For two whole years, the turbulent economy in the United States has been compounded with an unstable and unpredictable housing market in cities throughout the country. In areas where home ownership was once a given, large pockets of foreclosures and dramatically discounted homes is now the norm.
While this is certainly the case in some areas in St. Louis, Forest Park Southeast has avoided much of the devastation and is currently experiencing a steady demand for housing. At any given time in Forest Park Southeast, there are only a half dozen or so houses for sale. Travis Phelps, Community Development Specialist for WUMCRC and coordinator of the Washington University Employer Assisted Housing Program stated, “I am constantly being contacted by university employees who are seeking homes in Forest Park Southeast and there just aren’t enough options. While it may not be true in other areas, I can tell you in Forest Park Southeast, homes are definitely in high demand.”
Brian Phillips, Executive Director of WUMC added, “Forest Park Southeast is an up and coming, centrally located neighborhood. It’s close to some of the most successful neighborhoods in St. Louis such as the Central West End and is adjacent to the city’s largest employer, Washington University Medical Center, which has 20,000 employees. The neighborhood is close to cultural attractions and it offers a level of affordability that is almost unimaginable given its proximity to Forest Park. We have a huge options in the area in terms of where developers can build. There are tremendous opportunities to create historic, replica homes or even go the opposite direction and create something totally different and unique to the area. The location and price is excellent because you cannot find units in the CWE for under $200,000, but you can build for that price point in Forest Park Southeast.”
While historic rehabs still constitute an important element in improving the housing stock in Forest Park Southeast, meeting the increasing demand will require new housing development. Opportunities for single-site along with larger development areas exist. If interested in learning more, please contact Park Central Development at (314) 535-5311.