Appraisers

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http://www.woodlandcrossingappraiser.info/ – Denham Springs Appraisers Woodland Crossing Subdivision First Quarter 2011: Home Prices Decline Based On Five (5) Foreclosures! South Point Subdivision is also experiencing a similar decline. However, if these 5 foreclosures are removed from analysis, the Average Sales Price in 2011 has been $150,432, Median $165,275, Average Sold Price $83.37/sf, which is still a decline.

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Recap of 2008 through 2011 Woodland Crossing Housing Numbers:

gbrmls-woodland-crossing-denham-springs-q1-2011-home-sales

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $135,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $78/sf in 2011 rounded. 2011 represent 13 sales and only represent one quarter of housing sales numbers, not an entire year.

YEAR-TO-DATE SOLDS 2011 (Note Chart shows 13 sales, MLS Search Reveals 14 Sales):

Solds In Woodland Crossing from 1/1/2011 to 04/04/2011 revealed:
Average Sales Price: $141,763
Average Sold Price Per Sq. Ft.: $78.74
Median Sold Price: $134,735
Number of Sales: 14
Average Days On Market: 82
Low To High: $109,900 to $176,990
Number of Sold REO/Foreclosures Noted In MLS: 5

gbrmls-woodland-crossing-denham-springs-q1-2011-home-sales-chart

Five (5) foreclosures took place selling for $115,000 or $76/sf for 1505sf, $118,000 or $74/sf for 1600sf, $118,900 or $63/sf for 1908sf, $124,000 or $62/sf for 1998sf and $154,900 or $77/sf for 1999sf.

 

NUMBER OF SALES IN 2010 VERSUS 2009 YTD: -35% Decline! In 2009 there were 73 sales and in 2010 there were 43 sales. So, there were 30 less sales in 2010 than 2009 or -41% in home sales volume. With 14 2011 Sales in Q1, if this trend continues, there should be 50 to 56 sales for 2011, which would be an improvement from 2010.

CURRENT LISTINGS AS OF 04/04/2011:

Current # GBRMLS Listings: 45, 1 REO/Foreclosure Listing and 1 Short Sale Listing. Current Listings Prices: $110,000 To $199,900, Average Listing Price $90.72/sf. Listing Prices per square foot range from $56/sf up to $109/sf.

 

TIME TO APPEAL YOUR LIVINGSTON PARISH PROPERTY TAXES? With this continued trend in lower sales prices in Woodland Crossing Subdivision, is it is time to appeal your property taxes? You can look up your tax assessment here and find out what your home is assessed for, see below.

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NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to April 4, 2011. This information was extracted on 04/03/2011.

 

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http://www.southpointappraiser.com/ – Denham Springs Appraisers South Point First Quarter 2011: Home Prices Continue Decline!

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Recap of 2008 through 2011 South Point Housing Numbers:

south-point-gbrmls-chart-2011

 

So, from 2008 to 2011, the median sales prices have ranged from $151,500, $145,000, $150,750 down to $128,000 in 2011. Sold price per sq. ft. continues to decline from $87/sf in 2010 down to $83/sf in 2011 rounded.

YEAR-TO-DATE SOLDS 2011:

Solds In South Point from 1/1/2011 to 04/03/2011 revealed:
Average Sales Price: $126,133
Average Sold Price Per Sq. Ft.: $82.75
Median Sold Price: $128,000
Number of Sales: 9
Average Days On Market: 102
Low To High: $100,000 to $155,900
Number of Sold REO/Foreclosures Noted In MLS: 3

south-point-subdivision-march-2011

 

south-point-subdivision-march-2011-median-sales-prices

 

NUMBER OF SALES IN 2010 VERSUS 2009 YTD: -35% Decline

south-point-subdivision-march-2011-number-of-sales

 

In 2009 there were 37 sales and in 2010 there were 24 sales. So, there were 13 less sales in 2010 than 2009 or -35% in home sales volume.

CURRENT LISTINGS AS OF 04/03/2011:

Current # GBRMLS Listings: 24, 5 REO/Foreclosure Listing, 21% of Listings Are Foreclosures! Current Listings Prices: $85,400 To $185,000, Average Listing Price $92.94/sf. $85,400 Listing Price is one of the lowest I’ve ever seen in South Point. Listing Prices per square foot range from $70/sf up to $110/sf.

south-point-appraiser-dot-com-denham-springs

 

TIME TO APPEAL YOUR LIVINGSTON PARISH PROPERTY TAXES? With this continued trend in lower sales prices in South Point Subdivision, is it is time to appeal your property taxes? You can look up your tax assessment here and find out what your home is assessed for, see below.

appeal-livingston-parish-taxes



western-livingston-parish-tax-assessment-appeal-home-appraisals

 

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to April 3, 2011. This information was extracted on 04/03/2011.

 

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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%.

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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.

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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.

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http://www.denhamspringsappraisers.com/ – What are your Denham Springs Real Estate Subdivision questions at mid year 2010? Which Western Livingston Parish subdivisions do you want an update on? Email us at info@accuratevg.com



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http://www.southpointappraiser.com/ – Denham Springs South Point Subdivision Least and Most Expensive Home Sales In 2010

It’s almost the halfway mark into 2010, June. So far into 2010, what were the lowest and highest home sales prices? In South Point in 2010, there have been 19 sales from $120,200 up to $198,500.

