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http://www.accuratevg.com/ - Greater Baton Rouge Homeowners: Home Appraisal Tips – First Impressions Count
I found this helpful video and wanted to share with locals. As a home appraiser for almost 20 years now, I can certainly relate to what Sherie Smith is saying.
Tags: Appraisal Tips, First Impressions, Greater Baton Rouge, Home Appraisal, Home Appraiser, Locals, Sherie
South Point Subdivision Home Owners Association Update March 2010
Dear Fellow Southpoint Homeowners/Tenants,
Spotlight Covenant of the Month – Garage Sale and Yard Signs
Greetings! We are already to March. The spring season will be upon us very soon.
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An issue that the ACC has seen with more frequency is the appearance of yard signs that are against the Restrictive Covenant. With the weather getting warmer, garage sales will definitely be on the minds of homeowners to begin spring cleaning. The ACC would like to remind you that in accordance with Paragraph 23 of the Amended and Reinstated Restrictive Covenants that no signs of any kind shall be displayed to the public view on any Lot, except customary signs advertising the Lot for sale or rent. Signs advertising celebrations such as birthdays, anniversaries, births, deaths, religious holidays, or national holidays, which are utilized for a limited period of time, are permitted as long as the signs are removed timely after the event by the Owner of the Lot.
In addition to your lot, if you place any signs throughout the subdivision to promote your garage sale and/or lost pets, please be responsible and remove the signage in a timely manner. It is a detraction from the subdivision. Also, please be aware that it is a safety hazard to post signage onto the actual sign (i.e. stop sign). Signs placed on the traffic signs will be subject to immediate removal.
Fine Information:
Amount: $50.00
Compliance Required: Within 3 days
Fine Duration: 5 days
Max Fine: $250.00
What is the Architectural Control Committee?
The Architectural Control Committee (“ACC”) of Southpoint Subdivision is established to maintain the quality and desirability of Southpoint by overseeing the compliance of the Restrictive Covenants of SPHA.
The ACC is charged with carrying out the general plan of the subdivision and to ensure that we maintain a high standard of appearance within the neighborhood. The ACC is separate and autonomous (i.e., the right or power of self-government; undertaken or carried on without outside control; existing or capable of existing independently; responding, reacting, or developing independently of the whole) to the Board of Directors although it works closely with the Board.
Need to Report a Restrictive Covenant Violation?
Click here to visit the ACC section of Southpoint Subdivision’s website and use one of the forms in the top left hand corner.
Got Feedback?
We love to hear from homeowners on thoughts to improve the subdivision. Feel free to email the ACC if you need assistance or clarification regarding the responsibilities of the committee.
Want to Improve Southpoint Subdivision?
Your Homeowner’s Association would love to have your time! There are many committees that make up your homeowner’s association. Click here to check out the committees. Many responsibilities require a minimal time investment per month.
Your home is typically your largest investment, help improve the subdivision. Be involved and volunteer! Email the ACC or the Board to get started today.
Additional Information:
Southpoint Website – www.southpointsubdivision.com
ACC Email – accspha@gmail.com
Southpoint Board Email – southpointboard@gmail.com
23. No signs of any kind shall be displayed to the public view on any Lot, except customary signs advertising the Lot for sale or rent. Signs advertising celebrations such as birthdays, anniversaries, births, deaths, religious holidays, or national holidays, which are utilized for a limited period of time, are permitted as long as the signs are removed timely after the event by the Owner of the Lot.
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Architectural Control Committee
Southpoint Homeowner’s Association, Inc.
P. O. Box 1496
Denham Springs, LA 70727-1496
225-610-9578
www.southpointsubdivision.com
Southpoint Subdivision – Building Not Just a Neighborhood, But a Community!
