By using “Zillow’s database of historical home valuations, we [the article’s author] identified the neighborhood in each city that saw the most median home-value appreciation in the past five years, excluding neighborhoods where the median home value was currently above the median home value for the city.”
(Grand Avenue Bridge, former landmark near the Tiffany neighborhood, destroyed in 1962)
For now I am going to concentrate on Tiffany, so here is a sample of some of the current listings in the area.
The article states that there is usually more behind the increased value in the areas cited than the mere increase in property values nationwide. However it doesn’t detail the contributing factors for any of the specific neighborhood cited in the article. However, the article does give a general guide on what to look for in “up and coming neighborhoods“: Transportation Infrastructure, Commercial Infrastructure, Zoning Laws and Local Politics. I will venture to parse the predicted/evident success of Tiffany accordingly.
Transportation Infrastructure: Tiffany is centered in the city just between I-64/40 and I-44, a respectable and bikable distance to downtown and walking distance to the MetroLink.
Commercial Infrastructure: Areas surrounding Tiffany include South Grand Business District, the eclectic restaurants, night spots and shops on Manchester near Vandeventer, the Saint Louis University campus and hospital.
Zoning Laws: Appear to be geared toward single family developments. Just to the west is a new construction development where prices range from the mid 130’s to the high 300’s. Botanical Heights, if somewhat controversial and suburban in nature, is still a factor in increased value for the area.
More Single Families: Just across I-44, Millennium Restoration and Development Corporation is beginning its very respectable new construction development, DeTonty Place, where single family homes, all sides brick will start in the mid 300’s.
Local Politics: Father Biondi has been working tirelessly and progressively on the area for nearly two decades, acquiring and improving many properties around the university and is even in the process of developing a Silver-LEED certified Health Sciences Center at the corner of Chouteau and Grand.
Realtor Rhetoric or not, St. Louis’ Tiffany Neighborhood appears to be “on the rise.”