LOWEST HOME SALES PRICE IN SOUTH POINT IN 2010

The lowest sales price was at 23938 Teakwood Dr, a home I inspected for an REO or Foreclosure Appraisal. This home sold 2/19/2010 for $120,200 or $81.77/sf. It has 1,470sf living area with 3 bedrooms and 2.5 bathrooms.

23938 TEAKWOOD DR

HIGHEST HOME SALES PRICE IN SOUTH POINT IN 2010

The highest sales price was at 23750 Rosemont Dr. This home sold 5/28/2010 for $198,500 or $81.42/sf, the price reported in MLS (see corrected price below). It has 2,438sf living area with 4 bedrooms, 3 bathrooms and an expensive “Gunite” swimming pool. NOTE: The seller paid $6,000 in concessions or had to pay the buyer $6,000 to buy their home from them. Because the seller received $6,000 less at the closing table than $198,500, the actual sales price that an appraiser will use is $198,500 minus $6,000 for $192,500 or $78.96/sf. The GBRAR MLS reports gross sales price without correctly and automatically deducting seller paid concessions. However, appraisers do deduct seller paid concessions and now FHA is very wisely implementing new rules to strictly limit seller paid concessions on their deals.

23750 Rosemont Dr

23750 Rosemont Dr (1)

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http://www.batonrougerealestatebuzz.com/ – Video Of Baton Rouge Homes Value: How Much Value Do Pools and Metal Buildings Add?

baton rouge real estate tony zito and bill cobb talk pools and metal buildings

In this video, Realtor and Broker, Tony Zito, and Home Appraiser, Bill Cobb, discuss how appraisers value pools and metal buildings. Generally, the return might be 1/4 to 1/3 of investment, but not always. Sometimes pools have no value at all, especially the older the age of the pool. Some people likes pools and others don’t and end up filling them in with dirt. However, if you’re buying a home to live there forever, enjoy that home and add what you can afford to install…..just don’t expect to get a dollar-for-dollar return on your investment of items in your yard.

I wrote more about this topic here, “Greater Baton Rouge Homeowner Should Not Have Added $60,000 Pool In A $150,000 Subdivision

and

Greater Baton Rouge Real Estate Question: Is It Wise To Invest $60,000 For A Pool and Landscaping For A $250,000 Home

NOTE: Just don’t let that pool salesman convince you that adding that pool will significantly increase the value of your home.

 


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http://www.appraisersinbatonrouge.com/ – Certified FHA Appraisers Baton Rouge: Good News For Greater Baton Rouge Housing Market? The “Guys” at TBWS Have Good News For A Change!

“Foreclosures are upon us, but someone has to sell them. 5 reasons there isn’t going to be a double dip. Home Depot is hiring, 64% of Americans feel now is the time to buy.”

tbws has good news

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http://www.denhamspringsappraisers.com/ – Denham Springs FHA Appraisers: Denham Springs Real Estate Video Update Through March 2010

denham springs housing update 2010

In this video, Realtor and Broker, Tony Zito, delivers the Denham Springs housing market update from 1/1/2010 through 4/2/2010.

 


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http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate: Greater Baton Rouge Homeowner Should Not Have Added $60,000 Pool In A $150,000 Subdivision

greater baton rouge ig pool

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.

ACCURATE VALUATIONS LOGO BorderWhy 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 pool

Greater Baton Rouge’s Home Appraiser – Bill Cobb! Your Local Home Value “Trust Agent”! http://www.accuratevg.com/

home appraisers

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South Point Entrance Signhttp://www.southpointappraiser.com/ – Denham Springs FHA Appraisers: Southpoint Subdivision ACC Spotlight Email – January 2010

Dear Fellow Southpoint Homeowners/Tenants,

Spotlight of the Month – Construction Plans for Additions, Sheds, Fences, etc.

Greetings! We hope that you and your family have had a cherished and happy holiday season. As the new year comes to a start, we wish each you a healthy and prosperous 2010. The new year also brings about thoughts of home improvement as well.

The ACC would like to remind you that in accordance with Paragraph 9 of the Amended and Reinstated Restrictive Covenants that no residence or building of any kind, including sheds, storage units, garages, or carport coverings, driveways, or fence, which improvement extends above ground level, shall be erected, placed, altered, or permitted on any Lot unless and until the construction plans, specifications, elevations, and a plan showing the location for the structure shall have been approved in writing by the Architectural Control Committee.

Please begin to submit the ACC submission forms to ensure your home improvement plans are improved in time before you plan to commence construction. You can find the form on the website here. Please allow for up to 4 weeks for processing.

Fine Amount:
Violation – Fence Construction, Shed or Workshop
Compliance – Required within 3 Days
Amount – $250 per day/$1,500 max of 6 days

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 of 1-2 hrs 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

“9. No residence or building of any kind, including sheds, storage units, garages, or carport coverings, driveways, or fence, which improvement extends above ground level, shall be erected, placed, altered, or permitted on any Lot unless and until the construction plans, specifications, elevations, and a plan showing the location for the structure shall have been approved in writing by the Architectural Control Committee. The Architectural Control Committee shall review the plans to confirm the exterior design is harmonious with existing structures, and the location is acceptable with respect to topography and finished grade evaluation. Heavy-duty plastic constructed storage sheds (e.g., Rubbermaid brand) are acceptable and should be placed in the rear portion of the Lot behind the residence. No fence or wall shall be erected, placed or altered on any Lot closer to any street than the minimum building setback line of twenty-five (25’) feet, nor any nearer to any street than the location of the front of the house. The minimum roof pitch shall be six (6’) feet on twelve (12’) feet.”


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!

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