Sphere: Related ContentTags: Accordance With Paragraph, Architectural Control Committee, Birthdays Anniversaries, Births Deaths, Detraction, Garage Sale, Garage Sales, Home Owners Association, National Holidays, Religious Holidays, Restrictive Covenant, Restrictive Covenants, Safety Hazard, Sign Signs, Signage, Spring Season, Stop Sign, Timely Manner, Traffic Signs, Yard Signs
http://www.batonrougerealestateappraisal.com/ – Baton Rouge Real Estate Appraisers: NAR Says January 2010 U.S. Home Sales Fall 7.2 Percent
The Source Is Baton Rouge Business Report. The Baton Rouge Business Report Is Dispensing Information From The National Association Of Realtors Regarding January Home Sales, see below. AND NOTE, This decline is despite efforts by our Federal Government to offer the $8,000 Tax Credit, which was supposed to help national home sales.
“Sales of previously occupied homes took a large drop for the second consecutive month in January, falling to the lowest level since summer. It is understood as another sign the housing market’s recovery is faltering. The National Association of Realtors said sales fell 7.2% to a seasonally adjusted annual rate of 5.05 million from a downwardly revised pace of 5.44 million in December. The results, the weakest since June, were far worse than forecast. Economists expected a slight increase, to a rate of 5.5 million.
Sales declined throughout the country, falling the most—nearly 11%—in the Northeast. Sales fell by about 7% in the South and the Midwest and by more than 5% in the West.“
Sphere: Related ContentTags: 5 Million, Association Of Realtors, Baton Rouge Real Estate, Business Report, Decline, Economists, Federal Government, Housing Market, Midwest, Million Sales, Nar, National Association Of Realtors, Pace, Real Estate Appraisers, Second Consecutive Month, Tax Credit, U S Home
http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate FHA News: BREAKING FHA NEWS from NAMB DC Conference
The Guys Are At It Again, But This Time In DC….Click Below!
Tags: Baton Rouge Real Estate, Breaking News, Dc Conference, Fha, Namb, Real News
http://www.accuratevg.com/ - Baton Rouge Real Estate: Greater Baton Rouge Foreclosures Were Low In 2009
In a one paragraph report, the Baton Rouge Business Report is reporting the following:
“The 2009 foreclosure rate in Baton Rouge ranks among the lowest 25% for U.S. metro areas, according to a new report. Baton Rouge had the 157th highest foreclosure rate among 203 U.S. cities, according to RealtyTrac, which follows the market for seized homes. One out of 121 homes in the Capital Region was involved in the foreclosure process in 2009, a 139% jump from the year before. RealtyTrac warns the actual increase may be due to improvements or changes in reporting techniques. Three other Louisiana cities had lower foreclosure rates than Baton Rouge: Shreveport was ranked 163rd, with one foreclosure per 140 homes; Lafayette was 170th, with one foreclosure per 183 homes; and Houma-Thibodaux was 193rd, with one foreclosure per 363 households. Nationally, the foreclosure rate averaged one for every 45 households. Las Vegas and Fort Myers, Fla., were the two weakest markets, with one out of every 8 homeowners facing foreclosure during 2009.”
Tags: Baton Rouge Estate Appraisers, baton rouge real estate, baton rouge real estate agents, baton rouge real estate appraisers, baton rouge real estate trends, baton rouge realtors
Sphere: Related ContentTags: Baton Rouge Real Estate, Business Report, Facing Foreclosure, Foreclosure Process, Foreclosure Rates, Foreclosures, Fort Myers, Greater Baton Rouge, Households, Louisiana Cities, Metro Areas, Nbsp, Paragraph Report, Real Estate Agents, Real Estate Appraisers, Real Estate Trends, Realtors, Realtytrac, Shreveport, Thibodaux
http://www.batonrougerealestateappraisal.com/ - Win A New Copy Of Gary Vaynerchucks Crush It by Baton Rouge FHA Home Appraisers.
YES, you must have a Twitter Account To Register!
Drawing Is March 15, 2010!
