In this Baton Rouge Housing updating, January 22-28, 2012 are reported for the eight (8) parish MSA including East Baton Rouge, Ascension, Livingston and West Baton with  Iberville, East and West Feliciana and Pointe Coupee combined as “ALL”. 

Other Greater Baton Rouge Housing Statistics January 22-28:

LISTINGS:

Total Current Listings: 5,035

Foreclosure Listings: 490 or 10% of total listings

3rd Party Active Listings: 330 or 7% of total listings

Short Sale Active or Potential SS Listings: 250 or 5% of total listings

SOLDS From 01/22/2012 – 01/28/2012:

Total Number of Solds: 65

Foreclosures Sold: 14 or 22% of Solds

3rd Party Solds: 8 or 12% of total solds

Short Sales Solds: 8 or 12% of total solds

Foreclosure, 3rd Party and Short Sales Solds: 30 or 46% of all solds

Low To High Sales Prices: $16,000 to $475,000

New Home Sales: 18 or 28% of all sales

East Baton Rouge MLS Area with most home sales: 43 with 9 sales

CUMULATIVE TOTALS FOR 2012Total Number of Sales: 290

ASCENSION: 65
EAST BATON ROUGE: 149
EAST FELICIANA: 0
LIVINGSTON: 59
IBERVILLE: 2
POINTE COUPEE: 8
WEST BATON ROUGE: 6
WEST FELICIANA: 1

Foreclosures Sold: 69 or 24% of Solds

3rd Party Solds: 33 or 11% of total solds

Short Sales Solds: 47 or 16% of total solds

Foreclosure, 3rd Party and Short Sales Solds: 149 or 51% of all solds

AVERAGE SALES PRICES FOR LOCAL PARISHES:
EAST BATON ROUGE: $192,043
ASCENSION: $190,747
LIVINGSTON: $144,439
OTHER: $158,993

MEDIAN SALES PRICES FOR LOCAL PARISHES:
EAST BATON ROUGE: $158,500
ASCENSION: $166,450
LIVINGSTON: $138,900
OTHER: $159,900

AVERAGE DAYS ON MARKET (CONTINUOUS):
EAST BATON ROUGE: 116
ASCENSION: 105
LIVINGSTON: 133
OTHER: 157

LISTING-TO-SALES PRICE RATIO (What Percent Below Listing Price Home Sell For):
EAST BATON ROUGE: 97%
ASCENSION: 99%
LIVINGSTON: 97%
OTHER: 92%

_____________________________________________________________________

Important Video: Foreclosure Mythbusting by John C. Jones

_____________________________________________________________________

OTHER NATIONAL AND LOCAL HOUSING NEWS:

December Existing-Home Sales Show Uptrend

 Business Report Releases Baton Rouge’s 10 most expensive home sales of 2011

Juban Crossing Developer: Site work continues; deals with retailers in the works

 _____________________________________________________________________

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2012 to 01/28/2012.  This information was extracted on 01/29/2012.  Excludes Manufactured Housing.

Baton Rouge Housing Reports Dot Com says,

2011: The Year Of Correction For East Baton Rouge Real Estate Prices .

See the complete report at the link above.

The well anticipated correction in local home prices, based on local incomes, the insane escalation of home prices after Hurricane Katrina, and the same housing euphoria that gripped our Nation from 2004 to 2007, has finally arrived. Despite the appearance of only a -2.13% decline, most of the 25 subdivisions examined belwo show far worse percentage declines indicating that for Baton Rouge Real Estate, 2011 was the anticipated “Year of Correction”!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2005 to 12/27/2011. This information was extracted on 12/27/2011. Statistics are based on total residential MLS sales reported to the GBRMLS as of 12/26/2011 6:01:00 PM

Entrance

Entrance Sign

Home Styles

Development Lake

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2007 to August 18, 2011. This information was extracted on 8/18/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

THE GOOD NEWS!

There’s Confidence in the local Greater Baton Rouge housing market! The home purchase appraisal orders have really picked up this week with momentum like I haven’t seen yet this year. Just this week, we’ve seen a surge of orders for home purchases. Bill Cobb, Appraiser

THE NOT-SO GOOD NEWS!

Baton Rouge Business Report‘s Real Estate Weekly reports the housing market as “flat” in Louisiana and down in Baton Rouge.

