Tuesday, April 19, 2011

Cherokee Street Tossup

The emerging Cherokee Street neighborhood (not its official name), is getting more and more positive press, both locally and around the country. It's famous for its creative arts and business scene, Mexican restaurants, and historic architecture.

However, while the outside world is paying lots of attention to the street itself, a local online magazine, the Cherokee Street News, is calling attention to the adjacent historic residential areas on the north and south sides of Cherokee.

A current feature at the site presents a range of opportunities to purchase historic residential properties, all at or below $15,000 apiece. That's fifTEEN thousand, not $150,000. To readers of this site from other states, that is not a typo.

At those prices, the market is very soft, or the buildings are in very poor condition, or both. If you're a supporter of the renaissance of Cherokee Street, you have to be concerned about the strength of the real estate market flanking the strip.

Looking at the efforts to revitalize the Cherokee area, especially its supporting residential blocks, what are the key strategies and goals being pursued? I'm asking because I don't know. If you know, please reply in the comments section. Thanks!


StLRealEstateGuy said...

Rick - I think this is a neighborhood that just simply refuses to roll-over and die. This particular area shouldn't be confused with the section of Cherokee known as "Antique Row" that benefits from its proximity to the Benton Park neighborhood. Cherokee Street between Jefferson and California has a long history of being a neighborhood shopping district. As far as real estate investment it wouldn't be for the fainthearted but then again the greater the risk the greater upside potential. Clearly, this is an area with lots of upside potential. I'm not aware of any city initiatives for redevelopment here just folks digging in their heels. -

Rick Bonasch said...

It would help the market in the area for potential rehabbers to understand the strategies in play.

Right now, it's seems to be totally organic, with micro developers working in the area.

At the rock bottom prices for residential properties being sold in the Cherokee area today, maybe that's the best approach.

It would be good to know if the area is improving or not. Everyone agrees Cherokee proper is doing well. Progress on the adjoining blocks is harder to gauge.

More info please!