The luxury home market in St. Louis, MO, is defined as homes priced about $800,000.  Currently in St. Louis County we have 349 homes for sale in this category.  Approximately 35 homes are in escrow awaiting closing.  In recent months, we have averaged about 23 closings per month.

My current St. Louis Luxury Home Market Overview is available to view.

For more information about the home pictured here, please see 7HolidayLane.com.  This custom built ranch is located in Frontenac, MO and boasts over 7000 square feet of living space, 5 bedrooms, 7 bathrooms.  The home is three years old.

To search for Luxury Homes in St. Louis, visit my website.

Chief economist for NAR says we will know soon if the housing stimulus worked or not.

“If the pause in housing activity only last another month . . . then I think we’re on our way to a decent recovery,” Lawrence Yun, chief economist of the National Association of Realtors told St. Louis Realtors on Monday. “But if the pause lasts beyond August, then we’re looking at trouble.”

Yun also sited jobs creation as a major indicator for an economic turnaround.   “If we see 1/2 million jobs created in the second half of this year – that is a good sign that the economy is turning around,” Yun said.  “Unfortunately, it may take over four years for us to recover from all the job losses we have sustained so far.”

“A possible ‘Double-Dip’ in the housing market is a concern, but it would be mild considering the huge drop in home values we have already seen,” Yun said. “The bigger fear is whether consumer psychology is damaged enough to create an ‘over-correction’ in prices.”

Yun also warned that Realtors must get used to dealing with short sales and foreclosures because they are not going away.  “Distressed home sales will continue to be over 1/3rd of the St. Louis housing market,” he said.

In regards to the housing stimulus, Yun says the National Association of Realtors estimates that nearly an additional one  million buyers entered the housing market to take advantage of the tax credit for homebuyers.  “These are buyers we estimate would not have bought homes if the incentive wasn’t available,” he clarified.

Yun also spoke about the possibility of a ‘housing shortage’ within the next 2-3 years.  “Household formation is poised to rebound,” he says. The recession has forced college graduates to move back in with their parents and for some to “double-up” with roommates.  “If housing starts continue to drop as the economy improves, there will be a lot of people looking to buy houses.”

Visit your St. Louis Real Estate Information site for more details.

If you’d like to know what’s for sale in popular Mason Valley, Town and Country, MO, look no further.  Check out my up to the minute, Mason Valley home inventory list.

For more Mason Valley resources…

Click here to find out what’s for sale along Des Peres Road, 63131?

For more Des Peres Road Resources…

The Lodge in Des Peres

Located along Des Peres Road in the heart of Des Peres, The Lodge in Des Peres is the community hub for the city of Des Peres.  In addition to both indoor and outdoor aquatic centers, The Lodge in Des Peres has a state of the art fitness center, running track (1/10 mile), basketball courts, meeting rooms, childcare, and various casual seating spaces.  

The outdoor aquatic center at The Lodge in Des Peres has the following hours for the summer of 2009:

The Outdoor Aquatic Center is open 
Saturday, May 23 – Sunday, August 23.
Monday – Friday        12 p.m. – 8 p.m.
Saturday                   11 a.m. – 8 p.m.
Sunday                     11 a.m. – 6 p.m.

**The Outdoor Pool will operate on a school schedule beginning August 24.  
Monday – Friday                    Closed
Saturday                11 a.m. – 8 p.m.
Sunday                  11 a.m. – 6 p.m.

Holiday Hours
Memorial Day, May 25  11 a.m. – 8 p.m.
Independence Day, July 4  11 a.m. – 6 p.m.
Labor Day, September 7  11 a.m. - 8 p.m.    

Looking forward to seeing you there!

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.

Thanks for visiting my blog.  This post shows our latest listings.  Of note are the “less than 200k” properties that are perfect for your first-time homebuyer referral.  You can also sign up for an auto-email of the latest St. Louis county real estate listings.  

First time home buyers are eligible for up to $8000 in tax credits for homes purchased before 12/1/2009.  This tax credit can be made on the 2008 return by filing an amendment.  In other words, you can get the credit mailed to you now!  See this website for information about the St. Louis first time homebuyer federal tax credit.

Also of note are a number of properties in the Mason Ridge School District:

1.  21 Broadview Farm Road, 63141
2.  23 Broadview Farm Road, 63141
3.  1608 Foxleigh, 63131
4.  1 Hawthorne Estates Drive, 63131

Call Russell Nolting at 314-267-2636 for more information.   

1608 Foxleigh Court, Town and Country, MO 63131

Mason Valley 2 story with many updates. Mason Ridge School/Pkwy West. 5 br(4 up/1 down), 3.5 baths (1 full down). Hardwoods,new fixtures, plantation shutters,built-in bookcases,Anderson Casement,Vaulted ceilings,large rooms,sunroom with 3 banks of windows overlooking just under an acre of irrigated yard. Master suite renovated with gorgeous bath (double onyx sinks, nickel fixtures,cherry vanity,porcelin floor, custom tiles) huge closet,sitting room. Extra large kitchen,oversized island,maple cabs (undercab lighting),hardwood,Kohler,Moen,bay window,double oven,crown molding. Main floor laundry.Updated powder room.Office with Plantation shutters. Updated 2nd floor hall bath w adult height cherry cabs,new fixtures. Whole house fan.New bsmnt finish with bedroom suite-egress window with steps to yard-and large full bath. French doors to bright office. Rec/TV room. Lots of storage. Zoned Heating/AC. Basketball Crt. Ext lights. Ample parking.  $509,000.  Call Russell Nolting for more information.  Or visit our St. Louis Listings website.

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.

13642 Peacock Farm has gone under contract.  Originally priced at 575k in Sept 2008, the house received an acceptable contract 153 days later on 02/02/09.  The price had been dropped a number of times and was at 475k when the contract came in.  

Details about the sale price will be available after closing.  

For more information about this listing, please go to 13642 Peacock Farm Road.

For more Mason Valley news, click my Mason Valley Subdivision news and stats link.

For more information about St. Louis real estate, visit your home guide St. Louis.