According to the Businss Report, “The number of houses sold in Louisiana during the first quarter was virtually unchanged from the first three months of 2010. There were 5,604 homes sold through the end of March, according to figures from the Louisiana Realtors. That’s 0.6% more than the 5,568 homes sold through the first quarter of 2010. Houma-Thibodaux was the strongest metro market, with 202 homes sold during the quarter, a 14.1% increase over the first three months of 2010. The Lake Charles market also saw a double-digit percentage increase, with 289 sales, 10.3% more than the 262 sold in the first quarter of 2010. Home sales were up 7.9% in New Orleans to 1,837, 2.6% in Lafayette to 640, and 2.5% in Alexandria-Pineville to 248. Shreveport-Bossier City had the biggest sales drop, falling 12.8%. There were 775 homes sold during the first quarter, compared with 889 the year before. Monroe had a 4% drop in sales, to 388; and Baton Rouge was down 3.3%, to 1,225. Statewide, the average sale price of a home fell by 1.5%, from $177,381 to $174,687. For the rest of Real Estate Weekly, click here.

AND, LOCAL AGENT, RYAN SPENCER, OFFERS HIS UPDATE!

“1st Quarter 2010 to 2011 Avg. List Price $198,078/$192,161
Avg. Sale Price $191,506/$185,769
Avg. Days on the Market 95/104
List to Sale Price Ratio 96.68%/96.67%
Months of Inventory 9.19/10.76

The home buyer tax credit was in effect last year which may have boosted sales numbers in the first quarter of 2010. Despite tough economic times our market is still pretty strong overall. If you have any questions please contact me at 225-505-5619 or email me at ryan.spencer@coldwellbanker.com“

Potential $20K Loss. This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision. In the appraisal I recently completed, the home sold for $155,900 in 2007, a Post Hurricane Katrina high price, and is now on the market for $136,000. If this home sells for $136,000, then homeowner only loses $20,000 and will lose a total of $28,160 after paying the selling commission.

A recent home appraisal in and analysis of Villa Del Rey revealed this interesting finding. From 2009 to 2010 to 2011, the median sales price has declined from $145,000 to $137,500 to now $136,000 (chart below is not updated) into 2011 based only on 3 sales. This drop is due to foreclosure and/or distressed sales. Actually, the chart below is incorrect because GBRMLS reports “38″ solds in 2010, not just 33, with a median of $137,500. Of those 38 sales, 11 or 29% were foreclosures, which is quite high. And, in 2011, the 3 solds only sold for $119,000, $136,000 and $139,000 indicating these sold below market.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 3, 2011. This information was extracted on 5/3/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Biggest Gainer In East Baton Rouge 70739. Zip Code 70739, the Central or Greenwell Springs market, showed a +16.2% increase in Average Sales Prices AND +6.2% in Average Sales Price Per Sq. Ft.. Central is a “hot” market viewed by locals as having a favorable school district. 70739 also showed a +9.4% increase in the number of home sales.

Zip Code 70818, another Central Market, showed less stellar results with +13.3% in the number of home sales, +1.4% increase in average sales price and +2.1% increase in average sold price per sq. ft.

Author Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Ascension Parish

Solds: 9 from $86,700 to $385,000, Average Sales Prices $186,403 or $100.32/sf, Median Sales Price $137,500, Average Days On Market 59.

Listings:

Currently Pending: 229 $191,106 Average Listing Price and Median Price $172,500.

New Listings: 48 With Average Listing Price of $197,932, Median Listing Price of $174,950

Pending Listings: 39 With Average Listing Price of $195,857, Median Listing Price of $189,000

East Baton Rouge Parish

Solds: 31 from $5,500 to $1,054,000, Average Sales Prices $216,768 or $106.51/sf, Median Sales Price $161,000, Average Days On Market 96.

Currently Pending: 585 $208,328 Average Listing Price and Median Price $166,000.

New Listings: 120 With Average Listing Price of $268,194, Median Listing Price of $186,000

Pending Listings: 100 With Average Listing Price of $208,382, Median Listing Price of $165,000

Western Livingston Parish

Solds: 10 from $29,000 to $455,000, Average Sales Prices $189,525 or $97.54/sf, Median Sales Price $168,500, Average Days On Market 98.

Currently Pending: 177 $149,140 Average Listing Price and Median Price $147,900.

New Listings: 31 With Average Listing Price of $175,716, Median Listing Price of $168,900

Pending Listings: 24 With Average Listing Price of $120,687, Median Listing Price of $127,950

West Baton Rouge Parish

Solds: 4 from $51,500 to $226,000, Average Sales Prices $166,600 or $106.33/sf, Median Sales Price $194,450, Average Days On Market 68.

Currently Pending: 21 $187,983 Average Listing Price and Median Price $193,000.

