Denham Springs Louisiana Real Estate Buzz!

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http://www.batonrougerealestateappraisal.com/ – May 2010 Baton Rouge Housing Video: Numbers Show A Stable Market

Today is June 9, 2010 and by this time, the solds for May 2010 would have been reported within the local GBRAR MLS related to the $8,000 Tax Credit. The video below was prepared by Tony Zito, with Zito Real Estate Group, and shares the number of pending sales for each month from February 2010 to today on June 8 2010. Tony also shares the sales for each May from 2004 to this past May 2010. Be sure to check out Tony’s Blog @ http://perfectbatonrougerealestate.com/

The questions in my mind are these:

1.) What impact did the $8,000 Tax Credit have on Greater Baton Rouge area home sales in 2010 leading up to the April 30 deadline? In the video below, I think you’ll find that it had a significant impact on local home sales.

2.) Was our market functioning based solely on this government stimulus and will home sales drop off after this stimulus has been removed? The answer to this question and concern will be answered by the market in the coming months.

http://www.denhamspringsappraisers.com/ – Crystal Lakes Denham Springs: An Appraiser’s Perspective

Denham Springs resident and home appraiser, Bill Cobb, offers comments and advice on the holding pattern that Crystal Lakes has been in since this development began in approximately 2007.

I’ve watched Crystal Lakes for years now as my family and I have visited North Park and as I’ve driven down Burgess Road on my way to appraisal appointments. I knew why those first 5 and only homes weren’t selling and it had everything to do with “PRICE” in this Livingston Parish market. Let me say here and now that I believe Crystal Lakes will be a very nice development for the residents of Denham Springs when it’s more aligned with the overall pricing and quality that local residents can afford, which includes the $600/yr HOA Fee.

The developer is Spatz Development out of Chicago. I was told back in 2006 by Livingston Parish Builder, Dennis Calmes, that Spatz Development first went to New Orleans after Hurricane Katrina and told the City that they’d like to help with the reconstruction of new homes. It was told to me that NOLA basically told Spatz that it would take at least a year or two before he could obtain his permits to build. So, Spatz Development bought the land for Crystal Lakes where it was much easier to do business. Spatz Development was trying to accomplish a positive thing for the local community. But, like other local developers in the past 4 years, Spatz Development overshot the anticipated price these homes would eventually sell for in a market that turned to more affordable housing options – a market where $136/sf+ for new home construction isn’t and wasn’t at all sustainable. Maybe in California where incomes are higher, but not in Livingston Parish Louisiana and not in other parts of Greater Baton Rouge either.

I recently appraised one of the 5 homes on Adora Ave in Crystal Lakes for a sale….approximately 3 years after this home was built. Why? One local Realtor I spoke with for this report said it had to do with “PRICE”. They stated that the developer built the 5 homes in 2007 and then tried to sell them by builder for something like $145/sf. The Realtor Active Rain Network shows a blog post back to 2/5/2008, Denham Springs Crystal Lake Development Is On Fire!, but according to MLS, it wasn’t until early 2009 when these homes were finally listed in MLS.

Trying To Be Too Much? YES! According to the Realtor I spoke with and MLS, the 5 homes range in living area size from 1,528sf all the way up to 3,125sf living area. That’s too wide a variance when the listing prices ranged from $189,900 to $435,000 on the same street, within 5 lots of one another. ADVICE: Build homes closer in living area size and closer in pricing!

Too High Of Quality? YES! Oh Yes, these are high quality homes, quality you might see in the garden homes section of Greystone Golf where residents pay $150/sf+. Was building this high of quality in this Denham Springs market a mistake? Obviously since it’s taken 3 to 3.5 years to sell just 2 of these 5 homes, it was a mistake. NOTE: 2 of the 5 homes are currently pending. ADVICE: Lower The Quality Some To Lower The Price To Make These Homes More Affordable!

