Below is an excerpt from the Neighborhood Market Report I am working on for the Villages of Tiburon. If you would like a full copy of the report, please send me an email or call (318) 734-9001!
Market Trends Since 2006
The Villages at Tiburon has proven to be quite a success to its developers, and doesn’t look like it will be losing steam any time soon. Since the first home sold in 2006, property values in the Villages at Tiburon have appreciated as high as 7.5% in one year! Since 2006, NEW CONSTRUCTION values have increased 13.77%, an average of 2.3% per year.
The first “EXISTING HOME” to sell in the Villages at Tiburon was in 2007; since then existing home values have increase 11.79% (an average of 2.9% per year). Figure 1 shows the appreciation of property values per year since 2006.
It is important to note that from 2010 to 2011 the values of both new construction and existing homes stabilized, with new construction appreciating only .7% and existing homes appreciating at 1% from the previous year.
Figure 1: Average Price Per Square Foot by Year
2011 Home Sales
With the stabilization of the market from 2010 to 2011, it is safe to assume that the Villages at Tiburon will maintain its values through 2012. However, with the large quantity of building that is going on in the new phase, a slight depreciation of existing homes could be possible as we saw in 2009. The reason for this is because home buyers are drawn to new construction homes. It is a phenomenon that is difficult for many to understand, but more often than not home buyers will be drawn to the appeal of a being the first owner of a property and the possibility of choosing finishes such as the flooring and counter tops. This appeal is often so strong, that these buyers will overlook an existing property with larger lots, fenced yards, sprinkler systems, and so on.
Now all that being said, we have seen the builders on both sides of Tiburon pushing the market this year (much higher prices than last year), which may help existing homes to sell more easily. The key to successfully selling existing homes in any developing community is for the homeowners to be realistic on their values. It is important to remember that an existing home is almost never equal in value to a new construction home. In 2011, new construction homes in the Villages of Tiburon sold for 2.5% more (price per square foot) on average than the existing homes.
Demonstrated by the consistent appreciation of property values each year for the last 6 years it is safe to assume the Villages at Tiburon real estate market will hold strong, even with the builder’s push. Like I mentioned above this is a benefit to the existing homeowners who would like to sell in 2012. A good strategy to compete with the builders is not to push the market as they are. If you follow their lead with an unsupported increase in value, the buyers will turn to new construction. However, if you price your home accordingly to the past sales and appreciation tables, you may be able to show potential buyers the true value in purchasing an existing home over a new build. As long as our community is being developed, an issue that will remain constant is the desirability of new homes over existing ones.
If you are interested in finding out a current value for your property please give me a call at (318) 734-9001 to request a Comprehensive Market Analysis of your property, or visit www.JennyTheRealtor.com.
Jenny Hogue-McCarty
Realty Executives SB
2250 Hospital Drive, Suite 248
Bossier City, LA 71111
Licensed in Louisiana!
Independently owned and operated.
Market Trends Since 2006
Tiburon has proved to be quite the success to its developers, and doesn’t look like it will be losing steam any time soon. Since the first home sold in 2006, property values in Tiburon have appreciated from .25% to as much as 4.6% each year. Since 2006, NEW CONSTRUCTION values have increased 12.65%, an average of 2.08% per year.
The first “EXISTING HOME” to sell in Tiburon was in 2009; since then existing home values have increase .75%. If that number seems that’s because it is. Unfortunately, in 2011 Tiburon saw its first foreclosed property sell at only $111.54 per square foot. When that property was removed from the data, we saw a more ideal appreciation of EXISTING HOMES at 4.78% over the last 3 years (an average of 1.59% per year). Figure 1 shows the appreciation of property values per year since 2006.
Figure 1: Average Price Per Square Foot by Year
2011 Home Sales
The table below shows the property sales in Tiburon during 2011. Only three EXISTING HOMES sold in 2011 and unfortunately one was a Short Sale (sold less than actual value). However, even with the Short Sale the other two homes held their value at an average of $126.14 between the two.
