According to Trulia’s research department, Americans are showing a preference for smaller homes.

Americans are veering away from the “McMansions” that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet– the same number of who said they’d like their home to be between 800 and 1,400 square feet. Fifty-five percent of Americans would prefer a home between 1,401 and 2,600 square feet.

Forbes described the trend toward smaller luxury homes back in October of 2008.

My experience is that the larger McMansions are struggling to find buyers who are willing to invest the time, energy and money in upkeep.  Moreover, we have found that the enormous spaces so popular in new construction back in the 1990s and early 2000s don’t feel very comfortable.

In 1998, Sarah Susanka wrote The Not So Big House.  This book describes a trend toward quality construction over size.

For more information, visit The Russell Nolting Group’s Luxury Homes website.

Luxury homes have been selling lately.  We’ve added 5 new “Real Buyers” to our market in St. Louis.  This means that the odds of selling your luxury home in St. Louis has increased a few percent, and the “months of inventory” has dropped by about 1 month.  We’re still a solid Buyer’s Market, but the future is looking good.  This is great news.  For a detailed report on the St. Louis Luxury Home Market.

We’ve added a great new listing at 1823 Topping Road in Town and Country, MO 63131.   This sprawling home surrounds a large swimming pool and overlooks 1 1/2 acres of lush landscape.  Five bedrooms, 6.5 bathrooms, a remodeled kitchen, and much more.  This home is priced at $1.175M.

The luxury home market in St. Louis continues at a sluggish pace.  This, of course, translates into buying opportunities.  Currently 72 real buyers are in the St. Louis market for homes priced above $1M.  A recent addition to the market is 3 Indian Creek Lane in Frontenac, MO 63131.  This home boasts 4 bedrooms and 6 beautifully remodeled baths.  The home has been beautifully remodeled and is priced at $1,485,000.  Please contact me if you’d like to see it. 

Russell Nolting, 314.677.6560

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.

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.

687 Golfview/Ballwin/Open House

Type: Single Family Home

Location: 687 Golfview, Ballwin, MO 63011

Bedrooms: 4, Bathrooms: 3 full, 1 half, 0 three-quarter bath

Price: $349,900

Description:

Beautifully updated, 3000+ square feet, 4 beds, 3.5 baths center hall, brick, executive two-story in Marquette district (Kehrs Mill elem.) Center-island kitchen with custom 42 in. cabinets has solid-surface counters, double oven, silent dishwasher. Kitchen opens to Breakfast room and family room (hardwood floor, granite fireplace & wet bar). Phenomenal sunroom has nice tile and HVAC. First floor laundry room, updated half bath, huge dining room and living room complete main level. Upstairs find 4 bedrooms with new carpet. Master has 2 walk in closets and luxury bath with bubble tub and seperate shower. Bedrooms 2, 3, and 4 share nice hall bath. Professionally finished lower level features full bath, office, and large rec room with professional bar — sink, dishwasher, bottle beer cooler. Architectural shingle roof (08), vinyl siding, vinyl windows (07), newer HVAC, electric panel, appliances (09), carpet (09). Beautifully landscaped yard! Home warranty included!!

Visit www.NoltingRealEstate.com for more information.

Contact Information:
The Russell Nolting Group

The Russell Nolting Group

10936 Manchester Rd.
St. Louis, MO 63122

Phone: 314-677-6560
Fax: 314-677-6561

Email: russellnolting@NUMBER1EXPERT.com

In St. Louis county, during the past 6 months, 3072 homes were sold.  During that same period of time, 3694 homes expired out of the Multiple Listing Service (MLS) without a successful sale.  Most St. Louis real estate listings do not sell.

Marketing exposure contributes to this lack of success.  But I believe the most significant reason that homes do not sell is pricing.  You see, by virtue of the fact that they are included in the MLS, they are getting a great deal of exposure.  All real estate agents have access to the listing.  And remember that most buyers find a house through a Realtor.

But Buyers and their Realtors typically do not look at overpriced listings.  And if they do, they usually do not make realistic offers if they have to suffer the stress of “low-balling” the seller.  I talk to sellers everyday who say, “Let’s start the listing high and see what happens.”  What happens 99 out of 100 times is that the house gets no showings.  By the time we get realistic with the price, the “Days on Market” make the house look like it must have some defect.

St. Louis, and the rest of the country, has been experiencing a real estate recession.  The best way to combat this crisis is to work with a Realtor who know how to price homes.  You must have a Realtor who researches prices every day and knows how to apply them to your situation.  For more information, please visit http://www.RussellNolting.com.

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via Median Price for Single Family Properties in BALLWIN, MO 63011.