New Listings: 0

Pending Listings: 1 Listing Price of $124,900

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of April, 9, 2011 to April 15, 2011. This information was extracted on 04/16/2011.

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Solds In Kildare Subdivision have varied from lows to highs in terms of the Average and Median Sales Prices by year from 2006 up to 2011. The variance in the these range from $45,000 up to $152,500 depending on how many REO or foreclosure sales took place in Kildare during any given year. For example, the average sales prices since 2006 were $100,600, $89,000, $137,000, $87,700 and $122,500, which is a very wide spread. With the exception of 2009, there were few sales in each year. 2010 Data is reported below and there has already been one (1) REO or Foreclosure sale in 2011 for $45,000 for an 1,872sf home on 0.55 acre lot. In 2010, there were two (2) unusually high sales for $152,500 and $175,000. The $152,500 sale was for 2,919sf on about 1 acre and the $175,000 was for a 4,907sf on large lot with pool, 2 kitchens and apartment. Average days on market in 2010 was 300 days with a weak listing-to-sales price ratio of 92%.

Average Sales Price: $122,500
Average Sold Price Per Sq. Ft.: $36/sf
Median Sold Price: $152,500
Number of Sales: 3
Low To High: $40,000, $152,500 to $175,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # MLS Listings: 2
Current Listings Prices: $75,000 To $89,900

Author’s Bio:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:

Office: 225-293-1500, Cell: 225-953-0638

Fax: 1-866-663-6065

info@accuratevg.com

http://www.accuratevg.com/

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to March 23, 2011. This information was extracted on 03/23/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

RESIDENTIAL PERMITS DECLINE Were Down In 2010! As a whole, residential building permits were down from 2,184 in 2009 versus 1,964 in 2010, a decline of 220 permits or -10% (includes all residential permit types). December 2010 versus December 2009 saw an increase from 177 in 12/2009 to 201 in 12/2010.

DECEMBER 2010 RESIDENTIAL SFR PERMITS TOTAL “53″! For Residential Permits only for “Single Family Residences”, December 2010 saw 53 permits issued versus 44 for November 2010.

ANY IMPROVEMENT IN JANUARY 2011? NO! According to EBRP Department of Public Works Permit Office, “Building permits are down from 1,763 in December 2010 to 1,673 in January 2011.” For Residential ONLY, there were 30 permits issued for Single Family Residences and 62 for Additions-Remodeling for a total of 92 permits. This is a -36% decrease compared to the 143 permits issued in January 2010. And, this is -48% decrease compared to the 177 permits issued in December 2010. However, December 2010 did see an odd “88″ permits for “Duplexes”, which was more than any recorded in recent history.

NOTE: Top Image Source: www.remodeling-sanantonio.com

Tags: Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Baton Rouge Realtor, Baton Rouge Realtors, East Baton Rouge Residential Building Permits

The LREC or Louisiana REALTORS (source) is reporting on the state of Louisiana foreclosures as of fourth quarter 2010. There report is below.

I recently completed 2 home appraisal assignments in Monticello Subdivision this week, both on Monticello Boulevard, and noticed these observations. There appears to be some decline due to REO or foreclosure activity. The Average Sold Price Per Sq. Ft. is down $6/sf and Median Sales Price is down $5,000 from 2009 versus 2010. AND, 5 of the 12 Current Listings are Foreclosures with more at least 2 more foreclosures that could be on the market later in 2011.

Solds In The Monticello Subdivisions from 1/1/2010 to 12/16/2010 revealed:

Average Sales Price: $138,580 ($154,573 in 2009)
Average Sold Price Per Sq. Ft.: $85/sf ($91/sf in 2009)
Median Sold Price: $145,000 ($150,500 in 2009)
Number of Sales: 15 (20 in 2009)
Average Number of Days On Market: 64 (96 in 2009)
Low To High: $82,000 to $169,000
Number of Sold REO/Foreclosures Noted In MLS: 3 or 20% of All Sales
Current # Listings: 12, 5 Are Foreclosures or 42% of All Listings
Current Listings Prices: $89,900 To $175,000

The 15 sales in in this very large subdivision in 2010 versus the 20 in 2009 reflects the current slowdown of this market post Federal Tax Credit Expiration. Without the tax credit, there doesn’t appear to be as much incentive to purchase a home. This slowdown in homes sales in a trend throughout the Baton Rouge housing market in latter 2010.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 16, 2010. This information was extracted on 12/16/2010.

Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Appraisers, Baton Rouge Estate Settlement Appraisers, Baton Rouge Home Appraisers, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Probate Appraisers, Baton Rouge Real Estate, Baton Rouge Real Estate Buzz, Baton Rouge Real Estate Minute, Baton Rouge Real Estate Trends

http://www.gbrhousinganswers.com/ – Baton Rouge Housing Answers: Windermere Subdivision, How Are Values Doing in 2010? I performed a home appraisal in Windermere Subdivision this week and discovered the following housing numbers below.

Solds In Windermere Subdivision from 1/2010 to 12/09/2010 revealed:
Average Sales Price: $265,500 ($280,000 in 2009)
Average Sold Price Per Sq. Ft.: $130/sf ($127/sf in 2009)
Median Sold Price: $267,000 ($285,500 in 2009)
Number of Sales: 3 (4 in 2009)
Average Number of Days On Market: 46 (44 in 2009)
Low To High: $234,500 to $295,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 0

Overall, both the Average and Median Sold Prices are down for 2010, as illustrated above. The Median Sales Price in 2009 was $285,500 but only $267,000 in 2010. However, the Average Sold Price Per Sq. Ft. is UP $3/sf in 2010. If a local Agent were to list home today in Windermere, they would likely rely on the $130/sf figure, which would represent an increase from 2009.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 9, 2010. This information was extracted on 12/09/2010.

Tags: Appraisers Baton Rouge, Baton Rouge Estate Appraisers, Baton Rouge Estate Minute, Baton Rouge Homes, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Probate Appraisers, Baton Rouge Real Estate, Baton Rouge Real Estate Agents, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends

This is a Fannie Mae 1004mc or Market Conditions chart for The Lake At White Oak Subdivision as of 11/24/2010. The 1004MC Form is meant to compare homes that are most similar with a subject property or the home being appraised – the “sub-market” extracted from the broader market. The chart shows a generally improving higher end market BUT a declining Listing-To-Sales-Price-Ratio of 95%, which is understandable.

CLICK TO ENLARGE!

CLICK TO ENLARGE!

This Chart Also Shows That Since January 2008, there has only been 1 competing REO or Foreclosure Sale. And, there are no or ZERO competing REO or Foreclosure Listings.

2010 VERSUS 2009!

Solds In The Lake At White Oak from 1/2010 to 11/24/2010 revealed:
Average Sales Price: $350,223
Average Sold Price Per Sq. Ft.: $122/sf
Median Sold Price: $332,500
Number of Sales: 91

Solds In The Lake At White Oak from 1/2009 to 12/31/2009 revealed:
Average Sales Price: $311,069
Average Sold Price Per Sq. Ft.: $116/sf
Median Sold Price: $320,000
Number of Sales: 107

This graph below indicates that the four Parishes that make up Greater Baton Rouge are in the 30 to 50% risk category, meaning that there’s a 30% to 50% chance of lower home prices in the next 2 years.

This chart below indicates that the actual Baton Rouge ranking is 40.5% risk category, meaning that there’s a 40.5% chance of lower home prices in the next 2 years.

This chart below indicates that in 2009, Baton Rouge had a lower chance of price appreciation and in 2010, there was more of a chance of price stability.

Sources:

http://www.pmi-us.com/PDF/q3_10_pmi_eret.html

http://www.pmi-us.com/PDF/q4_10_pmi_eret.html

http://www.pmi-us.com/media/pdf/products_programs/eret/ERET_Appendix_Q2_10.pdf

]]> http://www.batonrougerealestateappraisal.com/2010/11/baton-rouge-housing-trends-2010-pmi-study-shows-moderate-risk-40-percent-chance-of-home-price-declines/feed/ 0 http://www.batonrougerealestateappraisal.com/2010/11/baton-rouge-real-estate-appraisers-why-do-some-houses-sit-on-the-market-while-others-sell/ http://www.batonrougerealestateappraisal.com/2010/11/baton-rouge-real-estate-appraisers-why-do-some-houses-sit-on-the-market-while-others-sell/#comments Sat, 13 Nov 2010 10:38:59 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-economic-news/baton-rouge-real-estate-appraisers-why-do-some-houses-sit-on-the-market-while-others-sell/ http://www.batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisers: Why do some houses sit on the market while others sell?

Here’s an interesting video by Jay Papasan, an executive of Keller Williams Realty. We see “Jay” on the month “This Month In Real Estate US: November 2010″ videos on YouTube. In this video, Mr. Papasan explains why some houses just sit there on the market while others sell, which is an appropriate topic for locals now that the expiration of the Federal tax credit means a lot homes locally are just sitting.

I thought his explanations were helpful explanations. The visual displays of these concepts of his x/y axis were helpful as well.

