Baton Rouge Real Estate News

Why Baton Rouge Housing Reports?

Because a home is the largest, most important investment most locals make in their lifetimes. Because of the importance of getting this decision right, housing market facts, trends and analysis are provided to help locals execute competent, informed home purchase or home selling decisions.

There’s a new Premier web video resource in Baton Rouge with a residential focus: Baton Rouge Housing Reports Dot Com. This site offers the good news in our market as well as the on-going correction, tips on what improvements really add value, local REALTOR® video update of the month, local real estate expert interviews, local remodeler’s tips, trends videos, monthly and quarterly reports, Top 150 Subivisions trends, current housing charts and stats, gbrmls stats, local NAR stats, special investigative series and a long list of local online resources. Visit Us for the scoop on local housing.

Baton Rouge Housing Reports Dot Com – Local Real Estate Professionals Providing Trends, Analysis & Tips Helping Locals Make Informed Housing Decisions!

Keywords: Baton Rouge Real Estate, Baton Rouge Homes, Baton Rouge Housing, East Baton Rouge, Greater Baton Rouge, Baton Rouge Realtors, Baton Rouge Real Estate Agents, Baton Rouge Homes For Sale, Baton Rouge Home Appraiser, Baton Rouge Home Appraisal

A St. Petersburg Florida REALTOR® and Appraiser has some advice for Greater Baton Rouge Locals when it comes to sell their home in this 2011 market: Stick To New Paint and Carpet To Get Your Home Sold.

There’s a new article out entitled, “Low Appraisals Blamed for Scuttling Real Estate Deals“. In the article, the reason given for Low Appraisals is, “Appraisals routinely come in under the negotiated sales price, often driven down by the glut of foreclosed houses and short sales with rock-bottom prices.”.

THE POINT OF THE ARTICLE IS TO CAUTION ON SPENDING TOO MUCH ON RENOVATIONS TO HELP GET THE HOME SOLD!

In the article, the “Capetz” family invested an extra $11,000 on a new roof and air conditioner to help their home sell ($11,000 for a new roof and central heat and air is really cheap). In July, they accepted an offer of $142,000 only to have the home sale fall through because home appraisal came in at only $130,000.

GOOD ADVICE! Quoted from the article, “Frank Gregoire, that St. Petersburg FL and Appraiser who headed the Florida Real Estate Appraisal Board for eight years during the housing boom, advised sellers to stick with new paint and carpet.

“If you make a major improvement, you should expect to enjoy that improvement. Don’t treat it as an investment,” he said. “It’s unlikely you’ll get what you paid for it.”

How Does This Apply To The Baton Rouge Housing Market? First, we’re talking about the under $150,000 market. Baton Rouge Housing Market doesn’t face near the number of foreclosures or short sales as in Florida. However, with that said, one (1) issue I see in Baton Rouge Housing is overimproved homes, thanks partially to HGTV. Example: A $95,000 home in a first time homebuyer starter neighborhood with $5,000 in Slab Granite Counters. Or, in the photo below, a $160,000+/- local economy home with an elaborate approximate $10,000 Kitchen Slab Granite Plus Tile Backsplash Upgrade of which the market still hasn’t chosen to pay for.

HGTV Ruined Some Homeowners! Since the early 2000′s, with easy credit and HGTV, some locals went overboard on overimproving their homes on items that the market didn’t reward them for at the time of resale. Instead of keeping their homes at the quality of construction levels typical in their subdivision, they chose to invest $15,000 to $50,000 above that level and thus overimprove on items that the market wouldn’t reward dollar-for-dollar on at resale time.

The Point Of This Baton Rouge Home Appraisal Article: When Updating Your Home for a listing, pay attention to your price range, what other homes in your subdivision have in terms of quality and mirror those homes and features. While Slab Granite Counters certainly help a home sell, they are not common nor a wise investment for homes under $150,000. If your home needs a new roof because it’s old and for the seller’s appraisal to pass and qualify for an FHA or RD financing, then that might be a wise purchase, which might not return dollar-for-dollar. It might be wise to stick with just new paint and carpet and if listings feedback says do more updates, then you can proceed further. And, if you need a Pre-Listing Appraisal to help properly and accurately price your home, visit: http://gbrprelistingappraisals.com/

NOTE: Frank Gregoire is a friend and Appraiser Peer of mine. Frank writes the “Appraiser Active Blog” and enjoys the leisure life as an Appraiser along with Florida Coast with his wife, Fran. And, Frank likes to rub this in on Facebook weekly about how spoiled he is to live, play and work in paradise!

