Zachary Louisiana Real Estate News

5 Reasons Why Your Zachary Louisiana House Didn’t Appraise For What You Thought it Should

Zachary Louisiana Real Estate — Tue, 08 May 2012 20:38:40 +0000

5 Reasons Why Your House Didn’t Appraise For What You Thought it Should!

Excellent Article from my Appraiser Friend Tom Horn in Birmingham AL! Tom helps explain some of the myths in today’s housing markets. Although Tom is located in Birmingham AL, some of his points are valid. Baton Rouge may be in a better housing market environment though.

I Love These 2:
COST DOES NOT EQUAL VALUE!
AND
YOUR NEIGHBOR DID NOT TELL YOU THE TRUTH!

NO, Cost Does Not Equal Value. Installing Slab Granite Counters in a $300,000 subdivision makes a lot more sense to the market than installing it in a $100,000 first time home buyer market. The $35,000 IG Pool or $18,000 Metal Building on Slab with electricity might be worth only $5,000 to a buyer.

NO, Your neighbor was wrong! I get this each month where I’m doing an Appraisal and homeowner tells me the neighbor told them that such and such house sold across the street for $X amount of $. Or, there’s been 2 recent sales on our street for $X amount and they’re really only listings and not solds.

http://activerain.com/blogsview/2721481/5-reasons-why-your-house-didn-t-appraise-for-what-you-thought-it-should

See on activerain.com

Millwood Creek Subdivision Tour By Zachary Louisiana Home Appraisers Appraisals

Zachary Louisiana Real Estate — Tue, 01 May 2012 13:20:34 +0000

http://www.zacharylouisianarealestate.info/ – Millwood Creek Subdivision Tour By Zachary Louisiana Home Appraisers Appraisals.

Drive through tour of the homes in this subdivision off Highway 19 Plank Road in Zachary, very near The Bennett House and The Oaks of Zachary Subdivision. Millwood Creek generally has larger homes on larger than average size acreage lots.

http://www.youtube.com/watch?v=Ub0fqHNLhCA

Redwood Lake New Homes Subdivision By Zachary Louisiana Home Appraisers

Zachary Louisiana Real Estate — Sat, 28 Apr 2012 01:22:53 +0000

http://www.zacharylouisianarealestate.info/ – Redwood Lake New Homes Subdivision By Zachary Louisiana Home Appraisers Appraisals. Drive through tour of the new DSLD Homes subdivision off Highway 19 Plank Road in Zachary, very near The Bennett House and The Oaks of Zachary Subdivisions.

http://www.youtube.com/watch?v=w7eDW7OnzsM

LAHomeowners.org- Louisiana Homeowner’s Resource Center

Zachary Louisiana Real Estate — Thu, 19 Apr 2012 20:34:53 +0000

An all inclusive resource center for Louisiana homeowners. www.lahomeowners.org is your one-stop homeowner shop!

See on www.youtube.com

Zachary Louisiana Real Estate Blogger

Zachary Louisiana Real Estate — Thu, 19 Apr 2012 09:05:37 +0000

http://www.zacharylouisianarealestate.info/ – Zachary Louisiana Real Estate Blogger is Bill Cobb Appraiser

Local Home Appraiser, Bill Cobb, has been appraising homes in the Zachary housing market since 1994 and blogged about this market since 2007 on the Baton Rouge Real Estate ActiveRain Network. Visit Zachary Louisiana Real Estate News for current housing market updates.

Pointe South Subdivision Zachary LA 70791 April 2012 Update

Zachary Louisiana Real Estate — Thu, 19 Apr 2012 06:39:17 +0000

Pointe South Subdivision Quarterly 2012 Market Report

Pointe South Subdivision is located adjacent to the popular Copper Mill Golf Community in Zachary Louisiana. The Town of Zachary has THE TOP performing public school system in the State of Louisiana 5 years straight! Within Pointe South, homes range in size from 1,600sf up to 2,702sf per GBRMLS. Since 2010, there’s been 28 total sales from $188,500 up to $325,000, from $114/sf up to $138/sf.