I’m curious to hear the experience of both home owners and real estate agents as to what if Mr. Papasan is explaining is reality locally? Any ideas on what it would take for homes to sell faster? Are locals just waiting for a bottom before buying or is there something more going on in their psyche – more of a concern about what’s taking in Washington, DC than a concern for the Baton Rouge economy maybe?

You can follow Jay Papasan on Twitter at @jaypapasan, and on Facebook @ http://www.facebook.com/jaypapasan . Mr. Papasan is also coauthor of The Millionaire Real Estate Agent, The Millionaire Real Estate Investor & SHIFT.

]]> http://www.batonrougerealestateappraisal.com/2010/11/baton-rouge-real-estate-appraisers-why-do-some-houses-sit-on-the-market-while-others-sell/feed/ 0 http://www.batonrougerealestateappraisal.com/2010/10/greater-baton-rouge-home-appraisers-one-and-three-year-housing-studies-released/ http://www.batonrougerealestateappraisal.com/2010/10/greater-baton-rouge-home-appraisers-one-and-three-year-housing-studies-released/#comments Fri, 22 Oct 2010 11:00:52 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-economic-news/greater-baton-rouge-home-appraisers-one-and-three-year-housing-studies-released/ http://www.batonrougerealestateappraisal.com/ – Greater Baton Rouge Home Appraisers: One Year Housing Study Released!

Accurate Valuation Group has released a 1 year and 3 year study on Greater Baton Rouge Housing – Facts, Prices, Trends! The 1 year study includes 10 charts and 3 year includes 9 charts.

Click here to view the 1 Year Study!

Click here to view the 3 Year Study!

http://www.batonrougerealestatetrends.net/

Greater Baton Rouge Appraiser, Bill Cobb, has performed a study on the number of “short sales” taking place within the Greater Baton Rouge Housing Market. This was a rather difficult study to complete because of the lack of designation of short sales within the local GBRMLS. In other words, there’s no box for agents to check that specifically states the reason for the sale was “Short Sale”. So, this makes the numbers below somewhat questionable because of the lack of a proper method for classifying short sales within the local MLS. This appraiser has made the suggestion for this to be corrected to GBRMLS.

Agents do sometimes state “Short Sale” in the “Remarks” and or “Realtor Remarks” section of the MLS Sheet. So, this appraiser searched “short sale” within the “Remarks” and or “Realtor Remarks” to discover the results below. NOTE: It’s believed that these numbers below are lower than the actual number of short sales taking place. And, it’s anticipated that with the Big Banks halting foreclosures for an unknown time period (moratorium), short sales will become more popular with the Big Banks, or so I have been reading.

NOTE: Data used with permission of the GBRMLS. Search dates are 1/1/2009 to 10/16/2010. Extraction date was 10/16/2010.

Short Sale Image Source: http://www.manausa.com/short-sale-proces/

East Baton Rouge 2009 2010 Fore closure Sales Numbers! 2010 Fore closures total 12% of sales YTD; 2009 Fore closures totaled 11%. 7% of all EBR MLS Listings are Fore closures! Fore closures are negatively impacting this market. There’s A Major “Caveat” with the numbers below!

The answer is in the chart below: Areas 11, 31, 41, 43 & 53.

AREA 11 FORECLOSURES, Primarily Baker. In Area 11 in 2010, there have been 33 solds in Baker and 13 in Zachary. In 2009 and 2010, the Baker market has experienced a significant amount of fore closure activity as it was one of the markets where real estate investors flipped houses at high prices to post Hurricane Katrina buyers. Fore closure activity is cyclical in the Baker market, just as it is in the other troubled lower priced markets in Areas 31, 41 and 53. So, the fact that Baker is a higher than average REO market is no surprise to this appraiser.

In Baker, the subdivisions experiencing the higher percentage of fore closure sales were Baker Estates, Baker Heights, Baker Hills, Baker Lots & Acres and Brown Heights. In Zachary, the subdivisions experiencing the higher percentage of fore closure sales were Oak Shadows, Castle Place, Deer Park and The Cottages AT Blue Heron Lakes – those expensive town homes, expensive for the Zachary market.

AREA 31 FORECLOSURES (70802 & 70805). In Area 31 since 2008, there has been a significant amount of fore closure activity in the 30%+ of total sales range as it was one of the markets where real estate investors flipped houses at high prices to post Hurricane Katrina buyers.

AREA 41 FORECLOSURES (Park Forest Area). In Area 41 since 2008, there has been a significant amount of fore closure activity broadly throughout this market. In Area 41, the subdivisions experiencing the higher percentage of fore closure sales were Forest Oaks, Park Forest, Park Forest East, Villa Del Rey (9 reo sales in 2010) and Windsor Place.