Author: Bill Cobb with Accurate Valuations Group (Greater Baton Rouge Home Appraisals).

Image Source: Top Image Purchased @ Bigstockphoto.com

Accurate Valuations Group is a proud sponsor of the St. Jude Dream Home, providing home appraisal services for the Dream Home since the year 2000. Buy your tickets at the links below.

Direct Link And Info From Sponsor WBRZ Information Page: http://www.wbrz.com/st-jude-dream-home-giveaway

TICKETS: $100 tickets will go on sale December 14, 2010. You may reserve your ticket at Citizen’s Bank & Trust branch locations, The UPS Store, open houses, www.stjudedreamhome.org or by phone at (800) 726-6409.

Grand Prize: Approximate value is: $350,000

The first place prize is the St. Jude Dream Home house located at 37393 Hwy. 621 in Prairieville in the Lakes at Ascension subdivision.
The St. Jude Dream Home house features:
Four bedrooms, 3 baths
3,052 square feet living, 3,755 square feet total area
Upstairs den/playroom
Granite Slabs
Stainless Steel Appliances
Bricked Courtyard
Wood FloorsCypress Cabinets
Bronze Light and plumbing fixtures

This year marks the thirteenth year of construction of the St. Jude Dream Home in the Greater Baton Rouge Area. The St. Jude Dream Home Giveaway is the original and longest running home raffle conducted in our community. Proceeds generated from the sale of tickets to win this home directly benefit St. Jude Children’s Research Hospital, the St. Jude Affiliate Clinic located in Baton Rouge and children locally, nationally and around the world.

Other Prizes
In addition to the St. Jude Dream Home house, other prizes will be given away. Each is valued at $1,000 or more. These prizes include:
$1,000 gift certificate at Kean’s Fine Dry Cleaning
Flowers each month for a year, courtesy of Billy Heroman’s Flowerland
$1,000 gift certificate at Memory Mania
$1,000 gift certificate at Shear Illusions Hair Salon
Two $500 gift certificate at Carriages
One year family membership, courtesy of Spectrum Fitness Club
Spa services and products, courtesy of St. Michel Day Spa
5-piece patio set, courtesy of Brian’s Furniture
$1,000 gift certificate at Kleinpeter Photography
$1,000 savings bond, value at maturity date, courtesy of Citizens Bank & Trust
Talo® SmartTouch® kitchen faucet & accessories, courtesy of Brizo®
Two painting parties, courtesy of Mud Pies and Masterpieces
Custom built furniture, courtesy of Kayu Furniture Imports
Desktop computer and printer, courtesy of Diamond Foods
Mural, courtesy of Tara Buttons
$500 gift certificate at The Melting Pot $1,200 gift certificate at Associated Grocers

Open Houses:

The St. Jude Dream Home house will be open to the public every Saturday and Sunday, February 5-March 20, (Saturdays 9 a.m. to 5 p.m. and Sundays noon to 5 p.m.).

Call (800) 726-6409 for directions.

Tour of the St. Jude Dream Home with Whitney:

Drawing:

Winners will be announced during the live St. Jude television special on WBRZ Channel 2 on March 27, 2011. Only 11,500 tickets will be sold.

For more information, call the 24-hour toll-free hotline at 1-(800) 726-6409 or visit www.stjudedreamhome.org

The LREC or Louisiana REALTORS are reporting on comprehensive housing numbers for 2010, including 4th quarter 2010. So, the source for this report and charts and graphs is LREC.

NUMBER OF SALES DOWN 7.3%. Overall, the number of Greater Baton Rouge Home Sales was down 7.3% for 2010. Total volume for 2010 was 5,708 versus 6,160 for 2009.

AVERAGE SALES PRICE. The average home sales price increased in 2010 to $202,138 vs $197,587 for 2009. This would appear to be due to strong local employment numbers of 355,797 in 2010 versus 354,044 in 2009. However, the Baton Rouge Business Report just reported this morning that “B.R. home price index drops for fifth month running“. So, according to the CoreLogic Home Price Index for Louisiana, Baton Rouge home prices are continuing to correct to the downside, not the upside, and I would agree. And, a look at the median sales prices would be more helpful than average sales prices since average sales prices can include homes from $10,000 up to $3,000,000 – outliers.

SOME IMPROVEMENT. Not all areas are declining though, but marketing time periods are well over 6 months. I’m appraising the 2011 St. Jude Dream Home in Prairieville and the general market of competing solds and listings is showing a rising median sales price, but very long marketing time periods of well over 6 months. Some homes in one local high end development on Highway 73 in Prairieville have been on the market since 2008 without selling.

