Ep. 38 LRA Properties with Laura Costello

St. Louis Realtor Podcast

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).

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Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/

Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/

Guest Laura Costello-https://www.stlouis-mo.gov/government/departments/sldc/profiles/Laura-Costello.cfm

ITUNES-http://goo.gl/rs1q9X

Producer - Joey Vosevich

Theme Song by Trastornobeats

0:51-Adam Kruse and Shannon St. Pierre welcome Laura Costello from the L.R.A. (land reutilizationn authority)

1:04-What is the L.R.A. 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

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