The Mercantile Exchange & The Laurel

Check this out. More national press on our downtown.

Above is a rendering of the former Dillard’s building which will now be known as the Laurel. Notice anything missing? For a hint, visit the website.

Also unveiled this week was the Mercantile Exchange.

St. Louis in Money’s Top Ten

Check out this article on CNNMoney.com. The article identifies 10 cities that offer opportunites for savvy investors. Sy. Louis ranks #10, other cities include Mobile, Austin, Houston & New Orleans.

Happy Hour At 3011 Victor: Friday September 21, 2007

Come preview this beautiful renovation in Tower Grove East on Friday, September 21, 2007 from 5:30-7:30PM.

Inside it is a classic beauty with 3 bedrooms and 2.5 baths, functioning pocket doors and granite, stainless kitchen. At $219,900, it is priced to sell before winter. Walking distance to parks and the amenities of Shenandoah crossings.

Perceptions and Misperceptions: Safety Concerns or Latent Racism?

I have this wonderful, wonderful listing in the heart of Tower Grove East–my neighborhood, my favorite neighborhood. And as I have had showings or open houses I always get the same comment about the street. Granted no one just comes out and says, “I don’t want to live here because there are too many black children playing outside.” But that’s the gist, in fact let me copy and paste some of the agent feedback.

Examples:

the area was not as appealing to my single young female buyer

The street is a big concern, the neighborhood was very “alive”

Now, let me be very clear, I am not saying these agents are racist. I am saying that their clients are. The agents are simply repeating the feedback.

If you are just not feeling the house, fine, no problem. If you think there is price issue–OK. That’s what negotiation is for. If you won’t get out of the car because there are children playing or people sitting on their front porches, then you have an issue.

I am particularly incensed because I held an open house there today and one person who walked through asked me what I thought of the neighborhood as she wrinkled her nose and nodded to homes the next door.

WHAT DO I THINK OF THE NEIGHBORHOOD????

I think that I live four blocks away and that I walked from my house passed this house last night on my way to Tanner B’s and back in the dark. I think that I passed several people I didn’t know but said hello to and I felt safer walking down the street in the dark knowing that there were people outside using the street, sidewalks and porches.

(OK, I didn’t say that. I just kept smiling and nodding until she left. Very disappointed in myself for that. Hence, the rant.)

From the chapter on Sidewalks in Jane Jacob’s classic, The Death and Life of American Cities.

The problem of sidewalk and doorstep insecurity is as serious in cities which have made conscientious efforts at rebuilding as it is in those cities which have lagged. Nor is it illuminating to tag minority groups, or the poor, or the outcast with responsibility for the danger. There are immense variations in the degree of civilization and safety found among such groups and among the city areas where they live. Some of the safest sidewalks in New York City, for example, at any time of day or night, are those along which poor people or minority groups live.

I get the safety concerns. But I think they need to be founded not just based on who you see outside. I am relatively sure that if the 5 or 6 kids outside would have been Caucasian it would have been endearing. In fact, these visitors may have even perceived it as a safe neighborhood because there were children outside.

Grove Fest 2 This Weekend

OK, so it looks like The Grove is starting to stick. But do we really have to use Groovin the Grove?? Not sure why that bugs me. But it does, especially when used within marketing remarks on a home for sale in the neighborhood.

This weekend it’s time for Grove Fest 2, I’m looking forward to it. Just in the last year, since the last Grove Fest, this area has changed and welcomed multiple new bars, businesses and restaurants. Come down to the action and look for me at one of the Roller Derby events!

http://www.grovefest.org

Loft Sales in Downtown St. Louis

All of these stats are from the cover story, The Law of Supply and Demand, in last week’s St. Louis Business Journal.

Downtown Projects Still in Development

The Arcade 134
The Alexa 85
The Avenida 48
Cupples Station 148
Ballpark Village Condos 250
City Museum Lofts Phase II 18
The Concord 135
The Ford 26
Jefferson Arms 100
The Laurel 99
Leather Trade Lofts 59
Park Pacific(existing building) 94
Park Pacific (new construction) 48
Port St. Louis 49
Roberts Tower 69
Sky House 166

That is a total of 1,528 projected to open by 2010. Right now sales are slow, averaging about 39 a month. There is a bright side. According to John Monshausen, Vice President of Development for Jacob Development, “If you go to any major city, 2% (of the population) wants to live downtown.” The population of the whole metropolitan area of St. Louis is approximately 2.7 million, so that 2% would equal about 60,000 residents.

If you want a condo downtown now would be a good time to buy. Developers are offering more incentives and upgrades in order to sell so the circumstances favor the buyer. However, it looks like those circumstances will persist for a while so if you are buying downtown be sure you can commit to at least 18-24 months. With so many new projects planned, it looks like it will be some time before the resale market downtown takes off.

Today’s Rates From Wachovia

30 Year Fixed Rate Rate= 6.625% Apr= 7.131%

My Community Mortgage Rate= 6.625% Apr= 7.106%

30 Year Fixed – Flex 9 Rate= 6.875% Apr= 6.873%

20 Year Fixed Rate Rate= 6.500% Apr= 6.904%

15 Year Fixed Rate Rate= 6.375% Apr= 6.633%

10 Year Fixed Rate Rate= 6.250% Apr= 6.464%

Saturday in the Park: Tower Grove and Surrounding Neighborhoods

Henry Shaw gave the citizens of St. Louis the grand pleasure park, known as Tower Grove Park, in 1868. The park is home to softball, soccer, tennis, corkball and frisbee games, as well as to the strollers, joggers, and picnickers who revel in the fanciful Victorian pavilions and sculptures Shaw commissioned.. and in the more than 8,000 trees and shrubs he imported from around the world.

I walk my dog every day (ok, not quite everyday) in Tower Grove and Saturdays are my favorite. M-F walks are for exercise and the park is usually full of other dogs and people out for walks and jogs. Saturday is different though; it is much more casual and there lots more going on.

Saturday Farmer’s Market: Local and organic produce