AVERAGE DAYS ON MARKET. The average days on market remained almost unchanged at 90 days in 2010 versus 91 in 2009.

RESIDENTIAL PERMITS DECLINE In 2010! As a whole, residential building permits are 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.

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

Home On Ronda Avenue

Solds In Ronda Place Subdivision from 1/2010 to 12/31/2010 revealed:

Average Sales Price: $157,950 ($144,967 in 2009)
Average Sold Price Per Sq. Ft.: $96.79/sf ($89.87/sf in 2009)
Median Sold Price: $157,950 ($149,900 in 2009)
Number of “MLS” Sales: 2 (3 in 2009)
Average Number of Days On Market: 37 (233 in 2009)
Low To High: $156,000 to $159,900
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 2, 1 Is A Foreclosure $116,900
Current Listings Prices: $116,900 to $199,900 or $75/sf to $81/sf.

The $116,900 listing on Aimee Drive has 1,566sf living area. The $199,900 lisitng is “contingent” or under contract with the buyer’s home waiting to sell and has 2,472sf living area.

LEGAL NEWS REPORTS 4 SALES. For Ronda Place Subdivision, Legal News reports four (4) total sales, two (2) FSBO Sales. Legal News reports that 17254 Eric Dr sold for $165,000 in February 2010. MLS history reports this home has 1,616sf 6/3/2 built in 1982 with a large 25×22 Workshop. So, this home sold for $102.10/sf.

Legal News also reports a sale of one of the smaller garden homes fronting Hwy 929 for $121,500 in November 2010, Lot 67-B. MLS History states this home to be 17230 La Hwy 929 having 1,200sf with 2 bedrooms, 1 bathroom and last sold for $99,900 in 12/2005. So, this home sold for $101.25/sf approximately. I use the word “approximately” because MLS uses the even “1200″ sf, meaning that the home might not even have been measured for the listing, which is a disturbing trend I’m seeing more of in Greater Baton Rouge Real Estate.

This is the Foreclosure Listing on Aimee Drive!

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2010. This information was extracted on 1/1/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Tags: Baton Rouge Estate Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends,

Altos Research this morning has an interesting chart: What if the Housing Stimulus Never Existed?

Yes, this argument is counterfactual, economically speaking, but… as Kyle Bass has asked – “How many problems have you solved by kicking the can down the road?”

Yahoo Finance has an interesting video on Robert Shiller feels that the end of the tax credit could mean big trouble for housing.

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!

East Baton Rouge Foreclosure Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 12% of sales YTD; 2009 Foreclosures totaled 11%. 7% of all EBR MLS Listings are Foreclosures! Foreclosures are negatively impacting this market.

Where Are The 2010 East Baton Rouge Foreclosures Concentrated?

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.

Ascension Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 7% of sales YTD; 2009 Foreclosures totaled 6%, an increase of +1% since 2009. 5% of all Ascension MLS Listings are Foreclosures! Foreclosures are only moderately impacting this market.

Where Are The 2010 Ascension Parish Foreclosures Concentrated?

AREAS 90-92 2010 FORECLOSURES. In 2010, there have been 68 solds. The vast majority of these foreclosure solds were “Rural” properties (10). In restricted subdivisions, foreclosures of note were in Ascension Trace (2), Autumn Woods (2), Lakes At Dutchtown (2), Manchac Harbor (2), Oak Terrace (3) and Porte Cochere (3).

Above $200,000, Both Solds and Current Listings. The number of 2010 foreclosures that sold above $200,000 has been 19 or 28%. Out of the 46 total REO MLS listings, there are 16 current listings above $200,000 or 35%.

Above $300,000, Both Solds and Current Listings. The number of 2010 foreclosures that sold above $300,000 has been 8 or 12%. Out of the 46 total REO MLS listings, there are 3 current listings above $300,000 or 7%.

Livingston Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 13% of sales YTD; 2009 Foreclosures totaled 9%, an increase of +2% since 2009. 7% of all Livingston MLS Listings are Foreclosures! Foreclosures are negatively impacting this market.

Where Are The 2010 Livingston Parish Foreclosures Concentrated?

AREA 80 2010 FORECLOSURES. In Area 80 in 2010, there have been 17 solds. The vast majority of these foreclosure solds were “Rural” properties and 3 in Three Rivers Island.

