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Posts Tagged ‘Decline’

Baton Rouge Real Estate Trends

Baton Rouge Real Estate: Park Forest East 2011 Report

http://www.appraisersinbatonrouge.com/ – Baton Rouge Real Estate: How Is Park Forest East Subdivision Performing Into 2011, Increasing, Declining or Remaining Steady? Since the Federal Tax Credit Expiration in May 2010, the number of home sales has declined considerably. And, so has the number of foreclosures. With fewer sales and more foreclosures, this increases the percentage of the number of sales as foreclosures.

Park Forest East Subdivision Baton Rouge LA 70814

 

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.

PARK FOREST EAST Subdivision Entrance Sign Baton Rouge LA 70814

3834 Pensacola Drive Baton Rouge LA 70814

A recent home appraisal in and analysis of Park Forest East revealed this interesting finding. From 2009 to 2010, the median sales price remained stable at $135,000. However, in 2011, based on 3 sales, 2 of which were foreclosures, the median sales price has slipped to just $81,000. Again, this is only based on 3 sales in the first 4 months of 2011. In 2010, there were 11 total sales. Again, this drop is due to foreclosures and/or distressed sales.

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a major correction.

park-forest-east -home-sales-chart

 

The Chart below shows a considerable correction since May 2010 for home comparable to a 1,400sf in Zip 70814.

park-forest-east -home-sales-chart-for-sub-market

 

CURRENT LISTINGS. There are 9 current listings from $99,500 to $140,000 with 7 active and 2 pending. The Average Price per sq. ft. listing is $85.48/sf, which is too high. If you examine the chart above, 2009 and 2010 support was at $83/sf and $72/sf. And, CoreLogic tells us that Baton Rouge is in its’ 7th straight month of declines. So, this average $85.48/sf is far too high. Why are these 7 listings, in 2011, priced above 2009 and 2010 when the market was stronger then. The 2 pendings average $65.69/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 6, 2011. This information was extracted on 5/6/2011. 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/

Baton Rouge Real Estate Trends

Baton Rouge Video Tours: Real Estate Market Report Of Villa Del Rey Subdivision 2011

http://www.appraisersinbatonrouge.com/ – Baton Rouge Real Estate: How Is Villa Del Rey Subdivision Performing Into 2011, Increasing, Declining or Remaining Steady?

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.

Villa Del Rey Subdivision Baton Rouge

 

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!

mls

 

Villa Del Rey Homes

 

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/

Baton Rouge Real Estate Trends

Baton Rouge Real Estate Videos: Even Highland Creek Is Correcting Downward into 2011

http://www.accuratevg.com/ – Baton Rouge Real Estate Videos: Even Highland Creek Subdivision Is Correcting Downward into 2011. 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. 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.

Highland Creek Subdivision Baton Rouge LA 70808

 

Greater Baton Rouge Home Prices, in general, are in correction mode per the CoreLogic report for the 7th straight month and reflected in local housing statistics I see almost daily. The favorable Highland Creek Subdivision is no exception.

Highland Creek. Per the HOA Website http://highlandcreekbr.com/, “Highland Creek is an awesome neighborhood off highland road in beautiful Baton rouge. It is conventialy located to downtown BR, the LSU campus, three major retial outlets and two hospitals; great for kids of all ages.” Highland Creek was developed around 1982-1983 with 1 to 2 story garden homes ranging from 1,076sf up to 2,330sf situated on smaller lots. Approximately 75% of Highland Creek is located in the Flood Zone per the FEMA map below, map from a recent appraisal.

Flood Map

 

Highland Creek Homes

541 Bonabridge Drive Baton Rouge LA 70808

313 HEATHERWOOD DRIVE BATON ROUGE LA 70808

THE CORRECTION IN HOME PRICES – The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction!

highland-creek-home-sales-data

As with Hurricane Katrina, the Median Sales Price rose from $125,000 in 2005 up to $138,500 in 2006. Then median sales price from 2007 to 2009 from $145,000, $147,500 and $154,000 rounded. 2010 began the descent to $148,500 and 4 sales in 2011 currently have it at $126,500. At the highs, the Average Sold Price was at $104/sf and now in 2011 it’s at $84/sf. YES, 2 of the 4 2011 sales were foreclosures helping to bring down the 2011 numbers. However, even the 2 non-foreclosures sold at $90/sf and $99/sf showing a correction from 2008 and 2009 highs.

