Cost per square foot is always talked about when buying or selling a home
, but before we jump right into the topic, I’d like you share a few personal words!
I hope you all had a wonderful holiday season and that the onslaught of winter didn’t adversely affect you too badly.
I missed most of the bad weather by travelling through the Panama Canal during a two week cruise, a wonderful adventure!! A taste of Caribbean and Central American culture, the opportunity to meet delightful new friends, outstanding tour guides, delicious food, volcanoes, rum tastings, and so much more.
Now, back to St. Louis and some real estate news.
St. Louis Real Estate Tips: Highest Cost Per Square Foot Places to Live
To check on the Real Estate market while I was gone I immediately went to the St. Louis Real Estate News by Dennis Normal, an easy to understand newsletter I find extremely helpful, readable and full of useful information.
Dennis pulls a lot of great information together and this time, one extremely critical set of facts stood out that we wanted to share with you.
Half the battle of knowing how to win in real estate
is by looking at historical data, something we do a lot. In order for us to properly help you buy or sell your home in St. Louis, we need to understand the trends. And, you need to understand the areas in St. Louis that not only match your needs for a home, but a price that you can afford.
Cost Per Square Foot: Top 10 Most Expensive Places to Live in St. Louis
|St. Louis Communities
||2016 Median Cost per Square Foot
||2017 Median Cost per Square Foot
|63131 (Des Peres/Frontenac
|63117 (Richmond Heights)
If my math is correct, the average cost per square foot in the most expensive places to live in St. Louis is $196.
Do you know what that means?
Three Fun facts about cost per square foot
- King sized beds are roughly 42 square feet. This means $8,232 (42 sf x avg cost per square foot) of your home purchase price is dedicated to your king size bed.
- TV stands (who has those anymore?) were commonly 8 square feet which means you were spending $1,568
- (8 sf x avg cost per square foot) just for a place to put your TV!
- Pool tables are about 43 square feet…you guessed it, you’re spending more for your pool table ($8,428) than you are for your king bed!
All jokes aside, comparing St. Louis homes based on cost per square foot is like comparing apples to sweet potatoes.
Elements that Impact Cost Per Square Foot
Cost per square foot is a simple calculation of sales or asking price divided by the total square footage of the living space listed. This is not something that you should use to measure whether or not a home is for you.
Below are some common things people don’t take into consideration when thinking about cost per square foot.
- What is the age of the HVAC systems?
- Are there any extra bathrooms?
- Has the kitchen been renovated? Granite, marble, laminate?
- How’s the landscaping?
- What type of neighborhood is the home located in?
- How big is the lot?
- Will the roof need to be replaced?
- What is the crime rate in the area?
- Are the public schools a fit for your family?
- How close are you to the highway?
We could go on and on, but the point here is make sure you’re always focused on the right things when buying a house. There are many great places to live in St. Louis, you just don’t want to get distracted by simply looking at the cost per square foot.
8 Most Expensive Streets to Live on in St. Louis
Now that you have a better understanding of what goes into price per square foot of a home, let’s look at some of the most expensive streets to live on in St. Louis and identify what traits make them demand such a price tag. I grabbed a couple of these from the Post Dispatch article
and added a few of my own.
- Denny Lane in Huntleigh: Huntleigh is home to some of the biggest and beautiful properties in St. Louis. Denny Lane has been particularly popular for those in St. Louis looking to tear down and rebuild new luxury homes.
- Litzsinger Road in Ladue: If you’re familiar with St. Louis real estate, then you’ve definitely heard of Litzsinger Rd. Litzsinger starts near Brentwood Blvd and stretches west just past S. Lindbergh. The stretch where prices really begin to increase is through the Ladue section. It’s not uncommon to find homes in the $10 million or more range, but you can certainly find more affordable options around $6.5 million ;).
- Pacland Estates Drive in Chesterfield: Pacland Estates Drive is home to some of the most premier homes in Chesterfield and can pull price tags as much as $6 million. Pacland Estates Drive is located on Kehrs Mill Rd between Wildhorse Creek Rd and Strecker.
- Carondelet Plaza in Clayton: Carondelet Plaza is home to some of the nicest condos to live in St. Louis. Located in the heart of Clayton, these condos support a luxury life style with access to the best amenities Clayton has to offer. The penthouse was listed for $5.49 million and has private elevator access.
- Brentmoor Park in Clayton: Another great place to buy or build luxury homes in St. Louis. Brentmoor Park and and Brentmoor Park E is located off Wydown Blvd just west of Big Bend Blvd and South of Forsyth Blvd. It’s definitely another area demanding prices as high as $7 million for single family homes in St. Louis.
- Bouquet Road in Wildwood: Bouquet Road is located between highway 100 (Manchester Rd.) and St. Albans Rd. We have seen homes go for as low as $499,00 and as high as $6 million. If you’re familiar with St. Albans, then it won’t surprise you why properties in this area demand such as high price per square foot.
- Mill Hill Lane in Sunset Hills: Mill Hill is a premier subdivision located at highway 270 and Gravois Rd. It’s easy to miss when you’re driving by, but hidden behind the trees is an amazing neighborhood with some amazing properties. One of my favorite houses in St. Louis was listed for sale in Mill Hill at a price tag of $1,950,000.
- Somerset Downs Dr. in Frontenac: Somerset Downs Dr. is located in Frontenac just off Warson Rd between Litzsinger and Old Warson. This is definitely in the heart of some of the nicest neighborhoods which are home to some of the most expensive homes in St. Louis. Quick search shows the average home price of roughly $2.1 million and certainly can go up from there.
Now, for one of our most favorite things to share with our clients and website visitors, our drink tips of the month!!
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St. Louis Real Estate Resources: That’s Us!
We take pride in continuing to provide education to home buyers and sellers in St. Louis. Please remember the entire Blankenship Team is available to help you buy or sell a luxury home in St. Louis.
- Thinking about selling your home in St. Louis?
- Looking to maximize your ability to get the highest cost per square foot for your house?
- Are you ready to buy a home in St. Louis?
- Wondering what your St. Louis home might be worth?
- Questioning whether you would get your money out of a kitchen upgrade?
- Wondering what the real estate market is like in your favorite vacation spot?
We have the answers to all those real estate questions and more. Just give us a call. And, If you have a friend, relative or colleague interesting in buying or selling a house, please share our information. We will be most appreciative!!
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