AREA 43 FORECLOSURES (Some Surprises). A higher fore closure rate in Area 43 is an example of how this is a different market downturn than in the 1980s and 1990s. In this downturn after the mortgage meltdown, the fore closure activity AND FUTURE LOCAL FORECLOSURE ACTIVITY are located in ALL income brackets throughout all of Greater Baton Rouge. Hurricane Katrina may have been a blessing for sellers in 2005 and 2006, but some of the resales at lower than purchased prices and some of the resulting fore closures are a part of the 12% REO solds rate for EBRP.

In Area 43, the subdivisions experiencing the higher percentage of fore closure sales were High Point, Lake At White Oak (a surprise, higher priced homes), O’Neal Place (no surprise), Old Jefferson (no surprise), Shenandoah (a surprise) and higher priced Condos in Windsor Village (no surprise in the over supplied Baton Rouge Condo market and some of these condos were marketed to and sold to California investors who are now giving these back to the the banks possibly because of challenges with the California market now).

AREA 53 FORECLOSURES (1 Surprise – University Club). In Area 53 since 2008, there has been a significant amount of fore closure activity broadly throughout this market. In Area 53, the subdivisions experiencing the higher percentage of fore closure sales were Hermitage, Mayfair Park, Perkins Village, University Club Plantation (3 and very higher end homes), and Village St George.

The chart above represents the number of recorded East Baton Rouge Parish REO or Fore closure Sales within the Greater Baton Rouge MLS, with the exception of Manufactured Housing sales.

Let’s put these fore closure numbers into perspective! In 2009, there were a total of 3,985 sales. 430 fore closure sales in 2009 represents only 11% of total sales. In 2010, there were a total of 2,856 sales. 330 fore closure sales in 2010 as of 9/30/2010 represents only 12% of total sales. The projected number of reo / fore closures at end of 2010 is approximately 440.

There’s A Major “Caveat” with the numbers below! Based on a 12% REO sold rate, which does appear to be an indication REOs are negatively impacting this market. It’s also stated here that an article (The Landmines Within by Michael Tarabotto http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS – Meaning that it might be impossible to know or state the exact # of competing REOs if they’re not being listed. MLS is reporting 203 current REO listings for all EBR MLS Areas out of a total 2,795 total listings. So, 7% of all EBR MLS Listings are Fore closures!

REO is “Real Estate Owned”!

Data used with permission of the GBRMLS. Search dates are 1/1/2009 to 10/16/2010. Extraction date was 10/16/2010. 330 REO sales for 2010 was as of 9/30/2010. As of 10/16/2010, there were 339 REO sales.

Tags: Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Fore closure Rate, Baton Rouge REO Rate, Baton Rouge Fore closure Study

I recently performed a foreclosure appraisal within the Greater Baton Rouge housing market where there was more damage than I normally witness – approximately $45,000 in cost-to-cure. The video of the damage is below the page.

Possibly the most costly repairs to bring this home up to a marketable condition are the roof replacement, replacing the missing central heat and air unit (both exterior and in the attic), re-sheetrocking the home, replacing the missing Main Bathroom and then a lot of cosmetic TLC. As a home appraiser and not a licensed building contractor, I do try to provide the most realistic cost-to-cure, which may be high or too low. Also, the utilities were not on at the time of inspection, so it’s realistic for the appraiser to assume that mechanical system may need repair and factor that cost in as well.

Here’s a video I recently created for a foreclosure appraisal within the Baton Rouge housing market.

I recently performed an appraisal of a 1875sf living area home built in 1979 within MLS Area 42. As part of the appraisal and in order to complete the Fannie Mae 1004 MC section regarding REO Foreclosures history, the following chart below was created.

Based on GBRMLS in MLS Area 42 from 10/09/2008 to 10/09/2010, from 1700sf to 2050sf, $80,000 to $185,000, 3 to 4 bedrooms from 16-20 to 41-50 years, MLS revealed that 12 or 9.83% of the 122 total sales were foreclosure sales. For this appraisal, there were also “4″ competing REO or foreclosure MLS listings as well.

Here’s a video I recently created for a foreclosure appraisal within MLS Area 42.