However, is it only Highland Creek correcting or are other competing developments correcting as well? YES, other developments are correcting as well. This chart below of 64 competing home sales in the 1250sf to 1650sf range in 70808, 70810 and 70820, homes in subdivisions that would be comparable to Highland Creek, shows a -6.2% decline.

smart-appraiser-gbrmls-for-highland-creek-subdivision-baton-rouge

 

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to May 2, 2011. This information was extracted on 5/2/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

For More Information On Highland Creek, Check Out The HOA Website here:

highlandcreekbr

 

Author’s Bio:

Bill Cobb Appraiser Baton RougeBill 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/

Baton Rouge Real Estate Trends

Baton Rouge Real Estate Appraisers Report On 2010 vs 2011 Housing Market

http://www.batonrougerealestateappraisers.net/ – East Baton Rouge Parish Quarterly Sales By Zip Code Q1 2010 versus Q1 2011 Report. Report shows a minor 3% decrease in number of home sales over 2010, but significant declines in Average Sales Prices overall. Report includes ALL housing types in East Baton Rouge Parish.

Accurate Valuations Group (Home Appraisals) has completed an analysis of the East Baton Rouge Parish housing market from First Quarter 2010 versus First Quarter 2011. The results are below. Click the chart to view in a larger size.

East Baton Rouge Parish Quarterly Sales By Zip Code Q1 2010 versus Q1 2011 Accurate Valuations Group

This is a lot of data to report on in one (1) article with “20″ zip codes. A short summary follows:

Number of Home Sales Decreased by 3% Over 2010! For the number of home sales, only 9 zip codes reported a smaller number of sales. And, Ten (10) Zip Codes experienced more sales in Q1 2011 than in Q1 2010, which is great news for our market. Still, in Q1 2010 there were 738 home sales versus 714 in Q1 2011, which is a difference of 24 sales or -3%.

Average Sales Prices Overall Decline! This is consistent with the CoreLogic report on national home prices falling for the 7th straight month, as reported on Thursday, April 7, 2011. Thirteen (13) of the 20 Zip Codes showed declining average sales prices versus only Seven (7) showing increases. Local home prices are continuing to correct.

CL

 

Average Sales Price Per Square Foot Overall Declines! This is consistent with the CoreLogic report. Fifteen (15) of the 20 Zip Codes showed declining average sales prices per sq. ft. versus only Seven (5) showing either no change or just slight increases.

Biggest Gainers. Zip Code 70807, the Scotlandville market, showed a 450% increase in number of home sales. Zip Code 70739, the Central or Greenwell Springs market, showed a +16.2% increase in Average Sales Prices AND +5.6% in Average Sales Price Per Sq. Ft.. Central is a “hot” market viewed by locals as having a favorable school district.

Largest Declines. Zip Code 70820, the market below LSU off Brightside, showed a -35.3% decrease in number of home sales. Zip Code 70802, the market in and around Central Business District, showed a -33.4% decline in Average Sales Prices AND -30.2% decline in Average Sales Price Per Sq. Ft..

Visit Baton Rouge Real Estate Buzz Here

baton-rouge-real-estate-buzz-screen-shot

 

 

Visit Baton Rouge Real Estate Buzz On Facebook

baton-rouge-real-estate-buzz-on-facebook

 

 

Author’s Bio:
Bill Cobb Appraiser Baton RougeBill 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.

AVGCameraLogo100Bill’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/

Baton Rouge Real Estate Trends

Baton Rouge New Housing Trends: January 2011 East Baton Rouge Residential Building Permits Down

http://www.batonrougerealestatetrends.net/ – Baton Rouge New Housing Trends: January 2011 East Baton Rouge Residential Building Permit Numbers Released

BuildingPermit

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.

