Ascension Parish FHA Appraiser, William D. Cobb, Reports On Pelican Point Golf Community

An MLS CMA of this Subdivision from 04/10/2007 to 04/13/2008 reveals:
The Average Sales Price: $345,416
The Average Sold Price Per Sq. Ft.: $130.65/sf
The Median Sold Price: $335,000
Low Sales Price: $232,500
High Sales Price: $523,000
Average # of Days On Market: 123 Days On Market
# of Sales: 43
Listing Price To Sales Price Ratio Has Been: 97.31%

Is there an "Over-Supply" of housing within Pelican Point? It appears so. According to MLS, there are currently 70 listings from $189,000 up to $1,500,000. Also, if one drives through Pelican Point, they see more than a few FSBO signs in the yards. As of 4/13/08, there were 13 listings in http://www.fsbobr.com/. This means that there is currently 83 listings in Pelican Point Golf Community, almost double the amount of homes that sold in the previous 12 month marketing period. This would appear to indicate an over-supply of housing for sale in Pelican Point.

This information was provided with the permission of the Greater Baton Rouge Board of Realtors.

Ascension Parish Real Estate Appraisers

Ascension Real Estate - Old Dutchtown Subdivision

Old Dutchtown, a relatively new Ascension Parish subdivision located off of Landry Road in Gonzales, LA, was the most successful subdivision in terms of absolute new home units sold during 2007. According to data gathered from the Greater Baton Rouge Association of Realtors MLS database, a total of 49 new homes were sold during 2007. The #2 and #3 subdivisions came in at 37 and 36 units respectively. Developer and builder John Fetzer, III came upon a formula which appears to have appealed to a significant niche of new home buyers in Ascension Parish. At this writing, there are 26 Old Dutchtown homes in the new construction and resale market space listed in the MLS which range in price from $259,750 to $320,500. Click here to search currently active Old Dutchtown listings.
The tables to the right show the absorption rates observed for new construction in the subdivision from 2005 through 2007. The current inventory levels are as of January 25th. Overall, there is only a 4.9 month supply of homes in the subdivision. During 2007 the velocity of home sales highest in the $251K-$300K price range. Half of the homes sold were priced between $130 and $139.99 per square foot of living area but, currently, nearly half of the inventory is priced between $140 and $149.99 per square foot. At 2007 absorption rates this translates to over 15-months supply. The inventory at this price point are between 1836 sq.ft. and 2055 sq.ft. In the lower $130-$139.99/sq.ft. range the current inventory has homes containing between 1950 sq.ft. and 2440 sq.ft. of living area. The following chart shows monthly new home sales in the subdivision since it's inception.

We'll continue to monitor this subdivision during 2008.

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

Contact me via e-mail or call me at (225) 413-3624 for more information.

©2008 by Don Stern - All Rights Reserved

Ascension Parish Real Estate - Pelican Point Townhomes

I have some clients looking for investment property in the Pelican Point Golf Community. Many of the qualifying properties we looked at were townhomes. Previously, my Pelican Point Market Analyses dealt primarily with detached single family homes so I wanted to take a closer look at the sales history with respect to the townhomes. A total of forty-eight recorded sales between January 2002 and present were examined. The first parameter looked at was the selling price. The following chart plots the selling price vs. time. While only 22% of the variation in price is attributable to the time we can see that prices are increasing over time. Between 2002 and present a linear regression analysis calculates that the rate of increase has been about $25.51/day or about $9,311 per year.

The next chart plotted selling price per square foot of living area over time. A regression analysis here revealed that over 40% of the variation in pricing is explained by the date of sale. The equation predicts that selling price/sq.ft. is rising by almost $4.75 per year (1.3¢/day).

The third chart shows the average price/sq.ft. of townhomes but distinguishes between new homes and homes in the resale market segment. This chart shows some decline in the average home price in the resale market during 2007 but this drop was attributable to a single townhome being sold well below the others.

Finally, I looked at the Days on Market statistics for townhomes. One can see that the demand for townhomes historically was not very strong within the subdivision and they tended to remain on the market for months or even years. The following chart shows that, in 2007, townhomes sold much more quickly than in previous years.

The data used for this analysis was extracted from the Greater Baton Rouge Association of Realtors MLS database. While every attempt was made to ensure accuracy, no warranties are either expressed or implied. Please feel free to leave comments. You can also reach me at (225) 413-3624 or by e-mail.

As always, I welcome readers to visit my websites at www.PelicanPointHomes.net and 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