Historical May 1992 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
Diversity is the hallmark of the Skinker-DeBaliviere neighborhood—and that holds true for its housing values as well. So when you try to determine housing values and increases in value in our neighborhood (for this article, Delmar on the north, DeBaliviere on the east, Lindell on the south, and Skinker on the west), it’s a tough task. Why?
First, we don’t live in a homogeneous neighborhood such as St. Louis Hills, with a relatively uniform housing stock.
From the mansions on Lindell to. twofamily flats on McPherson, or various multi-family dwellings, we pack enormous diversity into a small area. Secondly, most homes in our neighborhood are sixty to eighty years old, so conditions vary widely.
The old rule of real estate value—location, location, location—is quickly followed by “condition.’ For example, in 1988 a home in the 6000 block of McPherson sold for $58,000 and within six months another home in the same block sold for $118,000. And last, rehabilitated properties increase in value Considerably. Examples of rehabbed properties selling for much greater amounts than before rehab abound.
A two-family in 5900 McPherson purchased for $13,000 in 1989 sold a year later for over $120,000; a single-family in 5800 DeGiverville sold for $10,000 in 1988 and eight months later for $62,000.
Another obstacle is the lack of information available. Our information was obtained from the Certificates of Value on file in the City Assessor’s Office.
These files are incomplete, and only date back to December 1987. Within such a short time period, resales are limited as well, which hinders our ability to determine increases in value.
We had hoped to look at housing values since 1970 in order to assess the changes caused by the neighborhood stabilization and subsequent revitalization.
The limited information skews any average statistics, but there are some figures we can determine.
The aver• age sales price for a single-family home in 1991 was $98,811, while the average for the period of December 1987 through February 1992 was $89,320. Additionally, the average sales price for Kingsbury Square townhouses since 1987 has been $130,853, and that for DeBaliviere Place West condominiums $84.446, with a 1991 average of $89,617. Average figures for two-family buildings and larger are inconclusive due to the small sampling of information available. Only 22% of the housing units in the area are not single-family homes. What’s in store for the future?
The neighborhood is improving year by year.
With the condominium development on Nina, there are no entire blocks of unoccupied structures left in the neighborhood. And, housing bargains in the area can still be found, especially east of Rosedale. What can you do to help the neighborhood and increase the value of your own home? Maintaining your house, inside and out, pays dividends. First impressions are lasting, so the appearance of our neighborhood to those visiting or driving through is critical.
If you have purchased a home in the neighborhood, the statistics show you have made a wise investment, so rest easy.
But don’t forget the exterior and interior maintenance. Median and Average Single-Family Sales Prices by Street Median Average Basis DeGiverville $53,500 $48,350 12 Washington $97,250 $88,771 12 Westminster $110,000 $99,810 15 Waterman $55,000 $51,576 17 Pershing $43,401 $39,338 23 McPherson $118,000 $110,200 11 Kingsbury $161,000 $149,285 7 Lindell $447,500 $460,000 4 Figures are based on the period December 1988- February 1992. Median means that half of all homes sold for more than this value and half sold for less.
When the median is higher than the average, the average has been brought down by a few exceedingly low values, such as properties in need in rehab.
Original photograph caption
Neighborhood housing, accompanying housing-prices article. Photo by King Schoenfeld.
Originally published in The Times of Skinker-DeBaliviere, May 1992.
Read this article in the original newspaper issue.
Archival transcription note: Body database period Dec1987–Feb1992 but table footnote Dec1988–Feb1992; both printed preserved. Printed22percent non single family and limited sample claims attributed to author, not new demographics.
Original source: SD_Times1992_05.pdf, printed page(s) 3; PDF page(s) 3.
