THE LAFAYETTE REPORT: September 2009

Congratulation to Barbara Keathley on her election as the 2010 President of the Missouri Women's Council of Realtors.  The 2010 WCR Officer Installation Dinner is scheduled for September 29, 2009, at the Tan Tara Resort at the Lake of the Ozarks.  For more information, click on WCR Reception/Inaugral Dinner.

If you aren't currently a member of the Missouri Women's Council of Realtors, the video below gives just a few of the many reasons to join the Missouri Women's Council of Realtors.

Make an on-line slide show at www.OneTrueMedia.com

++++ PROVIDED COURTESY OF PREA SIGNATURE REALTY ++++

Looking to sell a condominium or townhome for sale in the Gaslight Square neighborhood of the Central West End? 

PREA Signature Realty just LISTED and SOLD this townhome at 4127 Westminster Place in the Gaslight Square neighborhood of the Central West End in 72 hours for 99% of the list price.  So, how did it sell so fast?  It was a combination of an aggressive pricing strategy, use of video and social networks to market the property, and use of our database to get the word out.

PRICING STRATEGY:  To start the process, we searched the MLS for active listings, pending sales, closed sales and expired listings.  We used the closed sales as a guide to the price range.  We then used the other active listings to position our sale in the range.  Contrary to poplular practice, we didn't simply let the seller set an optimistic price on the hope and belief that someone would fall in love with the property and make an offer.  We positioned the price of the listing $4,000 and $13,000 respectively under other properties listed for sale in the same development.  Here are some of the facts and figures:

Now, there are two important things to notice here.  Pricing the property results in a quick sale - this property sold after 3 days on market.  Similarly, it garnered immediate interest from multiple parties based on the value proposition created by pricing the property below the other 2 active listings in the neighborhood.  The interest garnered resulted in a substantially shorter number of days on market and a sales price that was above average both in terms of the neighborhood and the specific development.

HARNESSING THE POWER OF THE INTERNET AND SOCIAL NETWORKS:  Now, others may disagree.  However, we have found that the internet, social networks and e-Blasts get the word out quickly about properties we have listed for sale.  So, in this case, we moved quickly to get information about the listing out to the public, prior customers, prospects and members of our sphere of influence.  Here is the timeline:

• Listing Agreement was signed on September 21, 2009 at 6 p.m.
• Video presentation was prepared and uploaded to YouTube.com on September 21, 2009 at 10 p.m. and sent out via Twitter, Facebook, LinkedIn and 40 other social networks.
• Blog post was uploaded to ActiveRain.com on September 22, 2009, at 12:30 a.m. and sent out via Twitter, Facebook and LinkedIn.
• E-mail was sent to database of 1700 prospects on September 22, 2009, at 1:00 a.m.
• Property was entered into MLS on September 22, 2009, at 2 a.m.
• Tweetlister posted property on Twitter.com on September 22, 2009 at 4 a.m.

In less than 12 hours, we already had 4 showings scheduled for the property.  However, it is interesting where the listing was actually viewed.

• MLS:  8 Public Views / 39 Agent Views
• Point2Agent:  87 Public Views
• Company Website:  25 Views
• Craigslist:  Unknown Views
• Backpage: Unknown Views
• YouTube: 49 Views 
• ActiveRain:  85 Views  
• Twitter:  42 Views
• Tweetlister:  25 Views
• Facebook: 11 Views
• LinkedIn:  42 Views
• E-Blast: 62 Views
• Hot Sheet E-Blast:  43 Views

 Putting it in another perspective, here is a source of views by type of medium:

• Websites - 159 Views
• Social Networks - 127 Views
• E-Mails - 105 Views

So, in this case, I can't say the blogging and social networks are the best tools for selling homes.  However, I can say that this listing had good and immediate exposure to the public based on the use of our blogs and social networks.  3 of the first 4 showings were generated through Twitter, ActiveRain, and our YouTube channel.  Only 1 of the 4 showings was from the MLS.  Interestingly, the purchasers first viewed the property on ActiveRain and YouTube before it even appeared in their private MLS portal search.

