Archive for September, 2009

1411 Hebert: Buy it Now or Regret it Later!

18 September 09

Continued from: I Wish I Had Bought Back Then…

To recap, people who bought in up and coming neighborhoods, before they were THE place to live made a wise investment. Granted they weren’t thinking “this is going to be a wise investment.” Instead they were probably just looking for a place they loved at a price they could afford.

If you are looking for a place to love, as in capital L.O.V.E., the kind of home that would make your friends green with envy, the kind of place you see only in magazines, this is IT!

INTRODUCING … 1411 Hebert 63107, the newest listing in Old North St. Louis

Historically preserved and modernly updated, this house has to be experienced. While you may get a sense of this home through the pictures, you really must walk through the doorways and stand in the rooms to appreciate the time, planning and execution of the details.

3898629300_0ff3d758c4

From the street , it is impressive with pieces of the original wrought iron fence and perfectly symmetrical proportions. New Douglas fir doors have been milled to match the originals. The slate mansard was completely rebuilt in 2007 and the painting and tuck pointing on the facade are recently completed projects.

3898159878_f755061b90

Once inside, the details become overwhelming. The walnut hand rail on the second floor main staircase was hand milled by a New Zealand stair expert to match the original.

3897472999_15b6fa34ff

The refinished original pine floors span the entire level and the pull the whole space together. All the pine baseboards, moldings, trim and 4-panel doors have been stripped and refinished.

3897389471_182f7a858c

The first floor layout is wide open allowing light from the huge windows and side door to flood the room. The front room is an example of the simple elegance that pervades the home. Nothing is out of place, every door handle, every hinge belongs and is exactly where it should be, in exactly the right style, shape and finish.

3897469543_c09b2fe4c1

The kitchen is exceptionally well planned and is unique to the home. While it speaks to a different era with the reclaimed Geneva metal cabinets and oak counter tops, it belongs here just as if the original builder had done it himself. Through the cut out (which is bar height and designed to function as a breakfast bar with stools on the opposite side) is the office/den area and adjacent is the side porch which is really just a bright extension of the kitchen as the 11′ glass and wood doors open onto a private outdoor dining area.3898176010_5c6a2a5c12

The cabinets were reclaimed, refurbished then professionally painted by an auto body repair shop. This kind of creativity and thoughtful design is priceless.
3897399347_5b6a6461d1

All of the private areas are upstairs. Below is a picture of the back hallway (w/ cove lighting) as the wall wraps around the bathroom conforming to the shape of the original 6′ claw foot tub inside. The skill and patience it took to create this elegant detail is evidence of the quality throughout the entire restoration.3898192508_c83e9fd254

There are three large bedrooms, each with interesting details. The front two bedrooms are featured below. They are separated by fully functioning restored pocket doors. Both have elegant mantles in pristine condition and the middle room has a door to the side balcony which has fir tongue and groove flooring and Soulard style railing.

3898220854_2ec48d83d0

Even the privacy fence is a master piece! The rear patio, arranged in a herringbone pattern, was built with bricks from the original walkway and is lined with salvaged limestone window sills.

3898241566_4eae325b55

These were just a few of my favorite shots. See entire gallery here.

3897450767_9fb1dd5495

So, you don’t have a quarter of million dollars? No problem! 1411 Hebert is listed at $169,900.

Check any of these links if you want to know more about who lives in the area and what’s going on in terms of grassroots rehabbing or large scale urban revitalization.

http://onsl.org/
http://www.northcityfarmersmarket.org/
http://ourlittleeasy.blogspot.com
http://web.me.com/heidisever/3Walls/The_Progress/The_Progress.html
http://1318hebert.blogspot.com/
http://theurbanstudio.blogspot.com/

I Wish I Had Bought Back Then

14 September 09

My neighborhood is pretty small and houses in these few blocks don’t come on that often. I am one of the recent additions to the neighborhood and while I feel like I got a fair deal based on the timing of my purchase I know most of my neighbors, recognizing the value of this location long before I did, got a much better deal. The MLS shows comps on my street back to 1998; I bought my house in 2008. Sales prices for similar homes during that 10 year period have a $215,000 range. Size and condition differed, of course, but that lowest sale price was move in ready with a master suite, original wood work and updated systems. So, you see where I am going with this. If I had had the sense to buy 10 years ago I would have a substantial amount of equity and a much lower mortgage payment.

This scenario isn’t unique to my few blocks. It’s common all over the city. Here is some data from a couple of well known neighborhoods for that same 10 year period.

A Section of Tower Grove South: Grand to Gustine, Arsenal to Utah Place.
September 1998-September 1999

Number of Sold: 26
Range: 35,900-449,000
Average: $168,42
Median: $149,450

September 2008-September 2009
Number of Sold:36
Range: 55,000-475,500
Average: $219,116
Median: $214,500

Now for an area of Soulard: Russell to Lynch, 13th-7th
September 1998-September 1999
Number of Sold: 20
Range: $68,000-$252,000
Average: $134,663
Median: $126,950

September 08-September 09
Number of Sold:19
Range: $132,000-$560,000
Average: $270,047
Median: $240,000

Ten years ago not everyone saw the value or potential (and some had never even heard of) of those neighborhoods, but by the time the neighborhood was on the up swing it was too late to get those earlier deals.

Lots of people tell me they love Tower Grove; they want a move in ready historic home with wood floors, lots of updates, and have a budget of $150,000. $150,000 is nothing to laugh at. In fact that is what an average first time buyer comes to the table with, but in TGS that’s not going to go that far. So they are either going to have to adjust some priorities, be willing to do some work or expand their search area.

You want a pristinely restored historic home but you can’t afford to buy in Soulard in or Tower Grove?

No problem, I have the perfect place!

To be continued tomorrow….