AREA 81 2010 FORECLOSURES. In Area 81 in 2010, there have been 51 solds. These foreclosures were concentrated in Acadiana Place, Easterly Lakes, Gravesbriar, Hidden Oaks Condos, Linda Lee, Richmond Place, Watson Little Farms, Wisteria Place and Wolf Creek Place. Wisteria Place is no surprise to this appraiser for a development which has experienced marketing challenges since the beginning.

AREA 82 2010 FORECLOSURES. In Area 82 in 2010, there have been 21 solds. The vast majority of these foreclosure solds were “Rural” properties and 2 in Spring Lake. There were 1 each in Lakes at Fennwood, Lakeview Acres, Live Oak Landing, North Walker Estates, Park Place, Peaks Crossing, Shalimar and Tall Oaks.

AREA 83 2010 FORECLOSURES. In Area 83 in 2010, there have been 24 solds. These foreclosures were concentrated in Forest Ridge, Plantation Park, South Point, Westminister Estates and Woodland Crossing. There were 1 each in Carter Hills, The Cove, Falconcrest, Quail Run Acres, South Haven and Stone Hill.

West Baton Rouge Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers! 2010 Foreclosures total 7% of sales YTD; 2009 Foreclosures totaled 5%, an increase of +2% since 2009. 4% of all MLS Listings are Foreclosures! Foreclosures are only moderately impacting this market.

There’s A Major “Caveat” with the numbers below! 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 and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed.

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.

The chart above represents the number of recorded Ascension Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS as of 10/16/2010, with the exception of Manufactured Housing sales. GBRMLS Areas for Ascension Parish are 90, 91 and 92.

2010 Foreclosures total 7% of sales YTD; 2009 Foreclosures totaled 6%, an increase of +1% since 2009. 5% of all Ascension MLS Listings are Foreclosures! Foreclosures are only moderately impacting this market.

AREAS 90-92 2010 FORECLOSURES. In 2010, there have been 68 solds. The vast majority of these foreclosure solds were “Rural” properties (10). In restricted subdivisions, foreclosures of note were in Ascension Trace (2), Autumn Woods (2), Lakes At Dutchtown (2), Manchac Harbor (2), Oak Terrace (3) and Porte Cochere (3).

Above $200,000, Both Solds and Current Listings. The number of 2010 foreclosures that sold above $200,000 has been 19 or 28%. Out of the 46 total REO MLS listings, there are 16 current listings above $200,000 or 35%.

Above $300,000, Both Solds and Current Listings. The number of 2010 foreclosures that sold above $300,000 has been 8 or 12%. Out of the 46 total REO MLS listings, there are 3 current listings above $300,000 or 7%.

There’s A Major “Caveat” with the numbers below! Based on a 7% REO sold rate, which does appear to be an indication REOs are only moderately 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 and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed. MLS is reporting 46 current REO listings for all Ascension MLS Areas out of a total 951 total listings. So, 5% of all Ascension MLS Listings are Foreclosures!

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.

The chart below represents the number of recorded Ascension Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS as of 10/16/2010, with the exception of Manufactured Housing sales. GBRMLS Areas for Ascension Parish are 90, 91 and 92.

Let’s put these foreclosure numbers into perspective! In 2009, there were a total of 1,242 sales. 78 foreclosure sales in 2009 represents only 6% of total sales. In 2010, there have been a total of 983 sales. 68 foreclosure sales in 2010 as of 10/16/2010 represents only 7% of total sales. The projected number of reo / fore closures at end of 2010 is approximately 89.

There’s A Major “Caveat” with the numbers below! Based on a 7% REO sold rate, which does appear to be an indication REOs are only moderately 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 and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed. MLS is reporting 46 current REO listings for all Ascension MLS Areas out of a total 951 total listings. So, 5% of all Ascension MLS Listings are Foreclosures!

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.

The West Baton Rouge Parish Residential Building Permit Data Through September 2010 has been released. See the results above for actual residential building permits less those permits issued for additions or remodeling projects. In 2008, there were a total of 146, in 2009 131 and in 2010 year-to-date, there have already been 136 through September 2010. If this pace continues through 2010, there should be 181 permits issued, which will be better than both 2008 and 2009. The above data represents the number of total residential buildings, not necessarily the number of units. For example, in 2008, the U.S. Census Bureau shows that 284 total units were permitted, but only 146 residential buildings permitted.

RESIDENTIAL BUILDING PERMIT CHARTS FROM YEARS 2000 TO 2010 YEAR-TO-DATE (Sept. 2010) NOTE: Does Not Include Permits For Additions or Remodeling!