MESSAGE TO THOSE AGENTS SKEPTICAL OF BLOGGING AND SOCIAL NETWORKS

Now, I am not going to say that blogs and social networks sell homes.  Without a good marketing plan, an aggressive pricing strategy and a bit of hardwork, I doubt that a home will sell quickly or at a premium price with or without the use of blogs and social networks.  However, I can say that social networking, blogging, YouTube videos and e-blasts each contributed to this sale and are additional tools to be used in marketing a home for sale.  In the past year, this is the fourth sale that was driven by or at least received an assist from a post to ActiveRain that was then disseminated via Twitter, LinkedIn, Facebook and other social networking sites. 

Interested in selling your townhome or condominium in St. Louis with a brokerage commited to harnessing the power of the internet and social networks to maximize the sales price for your home and minimize the days on market?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.

Looking for townhomes for sale in the Gaslight Square neighborhood of the Central West End?  PREA Signature Realty just listed a new townhome for sale in the Gaslight Square neighborhood of the Central West End at 4127 Westminster Place located 2 blocks North of Lindell Avenue. 

IDEAL FOR FIRST TIME HOME BUYERS

This townhome in the Gaslight Square neighborhood of the Central West End is ideal for a young professional or first-time home buyer who is interested in purchasing in the Central West End.  Here are a few benefits of purchasing now:

• $8,000 Federal First-Time Home Buyer Tax Credit - Pay down your mortgage, use to pay your first 10 mortgage payments, make improvements to the property, or purchase new furniture or appliances.
• Cheaper than Rent-Assuming a 3.5% down payment, a 30 year fixed rate loan, and interest rates at 5%, your monthly mortgage payment would be approximately $950 per month.  The current average rental rate for condos and apartments in the Central West End is $1.10 per sq. ft..  At 1216 sq. ft., this townhome would rent for $1,137 per month.  By purchasing, you save $4,651 per year compared to renting.
• Tax Abatement - This property is 50% tax abated through 2013.  You pay a fixed annual real estate tax of $380.
• Tax Benefits - Although you will pay interest on your loan and will be responsible for the payment of real estate taxes ($380 per year), you able to deduct these items on your federal and state income tax returns.
• Wealth Building - The Central West End is an established neighborhood with a history of price appreciation over the past 15 years.  Although historical appreciation trends may not continue in the future, real estate has been shown to be a key component in building wealth.
• Low Maintenance - Unlike single family homes, this townhome is a condominium offering low maintenance and predictable costs.  Monthly condo fee of $145 per month includes sewer, water, common electric, street lights, front lawn landscaping, mowing and lawncare, interior security system, exterior maintenance, sidewalk maintenance, insurance, professional management and capital reserve.

PROPERTY FEATURES

This townhome for sale in the Gaslight Square neighborhood of the Central West End offers the following features and benefits:

• Bedrooms:  2 Master Bedroom Suites.
• Bathrooms: 2 Full Bathrooms / 1 Half-Bathroom.
• Sq. Footage:  1216 sq. ft. (per city tax records).
• Exterior Facade:  Brick with Stone Accents.
• Parking:  2 Car Garage.
• Storage Room:  Storage room, tool room or workship located in Garage.
• Patio:  10'2" x 9'2" - Concrete Patio.
• Rear Yard:  Fenced yard with wood privacy fence, concrete sidewalk, and mature landscaping.

• Living Room:  12'9" x 11'10" - Hardwood Floors, Wood Burning Fireplace with Mantel, and Windows with Southern Exposure.
• Dining Room:  6'3" x 10'3" - Hardwood Floors, Open Floor Plan, and Chandelier.
• Kitchen:  18'0" x 8'7" - Eat-In Breakfast Room, White GE Appliances (Microwave, Refrigerator, Dishwasher, and Stove), Stainless Sink, Formica Countertops, 42" Maple Cabinets, and Pantry.
• Master Bedroom Suite:  12'9' x 11'10" - Berber Carpeting, Ensuite Bathroom, Large Walk-in Closet, and Custom Closet Organizers.
• Guest Bedroom/Office Suite:  12'9" x 12'0" - Berber Carpeting Ensuite Bathroom, Large Wak-in Closet, and Custom Closet Organizers.
• Doors:  Steel Exterior Entry Doors, Rear Screen Door, and Interior Six Panel Doors.
• Security System:  Monitored Security System.
• Fireplace:  Woodburning Fireplace in Living Room.
• Cable/Telephone: Wired for Cable and Telephone in Living Room and Bedrooms.
• Appliances:  White GE Appliances.
  • GE 22 Cubic Foot Refrigerator
  • GE Electric Range
  • GE Microwave with Vent
  • GE Dishwasher
• Plumbing Fixtures:  Moen Faucets in Kitchen and Baths.  Garbage Disposal in Kitchen.  Chrome Bathroom Accessories.
• Window Treatments:  Mini-Blinds.
• Flooring:  Hardwood, Ceramic Tile, Premium Carpeting and Vinyl.