High End Homes Market Appears Near Solid Support, Most Solid Within East Baton Rouge Parish. From 9/1/08 to 9/30/09, MLS reports 298 sales versus 294 sales 9/1/09 to 9/30/10, which is only a decrease of -4 sales or -1.3%. Average Sold Price for the 2009/2010 period is $539,650 compared to $548,036 for the 2008/2009 period. Median Sold Price for the 2009/2010 period is $500,000 compared to $495,700 for the 2008/2009 period. Average sold price per sq. ft. is $157.89/sf versus $159.43/sf for the 2008/2009 period. Average days on the market is 122 days versus 140 days in the 2008/2009 period. So, while the average sold price per sq. ft. is down $1.54/sf, and average sold price is down approx. $8,400, the median sales price has increased by $4,300 and the days on the market has improved.

Yes, There Are Certainly Exceptions! Copper Mill in Zachary is one example where the average sold prices were $161/sf in 2007, $158/sf in 2008, $157/sf in 2009 and $147/sf in 2010 based on 13 sales. That’s a $10/sf drop since 2009. Plus, the days on the market for the 13 sales were: 336, 850, 20, 274, 4, 393, 252, 1082, 50, 344, 197, 54 and 2. Renaissance in Prairieville is another example where the average sold prices were $137/sf in 2007, $141/sf in 2008, $133/sf in 2009 and $129.24/sf in 2010 based on 7 sales. That’s a -$4/sf difference between 2009 and 2010. And, MLS reports the average days on the market were 417 in 2009 and 252 in 2010. Actually, upon closer examination of total days on market, the actual continuous days on market were: 231, 1, 4, 561, 692, 1025 and 302. Greystone Golf in Denham Springs has only had 2 sales in 2010 averaging $142/sf and 6 sales in 2009 averaging $146/sf, a $4/sf decline. NOTE: For this paragraph, this includes all price ranges within these high end subdivisions.

High End Homes Market Absorption Rate Appears To Be Improving! The numbers of high end home listings has declined just slightly from 445 for September 2009 and 424 for September 2010. In September 2009, the Months Inventory showed 23.42 months. In September 2010, the Months Inventory showed 21.2 months and in August 2010 it was 19.4 months. Certainly, the market for homes requiring “Jumbo” loans remains slower in the overall Greater Baton Rouge market.

High End Homes Market NOTE: Parameters were $400,000 to $1,000,000, all price ranges within ASC, EBR, LIV and WBR for Property Types: DSF, ASF, PRC and PRA.

NOTE: Data For The September 2010 GBRAR MLS Report is used with permission of the GBRMLS from dates stated above and from 1/1/2008 through 9/30/2010.

NOTE: This chart can be viewed in a larger scale @ http://www.batonrougerealestatetrends.net/building-permits/

According to Chad Calder‘s The Advocate article below, for the first half of 2010, Ascension has issued approximately 399 permits, which was a 27% rise over 2009. NOTE: IF the pace of first half residential building permits continues throughout 2010, then 2010 will surpass the 786 permits for 2009. However, with the slowdown in new home construction, this is doubtful. It’s believed by this appraiser, which concurs with Chad’s article, that much of the new home construction is taking place within the more affordable markets now, under $200,000 and closer to $100/sf to $110/sf instead of the $136/sf to $150/sf of the elevated 2006-2008 era.

]]> http://www.batonrougerealestateappraisal.com/2010/10/baton-rouge-real-estate-appraisers-complete-2010-jefferson-terrace-housing-study-video/feed/ 0 http://www.batonrougerealestateappraisal.com/2010/10/baton-rouge-real-estate-trends-shenandoah-estates-october-2010-price-charting/ http://www.batonrougerealestateappraisal.com/2010/10/baton-rouge-real-estate-trends-shenandoah-estates-october-2010-price-charting/#comments Wed, 06 Oct 2010 04:53:37 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-economic-news/baton-rouge-real-estate-trends-shenandoah-estates-october-2010-price-charting/ http://www.batonrougerealestatetrends.net/ – Baton Rouge Real Estate Trends: Shenandoah Estates October 2010 Price Charting

Solds In Centurion Place from 1/2010 to 10/3/2010 revealed:
Average Sales Price: $290,000 ( $325,315 in 2009 )
Average Sold Price Per Sq. Ft.: $95/sf ( $101/sf in 2009 )
Median Sold Price: $285,000 ( $287,500 in 2009 )
Number of Sales: 3 ( 8 in 2009 )
Average Number of Days On Market: 275 (78 in 2009)
Low To High MLS Sales Prices: $289,000 to $329,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 9, 1 Is A Foreclosure
Current Listings Prices: $282,900 To $499,000

Since 1/2005:
Low To High MLS Sales Prices: $178,000 to $640,000
Average Sales Price: $322,489; Median Sales Price: $287,000

Data for this market report was used with permission of the GBRAR MLS. Data search is from 1/1/2005 to 10/03/2010, extracted on 10/03/2010.