Source: U.S. Census Bureau and Chad Calder with The Advocate Newspaper

Note: The Latest Greater Baton Rouge Residential Building Permits News is here below:

Tags: West Baton Rouge Parish, West Baton Rouge Buiding Permit Data, West Baton Rouge Buiding Permit Charts, West Baton Rouge Buiding Permit Graphs, Port Allen Building Permit Data

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.

Solds In Ascot Subdivision from 1/2010 to 10/02/2010 revealed:
Average Sales Price: $204,483
Average Sold Price Per Sq. Ft.: $111/sf ( $115/sf in 2009 )
Median Sold Price: $199,950 ( $208,000 in in 2009 )
Number of Sales: 6 ( 7 Sales In 2009 )
Average Number of Days On Market: 56
Low To High: $175,000 to $248,000
Number of Sold REO/Foreclosures Noted In MLS: 0
Current MLS # Listings: 0, 0 Are Foreclosures

There is 1 FSBOBR.COM Listing for $234,500 for 2,330sf or $100.64, Click Below for more information on this home.

Data for this housing market report was used with permission of GBRAR MLS, search dates from 1/1/2005 to 10/02/2010, extraction data 10/02/2010.

]]> http://www.batonrougerealestateappraisal.com/2010/10/baton-rouge-housing-trends-ascot-subdivision-2010-market-report/feed/ 0 http://www.batonrougerealestateappraisal.com/2010/09/western-livingston-parish-home-appraisers-video-easterly-lakes-2010-update/ http://www.batonrougerealestateappraisal.com/2010/09/western-livingston-parish-home-appraisers-video-easterly-lakes-2010-update/#comments Sun, 19 Sep 2010 06:48:04 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/greater-baton-rouge-subdivision-video-tours/western-livingston-parish-home-appraisers-video-easterly-lakes-2010-update/ http://www.batonrougerealestateminute.com/ – Western Livingston Parish Home Appraisers Video: Easterly Lakes 2010 Update. Western Livingston Parish Home Appraiser, Bill Cobb, updates the housing market numbers for Easterly Lakes Subdivision in Watson Louisiana 70706.

Solds In Tuscany Villas 1/1/2010 to 9/13/2010 revealed:
Average Sales Price: $184,792
Average Sold Price Per Sq. Ft.: $125.21/sf
Median Sold Price: $185,500
Number of Sales: 6
Low To High: $180,000 to $188,000
Current # Listings: 2
Current Listings Prices: $189,900 To $191,900

THE TREND: The trend since 2009 is a lower average and median sold price and lower price per sq. ft., but based on only 1 sold in 2009. In 2009, there was one sale (1) for $198,000 or $131/sf. In 2008, there were 3 solds averaging $126/sf, average solds of $187,333 and median solds of $190,000. So, it appears that 2010 sales have softened somewhat the average and median sold prices and average sold price per square foot.

Tags: Baton Rouge Housing Market, Baton Rouge Real Estate, Baton Rouge Real Estate Housing, Baton Rouge Real Estate Trends, Real Estate Baton Rouge, Tuscany Villas, Trends Baton Rouge Real Estate, 70817

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.

Lea Miller has written an article I wanted to share locally: Understanding the difference between an appraisal and an assessment . Here are a few snippets (not the entire article) from her article below:

“A real estate appraisal is an estimation of market value. Lenders usually require appraisals for homes on which they are asked to lend money in the form of a mortgage or home equity loan. Appraisals are performed by trained professionals who are licensed by the state in which they operate. The appraiser may be hired by you or by the lender, but is an impartial third-party who provides an objective analysis of the property’s value.

An assessment, on the other hand, is conducted by a municipality when evaluating properties for the purpose of levying property taxes. Municipalities look at the overall value of properties in an area and the specific use of a particular property. For example, commercial properties like professional offices are assessed at a different rate, even though they may be in buildings that are just like homes in the same area. Property tax may also vary depending on the last date the property changed hands. Today, computer technology streamlines the process of assessment and allows for sophisticated statistical models. Many states offer homeowner’s exemptions, which reduce the assessed value of a property when it is the owner’s primary residence.

Municipalities typically send assessment notices yearly in advance of the issuance of property tax bills for the year. A provision is made for an appeals process if the property owner does not feel that the assessment is correct.

In a stable real estate market, appraisal and assessment values may be similar, but never make the assumption that if you have one that you know the other. Market fluctuations, lag time from assessment to notification, and recent renovations or improvements may cause a disparity between the two numbers.”