The-Settlement-At-Willow Grove

 

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

 

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Baton Rouge Real Estate Trends

Baton Rouge Real Estate Trends: 2010 East Baton Rouge Residential Building Permits Down 10% From 2009

http://www.batonrougerealestatetrends.net/ – Baton Rouge Real Estate Trends Dot Net: December 2010 East Baton Rouge Residential Building Permit Numbers

BuildingPermit

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.

The-Settlement-At-Willow Grove

 

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

 

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Baton Rouge Real Estate Trends

Baton Rouge Housing: Merrydale Subdivisions Market Update For 2010 in 70812

http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: Merrydale Subdivisions Market Update For 2010 in 70812

I recently completed a home appraisal assignment on Summer Drive in Merrydale Subdivision on an average 1,000sf home, in really nice condition, for this subdivision and noticed these observations. Actually, I’m reporting on ALL of the subdivisions in the Merrydale area state that “Merrydale” in this subdivision name. There appears to be some decline due to REO or foreclosure activity.

merrydale-subdivision-baton-rouge

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

Average Sales Price: $65,733 ($63,500 in 2009)
Average Sold Price Per Sq. Ft.: $54/sf ($61/sf in 2009)
Median Sold Price: $63,500 ($87,450 in 2009)
Number of Sales: 6 (14 in 2009)
Average Number of Days On Market: 76 (52 in 2009)
Low To High: $26,900 to $103,500
Number of Sold REO/Foreclosures Noted In MLS: 3
Current # Listings: 4, 0 Are Foreclosures
Current Listings Prices: $69,900 To $115,500

The 6 sales in 2010 versus the 14 in 2009 reflect the current stalling 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.

merrydale-subdivision-baton-rouge-homes

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.

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Baton Rouge Real Estate Trends

Baton Rouge High End Homes Market September 2010 Better Than Expected!

http://www.batonrougerealestatetrends.net/ – Baton Rouge High End Homes Market September 2010 Better Than Expected!

baton rouge high end homes market

 

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.

baton rouge luxury home market

 

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.

 

greater-baton-rouge-association-of-realtors

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.

Baton Rouge Real Estate Trends

Baton Rouge Real Estate Trends: September 2010 GBR MLS Numbers Are Released!

http://www.batonrougerealestatetrends.net/ – Baton Rouge Real Estate Trends: September 2010 GBR MLS Numbers Are Released!

baton-rouge-real-estate-buzz

Active Listings On 10/1/2010: 4245

Pending Listings On 10/1/2010: 795

SOLDS

Sept 2010-407 (Decline of 172 or -30% Compared to 9/2009)

Sept 2009-579

Sept 2008-374 ( Hurricane Gustav Meant Less Closings )

Sept 2007-695

Sept 2006-841

Sept 2005-1763 (Hurricane Katrina Meant Increase In Sales)

Sept 2004-635

perfect-baton-rouge-real-estate-dot-com

NOTE: These numbers are provided by Tony Zito with Zito Real Estate Group and used with the permission of GBRAR MLS. Search dates would be 9/1/2004 through 10/1/2010, extraction date 10/1/2010. Parishes include East Baton Rouge, Livingston and Ascension.

Baton Rouge Real Estate Trends

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.



Based on 6 2010 Sales in Easterly Lakes, 2009 vs 2010, the average and median sales prices are both down as is the average sold price per square foot. The average sold price is down from $230,300 to $201,200. The median sold price is down from $220,000 to $211,500, a -3.8% decline. The average sold price per sq. ft is down from $111.81/sf to $101.08/sf. Year to date, there have been 6 sales versus 13 in 2009. The average days on the market has increased from 62 days in 2009 to 83 in 2010, but still under a 90 day market, which is good news.
denham-springs-easterly-lakes-subdivision-70706

Baton Rouge Real Estate Trends
Baton Rouge Real Estate Trends