http://www.batonrougehomeappraisal.com/ - Real Estate Baton Rouge: Central City Subdivision 2010 Home Price Trends

Solds In Central City Subdivision from 1/2010 to 12/31/2010 revealed: ONLY 1 MLS SALE, Legal News Reveals 2 Sales or 1 FSBO Sale. There were no 2009 MLS Sales to report comparisons for 2010.

Average Sales Price: $151,500 for the 1 sale
Average Sold Price Per Sq. Ft.: $54/sf
Median Sold Price: $151,500
Number of Sales: 1
Average Number of Days On Market: 42
Low To High: $151,500 to $151,500
Number of Sold REO/Foreclosures Noted In MLS: 0
Current # Listings: 1, Listed As A 3rd Party Transaction Below Market
Current Listings Price: $145,000 or $63/sf for 2,291 sq. ft.

This one sale for $151,500 has 2,827sf living area and only sold for $54/sf. The MLS Listing doesn't offer any explanation as to why this home would have sold so far below market value. It was listed for $165,750 and with the Central School District, it generally would have sold for a much higher price. So, it appears that even though the MLS Listing offered no background on the situation, this home sold in a distressed manner!

NOTE: 12074 Post Drive sold in February 2010 for $157,200. There is no MLS or online data for home to report sold price per square foot.

This is the photo of the current listing in Central City for $145,000 for 2,291sf or $63.29/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to December 31, 2010. This information was extracted on 1/1/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

As you may have read in our recent blog Put on Your Shopping Shoes, Ascension Home Buyers!, the homeowners tax credit has not only been expanded but been made better. Greater Baton Rouge, including Ascension Parish and East Baton Rouge Parish, have economies that are doing better than many places and so offer a stable place to settle. If take a look at the pictures in we include here, you will notice that the area is also a beautiful place to call home.

Who is eligible for this tax credit?

First home buyers and repeat buyers are eligible for a credit.

• First time buyers, which includes those who have not owned a home for three years or more.
• Current homeowners who have owned and lived in a home a primary residence for at least five of the past eight years prior to purchasing the new home

Which homes qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit, provided including single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. However...

• The purchase price must be less than $800,000
• You must use the home as your principal residence -no vacation homes or investment property
• You cannot buy a home from a relative or spouse

Does the tax credit have to be repaid?

NO - this is a tax credit that does not have to be repaid.

How is the tax credit figured?

The tax credit is 10% of the home's purchase price, up to $8,000 for first-time home buyers and $6,500 for buyers having already owned a home.

When must you purchase the home?

To qualify for the home buyer tax credit, the principal residence must be purchased on or after January 1, 2009 and before April 30, 2010. However, you have until June 30, 2010 to close.

Is eligibility based on the home buyer's income?

Yes. Single taxpayers must have income of $125,000 or below to qualify while married couples income must be $225,000 or below. This is an increase from the previous bill.

How does the homeowner figure their tax credit?

The credit will come to you as a refund once you have filed your taxes. You must complete IRS Form 5405 to figure the amount of credit you will receive and claim it on your income tax form.

You must provide documentation that you purchased a home.

You can also check these government sites about the Home Buyer Tax Credit for more details:

• Frequently asked questions about the $8,000 first-time home buyer tax credit.
• Frequently asked questions about the $6,500 tax credit for repeat home buyers.

Sandy and her team can help you answer any questions you might have about the tax credit and then show you a wide selection of beautiful new and pre-owned homes in the Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.

Central- Well, Central is no longer considered a part of Baton Rouge, Louisiana. They are now their own city. Central has about 26,000 residents. I've heard that Central might have some good schools also. They are Central Middle and Central High. These are the public schools. There are also a few private schools which include: Central Private School and Starkey Academy. Central has homes with a lot of acres and also offers your typical subdivision. Business and new construction seem to be booming in Central. Like a lot of parts in Louisiana, they are growing fast. This is another city where you get the best of both worlds. You are close enough to the city but at the same time have the feeling of living in the country.

Area 21 & 22 April 2008 Market Report

Information From GBRAR MLS

A builder client of mine called yesterday. He told me that he'd been offered some lots in the Hampton Village subdivision in Central. He wanted to know what I thought of building spec homes in that area. Here's what I wrote back to him.

Baton Rouge Real Estate - Zip Code 70818 Analysis

With respect to the 70818 (Central) zip code area here is a chart showing unit sales from 2002 through the end of 2007.

As you can see it hasn't really been a growth area in either the new construction or resale markets. Throughout 2007, new construction averaged less than 2 sales per month.

The new construction absorption chart shows that overall there were about 1.7 homes per month (20 homes total) sold in the 70818 zip code area during 2007 in all price ranges and that in any price range there was less than one home sold per month. The highest velocity of new home sales was in the $251-300K price range but only 7 homes for the entire year were sold.

In terms of the selling price per square foot of living area, the highest velocity was achieved in the $100-$109.99/sq.ft. range where 14 of the 20 homes sold were priced.

Baton Rouge Real Estate - Hampton Village

With respect to Hampton Village, there are currently three homes under contract and pending. They are all D.R. Horton homes and were priced between $104.38 and $112.01 /sq.ft.. We won't know the actual selling price until they close. During 2007, 11 new homes sold in this subdivision at an average price of $293,065. On average, they were priced at $106.97/sq.ft. and all were D.R. Horton homes. There are currently six active listings for new construction in the subdivision. Five are listed as proposed construction (and not counted in the inventory in the absorption charts above) and one is listed as being under construction. These six homes are listed for an average of $316,517 at an average price point of $128.80/sq.ft.

I would advise extreme caution with respect to investing in new construction in this area. Unless something happens, a large employer coming to town for example, the demand for new construction in Central is very limited. I couldn't find any lots in Hampton Village listed so I'm not sure what they've been offered to you for but unless you can be profitable in the $105/sq.ft. price range building a home of about 2500 sq.ft. there don't seem to be any undersupplied niches.

As always, I welcome readers to visit my websites at www.TheHomeVendor.com, www.DonAndAlishaStern.com or www.LiveAscension.com for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.

©2008 by Don Stern - all rights reserved