Demonstrated by the consistent appreciation of property values each year for the last 6 years it is safe to assume the Tiburon real estate market will hold strong. An issue that will remain constant until the new construction homes are completed is the desirability of new homes over existing ones. It is a phenomenon that is difficult for many to understand, but more often than not home buyers will be drawn to the appeal of a being the first owner of a property and the possibility of choosing finishes such as the flooring and counter tops. This appeal is often so strong, that these buyers will overlook an existing property with larger lots, fenced yards, sprinkler systems, and so on.
Not only are the new construction homes being built in Tiburon a menace to the existing home values in Tiburon, but so are the homes being built in the Villages at Tiburon. These homes are not as custom as those on the Tiburon side, but they feature many of the desired updates that existing homes may or may not offer (depending on year built) including Granite throughout, hand scraped wood floors, fireplaces, open floor plans, bonus rooms, extended patios and often times fences and sprinkler systems. There are many great lots available and being built on in the Villages as well.
Now all that being said, we have seen the builders on both sides of Tiburon pushing the market this year (much higher prices than last year), which may help existing homes to sell more easily. The key to successfully selling existing homes in any developing community is for the homeowners to be realistic on their values. It is important to remember that an existing home is almost never equal in value to a new construction home. In 2011, new construction homes in Tiburon sold for 11.29% more (price per square foot) on average than the existing homes.
If you are interested in finding out a current value for your property please give me a call at (318) 734-9001 to request a Comprehensive Market Analysis of your property, or visit www.JennyTheRealtor.com.
Recently, I conducted an impromptu survey on the Barksdale Military Life and Information Facebook group to see what the most highly recommended apartments are for those PCSing to Barksdale AFB. Criteria for the list would be location, military friendly, and amenities.
Below are the top 5 apartment complexes as voted by current Barksdale AFB residents. (Note: I am just the messenger! I have never personally rented from these apartments, so this is not an explicit endorsement of any of them. They are not listed in any particular order)
Bossier City:
Lexington Place (located right outside the north gate of BAFB)
1301 Williamsburg Drive, Bossier City, 71112
Fellow military members voted for this apartment complex for its location (backs up to base) and amenities. Someone even mentioned they offer furniture packages.
Community Features:
Jamestown Place (less than 5 minutes from BAFB)
5400 Barksdale BLVD, Bossier City, LA 71112
Fellow military members voted for this apartment complex also for its location (less than 5 minutes from the Main Gate) and amenities. These apartments also offer a furniture package. Access to Shreveport is just over the river!
Community Features:
Shreveport:
The Willows at Wright Island (less than 5 minutes)
1333 Coates Bluff Drive, Shreveport, LA 71104
The Willows are located right over the river from the Main gate. They have 2 community pools
and whirlpools. There are also on-site management and maintenance that are very responsive.
Community Features:
Villages of Williamsburg - (less than 10 minutes from BAFB )
3215 Knight Street, Shreveport, LA 71105
This community was recommended for price, location and amenities.
Community amenities:
Summer Pointe (about 20-25 minutes from BAFB, but worth the drive I am told)
5720 South Lakeshore Drive, Shreveport, LA 71119
This neighborhood is not the best location to base, but was recommended because of the peaceful retreat feel it has and location to Cross Lake. Ideal for those who want to get away from base when you’re not working!
Community Amenities:
These (of course) are not the only apartments available in the area. Here are map views of apartments in Bossier City and Shreveport. I fyou have any recommendations, please share!
If you are looking for a house to rent, check out www.AHRN.com for military owned properties for rent!
If buying is an option or if you would like to explore the possibility of owning your own home, contact me today for a FREE, no obligation Buyer Consultation!
I am in the process of putting a report together for my Military clients PCSing in and out of Barksdale regarding where the Military tend to buy (based on VA loans used*) and the market conditions in those areas. I thought it was interesting and had to share a sneak peek of the top neighborhoods military tend to buy.
The top 3 Areas that Barksdale Area Home Buyers purchased homes in 2011:
#1 North Bossier with 26% of all VA loan home purchases in the Shreveport-Bossier Area!
#2 South Bossier with 22% of all VA loan home purchases in the Shreveport-Bossier Area!
#3 Haughton with 19% of all VA loan home purchases in the Shreveport-Bossier Area!
