Each week, I publish statistics for the Luxury Homes market in St. Louis.  Luxury Homes by Keller Williams is dedicated to becoming the Luxury Real Estate broker of choice in St. Louis, Missouri.  Data report is found here:  August 2, 2010 update for St. Louis, Missouri, Luxury Homes market.

The current luxury market in St. Louis contains approximately 68 “Real Buyers” based on data drawn from the last 3 months of sales.  45% of these buyers will purchase homes between $800,000 and $1M.  Approximately 25% of them will purchase homes between $1M and $1.25M.  Another quarter will choose homes between $1.25M and $1.5M.  A small percentage of the current buyer pool will select a home priced in excess of $1.5M.

If you are a seller, this report and the data contained therein should be used to help you make pricing decisions as you place your home on the market.  For more information, and for a breakdown of new construction vs. resale, please contact me at 314.677.6560.  You can always visit my St. Louis Luxury Homes Website.

Front of 217 Glen Cove Drive in Chesterfield

JUST LISTED in Chesterfield — popular Westbury Manor. This home is not in MLS. Seller is listed with Nolting Real Estate but is not cooperating with outside agents! Please call Russell at 314.267.2636 for details about this 5 bedroom (3 main floor, 2 in LL/big windows). Hardwood floors, protected by carpets, look great where visible. Three bedrooms and two full baths on main floor. New tile in baths. Kitchen has been opened up and now features stainless appliances — brand new. Large living room/dining room combination as you enter this home. Anderson wood windows are older but very high quality. Brick four sides with enclosed soffits. Lower level is finished and has 2 large bedrooms with full windows, and a large rec room with door to nice patio. Also another full bath. Furnace, hot water heater, AC, and roof are new!! Call Russell for more details and disclosure statement.  You can also visit this Westbury Manor ranch on my website.

This elegant villa home in Chesterfield will be open Sunday 2-4!

Impeccably updated 1.5 story, end-unit villa in prestigious, gated Conway Meadows. Transformed by a Top Ladue Designer, this custom home boasts new exotic walnut floors, Jeffersonian Wood floors, a granite kitchen, leaded custom art glass doors, triple crown molding, carefully chosen paints and Schumacher wall coverings, a lighted, private courtyard (access from both Breakfast Room and Master Bedroom) with lush perennial beds and fountain. Dramatic 2 story entry with leaded glass chandelier, opens to large living room with new carpet. 17 ft long Dining Room has 4-window bay. Kitchen and breakfast room boast many windows and overlook lush plantings in private courtyard — custom cabinetry, granite, dbl ovens, new DW, planning desk, can lights, new hardware, walk-in pantry, and fabulous light fixtures. Great room with vault. Master bedroom suite. 2nd large bedroom and full bath on main level. Additional master suite upstairs. New hot water heater, HVAC, roof, gutters, & security sytem.

If you want to see this condo, please call me for an appointment at 314.267.2636.

You can also visit my St. Louis Internet Home Search page.

Note Well:This St. Louis home is a short sale — We are Certified Distressed Property Experts.  We help people with distressed properties.

Super opportunity for the handyman! Located at the back of a peaceful cul-de-sac, this spacious all brick 4 bed/3 bath ranch residence has everything you’ve been searching for. The living room & dining room share a tall cathedral ceiling lending a huge space to welcome & entertain your guests. The family room has a full masonry fireplace & sliding glass doors to the private aggregate patio. You’ll be very impressed with the extra-large kitchen & breakfast room. The master suite includes a second set of sliding glass doors to the back patio, a full bath with whirlpool tub & His&Hers closets. The functional space is tremendously expanded with the huge lower level. There is a large recreation room with brick fireplace & built-in brick bar, plus 2 additional rooms & the third bathroom. The privacy… fenced backyard features a large aggregate patio surrounding an in-ground pool. Don’t miss out on this one. $203,000.

This is not listed by Nolting Real Estate.  We include it here because it is a good buy in a subdivision that we love — Westbury Manor.  We’ve sold a number of homes in Westbury Manor in the last year.  Properly remodeled, this home should command about $300,000.  It’s a good investment.  Call us to schedule a tour of 162 Saddleford — 314.267.2636.

Search for other short sales at our St. Louis MLS search website.

The Chesterfield Family Aquatic Center features a 25-yard competitive pool with two diving boards, a leisure pool with slides, play structures, lazy river, and a wading pool. This facility is located west of Chesterfield Mall at corner of Chesterfield Pkwy & Lydia Hill Drive. To reach the manager’s office at the Family Aquatic Center, please call (636) 537-2552.

For other Chesterfield, MO real estate news…

Real Estate absorption rate for St. Louis is defined as the number of months required to sell the current, St. Louis real estate inventory.  In a tough real estate market, this number is an important one to keep in mind.  The chart below shows the absorption rate for a selection of zip codes and for St. Louis county.  

Particularly shocking is the number of home sales last month in the Des Peres/ Town and Country/ 63131 area.  I’ve covered this area for a long time and am surprised to see only 4 sales in the zip code last month.  I’m sure next month’s numbers will paint a different picture.  We look at absorption rates as trends.  Nevertheless, 4 sales is pretty shocking.  

We look at absorption rate to help us gauge our expectations for our homes that are on the market.  If you put your 63021 home on the market today, you will be competing with 287 homes.  We can reasonably anticipate that only 31 of them will sell next month.  So what do we need to do to get your home to be picked?

First, we need to price your home in light of the competition.  We need to be priced lower than the competing properties of the same size, finish, and condition.  This will enable us to stand out in the sea of houses on the market.  I can advise you on how to price your St. Louis home competitively.

Second, we need to look better looking than the competition.  Buyers are judging a beauty pageant.  If you don’t stand out as the top of the heap in terms of condition and quality, you’d better be a real steal.  Nobody seems to be interested in painting, removing wallpaper and carpet, gutting kitchens, etc. these days.  The fact is, there is enough inventory out there that they don’t have to.

23 Broadview Farms Open 1 to 3pm
2469 Clarjon Open 12:30 to 2pm
52 High Valley Open 2:30 to 4pm

Thanks, Russell  

P.S.  For a great search engine for St. Louis Listings, visit SearchHomesStLouis.com.