The following tables display all the multi-family properties sold in the City of St. Louis south of Delmar, from September 1st to September 30th, 2009. The properties are broken down by number of units.

It’s been a little over two months since I last posted about my ongoing rehab project, but I am happy to say that it will be done in less than two weeks. Trim work is about halfway complete so it will mostly be odds and ends from here on out.

At this point the roof, electric, plumbing, rear siding, HVAC, hardwoods, tile, kitchen cabinets, doors and windows are all complete. Baseboard trim should be finished up by Saturday so that finish caulking and painting can be completed. Other than that, here is the work that remains:

• Carpets
• Appliances
• Concrete counters
• Remaining bathroom fixtures
• Landscaping
• Painting the basement
• All those fun little odds and ends

In addition to the subcontractors, I will be at the house all weekend trying to finish up the outside. We are getting very close though and should be able to start cleaning up by the end of next weekend. Just in time to get the place under contract and close before the $8,000 homebuyer credit potentially expires. Since we upped the scale of the work at the place, and because the market is supporting it, the asking price will be $134,900 when it goes live. If you know anyone looking for a place, be sure to give them a heads up.

I plan on having an open house when the project is complete so expect details on that and final pics and a walkthrough video very soon. In the meantime, check out the current pics.

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If you frequent South Saint Louis, you have no-doubt seen Morganford Road. Stretching north and south from Arsenal at Tower Grove Park to Bayless in South Saint Louis County, the street is quite prominent. That is why it is so perplexing that there is no consistent name given to the street. Is it Morganford or Morgan Ford?

The origin of the street’s name literally comes from the name of a ford. A man by the name of Morgan (first or last name, I don’t know) operated a ford at River Des Peres. The street was named after this man. Despite a recently posted Post Dispatch story to the contrary, Morgan Ford was not a person’s first and last name. It was a literal ford.

I have always used the Morganford spelling myself, as it just seems to fit. Considering the fact that many local organizations and businesses, online mapping services such as Google and Yahoo, and even the postal service recognize this spelling, it seems right. But not so fast. The City of St. Louis officially recognizes the street as “Morgan Ford.”  Local business associations along the strip also recognize this spelling. All those street signs with the “Morgan Ford” spelling aren’t typos.

So what is the “official” name? That depends on who you ask. I am temped to start using the Morgan Ford spelling as the City uses that spelling on street signs, but the lack of postal and online recognition of this spelling holds me back.  This is a blog after all, so maybe I should keep in sync with the rest of the web-world. Which side of this name battle are you on? Me, I guess I am a Morganford man.

Two years ago there were four Laclede Gas gasometers left in St. Louis. I was saddened to see the gasometer in Forest Park Southeast torn down a couple years back, but at least there was still one of these monstrosities in North City near Goodfellow and two more next to I-44 in Shrewsbury. Until now.

It seems that the two Shrewsbury gasometers will now meet the same fate as the FPSE. There is no doubt that the current structures are ugly with being untended for so many years, but I have found them memorable since before my elementary school days when I used to attend St. Michael’s down the street from the structures. Hopefully something more than grass will find a home on these newly vacated lots. And maybe, just maybe, the Goodfellow gasometer will be able to hold out and avoid the fate of it’s brothers.

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This time last year, the commercial space at 2730 McNair appeared to be set to house a restaurant called Koronaz. Neighborhood support for the project, however, was not forthcoming and it fell apart. While that was a setback, the good news is that the wait for something to open in the space appears to be over.The larger commercial space on the corner of McNair and Lynch was converted into an apartment after the Koronaz plan fell through, but the smaller commercial space immediately north of the intersection on McNair will soon be home to Ernesto’s Wine Bar.

The establishment will reportedly be owned by developer Phoenix Redevelopment Group and will feature a wide selection of wine and food.  This news has been floating out there for a while now, but it appears that the opening of the establishment is just around the corner. A look through the windows shows tables and chairs in place, as well as most of the decorations. In the rear patio area, stacks of metal chairs are already waiting to handle patrons.