These rankings are based off the total number of homes purchased with a VA loan by Multiple Listing Service Zone. I have also broke it down by neighborhood!
Top 15 neighborhoods where Barksdale Area Military Bought Homes in 2011:
#1 DOGWOODSOUTH (Haughton)
#2 CYPRESS BEND (Benton)
#3 TIBURON (North Bossier)
#4 GOLDEN MEADOWS (South Bossier)
#5 FOREST HILLS (Haughton)
#6 SHADY GROVE (South Bossier)
#7 SAVANNAH PLACE (South Bossier)
#8 BROADMOOR (Shreveport)
#9 LAKEWOOD (North Bossier)
#10 SOUTHGATE ESTATES (South Bossier)
#11 GREENACRES (North Bossier)
#12 DOGWOOD PARK (Haughton)
#13 STOCKWELL PLACE (North Bossier)
#14 LEGACY (North Bossier)
#15 BELLAIRE (South Bossier)
Just a peak! I am working on a detailed report that will show the military real estate market trends over the last 5 years, which will include the sales trends for the top neighborhoods and well as detailed information about the neighborhoods themselves. Please check back for information on how to obtain the report, or shoot me a request for it at JennyMcCarty@JennyTheRealtor.com!
*Please note the above data is from the Multiple Listing Service (MLS) and is deemed reliable, though it is not guaranteed. It does not include For Sale By Owner’s whose sales were not reported to MLS. It also does not take into account the home purchases by military that did not use the VA Loan.
Real Estate Discounts for Those Who Serve
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So I have been slacking! My last post was the September Real Estate Absorption Rates and now it is December. As a result, this post covers both October and November’s rates.
November 2011 Shreveport-Bossier City Real Estate Absorption Rates.
In the entire Shreveport/Bossier market there are 1625 Homes For Sale.
Last month only 229 homes actually sold!
That’s a 7 month supply of homes if no more homes come on the market.
Last month 377 homes came on the market.
Currently there are 109 homes above $401,000 for sale in Shreveport/Bossier.
Last month only 5 homes actually sold.
That’s a 21 ½ month supply of homes if no more homes come on the market.
Last month 22 homes went on the market.
Currently there are 285 homes priced between $251,000 and $400,000 for sale in Shreveport/Bossier.
Last month only 30 homes actually sold.
That’s a 9 ½ month supply of homes if no more homes come on the market.
Last month 49 homes went on the market.
Currently there are 518 homes priced between $151,000 and $250,000 for sale in Shreveport/Bossier.
Last month only 87 homes actually sold.
That’s a 5 ½ month supply of homes if no more homes come on the market.
Last month 122 homes went on the market.
Currently there are 713 homes priced under $150,000 for sale in Shreveport/Bossier.
Last month only 107 homes actually sold.
That’s a 6 ½ month supply of homes if no more homes come on the market,
Last month 184 homes went on the market.
October 2011 Shreveport-Bossier City Real Estate Absorption Rates.
In the entire Shreveport/Bossier market there are 1699 Homes For Sale.
Last month only 303 homes actually sold!
That’s a 5 ½ month supply of homes if no more homes come on the market.
Last month 521 homes came on the market.
Currently there are 109 homes above $401,000 for sale in Shreveport/Bossier.
Last month only 3 homes actually sold.
That’s a 36 month supply of homes if no more homes come on the market.
Last month 20 homes went on the market.
Currently there are 292 homes priced between $251,000 and $400,000 for sale in Shreveport/Bossier.
Last month only 46 homes actually sold.
That’s a 6 month supply of homes if no more homes come on the market.
Last month 75 homes went on the market.
Currently there are 546 homes priced between $151,000 and $250,000 for sale in Shreveport/Bossier.
Last month only 98 homes actually sold.
That’s a 5 ½ month supply of homes if no more homes come on the market.
Last month 192 homes went on the market.
Currently there are 752 homes priced under $150,000 for sale in Shreveport/Bossier.
Last month only 156 homes actually sold.
That’s a 5 ½ month supply of homes if no more homes come on the market,
Last month 234 homes went on the market.
Full-Service Real Estate Company. Full-time agent. Visit www.jennytherealtor.com for information on my services, our local community, and our real estate market!
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