SOLDS. Median Sales Prices are increasing into 2012, up from $239,700 in 2011 based on 12 sales to $258,000 in 2012 based on 4 sales. In 2011, average sales price per sq. ft. was $123.96 and in 2012 it’s $124.16. Average days on market is lower in 2012 at 46 days from 84 days in 2011. Homes are selling for 99% of listing prices as well.

LISTINGS. There are 6 current listings within GBRMLS, 3 active and 3 pending. Listing prices are $224,900 (a foreclosure), $229,000, $249,900, $250,000, $259,900 to $262,800 or $90/sf, $118/sf, $140/sf, $125/sf, $125/sf and $122/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to April 19, 2012. This information was extracted on 04/19/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

East Meadow Subdivision Zachary Louisiana April 2012 Audio Update

Zachary Louisiana Real Estate — Wed, 18 Apr 2012 03:35:39 +0000

http://www.zacharylouisianarealestate.info/ – East Meadow Subdivision Zachary Louisiana April 2012 Audio Update. Generally, East Meadow support in 2011 based on 3 sales was $118/sf. In 2012, it’s jumped to $121.58/sf based on 3 sales.

listen to ‘East Meadow Subdivision Zachary LA 70791 2012 Report’ on Audioboo

This is 4982 Prairieview Drive, sold for $280,000 or $122.27/sf. 7/4/3 with 2,290sf with IG Pool.

This is 4982 Albert East Blvd, sold for $273,000 or $121.60/sf. 7/3/3 with 2,245/sf, Corner Lot.

This is 5097 Meadowland Ct, sold for $270,000 or $120.86/sf. 7/4/3 with 2,234sf with IG Pool and very large culdesac lot. This was a foreclosure I appraised in 2011 and sold 02/28/2012 for $20,000 more than listing price. It needed new interior paint and carpet.

This is 3576 Meadowland Ct, a pending listing for $290,000 or $127/sf. 7/4/2 with 2,290sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2011 to April 17, 2012. This information was extracted on 04/17/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

The Oaks Of Zachary Subdivision Zachary Louisiana 70791 Audio Market Report.

Zachary Louisiana Real Estate — Fri, 13 Apr 2012 05:42:23 +0000

http://www.zacharylouisianarealestate.info/ - The Oaks Of Zachary Subdivision Zachary Louisiana 70791 Market Report. In my opinion, The Oaks of Zachary is one of the most beautiful in the Zachary Housing Market!

This is a 2012 homes sales report for The Oaks of Zachary Subdivision in Zachary Louisiana 70791. In 2011, there were 10 home sales in GBRMLS with median sales price of $198,000 and $127/sf. In 2012, there’s been 1 sale for $207,500 or $131/sf.

Audio Report Is Below!

listen to ‘The Oaks of Zachary Subdivision Zachary La 70791’ on Audioboo

This is a Flickr link to approx. 40 photos inside this development: http://www.flickr.com/photos/billcobb/sets/72157629437790808/

Created with flickr slideshow.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2011 to April 10, 2012. This information was extracted on 04/10/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

Zachary La Home Appraiser Advice On Buying A Home In Copper Mill Golf Community

Zachary Louisiana Real Estate — Wed, 04 Apr 2012 10:01:07 +0000

http://www.zacharylouisianarealestate.info/ - Zachary La Home Appraiser Advice On Buying A Home In Copper Mill Golf Community.

NOTE: The Most Comprehensive Answer I provided is located here: Should You Buy That Zachary Copper Mill Golf Community Home?

I recently received an email from an out-of-state resident currently renting a home in South Baton Rouge. Here’s their question:

“We are looking to buy a home and have looked at Copper Mill in Zachary. From looking at the history of the resale homes that are currently for sale, and the comparables sold recently, it would appear that quite a few of the homes have lost value since being built or purchased. In your opinion, is this a reflection of the current state of the economy and therefore values should come back around as the economy recovers, or is this a reflection of the development itself? We like the area and may look at other neighborhoods, but we just want to be sure we understand what we are seeing in the numbers.”

My Answer is below and is based on the fact that buying a highend home is a very serious matter and that once you buy one and have paid too much, it’s not easy to get out from under those homes, as some in Copper Mill are finding out, those that paid $160/sf in 2007.