Register Here:
http://www.batonrougerealestateappraisal.com/win-a-new-copy-of-crush-it-contest/
Sphere: Related ContentTags: Baton Rouge, Crush, Fha, Home Appraisers, Www Win
http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate: Greater Baton Rouge Homeowner Should Not Have Added $60,000 Pool In A $150,000 Subdivision
I ran across a situation in the Greater Baton Rouge Housing Market where a homeowner, located in a subdivision where the average home is worth $150,000, installed a $60,000 Gunite Inground Pool recently. Now, their home is on the market and they are about to be taken through the “school of hard knocks” when the appraiser doesn’t give them any more than $5,000 to maybe $7,500 contributory value for their pool. I’ve been appraising now for 18 years and see these types of situation several times per year and just shake my head when I see this happen.
Why only $5,000 to $7,500 contributory value for a $60,000 “gunite” pool? It’s not that “blankety blank” appraiser’s fault. It’s actually the market, the buyers, that don’t reward such expensive overimprovements. And mortgage underwriters that scrutinize the appraisals when appraisers do.
Is It Common For IG Pools In That Market? Let’s venture this thought process in the eyes of the appraiser! You have to look at the overall market and ask if it’s common for $60,000 inground pools to be installed in subdivisions where the homes are $150,000, which it’s not. Then ask yourself if the average owner in Such-And-Such Subdivision has an inground pool and the answer is no. Look at an aerial map for proof. Is it common for any buyer in the general Greater Baton Rouge market to pay more than $7,500 for a pool on an existing home sale where the price of the home is below $200,000? That answer is generally no as well. There may be exceptions, but they would be very rare.
Mortgage Underwriting Questions? What happens if the appraiser gives more than $5,000 to $7,500 on a pool is the underwriters coming back with a request for comps where the market actually gave that much for a pool. It’s at that point where the sale may fall apart because the appraiser can’t support giving the subject home that much value for that $60K pool in a $150,000 subdivision. I’m sure from the photos that it’s a nice pool, but in this national mortgage meltdown market where this loan may be underwritten in New Jersey, Manhatten NY or California or elsewhere where pools don’t carry much value, then giving too much value to the pool may even cause the lender not to want to do the loan and/or throw up red-flags.
There’s two lessons here!
1.) If you plan on remaining in your home until you die, then live it up and build whatever you want in your backyard (ig pools, metal workshop, that covered patio, wood decking, stone walk-ways, etc..).
2.) If you don’t plan on remaining in your home until you die, and your investment dollars must be wisely spent, then be very cautious about installing ig pools, metal workshops, covered patios, wood decks, stone walk-ways, etc.. because they don’t bring much return on investment. The lesson here is not to invest money in the your backyard and expect to receive dollar-for-dollar return on your investment. The lesson is to invest on the home itself before investing in your backyard.
Greater Baton Rouge’s Home Appraiser – Bill Cobb! Your Local Home Value “Trust Agent”! http://www.accuratevg.com/
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Tags: 18 Years, Aerial Map, Appraisals, Appraisers, Baton Rouge Real Estate, Comps, Exceptions, Existing Home, Greater Baton Rouge, Gunite Pool, Housing Market, Ig, Inground Pool, Inground Pools, Mortgage Underwriters, Mortgage Underwriting, Proof, School Of Hard Knocks, Several Times, Thought Process
http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate: Four Demographic Trends That Will Affect Greater Baton Rouge Housing
Realtor.org and and The Urban Land Institute are reporting on 4 demographic trends that will affect Greater Baton Rouge Housing! Their short article is located here and is quoted below.
“4 Demographic Trends That Will Affect Housing
A new report from the Urban Land Institute predicts two major changes in the U.S. housing market as we began a new decade.
Home appreciation will slow considerably to about 1 percent to 2 percent annually.
The current U.S. homeownership rate, now at 67 percent (which is down from a record high of 69 percent), will fall further to about 62 percent.
4 Major Demographic Trends
The report also cites four major U.S. demographic trends that will have a major impact on housing.
1. Aging baby boomers (ages 55 to 64 years old): They will keep working, and many will be forced to stay in their suburban homes until values recover. Those who are able to move will choose mixed-age living environments that cater to active lifestyles. Walkable suburban town centers also will appeal to this group.