Tags: Baton Rouge Real Estate, appraisal and tax assessement differences

Below is news about Chinese Drywall Litigation for Florida and Louisiana as quoted below from: http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref

“Chinese Drywall Litigation Heats Up News

July 28, 2010. By Jane Mundy

Miami, FL: Having recently lost a
<http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref
=article14638> Chinese drywall lawsuit, Banner Supply Company is now facing
a class action lawsuit, which will attempt to include all Florida homeowners
who bought drywall from the distributor. The class action alleges that
Banner knew the drywall was defective in 2006 and was negligent in not
warning consumers.

Chinese Drywall Litigation Heats UpMeanwhile, homeowners with defective
drywall are also concerned that their home insurance policy may not cover
Chinese drywall. LawyersandSettlements recently reported on the
<http://www.lawyersandsettlements.com/articles/14512/chinese-drywall-china-2
8.html> decision by Judge Robert Doumar, in the federal court in Norfolk, VA
(Travco Insurance Co. v. Ward).

However, there may be good news for Louisiana homeowners.

Louisiana Governor Bobby Jindal signed legislation barring insurers from
ending homeowners’ insurance coverage if a policyholder files a claim based
on tainted Chinese drywall. In late 2009, Louisiana Insurance Commissioner
Jim Donelon said if the policyholder has been with the insurer for more than
three years, the state’s insurers will not be able to cancel policies
related to tainted drywall manufactured overseas. The state’s last resort
insurer, Louisiana Citizens Property Insurance Corp., now has a “bare bones”
policy to meet the requirements of lenders when a homeowner needs to vacate
a house.

On the federal level, experts predict that a bill known as the Foreign
Manufacturer Legal Accountability Act will likely be passed in the next
month or so. Developed in response to the public outcry that resulted when
consumers found out that the Chinese manufacturers could not be held
accountable under US law for the defective products, the law would allow
Americans to sue foreign consumer-product makers in US courts.

The Act will require foreign manufacturers of “covered products” to
designate a registered US agent to receive service of process on behalf of
the company. This basically means that foreign manufacturers can be sued in
the United States for any civil action related to those covered products.
The law would also prohibit any person from importing covered products from
manufacturers who do not have registered agents in the US.

Possibly more good news for homeowners: lawyers are currently trying to set
some rules in Chinese drywall settlements. According to court papers filed
in New Orleans, Knauf Plasterboard Tianjin Co. Ltd. (KPT) and builders could
unfairly use settlements to get homeowners to unwittingly waive their legal
rights or to agree to inadequate remediation. The lawyers want US District
Judge Eldon Fallon, who has ruled in favor of homeowners in two early test
cases, to require greater disclosure by KPT and builders-including
settlement details and prior court decisions-in any communications with
homeowners.

Judge Fallon ordered KPT and another manufacturer to remediate those homes
by gutting and rebuilding their interiors. But attorneys contend that
disclosure is needed because the settlement attempts are intended to bypass
the judge’s rulings and undermine the judge’s rulings as the basis for a
national remediation standard. Manufacturers are appealing, but KPT is
beginning to seeking settlements with builders who used its drywall.

Chinese Drywall Problem Legal Help

If you have suffered losses in this case, please send your complaint to a
lawyer who will review your possible [
<https://www.lawyersandsettlements.com/submit_form.html?label=chinese-drywal
l-problems&ref=article14638> Chinese Drywall Problem Lawsuit] at no cost or
obligation.

[
<http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref
=article14638> READ MORE CHINESE DRYWALL PROBLEM ARTICLES ]“

I have provided a few snippet paragraphs from this two page article below. Read the full article here: Real Estate Appraisal Rules Changing

“According to Lucien Salvant, a spokesman for the National Association of Realtors, or NAR, in Washington, D.C., the law is intended to:

*Strengthen appraiser independence.
*Sunset a problematic industry agreement known as the Home Valuation Code of Conduct, or HVCC.
*Regulate appraisal management companies.”

“Buyers, sellers can inform appraisers

That said, the end of the HVCC should help to clear up widespread confusion over who can present information — including data about recent sales — to an appraiser.

“The intent of the HVCC was to put a firewall between the lender and appraiser, but it put up such a big wall that everybody was afraid to talk to appraisers,” Salvant says. “The (new law) does say that Realtors and sellers and buyers can talk to (appraisers).”"

“Appraisal management companies

The new law also regulates appraisal management companies, or AMCs. AMCs aren’t new, but they have gained more control over real estate appraisers and appraisals in the 15 months since the HVCC was implemented.