My opinion of Copper Mill is based on market reaction to this development, the obvious decline in values and the extremely long time it takes to sell homes in there. I have relatives that built 3 spec homes to sell in Copper Mill and have their personal experience to speak from as well. They did well on the first 2 but didn’t on the 3rd home, which took over 22 months to sell.

I think it has to do with the economy in general, the absolutely insane housing market that Hurricane Katrina created and the fact that it’s located in Zachary. Zachary is a fine place to raise a family and has the Top Public school district in the State there. However, it’s a small town with little industry or business base. I’ve often wondered how Zachary became to be what it is today based on all of those that have to commute to and from it without many jobs in the local community there. What I’m trying to say is that housing in Zachary is really high in my opinion for the location and the lack of economic base in Zachary.

POSITIVES IN COPPER MILL. Positives are that the average and median sales prices are at all time highs of $476,500 and marketing time is at 115 days, the lowest in many years. However, this is ONLY based on 2 total sales in 2012.

Copper Mill is a fine development, no doubt. However, those that bought early and financed nearly 100% are upside on their mortgages and will be for many years. Zachary and Copper Mill never were a sustainable $161/sf market and $161/sf was the high back in 2007. It’s been downhill ever since then from such lofty heights and I don’t expect values to climb that high again in Copper Mill. I attached the current chart showing support in 2012 for $145/sf BUT only based on 2 sales…..and there used to be 19 sales in a year in there.

I shot this video here http://www.hdhathomes.com/tours/699_tourb.html for 1595 Royal Troon I think in 2009 and that home is still be on the market, over 1227 days.

I wouldn’t buy a home in Copper Mill unless it’s at a very discounted price in case prices fall even further in there. In 2011, support was at $141.76/sf, the lowest since before Hurricane Katrina. Or, buy one of the smaller, less pricey homes in there, which should hold it’s value better even if there’s another correction.

And, now that the Robosigning $25 Billiion lawsuit has been settled, any homes that weren’t foreclosed on because of this suit, can now be. I don’t know if this will impact any homes in Copper Mill, but it could.

Is 2012 the year of recovery for Copper Mill or do we need to correct our thinking into a new lower reality that $145/sf is a more sane level of pricing for the high end Zachary market? I doubt a full recovery, but we’ve already witnessed a 4/sf +/- increase so far. I think any recovery will take years to happen and that $141 to $147/sf is a much more realistic pricing level for this market. We know that “Cost Doesn’t Equal Market Value” and this has been made very evident in outlying markets such as Zachary and Denham Springs.

MY ADVICE FOR COPPER MILL. My advice would be to scale it down in Copper Mill, just as the newest filing is offering smaller, more affordable high quality homes (smaller lots, smaller homes, same quality). It appears $300,000 to $400,000 is more realistic for Zachary buyers AND the new sign on Main Street now touts homes starting in the $300′s. This is also taking place in Lexington Estates in 70810 where it’s been difficult to sell high end homes (New Phase is offering more affordable lots with smaller home sizes).

Greater Baton Rouge Housing is still overpriced and I would highly recommend a Pre-Listing Appraisal before your purchase. I generally charge around $275 for these in the over $400K range: http://www.gbrprelistingappraisals.com/

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to April 04, 2012. This information was extracted on 04/04/2012.

Hope this somehow helps you.
Bill Cobb, Appraiser

Greater Baton Rouge’s Housing News Reporter is Bill Cobb Appraiser

Zachary Louisiana Real Estate — Mon, 05 Mar 2012 15:04:58 +0000

http://www.batonrougehousingreports.com/ – Greater Baton Rouge’s Housing News Reporter is Bill Cobb Appraiser.

With 20 years experience as a Louisiana Home Appraiser and editor of several local housing related websites, Bill Cobb brings a wealth of knowledge and experience to Greater Baton Rouge Housing. From the Greater Baton Rouge Housing Week In Review segment to Greater Baton Rouge Monthly Housing Studies . To Baton Rouge Real Estate Buzz to Denham Springs Housing News . From Ascension Parish Housing News to Zachary La Housing News . From West Baton Rouge Housing News to Videos of Baton Rouge Real Estate News .

From Baton Rouge Market Metrics Subdivision Studies to Baton Rouge Residential Real Estate Trends, Bill Cobb Appraiser is THE SOURCE for Greater Housing News!