07 Apr Ep. 38 LRA Properties with Laura Costello

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In this episode, Realtor Adam Kruse and Realtor Shannon St. Pierre talk with Laura Costello, director of real estate for the St. Louis Development Corporation, about the L.R.A. (land  reutilization authority).

Email questions to PODCAST@HermannLondon.com

WHAT’S INSIDE

0:51-Adam Kruse and Shannon St. Pierre welcome Laura Costello from the LRA (land  reutilization authority)
1:04-What is the LRA and how does it help with vacancy and abandonment in St. Louis
2:05 Were people just abandoning their houses in St. Louis
2:21 Did these people not have mortgages on these houses
2:28 What does Laura Costello do as director of real estate for the St. Louis Development Corporation which includes the LRA, LCRA (land clearance for redevelopment authority), port authority, and the planned industrial expansion authority
2:55 How do all those authorities fit into the St. Louis Development Corporation
3:25 Is the St. Louis Development Corporation an actual city department
3:45 Does all the revenue come from selling these properties
4:03 How does a property get to the LRA
4:20 How long does it take for a home to go to a tax sale
5:10 Dale Sweet is an expert in tax sales and you should go back and listen to that episode if you missed it
5:23 If a home doesn’t sell at tax sale it goes to the LRA
5:34 Getting the house confirmed by a judge that it was a good sale
5:44 There is a maintenance crew working all day long taking photos, boarding up, and winterizing properties
6:10 what is the time frame between the tax sale and becoming part of the inventory
6:30 Are some of the properties at a point where they need to be demolished
7:00 Tax sales have become so popular that it can be standing room only
7:26 What’s the difference between a land bank and land banking
8:30 St. Louis is the oldest land bank in the country
10:06 How many properties does the LRA own
10:20 Is Detroit a larger land bank
10:58 What’s the average price of a property that has a structure on it
11:45 If there are houses available for $1,000 why isn’t everyone buying them immediately
11:53 Can the bricks be worth more than the sale price of the home
11:59 Would you sell a property to someone who just wants to take the bricks
12:46 How do thieves get away with stealing bricks from houses right out in the open
13:12 What is the LRA’s goals with the properties and who do they like to sell to
13:37 Is it okay to buy and LRA property and turn it into a rental
13:58 Can an investor buy an LRA property and keep it vacant
14:18 What happens if an investor doesn’t have an LRA property occupied within 18 months
14:38 What is a quit claim deed
14:45 What is a right of reentry lien
14:56 How long must an investor hold onto an LRA property before selling it15:30 Why does the LRA not want people profiting off of them when they keep their prices so low
16:32 What is the process of buying an LRA property and what’s the difference between buying a side lot vs. a house
18:16 New homeowners get emotional when they finally get their deed and can begin their project of restoring the home
19:54 Google LRA St. Louis to find the properties and look at maps
20:20 Every Thursday the LRA opens up boarded up properties to show them to investors
21:24 You can come to the LRA window and buy a key to look at properties
22:14 Do homes boarded up with red plywood have a special meaning and what does the yellow date mean
23:30 What can be done about homes with a collapsing back wall
24:29 On average, how many homes does the LRA sell in a year
25:00 What is the CDA (community development administration)
27:31 What is the LCRA
27:50 What are tax abatements and TIFs
28:20 Was the 99 acre NGA site purchased through eminent domain
29:50 One house from the NGA deal had their house picked up and moved down the street
30:50 Do the LRA properties ever get listed on the MLS and are the prices still low
32:54 When do the first tax sales begin
33:26 What is the mow to own program
34:32 What is the garden lease program
36:10 What are the biggest challenges that the LRA faces
37:30 Why are there so many weird little slivers of irregular lots listed by the LRA and why don’t they just give them to the neighboring property owner
40:50 What is the process of recreating parcels of land

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