There were two years that I was not able to celebrate the holidays in St. Louis. And I remember being especially homesick during the Holiday Season when I lived abroad. I think it was the lack of tradition that was the most difficult. This year I have been fortunate enough to work with several Relocation Clients. Working with people who are moving to St. Louis is one of my favorite parts of my job. Giving them the tour of the city and showing them all that St. Louis has to offer always reminds me of what I love best about living here. This blog post is for anyone who recently relocated (or is thinking about relocating). The first holiday season in a new place can be tough. But creating new traditions is often the first step in carving out a home in a new place.
Here are couple ideas that might make it on your new tradition list:
WHO: The Circa Team will host up to 30 participants
WHAT: Brief Seminar on Understanding the Foreclosure Purchase Process and Tour of 5 Foreclosed Properties.
WHEN: 10AM-2PM on Saturday, November 13, 2010
WHERE: Seminar begins at Urban Eats in Dutchtown (3301 Meramec, Saint Louis, MO 63118). Tour follows immediately.
WHY: Learn how the foreclosure purchasing process works and view foreclosed properties.
HOW: Register at our EventBright Page
This seminar is FREE, but you must REGISTER! Only the first 30 people will be accepted.
SNEAK PEAK
One of the properties that Tour Go-ers will see on Saturday is a 2 Family Investment Property in the 63116 Zip Code. This building has 2 units. Each unit has 2 bedrooms, 1 bath, living room and LARGE kitchen. In back there is a large 2-car brick garage. The walkscore for this building is 83–Great for prospective tenants!
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Gross Annual Income $14,400 (at $600 per unit/month)
Annual Taxes $ 1,647 (from tax record)
Annual Insurance $ 1,200 (estimated)
Annual Debt Service $ 2,616 (at 4.875% for 30 years)
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Annual Cash Flow $ 8,941 (not including vacancy or maintenance)
WHAT WILL IT TAKE TO GET THIS PROPERTY MOVE-IN READY? Not much. Overall, it is in pretty good shape, but it does need some cosmetics (carpet and paint) a few repairs (missing garage door and damaged water heater) and a couple possible upgrades (glass block windows in basement and new appliances).
Want more information on this home? Register at The Circa Foreclosure Tour Event Bright Page.
I am so excited!!!!! (And a little nervous) The bank just accepted my personal offer on a foreclosed 2 Family in Tower Grove South. It’s just a few blocks from the park and one block from Morganford. So my prospective tenants will be able to walk to Local Harvest Grocery Store and stumble home from Three Monkeys. The sale price was under $50,000 and with the required down payment and interest rate of 4.875% my monthly mortgage will be less than $200. Of course it needs a little work, but less than one might think for the price. Once it’s up an running, I project that in 3 years, my initial investment (down payment plus fix up costs) will be paid back and the whole building could be paid off in 7 years!!!!! For me, it is the right house at the right time.
But I am nervous. Like any investment it’s no sure thing and the benefits come with a good amount of responsibilities. The first of which is the foreclosure addendum to the sale contract.
Here’s a excerpt from the contract I just signed: The Purchaser agrees that the Seller shall not be liable to the Purchaser for any special, consequential or punitive damages whatsoever, whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle etc etc. etc.
By signing these documents, I am basically agreeing to take the house AS-IS and acknowledging that if I (the Purchaser) default then, the Seller (the bank) can keep my earnest money and pursue “any other remedy available to Seller at law and/or inequity.” However, if the Seller defaults, the Purchaser (me) “shall be entitled to the return of the earnest money deposit as Purchaser’s sole and exclusive remedy at law and/or equity.”
While that’s doesn’t sound exactly fair, it doesn’t matter. If I want that 2 Family, then I need to sign those documents and abide by those terms. And I am perfectly willing to do it. Because in reality, it is not as scary as it sounds. As long as you know how to manage the process including performing inspections and securing financing, it will be fine.
If you have never purchased a foreclosure but are seriously considering it as an investment or personal residence, come to the CIRCA PROPERTIES FORECLOSURE TOUR.
WHO: The Circa Team will host up to 30 participants
WHAT: Brief Seminar on Understanding the Foreclosure Purchase Process and Tour of 5 Foreclosed Properties.
WHEN: 10AM-2PM on Saturday, November 13, 2010
WHERE: Seminar begins at Urban Eats in Dutchtown (3301 Meramec, Saint Louis, MO 63118). Tour follows immediately.
WHY: Learn how the foreclosure purchasing process works and view foreclosed properties.
HOW: Register at our EventBright Page
This seminar is FREE, but you must REGISTER! Only the first 30 people will be accepted.
3214 Indiana in Benton Park is now available. The home has 3 bedrooms, 2 full baths, 2 car parking pad, 2nd floor family room and 2nd floor laundry along with wood floors and many historic details. It is less than one block from Benton Park is MOVE-IN READY and is listed at $199,900.
In addition to the location, one of the best features of the home is the FLOOR PLAN. The first floor has the traditional Living Room, Dining Room, Kitchen arrangement, but it also has a large bedroom and full bath. This makes the PERFECT space for out of town guests or a private office. Additionally there is a large screened-in porch off the back (accessible both from the kitchen and bedroom) which overlooks the landscaped and private backyard. Upstairs there are two more large bedrooms, a second floor FAMILY ROOM and huge master bath with separate tub and shower. And conveniently located on the 2nd FLOOR is a FULL SIDE BY SIDE LAUNDRY inside the HUGE Utility Room. The layout, flow and natural light in this home can’t be beat.
The best thing about 3214 Indiana is that it is a real VALUE. Priced at $199,900, at current interest rates, the monthly mortgage payment with taxes and insurance could be as low as $922/month. (Figured at $199,900 purchase price, 20% down payment and 4% interest rate with insurance estimated at $900 and taxes estimated at $1000 annually). The CMA below shows that the average price/SQFT for other 3 bedroom homes sold within the last year in the same neighborhood was $101.51. At the current price, 3214 Indiana is listed at $89.72/SQ FT.
I’m an experienced Saint Louis Realtor specializing in St. Louis City as well as neighborhoods like Webster Groves, Maplewood, Clayton, University City and Ladue. With an undergraduate degree in Education and Master's in Urban Planning and Real Estate Development — I have the heart of teacher.
I have been immersed in Residential Real Estate, helping home buyers and sellers understand the market, manage the ambiguities and negotiate the best terms for themselves. I am consistently voted a 5-Star Agent by clients and featured as one of St. Louis' Best Agents in Saint Louis Magazine.
