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

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 Housing Statistics: South Point Subdivision August 2010

Solds In South Point from 1/2010 to 8/31/2010 revealed:
Average Sales Price: $147,476
Average Sold Price Sq. Ft.: $88/sf (-$5.33/sf Decline From 2009)
Median Sold Price: $149,500 (+4,500 Increase From 2009)
Number of Sales: 21
Low To High: $106,500 to $198,500
Number of Sold REO/Foreclosures Noted In MLS: 5
Current # Listings: 26 (NOTE: MORE LISTINGS THAN SALES)
Current Listings Prices: $103,500 To $198,900

The BIG Change is that while the Median Sales Price has increased +8.1%, the Average Sold Price Per Sq. Ft. has declined by -$5.33/sf. And, there’s more listings now than total sales in all of 2010.

Tags: denham springs, denham springs real estate, south point subdivision, denham springs real estate agents, denham springs realtor, denham springs realtors, denham springs housing, denham springs homes

http://www.southpointappraiser.com/ – FHA Appraisers Denham Springs Report On South Point Subdivision Statistics For 2009 Based On Both Average and Median Sales and Listing Prices. 

South Point Subdivision is a single-family dwelling subdivision, located off of La. Hwy. 16 South. Just five miles from the Denham Springs exit off of I-12 or three miles from the Juban Road exit. South Point Subdivision is conveniently located outside of Denham Springs’ city limits, providing a feel of country living with the benefit of amenities and services available only minutes down the road.  Within all phases, South Point totals approx. 645 homes.  The original builder was PCC Homes until PCC sold the remaining lots to DR Horton Gulf Coast shortly after Hurricane Katrina.  
 

AVERAGE SALES & LISTING PRICES FROM 11/2008 to 11/2009:

MEDIAN SALES & LISTING PRICES FROM 11/2008 to 11/2009:

Tags: Denham Springs, Denham Springs Appraisers, Denham Springs FHA Appraisers, South Point Subdivision