MrBates2
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Ferguson home values are plummeting, and residents are feeling the pain
Down nearly 50 percent since Michael Brown’s death, new data show.
by Daniel Rivero
“How much money are we going to lose?” Zisser asks. “How much money is the city and the county going to lose in taxes because of this? And how much is the school district going to lose here? They’re the biggest losers.”
The average selling price of a home in the city has been on a steady decline since the shooting of Brown last August, according to housing data compiled from MARIS, an information and statistics service for real estate agents. Prior to Brown’s death, the average home sold in 2014 was selling for $66,764. For the last three and a half months of the year, the average home sold for $36,168, a 46 percent decrease.
The trend has continued on through this year, with the average home selling for only $22,951 so far in 2015. Another negative indicator: in the eight and a half months leading up to Brown’s death, the average residential square foot in 2014 was selling for $45.82. In the eight and a half months since Brown’s passing, the average residential square foot in the city has sold for $24.11. That’s about a 47 percent downtick in one of real estate’s core indicators.
“This is not normal for the region,” says Crista Patton, a local REMAX real estate agent who helped get these numbers for Fusion. “Last time I pulled up numbers like this for a neighborhood around here, we were seeing the market going up,” she says. “In St. Louis in general, the market is going up, and as a whole it’s almost completely recovered from the recession.”
The city admits that its finances are taking a hit, with no end in sight, due to the events since Brown’s death. “The[city’s] response to the unrest, as well as other related matters, has resulted in significant, unanticipated expenditures,” reads the city’s Comprehensive Annual Financial Report for 2014. “The civil unrest also resulted in some lost revenues… At this time, the total impact of this event on the City’s revenues and expenses is not able to be estimated.”
“We’re gonna start seeing more foreclosures and more short sales, I’m certain of it,” predicts Terry Gannon, 63, a REMAX real estate agent who has done business here for 34 years.
Down nearly 50 percent since Michael Brown’s death, new data show.
by Daniel Rivero
“How much money are we going to lose?” Zisser asks. “How much money is the city and the county going to lose in taxes because of this? And how much is the school district going to lose here? They’re the biggest losers.”
The average selling price of a home in the city has been on a steady decline since the shooting of Brown last August, according to housing data compiled from MARIS, an information and statistics service for real estate agents. Prior to Brown’s death, the average home sold in 2014 was selling for $66,764. For the last three and a half months of the year, the average home sold for $36,168, a 46 percent decrease.
The trend has continued on through this year, with the average home selling for only $22,951 so far in 2015. Another negative indicator: in the eight and a half months leading up to Brown’s death, the average residential square foot in 2014 was selling for $45.82. In the eight and a half months since Brown’s passing, the average residential square foot in the city has sold for $24.11. That’s about a 47 percent downtick in one of real estate’s core indicators.
“This is not normal for the region,” says Crista Patton, a local REMAX real estate agent who helped get these numbers for Fusion. “Last time I pulled up numbers like this for a neighborhood around here, we were seeing the market going up,” she says. “In St. Louis in general, the market is going up, and as a whole it’s almost completely recovered from the recession.”
The city admits that its finances are taking a hit, with no end in sight, due to the events since Brown’s death. “The[city’s] response to the unrest, as well as other related matters, has resulted in significant, unanticipated expenditures,” reads the city’s Comprehensive Annual Financial Report for 2014. “The civil unrest also resulted in some lost revenues… At this time, the total impact of this event on the City’s revenues and expenses is not able to be estimated.”
“We’re gonna start seeing more foreclosures and more short sales, I’m certain of it,” predicts Terry Gannon, 63, a REMAX real estate agent who has done business here for 34 years.
