Rehabs sell in Shaw….And Fast!

In preparation for presenting at several neighborhood meetings  I did a quick market analysis on rehabbed properties completed and sold in the last 12 months.  Below are my findings:

¤  Approx 12 major renovations completed
¤  Average Sale Price $216,375
¤  Average sq. ft. home 2009 sq. ft
¤  Average – 3 bedroom/2.5 baths
¤  Max Sale price- $317,000
¤  Average Price Per Square Foot- $108
¤  Average % sale to list price- 95.72%
¤  Average  days on market – 44

It appears renovated properties in Shaw sell at premium prices and sell within 1.5 months of listing.  From my experience, the Shaw Neighborhood is still in need of high quality, full renovations.  Shell buildings sell for between 35-45,000 depending on the size.  This price range is discounted from the highs in 2005.  The price for shell buildings is attractive to developers because in essence they can buy low, renovate, and sell high. 

Please note, SNHC has secured developers for all but one LRA property in Shaw.  We are excited about the success of the developers and we still think Shaw has a major upside.  If you would like any information on buying, renting, developing or moving your business to Shaw, please contact me at seanspencersnhc@att.net

Thank you for your interest in the Shaw Neighborhood.

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About Shaw Neighborhood Housing Corporation

Shaw Neighborhood Housing Corporation is a not-for-profit organization that promotes responsible development, affordable housing and diverse character and vibrancy in the Shaw neighborhood located in St. Louis, MO. Through its local development and community progress expertise, the organization serves as a resource to developers, real estate agents, neighborhood residents and business owners.
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