PRICED TO SELL

4127 Westminster is priced to sell.  At a list price of $180,000, 4127 Westminster is priced $4,900 to $13,000 below the same models in the same development.  Plus, it has a full, private yard and is on a quiet street compared to the property at 425 N. Sarah.

Properties Currently Listed for Sale-Westminster Townhomes

• 4127 Westminster (2 BR/2.5 Ba - 1216 sq.ft.)  $180,000
• 4134 Westminster (2 BR/2.5 Ba - 1216 sq.ft.)  $193,000
• 425 N. Sarah (2 BR/2.5 Ba - 1292 sq.ft.)          $184,900

CASUAL LIFESTYLE

The townhome for sale is located 2 blocks North of Lindell Avenue in the historic Gaslight Square neighborhood of the Central West End and is just minutes from from Downtown St. Louis or Clayton.

Here are some of the benefits of this great location:

• Public Transportation - Near the Central West End and Grand Metro Stations.
• Interstate Highways - Central Location with Easy Access to Forest Park Parkway and Highways 44 and 64.
• Hospitals - Minutes from St. Louis University Hospital, Barnes-Jewish and the Washington University Medical Campus
• Universities- Short drive to the college campus of St. Louis University, Harris Stowe State College, Fontbonne, Webster University, Washington University, and the St. Louis College of Pharmacy
• Arts and Entertainment - Short drive to Grand Arts District, Fox Theatre, CitiGarden, Washington Avenue Clubs, The Landing, and Soulard
• Restaurants- Walking Distance to Central West End Restaurants.
• Dog Park- CWE Dog Park.
• Park - Walking Distance to Forest Park.
• Fitness - Fitness trails in Forest Park, St. Louis Workout and the Fitness Club at the Chase.
• Airport - 15 minute drive to Lambert St. Louis International Airport
• Library:  Schlafly Library.

The Central West End offers a great, new lifestyle. Whether you enjoy reading a book, having a class of wine or walking tree lined streets looking at great examples of historic architecture, the Central West End has something for everyone.

Interested in purchasing a townhome or condominium in the Central West End?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.

Need more information on City Living?  Visit our neighborhood blog at www.LafayetteReport.com.

Ms. Milton continues to produce nice posts on people, places and events in the Metro East area and Southern Illinois.  Again, she describes a place just across the Mississippi River that I haven't visited.  The Gateway Geyser is visible from many St. Louis locations.  However, for a great place to see the Gateway Geyser, enjoy views of the Arch and Riverfront, and have a great dinner or cocktail, I would such the rooftop patio at the Cielo Restaurant at the Four Season Hotel next to Lumiere Casino.  For photos and videos of the Four Season, click on photos/video.

Missouri Association of Realtors President T. David Rogers issues call to action to Missouri Realtors to support current fundraising events for RPAC to raise funds for lobbying on issues of importance to real estate professionals.  Mr. Rogers specifically cites the need to monitor and develop grassroots opposition to future proposals for a 1% transfer tax.  In the current market, owner/sellers, purchasers and real estate professionals can ill afford to pay a transfer tax on the sale of real estate.  For example, for the sale of a $200,000.00, it means that one party to the transaction would be forced to pay tax on the sale of $2,000.00 thereby artificially inflating prices, reducing the volume of sales, and increasing the number of short sales.

Here is the video from Mr. Rogers:

Interested in learning more about RPAC and its legislative agenda?  Visit the Missouri Association of Realtors website.