With the relative lack of activity in Benton Park on this western end of Lynch, this wine bar could do a lot to help bring attention to the street. One would hope that if they are successful, they might someday consider expanding into the larger apartment-converted section immediately to the south. Welcome to Benton Park. Check out the exterior pics in the gallery below.

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You know a neighborhood is on the right track when it can support not only two business districts (South Grand and Morgan Ford), but also a hodge-podge of businesses interspersed throughout the neighborhood. That is exactly what continues to happen in the neighborhood of Tower Grove South with the soon-to-be-opened A Walk in the Park Pet Spa.

The business will operate out of 3892 Wyoming, which is about four blocks south of Arsenal and two west of Grand. The building is looking really nice and if the sign out front is accurate, they will be opening October 1st, 2009. The neighborhood just keeps on getting better. Welcome.

It seems like the “powers that be” in Jefferson City are at least playing lip-service  in the effort to help revitalize St. Louis City. With their help the long discussed, sometimes pipe-dream of a project, known as the Chouteau Greenway (or Chouteau Lake District), might just be back on the table. Apparently, Governor Jay Nixon has sent an official letter to the National Transportation Secretary Ray LaHood, seeking assistance with the project. Unfortunately, as great as that might sound, even if money would find its way here, this is a huge project that would take years and cost a lot of money.

Be that as it may, if any project in St. Louis is worth this kind of investment, it is this one. Current plans would replace the industrial wasteland of railroad tracks just south of Highway 40 (I-64) with a beautiful lake (which was a naturally occurring body of water before it was drained in the 1850’s), create a new business park on the southern border of Downtown, as well as connect the Mississippi Riverfront with the rest of the park system. In short, it would truely transform St. Louis as we know it.

There is a long battle ahead if this project is to ever happen, but getting State support is an essential componanant. If Governor Nixon can convince Washington to lend a hand in moving the current railroad systems, it might actually be possible to make this happen some day. Here’s to hoping.

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While the controversial subdivision development in the eastern half of the Botanical Heights neighborhood (formerly McRee Town) has received more fanfare, the commercial corridor along Tower Grove has been quietly gaining momentum.

At McRee and Tower Grove, which is visible from Interstate 44, Hoffman Brothers Heating and Air Conditioning and Urban Improvement Construction (UIC) have each rehabbed a building on the corners of this intersection in the past few years. Earlier this year, UIC also began to work on the mixed-use building on the NE corner. In the past few months, this shell of a building has been completely rehabbed. The pics in the photo gallery below will give you an idea of what it looks like as the UIC offices.

There is no word on potential occupants at this point, but there are “For Lease” signs in the windows, so hopefully they will find somebody soon. With this project, the corner is really starting to have a good vibe, and one would hope this energy will continue to spread north and south along the commercial corridor on Tower Grove. With Forest Park Southeast (aka The Grove) continuing it’s rapid improvements directly to the north, and Shaw doing the same to the south,  such development in Botanical Heights could prove to be a great bridge between the areas. If only the residential sections between the new subdivison and Tower Grove would see more improvements, this neighborhood could really be something.

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I haven’t posted anything about the proposed changes to the streetscape on South Grand since early last year as these projects tend to drag on forever. Thankfully, it looks like things are finally coming together.  In fact, the 3- lane proposal (my personal favorite) is actually being tested right now.For 30 days, which run out around October 8th, 2009, the target area of Grand between Arsenal and Utah has been restriped and concrete barriers have been put up at intersections to simulate the proposed configuration. I have heard some people complain that this is unessary or that it will simply push traffic into neighborhoods, but both of these stances are wrong in my mind. I test drove the entire section both ways yesterday and I loved it. Traffic was flowing nicely too despite the view-block concrete bollards at street corners.

On the pedestrian angle, if you have ever walked that strip of Grand, you will agree that it can be intimidating to cross the street. With 4 lanes of traffic and 40 mph car speeds, it is more than an illusion. South Grand has done very well for itself, but this change would make it much more pedestrian friendly, akin to the Delmar Loop. It would be a great thing for residents in the surround neighborhoods of Tower Grove South and Tower Grove East, and sure won’t hurt property values either.