The financial reform law requires federal oversight of AMCs controlled by federally regulated financial institutions. It also requires state registration of all other AMCs, according to the Appraisal Institute.”

“Questions to ask (editor’s note: should be rephrased “Questions AMC’s should be asking those appraisers they intend on hiring for the appraisal order”)

If there is an upside to the confusion over appraisals, it’s that homebuyers, sellers and homeowners are now more aware of these issues, says Richard Koestner, a partner at Koestner, McGivern & Associates, an appraisal firm in Davenport, Iowa. He says they are more likely to ask questions about the appraiser’s experience and expertise and calls the development “encouraging.” He also offers a few examples of questions buyers and sellers might want to ask:

How long have you been an appraiser?
How many appraisals have you completed?
How often do you appraise homes in this area?
How familiar are you with the local market?
Where do you get the data that you use in your appraisal reports?”

Read the full article here: Real Estate Appraisal Rules Changing

Castle Place was developed in the mid to late 1980s with a few homes built. New home construction resumed in approximately 2004-2005 with two quality levels: modular home construction (mostly in the rear section) and conventional home construction. There are still a significant amount of vacant lots in this development with some foreclosure activity noted in Legal News.

Solds In Castle Place from 1/2009 to 7/6/2010 revealed:
Average Sales Price: $138,683
Average Sold Price Per Sq. Ft.: $99/sf
Median Sold Price: $145,700
Number of Sales: 12
Low To High: $92,000 to $155,000
Number of Sold REO/Foreclosures Noted In MLS: 1
Current # Listings: 3, 2 Are Foreclosures
Current Listings Prices: $119,900 To $171,900

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 18 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Home Appraisal 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/

Data Used With Permission of the GBRAR MLS. Data was extracted on 7/6/2010 from periods 1/1/2009 through 7/6/2010.

I recently completed this home appraisal on this Baton Rouge home marketed as a “Fixer Upper”! It was more than just a fixer upper as this home wasn’t inhabitable nor would the City issue an occupancy permit.

WHY I ALWAYS RECOMMEND A “PRE-LISTING APPRAISAL“: Agent stated Living Area Error of 149 square feet! This home was listed at an “even” 1,500 sq. ft., which indicated to this appraiser that the home probably wasn’t phyically measured. With a Pre-Listing Appraisal from this appraiser, your home will be properly measured as is the standard you should expect from a local real estate professional…No Exceptions!

]]> http://www.batonrougerealestateappraisal.com/2010/07/baton-rouge-real-estate-appraiser-photos-from-field-havent-seen-a-fixer-upper-this-bad-in-a-while/feed/ 0 http://www.batonrougerealestateappraisal.com/2010/07/baton-rouge-real-estate-the-advocate-features-melrose-place-subdivision-as-best-kept-secret/ http://www.batonrougerealestateappraisal.com/2010/07/baton-rouge-real-estate-the-advocate-features-melrose-place-subdivision-as-best-kept-secret/#comments Sun, 04 Jul 2010 22:00:32 +0000 Baton Rouge Real Estate Appraisal http://www.batonrougerealestateappraisal.com/baton-rouge-fha-news/baton-rouge-real-estate-the-advocate-features-melrose-place-subdivision-as-best-kept-secret/ http://www.batonrougerealestatebuzz.com/ – Baton Rouge Real Estate: The Advocate Features Melrose Place Subdivision as “best kept secret”

Photo Source: Travis Spradling/Advocate Staff Photo

Ellyn Couvillion, Advocate Staff Writer, has written a feature on Melrose Place 70806 here, BR’s ‘best kept secret’. The article features some interesting history of Melrose Place.

Here’s a couple of snippets below:

“They liked the quiet Melrose Place, which doesn’t have any through-traffic, she said.

“It is kind of the best kept secret” in Baton Rouge, she said of the neighborhood.

Situated about five miles from downtown and then located on the outskirts of Baton Rouge, Melrose Place was developed in 1945 by the Melrose Development Co., owned by Walter R. Aldrich, on a 300-acre tract, according to the civic association’s website at http://www.melroseplacebr.com.

“It’s an old and well-established neighborhood,” Westbrook said of Melrose Place. “The people that live there now really want to hold on to its heritage and keep it a very safe and beautiful place to live.”

“There’s a sense of community there that’s not going to be denied,” Westbrook said. “That’s the choice of the residents.

“The (association) meetings are well attended, everyone stays in touch,” he said.

Over the years, the ambience of the neighborhood has stayed true to character, Young said.

“People have the same goal — quality of life,” she said.

