Some people look at our red bricks and see them as green.
A new report from Realtor.com says St. Louis is one of the top markets in the nation for home resale.
The ranking is based on the number of investment home sales in the 100 largest metropolitan areas in the United States, with St. Louis taking the top spot with 18.8% of the region's sales being investment property sales. In second place was Birmingham, Alabama (17.3%), and in third place was Miami, Florida (17%).
So where are the newly renovated, bright, beautiful, subway tiled homes? As Realtor.com points out, these listings aren't just HGTV-worthy “flip” properties. Many of these listings are from out-of-state investors who want to buy inexpensive properties, bring them up to code, and then use them as rental properties.
“Landlords are increasingly looking for lower-priced properties in north St. Louis County,” the report states, “particularly Ferguson, Missouri; Hazelwood, Missouri; and Glasgow Village, Missouri, which are known for the 2014 riots.”
The report cites experts who say prospective landlords are looking to buy move-in ready single-family rental homes for about $30,000 and rent them to Section 8 tenants for about $800 a month.
Reports suggest that St. Louis is actually a great place for potential slum landlords to scout properties, not the best place for Ty Pennington to renovate a nautical-themed hideaway. Too bad.
For more information on the methodology used to determine this ranking, or to learn more about the other cities that made the list, see Realtor.com's report.
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