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Wednesday, September 30, 2009

McEagle Picks Up Seventeen Parcels Including Six Historic Buildings

On September 25, the St. Louis Recorder of Deeds recorded the purchase of 17 parcels at Sheriff's land tax auction by McEagle Properties shell holding company Union Martin LLC. McEagle's companies had been dormant for several months.

Among the purchase are seven residential buildings, of which six are historic. Here they are, with purchase price in parentheses if reported:

2823 University Street, brick house at left

2625 Palm Street in St. Louis Place

2212 Howard Street in St. Louis Place ($1,103.00)

2718 Stoddard Avenue in JeffVanderLou ($1,666.00)

2834 Thomas Street in JeffVanderLou, shown at right

2571 Hebert Street ($1,561.00)

Why do I mention the purchase prices? I want to impress upon readers how easy it would be for other buyers to compete at the Sheriff's auctions for these properties. Community development corporations, neighborhood associations and other that want to keep out large-scale acquisition would do well to get some money together and head to the Sheriff's auction. Every month, dozens of north side parcels -- and historic buildings -- sell to speculators for low, low prices.

These acquisitions illustrate the thorniness of preservation planning in the NorthSide project. A week ago, preservationists thought they knew the pool from which the list of buildings to be rehabilitated would be drawn. In one day, that pool expanded. However, these buildings are in good shape and will be around for awhile. McEagle need not fear that preservationists have immediate demands beyond simply keeping these buildings from falling until there is a solid plan.

The remaining parcels recently purchased by Union Martin are located at 2516, 2518-20 and 2526 Slattery Avenue, 2930 James Cool Papa Bell (nee Dickson) Avenue, 2524 Coleman Street and 2832 Cass Avenue in JeffVanderLou; 3244 Knapp Street in Old North St. Louis; 2561 Hebert Street, 2231 and 2236 Benton Street and 1947-51 Wright Street in St. Louis Place.


Anonymous said...

Buyer beware. How so?

In our uneven system of code enforcement, when someone purchases a derelict building at tax sale, they can expect to receive code violations from the building division within a matter of weeks.

What about McEagle?

Sheila Rendon said...

The house on Howard was suspected sold already (Dec 2008) along with other homes in the 2200 block of Howard. The previous ownwer would never discuss why he left his home with unpaid taxes but did think he was outside the boundary line when he purchased another home on Hebert. When the "vision" was presented in May he found out otherwise.

IONE said...

U.S. Rep. Russ Carnahan, D-Mo., plans to introduce a bill today that would seek to create a 20 percent federal tax credit for homeowners to rehabilitate historic structures.
Carnahan’s “Historic Homeowners Revitalization Act of 2009” is modeled after Missouri’s historic tax credit program.
Earlier this month, Carnahan told the Business Journal that the federal tax credits could be paired with state tax credits to provide additional incentives for the rehab of historic structures.
The proposed changes to the existing federal tax credit program would cap the tax credit at $60,000. Additionally, to qualify the homeowner must have qualified expenses over two years in excess of $5,000 for a primary residence.
“Missouri serves as a national model where historic homeowners qualify for help to revitalize their home and community,” Carnahan said in a statement Monday.
The American Institute of Architects and Preservation Action have both endorsed the bill

Anonymous said...

When ONSLRG tried to do that with a house just south of the mall, they bid the price up to $25,000 or so before backing off, so those prices are not necessarily related to what you or I would have to pay for one of these.