The residents of Melrose Place are a “real eclectic group, very diverse.”

“That’s why people move in here, for the atmosphere,” she said.

It may be something unique to the neighborhood, she said, that homes stay in families for many years, even after the owners, perhaps elderly parents, have passed away.

The kids who grew up there “don’t want to sell,” Young said”

Read the entire article here!

http://www.batonrougerealestatebuzz.com/

Mike Mueller has a helpul post on Active Rain Network this morning about Dropbox. http://activerain.com/blogsview/1722200/do-you-dropbox-

File Sync: Dropbox allows you to sync your files online and across your computers automatically.

File Sharing: Sharing files is simple and can be done with only a few clicks.
Online Backup:

Dropbox backs up your files online without you having to think about it.
Web Access:

A copy of your files are stored on Dropbox’s secure servers. This lets you access them from any computer or mobile device.
Security & Privacy:

Dropbox takes the security and privacy of your files very seriously. Military level encryption!

Mobile Device Access: The free Dropbox application for iPhone, iPad, and Android lets you access most everything on the go!

Setup dropbox for yourself and let me know what you think.

Welcome To The $100. 00 Greater Baton Rouge Comparable Sales Reports! Greater Baton Rouge Comparable Sales Reports Is A Desktop Appraisal Service Performed By William D. Cobb, CREA, with Accurate Valuations Group, Serving East & West Baton Rouge Parish, Northern Ascension Parish and Western Livingston Parish. William Uses An Approved Fannie Mae & Freddie Mac Appraisal Form (SSDVR) To Complete This Report.

What Is An SSDVR Report? A desktop appraisal report conducted by Louisiana State Certified Appraiser, William D. Cobb, CREA, License #R0851. Bill will drive-by the home being appraised, rely upon the physical data the client provides, research the MLS database, select the 3 most similar and competitive sales/comps and render a value opinion.

CNNMoney.com reports,

“The most recession-proof cities didn’t see home prices surge in the first place, says the MetroMonitor, a quarterly report released by Brookings Institute’s Metropolitan Policy Program.

MetroMonitor identified 21 large metro areas that have enjoyed robust economies and stable labor and housing markets in the last few years.

“Most of these cities have some general characteristics in common,” says Howard Weil, author of the report and a fellow at the Metropolitan Policy Program. “They didn’t experience huge housing bubbles followed by a crash, and their economies weren’t rooted in the auto industry.”

The top 10 stable cities identified by MetroMonitor are:

1. Albany, N.Y.
2. Augusta, Ga.
3. Austin, Texas
4. Baton Rouge, La.
5. Buffalo, N.Y.
6. Columbia, S.C.
7. Dallas
8. Des Moines, Iowa
9. El Paso, Texas
10. Honolulu“

In MLS Area 43, near Shenandoah Area, the Woodlawn Estates Subdivision was developed in late 1970′s. Based on the chart below, the average sales price, median sales price and average sold price per sq. ft. has been declining since the post Hurricane Katrina highs. From 2009 to 2010, the average sales price has declined -8.4%, median sales price has declined -5.3% and average sold price per sq. ft. has declined by -$2.6%.

This is the contradictory charting based on all Woodlawn Estates sales in GBRAR MLS since 1/1/2007. According to this charting, the median sales price has increased since June 2009. I do believe the chart above is more accurate.

This is chart below is from a recent appraisal in Woodlawn Estates of an 1840sf 4 bedroom home. The chart is based on MLS Area 43 sales comparable to the home appraised from 6/1/2008 to 6/26/2010, 1700sf to 2050sf. According to this charting, the median sales price has increased since June 2009 by approximately 3%. So, it appears that two motivated sales may have taken place in Woodlawn Estates in 2010, which lowered the overall indicators.

Possibly Oversupply of Potential Competing Listings? I do know that the marketing time period appears to be increasing after the tax credit expiration. Also, for the appraisal completed in Woodlawn Estates, there were 25 competing listings with only 51 competing solds in the past 12 months. So, there’s at least 50% of the number of homes sold since 6/2009 on the market currently. And, this doesn’t include FSBO Listings. If competing FSBO listings were included, the number of competing listings could be closer to 30 to 35.

Information is used with permission of the GBRBR MLS. Period covered is 1/1/2007 to 6/26/2010. Date of data extraction was 6/26/2010!

Tags: Baton Rouge Real Estate, Baton Rouge Homes, Woodlawn Estates, Homes In Baton Rouge, 70817, Baton Rouge FSBO, FSBOBR.com