2. Younger baby boomers (46 to 54 years old): They are now entering their prime earning years but they will lack home equity and unlike the older members of their generation, they won’t be able to purchase second homes. This will likely curb the prospects for the second-home market.
3. Generation Y: They are larger than the baby boom generation (with a population of about 86 million). As they enter the housing market, they are less interested in homeownership than their parents were when they were young adults. “They will be renters by necessity or choice for years ahead,” says John K. McIlwain, author of the report.
4. Immigrants – both legal and illegal: They are nearly 40 million strong. They often prefer multi-generational households and if they can afford them, larger homes in neighborhoods with a strong sense of community.
Source: The Urban Land Institute (01/27/2010)
Tags: Baton Rouge Estate Appraisers, baton rouge real estate, greater baton rouge real estate, baton rouge real estate trends
Sphere: Related ContentTags: Active Lifestyles, Aging Baby Boomers, Baby Boom Generation, Baton Rouge Real Estate, Demographic Trends, Generation Y, Greater Baton Rouge, Home Appreciation, Homeownership Rate, Households, Housing Market, Immigrants, Market 3, Mcilwain, New Decade, Prospects, Realtor Org, Suburban Town, Urban Land Institute, Young Adults
http://www.southpointappraiser.com/ - Denham Springs FHA Appraiser Report: Per MLS Data, South Point Subdivision Foreclosure Rate Appears To Be Rising!
The MLS Data Chart Below Shows That From 1/1/2007 to 12/31/2009, there were 7 REO or Foreclosure Sales out of 187 total sales, or a 3.74% foreclosure rate.
Per MLS Records, A 3.74% REO Rate doesn’t appear to be an indication that REOs are negatively impacting this market.
HOWEVER, It’s also stated here that a 2009 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. MLS is reporting TWO (2) comparable REO listings. However, since it’s possible that 70% of REOs and/or Sheriff Sales never make it into the MLS System, it’s almost impossible to know exactly how many competing REOs there really are out there. Clearly, the only way to know the exact number of sold foreclosures in South Point since 1/1/2007 is to sift through the Legal News records, which would take hours to accomplish.
In The Map Below, Realtytrac.com is showing 11 Current Foreclosures (Pre-Foreclosures, Sheriff Sales, Bank Owned) on Teakwood Dr, Springhill Dr (2 Properties), Sandlewood Ct, Rosemont Ave, South Point Dr (2 Properties), Wellington Ave, S Park Ln, Snowdon Ave and Sunny Brook Ln. This is a higher rate than South Point has experienced in the past. 11 Current Foreclosures helps validate the point made above. While MLS is only reporting 2 current MLS REO listings, there are actually 11 or 5.5 times more than MLS is reporting.
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Tags: Chart Below Shows, Denham Springs, Exact Number, Fha Appraiser, Fha Foreclosure, Foreclosure Sales, Landmines, Legal News, Mls Data, Mls System, Park Ln, Reo, Rosemont Ave, S Park, Sheriff Sales, Snowdon, Springhill, Sunny Brook, Teakwood, Wellington Ave
http://www.southpointappraiser.com/ - Denham Springs Home Appraisers Report On South Point Subdivision End of 2009 Home Sales Report. In 2009, per MLS Records, there were 37 total sales in South Point ranging from $112,000 up to $198,000 with a median sales price of $145,000 for all of 2009.
Solds In South Point Subdivision from 1/1/2009 to 12/31/2009 reveal:
Average Sales Price: $146,497
Average Sold Price Per Sq. Ft.: $93.29/sf
Median Sold Price: $145,000
Low Sales Price: $112,000
High Sales Price: $198,000
Average Number of Days On Market: 89
Number of Sales: 37
The Chart Below Shows South Point Sales Activity from 1/1/2007 to 12/31/2009, a total of 180 MLS sales.
Tags: Denham Springs, Home Appraisers, Home Sales Report, Median Sales Price, Mls Sales, Solds, Sq Ft
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