Denham Springs Louisiana Real Estate Buzz!

Archive for the ‘Woodland Crossing News’ Category

2011 Woodland Crossing Subdivision 21 Page Housing Study Published Denham Springs. Click Below to view he 21 page study.

From September 2010 to September 2011, the median sold price is up by 9% (but only based on “1″ sale in September 2011 and GBRMLS stats contradict this trend big time showing major declines for 2011).

Recap of 2008 through 2011 YTD Woodland Crossing GBRMLS Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: The Median Sales Price Decline from 2010 to 2011 is -6.2%.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

Woodland Crossing Subdivision Comprehensive One Year Study Denham Springs. Home Prices Decline

From September 2010 to September 2011, the median sold price is up by 9% (but only based on “1″ sale in September 2011 and GBRMLS stats contradict this trend big time).

Recap of 2008 through 2011 YTD Woodland Crossing Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: The Median Sales Price Decline from 2010 to 2011 is -6.2%.

From September 2010 to September 2011, the number of sold properties has not changed.

From September 2010 to September 2011, the average months supply of inventory is up 36%.

From September 2010 to September 2011, the number of for sale properties is down 53% and the number of sold properties has not changed.

From September 2010 to September 2011, the Average Days On Market Increased by 39%.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

http://www.woodlandcrossingappraiser.info/ – Denham Springs Home Appraisers Woodland Crossing Subdivision Third Quarter 2011: Home Prices Decline Based On Seven (7) Foreclosures and 1 to 2 Short Sales!

Recap of 2008 through 2011 YTD Woodland Crossing Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

YEAR-TO-DATE SOLDS 2011 (Note Chart shows 39 sales, MLS Search Reveals 42 Sales):

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

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.woodlandcrossingappraiser.info/ – Denham Springs Woodland Crossing August 2010 Update: Number of Sales Down, Price Per Sq. Ft. Up! There was only 1 sale in August 2010.

AUGUST 8/1/2010 to 8/31/2010: Only 1 GBRMLS Sale. 12309 Pinebrook Dr, with 1,620sf sold for $144,000 or $88.89/sf.

YEAR-TO-DATE SOLDS:

Solds In Woodland Crossing from 1/1/2010 to 8/31/2010 revealed:
Average Sales Price: $149,057
Average Sold Price Per Sq. Ft.: $93.80 (Avg through 8/09 $90.74)
Median Sold Price: $147,535
Number of Sales: 40
Average Days On Market: 94
Low To High: $118,900 to $210,000
Number of Sold REO/Foreclosures Noted In MLS: 2

NUMBER OF SALES IN 2010 VERSUS 2009: -15% Decline

In The Number Of Sales From 1/1/09 – 8/31/09 to 1/1/10 – 8/31/10. In 2009 there were 47 sales at this point and in 2010 there have been 40 sales. So, there are 7 less sales or -15% in home sales volume.

CURRENT LISTINGS AS OF 9/8/2010:

Current # GBRMLS Listings: 42, 4 REO/Foreclosure Listing
Current Listings Prices: $115,900 To $199,900, Average $89/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.