urbanSTL

chaifetz10 wrote: ↑

Jun 12, 2017

Final question, but has anyone taken advantage of any first time home buying credits? Doing some research and it is quite confusing what's available, what the requirements are, and what is legit vs. marketing scams.

Many years ago, I bought my first home with the Missouri Housing Development Commission (MHDC) program "Cash Assistance Payment." It literally paid 4% of my mortgage. And because I had a 3% down payment FHA loan, I walked away from closing without paying a dime..in fact I had a check in my name...which was a huge help.

The major issue you might have is income limits. My timing was fortuitous in that my income limits were based on the previous year's tax return - mostly reflecting the income of a college student. The purchase price of the house was right at the maximum value, which is another issue, but not as big of one.

The only 'catch' is the recapture clause, which is much ado about nothing. It basically prevents folks from using the payment to flip the house for profit. Even in such a scenario, you'd only pay back what you got. And the likelihood of having to do that is next to zero.

If for whatever reason you can meet the income limits, you have to find a lender and preferably a buyer's agent who is familiar with the program though. The first two or three I spoke tried to talk me out of it because they were unfamiliar with it. That would have left thousands of dollars in free money sitting on the table.

bwcrow1s wrote: ↑

Jun 13, 2017

pasadenahills1 wrote: ↑

Oct 04, 2016

Another very cool house in Pasadena Hills is on the market. I think it would be hard to find a house as cool and historic for such a good price anywhere in the city or inner ring suburbs.
http://www.zillow.com/homes/7312-Ravini ... -63121_rb/

Wow, still for sale.

For Sell by Owner can take a loooong time. Did it before moving to StL.

pattimagee wrote: ↑

Jul 30, 2020

I thought this might be the best and most recent channel to put this, but I have a questions about Lindenwood Park. 

My sister-in-law is moving to STL to buy a home and start a family, via NYC. She's finding a decent few in Lindenwood Park, but that's kind of a hole in my STL knowledge - anyone have any synopsis of that neighborhood that would be helpful to chat through what to look for and look out for there? Thanks!

I loved living there for the several years I did.  Though it's probably as suburban as you can get while still in the city.  Target & Schnucks are close, most of the retail/dining is on Watson/Chippewa, Hampton & a small stretch on Ivanhoe [Lots of great restaurants in LP proper - Trattoria Marcella, Pintsize Bakery, Aya Sofia, Donut Drive In, Gooey Louie, Mom's Deli, FarmHaus, Biggies].  Getting off of one of the main roads, it's a fairly quiet neighborhood.  The park itself is a good size - LinFest & summer concerts in the park were nice to have close by.   Biggest issue we had when living there was finding childcare that was close - one place on our block was a bit run down & another on Arsenal we never got past the waiting list.  I worked both downtown in Clayton and my commute was probably 15 mins - and the Blue Line has its last stop on the west side of RDP on Landsdowne.  Depending on the budget, I'd suggest looking directly to the south at St. Louis Hills, as well.

Here ya go; Groth's Guide to Lindenwood Park. This write-up is nine years old, but Lindenwood is a very stable neighborhood; probably not much has changed, although I know prices have jumped since then. 

Lots of pics, which do a great job of capturing the flavor:

  https://nextstl.com/2011/08/lindenwood-park/

I can't speak much on the neighborhood itself, but our kids went to an in-home daycare off McCausland in Dogtown that isn't too far away, and is pretty convenient if your commute involves 44 or 64. After the oldest aged out of the in-home daycare she went to St. Raphael's which is only one neighborhood over. 

