I was intrigued at the new development around Crown Candy Kitchen in North St. Louis. There is a lot of rehabbing going on, and more importantly, new housing is being built in styles sympathetic to the historical character of the neighborhood (ie No McMansions).
My excitement, coming from the perspective of an in-the-near-future home buyer, quickly diminished when I saw the prices they are asking for new houses, in quite frankly, an historic but risky part of town. Most troubling, is the seeming lack of garages–facing the alleys of course–for the new houses. I love St. Louis, but quite frankly, there are parts of the city where you don’t leave your car parked outside overnight. I know WAY too many people who have had their cars trashed, stolen, or broken into to buy a new house without a garage in North St. Louis.
Back to the prices: $200,000 is WAY too much for a house in that neighborhood. I wouldn’t pay more than $100,000 for such a risky investment.
Update: These houses have all sold and are still occupied, bringing considerable life back to North Market Street in Old North.