But don’t listen to me, test it out yourself in the next few weeks and call the Great Streets Initiative with your thoughts at 314-776-2423. For more information on the proposal changes, check out the Great Strrets Iniative website. You might also want to check out Saint Louis Urban Workshop’s take on the issue as they have been following this one more closely than I.

It’s no secret that the City of St. Louis has it’s share of crime problems. The trouble is, no matter how much money is pumped into police patrols, they are still merely a reactive force. To really stop crime, it takes the community coming together and saying “we won’t stand ofr it anymore.” Thats were the Guardian Angels come in.

Already established in 140 cities in 13 countries, this is an organization that has had a lot of experience in helping the community stand up for itself. Members patrol their areas wearing red berets and red jackets (they don’t carry guns) and take a proactive role in stopping crime. Unlike a neighborhood watch, they actually get involved first-hand and make arrests and break-up fights. This isn’t your typical nonprofit organization.

Guardian Angels leaders are apparently working with Hyde Park residents to start a local chapter, which would have a presence in any neighborhood with local support. A lot of people seem to react to groups like this and call them vigilantes. Others cite that this is work for the police and that these people should stay out. I say that since the status quo clearly isn’t cutting it, we should welcome the group with  open arms and do all we can to encourage their efforts. Who knows, maybe we will be seeing red berets on the streets sooner rather than later. I, for one, would welcome the sight.

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Judging by the amount of frustrated comments I received on the previous story I ran on the Carondelet Rec Center, I imagine this news isn’t going to please a lot of people. While nobody will question that this recreation facility is very nice, the fees and management arrangements for running the facility are proving contentious.

When the facility opens this November it will be run by the YMCA. Originally, it seemed that the Y would simply handle the logistics of the operation, but it now appears the the facility will be a YMCA in all but name. According to the St. Louis Post Dispatch

Membership rates for city residents will be similar to a YMCA membership. An adult membership will run $46 a month. A household membership will run $69. Seniors will pay a slightly reduced rate of $41.50. The fees will also include membership at the South City YMCA.

Some deal huh? While they might not have a pool, there are plenty of for-profit facilities around town that cost less than that. Since the construction of this facility was funded by a special 1/8 cent sales tax, these dues will be paying for management and upkeep of the facility only. That is what has me scratching my head. If this is a subsidized project that the public is paying for, why are the fees nearly identical to the Y’s normal fees? The Y who has to build their rec centers with their own money? In reality, it seems like the public was pretty much duped into footing the entire bill for a true-blue YMCA.

This is a big deal as the public outcry from this situation is likely going to affect construction of the second rec center due to be constructed in O’Fallon Park (in North City) and the potential for other such public projects in the future. Something just isn’t adding up here, which is causing a project that should be a celebration to be met with criticism.

Does anyone have any special insight into this situation?

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Landlords of Missouri, it is time to celebrate. Common-sense has finally won the day in terms of our eviction law. From now on, when an eviction occurs, there is actually a legal pathway to removing the tenants property thanks newly signed Senate Bill 231.

In the past, when evicting a tenant (even the really bad ones), the legal rights of landlords to remove a tenants belongings out of the property were murky at best. Even weeks after a court-order eviction was enforced, tenants could technically sue you if you removed their belongings. Since evicted tenants aren’t usually on the best of terms with their former landlords, this was more than a casual concern.

One loophole many landlords used was to move all the tenants belongings outside the building and into the yard. Still on the property, but not within it. The trouble is that many cities, such as St. Louis, responded by passing new laws that would impose littering fines on landlords who did this. A valid point, but this left landlords in such areas without a legal recourse to remove remaining personal property.  This has been a known issue for many years now, and despite failed attempts to pass a bill in 2007 and 2008, the battle was finally won this year. Here is the official summary of the signed bill:

This act provides that except for willful, wanton, or malicious acts, landlords are not liable to any tenant for any loss or damages to household goods, furnishings, fixtures, or any other personal property left at or in the dwelling by reason of the landlord’s removal of the property under a court-ordered execution for possession of the premises.

