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Baton Rouge Economic News
Baton Rouge Appraisers: Monticello Subdivisions Market Update For 2010 in 70814
12/18/2010 | 
Author http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: Monticello Subdivisions Market Update For 2010 in 70814
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
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Appraisers, Baton Rouge Economic News, Baton Rouge Home Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate | 
Tags: Appraisal Assignments, Association Of Realtors, Baton Rouge Real Estate News, Estate Appraisers, Estate Settlement, Federal Tax Credit, Foreclosure, Foreclosures, Greater Baton Rouge, Home Appraisal, Home Appraisers, Housing Market, January 1, Median Sales Price, Monticello, Probate, Reo, Slowdown, Solds, Sq Ft | 
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Windermere Subdivision Baton Rouge: How Are Values Doing in 2010?
Posted in Baton Rouge Economic News, Baton Rouge Real Estate, Baton Rouge Real Estate News, Baton Rouge Real Estate Trends | Tags: Association Of Realtors, Baton Rouge Real Estate News, Current, Estate Appraisers, Estate Homes, Foreclosures, Greater Baton Rouge, Home Appraisal, Home Today, Housing Market, January 1, Median Sales Price, Mls, Probate, Real Estate Agents, Real Estate Trends, Reo, Solds, Sq Ft, Windermere | No Comments »
Baton Rouge Real Estate Appraisers: Good News For The Lake At White Oak Subdivision 2010
http://www.batonrougerealestateappraisal.com/ - 2010 Baton Rouge Real Estate: Good News For The Lake At White Oak Subdivision
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
Baton Rouge Housing Trends: 2010 PMI Study Shows Moderate Risk, 40 Percent Chance Of Home Price Declines
http://www.batonrougerealestatetrends.net/ – Baton Rouge Housing Trends: PMI Study Shows Moderate Risk, 40 Percent Chance Of Home Price Declines. That also means that there’s a 60% chance prices won’t decline. However, keep in mind this latest ranking is from Q2 2010 when the Federal Tax Credit was in operation. Now with the tax credit expiration, local home sales have slowed drastically and I expect in early 2011 when new PMI Group Baton Rouge numbers are released, they won’t be so favorable! Foreclosures are increasing locally and I’m hearing that some locals that need to sll are finally seeing that this isn’t the housing market of 2007 anymore and are beginning to lower their asking prices.
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
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.
Posted in Baton Rouge Appraisal, Baton Rouge Appraisals, Baton Rouge Appraisers, Baton Rouge Divorce Appraisal, Baton Rouge Divorce Appraisals, Baton Rouge Economic News, Baton Rouge Housing Market, Baton Rouge Real Estate | Tags: Amp, Axis, Baton Rouge Real Estate News, Economy, Explanations, Federal Tax Credit, Jay Papasan, Keller Williams Realty, Locals, Millionaire Real Estate Investor, Psyche, Real Estate Agent, Real Estate Agents, Real Estate Appraisers, Real Estate Investor, Twitter, Videos, Visual Displays, Washington Dc, Youtube | No Comments »
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!
Posted in Ascension Parish Real Estate News, Baton Rouge Economic News, Baton Rouge Housing Market, Baton Rouge Real Estate, Livingston Parish Real Estate News, Real Estate Baton Rouge, Trends Baton Rouge Real Estate, West Baton Rouge Real Estate, Western Livingston Parish Real Estate | Tags: Accurate Valuation, Greater Baton Rouge, Home Appraisers, Housing Prices, Housing Studies | No Comments »
2010 Greater Baton Rouge Short Sales Study Released, 2 Percent Of All Sales
http://www.batonrougerealestatetrends.net/ – 2010 Greater Baton Rouge Short Sales Study Released, Approximately 2 Percent Of All Sales!
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/
Posted in Baton Rouge Economic News, Baton Rouge Housing Market, Baton Rouge Real Estate, Foreclosure Trends, Greater Baton Rouge Economic News, Greater Baton Rouge Real Estate News, Greater Baton Rouge Subdivision Video Tours, Short Sales Study | Tags: Banks, Bill Cobb, Designation, Foreclosures, Gbrmls, Greater Baton Rouge, Housing Market, Image Source, Mls, Moratorium, Realtor, Search Dates, Suggestion, Time Period | No Comments »
Where Are The 2010 East Baton Rouge Fore closures Taking Place?
http://www.batonrougerealestatetrends.net/ – Baton Rouge Fore closure Trends: Where Are The 2010 East Baton Rouge Fore closures Taking Place?
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
Posted in Baton Rouge Economic News, Baton Rouge Foreclosure Auctions, Baton Rouge Housing Market, Baton Rouge Real Estate, Foreclosure Trends | Tags: Baker Estates, Baker Heights, Baker Hills, Blue Heron, Castle Place, Caveat, Closure Activity, Deer Park, East Baton Rouge, Foreclosures, Forest Area, Heron, Heron Lakes, Hurricane Katrina, Mls Listings, Park Forest, Real Estate Investors, Sales Numbers, Solds, Zachary | No Comments »
Video: Taking the axe to a foreclosed home in Baton Rouge
http://www.batonrougerealestateappraisal.com/ – Taking out foreclosure frustration with an axe in Baton Rouge
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.
Posted in Baton Rouge Economic News, Baton Rouge Foreclosure Auctions, Baton Rouge Housing Market, Baton Rouge Real Estate | Tags: Axe, Building Contractor, Central Heat, Costly Repairs, Foreclosed Home, Foreclosure Appraisal, Frustration, Greater Baton Rouge, Home Appraiser, Housing Market, Lot, Marketable Condition, Mechanical System, Tlc | No Comments »
Baton Rouge MLS Area 42 Hovers Around 10% Foreclosure Rate Since October 2008
http://www.batonrougerealestatetrends.net/ – Baton Rouge MLS Area 42 Hovers Around 10% Foreclosure Rate Since October 2008 for the parameters below.
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.
Posted in Baton Rouge Economic News, Baton Rouge Foreclosure Auctions, Baton Rouge Housing Market, Baton Rouge Real Estate | Tags: Area 42, Baton Rouge, Bedrooms, Fannie Mae, Fannie Mae 1004, Foreclosure Appraisal, Foreclosure Listings, Foreclosure Sales, Foreclosures, Gbrmls, Mls Area, Mls Listings, Net Mls, Parameters, Reo, Www Mls | No Comments »