Hi, I may relocate to St. Louis late this year, and I am thinking about buying a condo/townhouse in that area - I have Zillow app on my phone and noticed many of those have been on the market for several months and had multiple price drops, is the housing market really that bad there? Do you guys have any recommendations? I’d be working in St. Louis and don’t want to drive for more than 20 minutes to get to work

eric.wise1882 wrote: ↑

Aug 06, 2020

Hi, I may relocate to St. Louis late this year, and I am thinking about buying a condo/townhouse in that area - I have Zillow app on my phone and noticed many of those have been on the market for several months and had multiple price drops, is the housing market really that bad there? Do you guys have any recommendations? I’d be working in St. Louis and don’t want to drive for more than 20 minutes to get to work

Would be helpful to let us know where these are since the housing market is very hot here

Every real estate market has odd properties that sit on the market for far too long. Sometimes it's an issue with the property or building it's in, other times it's an owner or realtor issue. But for the most part, supply is not keeping up with demand in St. Louis right now. One of my friends sold their house and are renting because they got such a good deal on the sale. I've also talked to a few people buying who say that the options are very limited. 

I have two different friends who each had to put 8 offers on houses in 63109 before finally closing on one. Everything is going 15-20k over asking.

We bought back in April (63104) to take advantage of the low rates, and the market was still ok back then. We have kept in touch with our real estate agent who has told us that she has never seen a market like this in the last 7 years (when she first started working in St Louis). People getting multiple offers rejected in TGE/Fox Park.

Things are getting sold on word of mouth without ever being listed. Obviously there are places where you will feel more comfortable and places you might feel like more of an outsider. And there are poorer neighborhoods and wealthier ones, and a lot in between. Zillow's not useless, but you get a better feel for a neighborhood when you actually look around. And it's hard to beat a good buyer's agent. PM me if you need a rec.

eric.wise1882 wrote: ↑

Aug 06, 2020

Hi, I may relocate to St. Louis late this year, and I am thinking about buying a condo/townhouse in that area - I have Zillow app on my phone and noticed many of those have been on the market for several months and had multiple price drops, is the housing market really that bad there? Do you guys have any recommendations? I’d be working in St. Louis and don’t want to drive for more than 20 minutes to get to work

Aside from the market questions, what are you looking for specifically if you move here?

Do you know in what part of town your work would be? Are you looking at Saint Louis City proper or just in the metro area?  STL may not be an LA-sized thing but knowing where you work can help us make recommendations for you that fit in your 20-minute commute window.

What kind of neighborhood are you looking for specifically? What's important to you to have close? Are you looking for an urban feel or are you more comfortable in suburbs - and if so, why?  Do you value proximity to amenities, public transportation, or something close to a highway?  Would you prefer something like a loft, an multi-story apartment building, or are you comfortable with a 'traditional' condo of 2-3 stories with open walkways?

If you're comfortable disclosing here, what's your general budget?

If we have a better idea of what your tastes are and what you've been looking at on Zillow we might get a better idea both of how you've gotten the impression the market is slow and a better idea of how to recommend something that might best suit your needs.

-RBB 

I am sean M 24. I am about to start my first semester at SLU law school. It's my first time living in st. Louis and I am looking at the city view apartments (college student trying to save money) but the reviews were not great but seem to be getting better over
Time. So is the place worth living for a semester or should I pass. I I am not new to living in a city too. (Sorry for my grammar just been working on a lot of papers and kind if tired of typing.)

seanmcelligott28 wrote:I am sean M 24. I am about to start my first semester at SLU law school. It's my first time living in st. Louis and I am looking at the city view apartments (college student trying to save money) but the reviews were not great but seem to be getting better over
Time. So is the place worth living for a semester or should I pass. I I am not new to living in a city too. (Sorry for my grammar just been working on a lot of papers and kind if tired of typing.)

It certainly depends which building you get into but a 24m walking just those few blocks should be fine. I’m biased to park pacific and that’s where most of the slu law students live, but the handful that wanted to save money would live in city view. You could look at renting from a private loft owner as well. I knew a couple people that did that and lived in the meridian building on tucker and wash Ave.

You can get a 1 bedroom at Park Pacific for $975 that includes parking, internet, uverse, gym and the only other bill you have is ameren electric and in the winter I never even have to turn the heat on because it’s always 72-75 in this building