If, after the sheriff completes the court-ordered execution, property is left by the tenant in or at the dwelling that is identified as the property of a third party, the landlord shall send notice to the third party by certified mail with a return receipt requested. The third party has the opportunity to recover the property within five business days of the date notice is received. If the landlord is unable to notify the third party, the landlord may dispose of the property and is not liable for the loss or damage.

Governor Jay Nixon signed the bill in early July, but it officially went into affect as of August 28, 2009. While you still can’t just set personal belongings on the curbside, passage of this bill means you don’t have to. If you follow the procedure laid out above and the tenant never collects their stuff, you can either donate it to charity or toss it in the trash.

It took far too long to get this passed, but for once the rights of landlords are being protected. You may now breathe again. A big thanks to all those out there (I know there are many) who made this possible.

For more on the bill, including the full text, check out the bill homepage.

When it comes to trees in the city, it is amazing how unaware people are. Take the tree lawn in this picture. These recently planted maple trees are wrong on so many levels: too large a species to be planted so close to a building, too small a tree-lawn to support the tree, and most importantly… they are planted UNDER A POWERLINE!

I’m sure the the City’s Forestry Department has made their share of mistakes in planting trees in the past, but in a case like this, it is pretty obvious that the property owner planted these trees themselves. The thing is, the tree lawn, which is the space between the street-curb and the sidewalk, is a public right-of-way. Only the City has a right to plant something there. Unfortunately, too many property owners fail to recognize this fact. The result is often a aesthetic hodgepodge and possibly dangerous as the tree grows.

The City of St. Louis’ Forestry Department takes care of planting, maintaining and removing trees and other plants in public areas. If you want to do anything in these areas you should contact them. Depending on the season, the response time can vary, but they are usually pretty good about getting to issues in a respectable time after you contact them. Especially when there are safety concerns. If you are curious about Forestry ordinances and programs, they actually have a really good website that is very helpful. You can also request services directly through their site.

The new grocer in Benton Park, Pointer’s Market, is now open at 2901 Salena. Yours truely hasn’t been there yet, but they have been open for almost a week. Benton Park is really coming into it’s own when it comes to business and residential progress. Looks like they just got another good addition to the lineup. For more on Pointer’s, check out the our previous post on the business.

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Some interesting news in South St. Louis this morning. It seems that the former coke facility in Carondelet, officially known as the Carondelet Coke Plant, is going to become a business park. More details will be unveiled later today, but the site is the largest parcel city-owned property at 42 acres, and is currently highly polluted.

New details, following the official announcement, seem to indicate that the project could actually pick up 12 additional acres, to  make it 54 acres in all. Cleanup should begin very soon and the project will play directly off the new roads being built for the new casino in Lemay.

There will be plenty of issues to manage for this project, but if this property can be turned from one of the city’s worst to an actual benefit, this could be huge for Carondelet and the City. Currently, even businesses that want to stay in the City are forced to move out to the County due  lack of developable commercial land. This project could go a long way towards mitigating that issue.

If you are interested in details about the site, the is a great writeup at Ecology of Absence.

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It’s funny, no matter how many properties you visit, it seems like you always find something new. Take this window for instance: I have never seen anything like it. The frame of the window is wood, but the glass looks like you stacked up a pile of soda bottles end-wise.

From what I can tell, the glass appears to be an original feature. The building this window is located in is about 120 years old and is in Fox Park. Stained glass is one thing, but this is one interesting window. Is this a “one of a kind” thing or are there other buildings around with interesting glasswork like this?

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It’s been nearly a year since I moved my company, Threshold Investment Properties, into my current building at 2654 Gravois and I haven’t stopped working on it for one minute. The building has quite a ways to go before its done, but the office itself is nearing completion. The best example of this transformation is the nearly complete storefront.

Originally a hideously painted, paneled monstrosity, after months of planning and work, the structure is up, patched, primed, painted and now clean. I’m still working on the stained glass, doors and signage, but the bulk of the work is done.

The new section of the storefront is composed of 3″ x 8″ Douglas Fir boards, which I had to have custom milled. There are 23 panels of double paned glass, which do a good job of keeping out the noise and extreme temperatures. I tried to do something a little different to give the place some character and I have been very happy with the results thus far.

