.

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