It’s Very Easy To Build Too High Of Quality Homes For Denham Springs Market! As I said about Juban Parc and other developments in Western Livingston Parish, this market is 80% affordable type housing served by DR Horton and PCC/Vicknair Builders. What’s selling in bulk now in Livingston Parish in terms of new homes is in the $135,000 to $150,000 range. This was all explained in the recent Baton Rouge Business Report article, The Real Estate Mogul Of Livingston Parish and I don’t refute the findings in that article. Mr. Thomason is building and providing housing that people can actually afford. He’s meeting a need that builders that expect $130/sf to $150/sf for their homes are not meeting. He’s a smart man that builds homes based on the incomes of the local residents and knows what they can afford as opposed to the builders that think they’re entitled to $136 + per sq. ft..

Mr. Thomason is so confident that he can continue to meet that need better than other builders that he purchased $10,000,000 in lots in 2009 in Ascension Parish. And, Mr. Thomason is selling homes in bulk while other local builders aren’t doing nearly as well as in the insane local housing markets of late 2005 to early 2008, with builders expecting $136/sf+ for their homes. That was then and this is the much more sane 2010s. $128/sf+ in Livingston Parish generally doesn’t work as some builders AND THEIR BANKS have found out the hard way. The residents that bought those higher quality homes in Juban Parc early on are learning this lesson the hard way as well.

Other Homes In Crystal Lakes!

MY ULTIMATE ADVICE! According to the Realtor I spoke with representing Crystal Lakes, the plan is to make the homes both smaller and similar in size. My advice would be to make this development similar to the home size and quality found in Willow Pointe S/D off Hatchell Lane, where the homes range in size from 1500sf to 1800sf and in pricing from $170K to $214K. In this appraiser’s opinion, Crystal Lakes would be more desirable of a development than Willow Pointe because of the older section of Kemberly Heights one has to drive through to get to Willow Pointe and that onerous left turn onto Hatchell Lane in the mornings. However, Willow Pointe is closer to Florida and closer to Interstate 12, which makes a big difference when there are no plans in action whatsover to make the commute from Crystal Lakes to Florida Blvd or Interstate 12 less grueling. That 2 mile difference in the mornings and evenings can seem like an eternity in the worsening traffic of Denham Springs. Traffic in Denham Springs is a complete nightmare and it doesn’t appear that much of anything is being done to to help us wake up from this daily nightmare. Why is Hatchell Lane still a 2 Lane road in 2010? I better quit now!

Bill Cobb, with Accurate Valuations Group, is and has been a local home appraiser for 18 years now.

http://www.gbrprelistingappraisals.com/ – Denham Springs Livingston Parish Pre-Listing Home Appraisals Video 225-293-1500.

This video describes what’s included in a “Pre-Listing” Home Listing Appraisal for the Greater Baton Rouge Housing Market performed by Bill Cobb with Accurate Valuations Group! Visit http://www.gbrprelistingappraisals.com/ and find out more about having a video made for YouTube to help sell your home faster. Plus, this appraiser can help your home get found on Google for interested buyers. So, we not offer Pre-Listing Appraisals, but a full marketing package and a listing on the Greater Baton Rouge Realty Video Visual Tours Website: http://www.gbrrealtyvisualtour.com/

Tags: Denham Springs Real Estate, Denham Springs Home, Denham Springs Homes, Denham Springs Listing Appraisal, Denham Springs Listing Appraisals, Denham Springs Pre-Listing Appraisal, Baton Rouge For Sale By Owner, FSBOBR.com, FSBO.com, For Sale By Owner Baton Rouge, For Sale By Owner Greater Baton Rouge

http://www.appraisersindenhamsprings.com/ – Western Livingston Parish Home Appraisers Photos: Watson Louisiana Community 70706

http://www.batonrougebpoappraisals.info/ - Home Of The Greater Baton Rouge Similar Sales Desktop Valuation Reports (SSDVR) – Compliant With USPAP & Fannie Mae & Freddie Mac, 225-293-1500

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 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.

http://www.denhamspringsappraisers.com/ – Denham Springs Real Estate Appraisers: Info on Granite Countertops

http://www.appraisersindenhamsprings.com/ – Denham Springs Homes For Sale

Currently, there are “572″ homes for sale in the City of Denham Springs with the GBRAR MLS as of 4/26/2010. Listing prices range from $16,000 up to $2,600,000. Approximately 203 homes are listed at a price under $150,000.

To Search Denham Springs Homes For Sale, click below and visit to right side in the middle for “Search Local Real Estate For Sale or Rent”

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