I’m still kicking around ideas for the doors and sign, but I hope to have that figured out and have the money to do the work by November. I hope to have the entire office finished by that point too. When I am done, I will be sure to post pics and a video of the whole project as this place has been my love-hate obessesion for over a year. In the meantime, check out the storefront progress pics.

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Last night at 2am I got a surprising wake-up call: the alarm was going off at my rehab project in Tower Grove South. The police were already there and requesting a key-holder to come over. Upon arriving on the scene I witnessed the sobering site of a backdoor kicked in.

Thankfully, my alarm system did its job. Not only did it run off the assailant without any theft or vandalism (other than the door), it also alerted me to the issue and brought the police on site. I know a lot of rehabbers skimp on installing alarms, and even more skip out on having them monitored, but this is proof positive why you should protect yourself.

Another thing this incident reinforces in my mind is that a hand-lock on a door is very easy to break. On the back door of the property in question, that is all that was in place when we bought the place and I was too lazy to install anything more. It looks like a couple of kicks is all it took to break it. Lesson learned. All access points to any property should be secured with a properly installed deadbolt in addition to a standard lock set. Especially on a vacant property.

If you properly secure your properties upon each visit and make sure there is an alarm system and proper lighting (another thing I didn’t have), the odds of a successful break-in are small. I only had one of the three and I managed to get away with only a busted door, which I was going to replace anyway. Still, its better to be safe than sorry as the financial loss and frustration of a successful burglary could have been a lot worse.

Dealing primarily with the foreclosure market in the past two years, lately I have been involved in many Fannie Mae transactions as both a buyer’s agent and a buyer. Unfortunately, although they are often some of the best deals on the market, that fact might be changing. If you are a real estate investor, Fannie has now stacked the deck against you. In the often misguided attempt to encourage home ownership across the United States, from now on, when a Fannie Mae foreclosure property hits the market, for the first 15 days it is listed no offers will be considered from investors. NONE.

When purchasing a HUD property, it is not uncommon for bid preference to go to owner-occupants. Especially in the first couple weeks of a listing. But they still consider offers from everybody. Fannie Mae, on the other hand, has been more even handed in their approach. Unofficially they might give some preference to owner occupants, but I never had an issue with it. Now, they suddenly won’t even look at your offer. This 180 in policy has me scratching my head to be honest.

The first property I encountered this on was actually a 4-family, which is even more odd. Most 4’s are not owner-occupied yet they are making this thing sit. From a business perspective, even if no owner-occupant buys the place before 15 days, this is going to really hurt all the proactive agents and buyers who make solid offers within a day or two of the listing coming on the market. I don’t know about anyone else, but I can think of a god place for Fannie to stick their new policy. Capitalism at its best:(

The mixed-use property on the SE corner of Morgan Ford and Connecticut is an example of one of those buildings that seems to be in a perpetual state of construction. In the early part of the summer of 2008 it looked like the place was nearly finished, but it has sat relatively idle since then. Until now that is.

Plaza Pastries & Donuts, located on the Connecticut facing side of the 3182 Morgan Ford building, is now open for business. No word yet on the quality of their product, but with coffee, health food, and brunch already covered in the Tower Grove South neighborhood, this place should find a niche. At the current rate of progress, in a  year or two there will be no more vacant commercial space on Morgan Ford north of Utah.

Looks like Benton Park is seeing yet another addition to it’s business line-up. Bittersweet Bakery will soon be opening in the Polar Wave Ice & Fuel Company building at 2200 Gravois. This is the same building that houses Shock City Studios.

Official information has been hard to come by, but word has it that in addition to baked goods, the store will also sell ice cream when it opens around October 1st. Yet another victory for the continually improving business community along Gravois and Jefferson in the Benton Park/McKinley Heights area.

Frequently visiting vacant, sometimes unsecured buildings, I must admit that at times I have been quite uneasy when entering a property. Especially by myself. That’s why I bought a mace gun.

