Denham Springs Louisiana Real Estate Buzz!

Archive for the ‘South Point News’ Category

http://www.southpointappraiser.com/ – Denham Springs South Point August 2010 Update: Number of Sales And Price Per Sq. Ft. Down! There was only 1 sale in November 2010. Sold Price Per Sq. Ft. Down $7.47/sf in 2010 or -8%.

NOVEMBER 11/1/2010 to 11/30/2010: Only 1 GBRMLS Sale. 23862 Waterford Ct, with 1,908sf sold for $152,900 or $80/sf.

YEAR-TO-DATE SOLDS:

Solds In South Point from 1/1/2010 to 12/02/2010 revealed:
Average Sales Price: $150,723
Average Sold Price Per Sq. Ft.: $86.74 (Avg through 11/09 $94.21)
Median Sold Price: $152,450
Number of Sales: 24
Average Days On Market: 84
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5

NUMBER OF SALES IN 2010 VERSUS 2009 YTD: -29.4% Decline

In The Number Of Sales From 1/1/09 – 11/30/09 to 1/1/10 – 11/30/10. In 2009 there were 34 sales at this point and in 2010 there have been 24 sales. So, there have been 10 less sales or -29.4% in home sales volume.

CURRENT LISTINGS AS OF 12/02/2010:

Current # GBRMLS Listings: 21, 3 REO/Foreclosure Listing
Current Listings Prices: $89,000 To $210,000, Average $90/sf. $89,000 Listing Price is one of the lowest I’ve ever seen in South Point. Listing Prices per square foot range from $71/sf up to $110/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 2, 2010. This information was extracted on 12/02/2010.

Tags: Denham Springs, Denham Springs Housing Study, Denham Springs Real Estate, South Point, South Point Subdivision, DR Horton, 70726, Livingston Parish, Western Livingston Parish

Where Are The 2010 Livingston Parish Foreclosures Taking Place? Livingston Parish Fore closure 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 Foreclosures Most Concentrated?

The chart below represents the number of recorded Livingston Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS (Multiple Listing Service), with the exception of Manufactured Housing sales. Greater Baton Rouge MLS Areas for Livingston Parish are 80, 81, 82 and 83.

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.

Let’s put these foreclosure numbers into perspective! In 2009, there were a total of 1,193 sales. 103 foreclosure sales in 2009 represents 9% of total sales. In 2010, there have been a total of 877 sales. 113 foreclosure sales in 2010 as of 9/30/2010 represents 13% of total sales. The projected number of reo / fore closures at end of 2010 is approximately 143.

There’s A Major “Caveat” with the numbers below! Based on a 13% 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 and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed. MLS is reporting 71 current REO listings for all Livingston MLS Areas out of a total 962 total listings. So, 7% of all Livingston 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.

http://www.denhamspringsappraisers.com/ – Denham Springs Real Estate: How Much Value Does Converting Garage To Living Area For A PCC or DR Horton Home in Subdivisions Like Richmond Place, South Point, Woodland Crossing and Westminister Estates?

If you’ve driven through the PCC Homebuilders and/or DR Horton Developments around Denham Springs, it’s likely that you’ve seen homes just like the one above with the garage converted to living area. As I drive through these developments for home appraisals, it seems like it makes sense to convert into this manner because a lot of these residents use their garages for storage and don’t park their autos in the garages. BUT, Is this a wise investment in terms of re-sale?

Continued. Let’s investigate here! This home was built new in 2002 and sold with 1,751sf. From the interior photos, the living conversion appears to have been completed “properly” to where this addition area was counted as living area, ie., the slab was raised to original home sale height, the flooring matches flooring in home, walls are sheetrock, decor is similar to original home and the central heat/air was upgraded for this additional 360sf to 400sf. There doesn’t appear to be a window unit in this living area.

Continued. After the “proper” conversion, this home has 2,131sf living area and recently sold for $164,900 or $77.38/sf in June of 2010. NOTE: It took over 295 days or approx. 10 months on the market to sell this home because the listing price began at $189,900 and was reduced to $178,900, $174,900, $171,900, $168,900 and finally $162,900. Apparently, the sellers had quite a sum invested into this home with the “proper” living area conversion cost. While the actual cost of the enclosure isn’t known, an estimate is somewhere in the $6,000 to $8,000 range.

Continued. I did some research of similar quality homes in similar developments noted in the title of homes in the 1675sf to 1775sf range and found an approximate value of $154,900 for a similar 1,751sf home. By this home in the photos selling for $164,900, this leaves a $10,000 spread. If the cost for the conversion was $8,000, then the seller might have either broke even or profited by $2,000, which may or may not have been worth the effort. NOTE: This appraiser could only find 2 examples of home re-sales with a similar conversion.

Continued. This South Point home with a similar conversion sold in elevated Post Hurricane Katrina era of 2007 for $167,500, when the market was stronger. This home originally had 1,613sf and sold with 2,010sf.

Continued. I did some research of similar quality homes in similar developments noted in the title of homes in the 1580sf to 1700sf range and found an approximate value of $148,000 for a similar 1,613sf home in that era of time. By this home in the photos selling for $167,500, this left a $19,500 spread, which indicates seller made a good profit. However, this was a different housing market back then in 2007.

Conclusion. Based on these two examples above, it appears that “properly” converting your garage to living area has resulted the sellers at least selling for enough to cover their cost and possibly even making a little extra for their effort.

Bill Cobb, Appraiser

http://www.southpointappraiser.com/ – Denham Springs South Point August 2010 Update: Number of Sales And Price Per Sq. Ft. Down! There was only 1 sale in August 2010. Sold Price Per Sq. Ft. Down $7.66/sf in 2010 or -8%.

AUGUST 8/1/2010 to 8/31/2010: Only 1 GBRMLS Sale. 23944 Teakwood Dr, with 1,134sf sold for $106,500 or $94/sf.

YEAR-TO-DATE SOLDS:

Solds In South Point from 1/1/2010 to 8/31/2010 revealed:
Average Sales Price: $147,476
Average Sold Price Per Sq. Ft.: $88.24 (Avg through 8/09 $95.90)
Median Sold Price: $149,500
Number of Sales: 21
Average Days On Market: 85
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5

NUMBER OF SALES IN 2010 VERSUS 2009: -12.5% Decline

In The Number Of Sales From 1/1/09 – 8/31/09 to 1/1/10 – 8/31/10. In 2009 there were 24 sales at this point and in 2010 there have been 21 sales. So, there have been 3 less sales or -12.5% in home sales volume.

CURRENT LISTINGS AS OF 9/8/2010:

Current # GBRMLS Listings: 22, 1 REO/Foreclosure Listing
Current Listings Prices: $115,000 To $198,900, Average $90/sf.

NOTE: Data Used With Permission of the GBRAR GBRMLS. Data was extracted on 9/8/2010 from periods 1/1/2010 through 9/8/2010.