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As iBuyers Exit the Market, New Western Expands Footprint with New Office Opening in St. Louis
News provided byNew Western
Jan 24, 2023, 8:00 AM ET
Company Plans to Revitalize $405M Worth of Homes Over Five Years
ST. LOUIS, Jan. 24, 2023 /PRNewswire/ -- New Western, the largest national private source of fix-and-flip residential investment properties, announced today the opening of its third Missouri office, in St. Louis. This is the company's 51st office overall, across 18 states.
"Our team has been looking to solidify our presence in Missouri since the launch of our Kansas City Office," said Kurt Carlton, co-founder and president of New Western. "With nearly 730,000 aged properties in the St. Louis metropolitan area built before 2004, the area offers significant potential for investors looking to rehabilitate and resell homes. New Western's ability to identify distressed properties and return them to market at affordable prices makes us well positioned to become valuable resources to local real estate brokers."
In addition to the city's aging housing supply, St. Louis has experienced a 30% year over year decrease in the number of homes sold, making the area ripe for activity such as New Western's, which buys a new property every 13 minutes nationwide.
Drew Murphy is the general manager leading the St. Louis office. In his role, Murphy is responsible for building the St. Louis team and office, from the ground up. In addition to the team's plans to revitalize $405 million worth of homes in the area, Murphy will also plan to double the office's headcount over the next year.
"We have seen an influx of young people moving to the Midwest from coastal states in search of their first home," said Drew Murphy, general manager of New Western's St. Louis office. "St. Louis is anchored by several large corporations with great job opportunities, making it a prime market for investors and sellers to add much-needed inventory at affordable prices. I look forward to building the New Western team in St. Louis and working with local investors and brokers to bring new opportunities to the market."
St. Louis is the 51st office opening for the real estate marketplace offering exclusive opportunities to investors looking to rehab houses. Since 2008, New Western has bought and sold more than $15 billion worth of residential real estate by leveraging data and local market insight to stock its marketplace with exclusive investment properties.
About New Western
New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 150,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers. For more information, visit www.newwestern.com.
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SOURCE New Western