Of all the many showings and preview showings I have had in the real estate business, I have only twice ran into someone in a property. Both times I was by myself and both times the other person was more scared of me than I of them (you know, like with bears). Those run-ins, however, have made me increasingly wary of such situations. As a result I decided I need to protect myself in case I run into someone not so timid. I considered carrying a pistol and getting a concealed carry permit, but after careful consideration, I decided the potential for shooting someone in a non-confrontation closed-quarters accident or freaking out a client just weren’t worth it. I am quite familiar and comfortable with guns, but they don’t seem to be the right answer.

When considering traditional mace, I the range seemed far too short and the potential for an accidental discharge too high. I was about to opt for a can or bear mace, but I ended up finding this mace gun instead. With a range of almost 25 ft, great accuracy and a virtually idiot-proof design it seemed like the thing or me. I ended up ordering one off of eBay for less than $50.

The gun comes with a mace cartridge and a water cartridge for testing. In my tests I was surprised how far the liquid shot and for have long the discharge lasted. It comes out for a good three seconds, which is plenty of time to hit your target regardless of the situation. There is also a small LED flashlight built into the gun, which turns on whenever you touch the trigger. It could be a tad brighter, but it is a welcome addition for use in dark buildings.

Overall, I would say this is a great buy and a true must-have for anyone who shows buildings and apartments for sale and rent. Your not going to take down a gang with this thing, but the piece of mind it gives you is well worth the $50.

Following the completion of Citygarden in Downtown St. Louis, there seems to be renewed interest in the long-troubled Gateway Mall. This renewed interest, as well as the fact that things are probably pretty slow for architects right now, led St. Louis-based HOK’s Planning Group to brainstorm this idea for Kiener Plaza. Nothing can ever truely make up for all the great buildings that were destroyed to make way for this project, but it is nice to see that something noteworthy might grow out of this after-all.

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So you’ve approved an application and the tenant wants to sign a lease in a week. Your search for a tenant is over, right? Maybe not. When it comes to renting apartments, until you actually have money in hand its never a sure thing.

If you’ve rented many apartments in the past you have probably been skunked by a few perspective tenants. You make arrangements to sign a lease only to find out the morning of the big “signing day” that the tenants parents don’t want them to live in “that neighborhood.” And it always seems like in the interim between approving the app and getting stood up, there is always a couple people you turn down for showings. You loss your time invested and the lost rent.

The only safe way to protect your position is to never quit showing the apartment or taking apps until you have a signed lease or at least a deposit. Tell the applicant that you will only pull the apartment from the market if they put down a nonrefundable deposit. The amount depends on the situation, but someone is a lot less likely to take advantage of you if they could lose $200 because of it. You don’t want to scare people away, but you need to put such measures in place to prevent people from wasting your time.

In this business, time is money as every additional day without a tenant is a loss. Being considerate and reasonable does not mean you shouldn’t protect yourself. If you put these protections in place your pocketbook will thank you.

Since the last progress update, the new Walgreen’s in the Georgian Square development has progressed nicely. Located between the LaSalle and Lafayette Square neighborhoods in an area know as Bohemian Hill, the building is the first to go up on the much-disputed development site.

No word on when the store will open, but the exterior seems to be getting close to completion. While still a bit suburban for a such a location, the design seems to make an attempt to recognize the fact the the building is in the heart of an urban area. It will be interesting to see how this Lafayette Avenue location one turns out as it could be an indicator of what the rest of the project will eventually look like.  With the relative lack of pharmacies in the immediate are, as well as the fact the the Georgian residential community (former City Hospital) is right across the street, one would think business would be brisk.

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Trying for something a little different on your rehab, but limited on your budget? Here is a idea I recently used in rehabbing my office for my door handles. I was trying to mix the existing historic features of the space, while going for a contemporary look at the same time. I made the custom doors myself, but when it came time to find a handle that actually matched what I was looking for I was hit with a case of “sticker shock.” At over $100 a piece for the contemporary door pulls I wanted, I was looking at over $600 to use them on all my doors.

Sometimes thinking outside the box can save a lot of money. I had heard about people using handicap bars for door pulls so I went to the hardware store to check them out. Not only were they only $25 a piece, they looked very similar to the overpriced hardware I was finding online. I ended up buying all six handles for only $150. I have had them in place for a couple of months now and I couldn’t be happier.