Just guess what’s happened to property values in Ferguson since August

Just guess what’s happened to property values in Ferguson since August

Zisser, 55, has owned and operated Zisser’s Tires in this city since 1987. He says the still-visible damage from the November protests…is hurting property owners. His store’s insurance is in the process of being cancelled after it was twice vandalized during the unrest, he says.

“If I sold this place today, I could probably get $300,000 for it, if anyone is crazy enough to buy. Last year, the county said this lot was worth almost a million,” he says. “The value here is all going down. There’s about nine burnt-out buildings this way,” he says, pointing. “And about four more behind me.”

Zisser is one of many Ferguson residents feeling a financial toll from the months of protests, media attention, and now another high-profile shooting. They’re worried not just about their own situations, but about the city coffers, too. …

The average selling price of a home in the city has been on a steady decline since the shooting of Brown last August, according to housing data compiled from MARIS, an information and statistics service for real estate agents. Prior to Brown’s death, the average home sold in 2014 was selling for $66,764. For the last three and a half months of the year, the average home sold for $36,168, a 46 percent decrease.

The trend has continued on through this year, with the average home selling for only $22,951 so far in 2015. …

“This is not normal for the region,” says Crista Patton, a local REMAX real estate agent who helped get these numbers for Fusion. … “In St. Louis in general, the market is going up, and as a whole it’s almost completely recovered from the recession.”

The city admits that its finances are taking a hit, with no end in sight, due to the events since Brown’s death.

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