The already decorative storefronts along the Morganford Business District in Tower Grove South are taking things to the next level. The Tin Can has had their “beer can” sculpture up for some time now, but to my knowledge, the rest of these have popped up within the last few weeks. Read more

I always get a kick out of the fact that everybody and their brother is talking about short sales these days. I don’t doubt that you can find some great deals out there via the short-sale route, but these deals generally turn out to be a waste of time. Consider these issues:

• Most sellers and/or their agents don’t know what they are doing – People seem to have this odd impression that even though they owe $200,000 on the loan, they can just put the property out on the market for $120,000 and short-sell it without the bank blinking an eye. No though for protocol, valuation, just a lazy desire to have someone else shoulder the impact of their foolish purchases
• The process is time consuming – A two to three month turnaround is certainly not unheard of to close a short sale. With ever changing lender practices and market environments, what might seem like a good deal today, might not seem so great three months from now when it comes time to close. I have seen buyers get tied up waiting on a short sale, only to pass up other great (and easier) deals while they wait.
• Wasted effort – Considering how time consuming the process can be, its amazing how many owners and listing agents put these properties on the market when they are 15 days from foreclosure. You end up putting an offer on the table, jump through every hoop imaginable, and the property ends up getting foreclosed on before you can get anything done.
• There are plenty of great foreclosure buys – I stay plenty busy, and find tons of great deals from the seemingly endless supply of foreclosures that are constantly coming on the market. That isn’t changing anytime soon either. No matter what kind of investment property you are looking for, there are always plenty of properties that will fit your criteria coming on at any given time. Why jump through so many hoops to possibly make a deal when something just as good is right in front of your nose?

In short, for most investors, the short sale is not worth messing with.  In most situations at least. That is not to say that you shouldn’t consider giving them a look, but don’t let all those so-called gurus make you think it’s so easy. Just like anything else, “there ain’t no such thing as a free lunch.” There is a lot of hard-work that goes into making these deals work and if you are looking for a quick buck you’re better off looking elsewhere.

The battle over the fate of the San Luis building in the Central West End is over. It’s coming down. Or more accurately, it is down. What great new development will be taking it’s place? A parking lot. Read more

For years, a major eyesore along the rejuvenating strip of Manchester in Forest Park Southeast (The Grove), this prominent mixed-use property has received a major face-lift. Read more

Love it or hate it, the three infill homes at 2650-58 Michigan in Tower Grove East are now complete. They could do well with a bit less siding, but overall, the project looks to be a nice addition to the area. Read more

With all the talk about Downtown and the grand schemes and failures of it’s developers, its good to hear about a more sensible approach finding success. Midtown really is coming around nicely; albeit with less fanfare. Link

It has been over five months since construction started on the highly visible condo project at 4101 Magnolia, but in that time it does not seem like much has been completed. Read more

Although my rehab project last summer was nearly the death of me (at least in terms of my social life), I am now underway on my next project. Thankfully, this time all the work is being subbed out. Read more

This blog has been idle for about two months now, but that is finally changing. There excuses a-plenty to explain what happened (some of which will be posted as stories soon), but the moral of the story is “we’re back.” I am in the midst of changing the layout of the site as well so bare with me if you notice anything amiss. It’s good to be back.

One thing I have always taken for granted in real estate investing is the apartment lease. Just after getting into the business I got a hold of a great lease and I guess I have been a little spoiled. Read more