Courtesy of Sotheby's International Realty
Big building is back with a bang. In Ladue, Frontenac, and Town & Country, old houses are being razed to make room for new builds, with price tags in the multimillions. “They just keep getting bigger and bigger,” says Ted Wight, a realtor with Sotheby’s International Realty, noting that 3-acre lots in Ladue are going for more than $1 million.
“I do see a lot of building going on,” says Pat Croghan, a principal of Heine & Croghan Architects. “After a drought of bizarre proportions, people are suddenly busy again.” In addition to building The Estates at Town and Country Crossing, Pulte Homes, for example, recently proposed the Woods of Ladue, a multihome development at the northeast corner of Conway Road and Lindbergh Boulevard. “It’s one of the last open pieces of land in Ladue,” says Ladue Mayor Nancy Spewak. “The current proposal contains 24 individual homes, but they are downsized villas, between 2,500 and 3,500 square feet.” (At press time, the next Planning & Zoning Commission meeting to discuss the matter was scheduled for early March.)
Existing houses are moving lickety-split. Wight tells of a four-bedroom house on Daryl Lane in Ladue priced in the mid-$500,000 range that had eight offers on its first day on the market. Another recent sale, in Town & Country, went for $50,000 more than listing price during its first day on the market.
Ladue’s steady, but buyers who want a new home for less money in the same school district are often opting for Creve Coeur. There, the properties priced over $2 million aren’t selling fast, but those below $1.5 million are, says Gina Bundy of Gladys Manion Real Estate. “People either want new or, if they find new construction charmless, they want old and charming that’s completely rehabbed,” she notes. Gladys Manion’s Margie Kubik notes an effort to create a more old-fashioned neighborhood feel, sprinkling benches, outdoor cafés, and interesting focal points into the bland strip malls lining Olive Boulevard. But the street’s so busy, Bundy just doesn’t see it turning pedestrian-friendly. “Creve Coeur’s a great location, close to everything,” she says, “but you’re getting in your car.”