Rebekah Allen, with the Baton Rouge Business Report, has an update on Baton Rouge home sales as published on September 7, 2010 and quoted below:

“After several months of hoping that the worst had passed in the fragile housing market, the real estate industry experienced record-breaking lows in July.

Experts blamed the historic decrease on the expiration of the homebuyer tax credit and mounting evidence that the economy isn’t ready to rebound.

According to the National Association of Realtors, existing home sales in July dropped 25.5% from the previous year. New home sales plummeted 32.4% from the previous year.

The Capital Region was not immune to the downward trend. July home sales dropped 24.4% in East Baton Rouge Parish from the previous year, 30.6% in Ascension Parish, 25.4% in Livingston Parish and 45.8% in the other parishes, including Iberville, West Baton Rouge, and East and West Feliciana.

But there was some good news, particularly in the neighboring parishes.

Home sales for the first seven months of this year have increased 11.6% in Ascension over the same time period one year ago, 17.3% in Livingston and 33.9% in the other parishes. East Baton Rouge Parish, however, has reported a 6.3% decrease.

Ashley Greer, team leader for Keller Williams Realty in Denham Springs, says her location has seen 38% more business this year than last, and she’s confident that the momentum will continue through the rest of 2010.

“We’re just one exit outside of Baton Rouge,” she says. “You get all of the amenities of a big city without having to pay as much for it.”

Greer adds that home-owners are attracted to the strong school system in Livingston.

“Livingston schools are continuing to build. We have some of the best schools, so parents don’t have to send their kids to private schools,” she says. “Everything we’ve increased our tax dollars to pay for is paying off.”

Appraiser Bill Cobb says Livingston Parish is attracting buyers with affordable price points. He says the bulk of new home sales occurred in the $120,000 to $169,900 range.

The average sale price in July was $197,076 in the Capital Region, down from $203,735 one year ago.

“Builders keep asking, ‘When is the market coming back?’ which is the wrong question,” Cobb says. “The right question should be, ‘How can I deliver a product that locals can better afford?’”—Rebekah Allen”

The Link Is Here: http://www.businessreport.com/news/2010/sep/07/startup-gnit1/

Tags: Baton Rouge Homes, Baton Rouge Homes For Sale, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Real Estate, Greater Baton Rouge Real Estate

The GBRMLS indicates 25 total home sales in Villa Del Rey from 1/1/2010 through 9/9/2010. Sales prices have ranged from 74,900 up to $190,000.

Villa Del Rey Sold Price Per Sq. Ft. Continues To Decline Since 2007 Highs
2006: $70.33/sf
2007: $73.35/sf
2008: $69,24/sf
2009: $68.39/sf
2010: $65.36/sf

Of those 25 2010 sales, MLS reports 9 were REOs or foreclosures and 1 was a deep discount distressed sale, meaning that approximately 40% of 2010 solds were distressed in nature.

NOTE: Based on Detached Single Family Solds in GBRMLS, information from the Greater Baton Rouge Association of REALTORS\MLS for the period 01/01/2010 through 09/09/2010 for Villa Del Rey. This information was extracted on 09/09/2010.

Housing Watch Dot Com has an interesting article on “Short-Sale Flopping“! Read the entire article here: Don’t Let ‘Floppers’ Flip Your House. Buzz has provided a few snippets below.

“Looking to get rid of a house that’s underwater? If you’re stuck with a home that’s worth less than your mortgage, you could be bait for a new scam that’s just starting to take hold called short-sale “flopping.”

A flopper drives down the price of your home so that the lender will allow the borrower to sell your home for less than it’s worth. “You have to have an appraiser involved for this [scam] to be successful,” says Griff Straw, president of Solidifi. Straw does not think “flopping” can be successful without an appraiser who’s willing to undervalue the property.

Once the flopper gets an agreement for the short sale he then finds a buyer (or may already have a buyer lined up) who will buy the property for thousands of dollars more. The lender takes the loss — and possibly even the homeowner who agreed to the short sale, if there wasn’t a protection against being sued by the lender for a deficiency judgment.

You could be left holding the bag for thousands of dollars if the short sale isn’t handled in a way that protects you from getting hit with a deficiency judgment. (That’s when the bank chases you for any shortfall.) You can be protected with a short-sale contract, but you need to work with a reputable real estate lawyer when you negotiate with the bank. So if someone approaches you with a quick deal to get out of your house, be cautious.”

Image Source: Getty Images and Housingwatch.com.