Denham Springs Louisiana Home Appraisers

http://denhamspringsappraisers.com/ - Livingston Parish Real Estate News: Residential & Commercial Development Coming Soon To Satsuma

Both residential and commercial development is very slowly coming to the Towns of Satsuma and Livingston.   WAFB News reports on news of development on Spring Ranch Road and how this doesn’t sit well with some local residents.   Click the link below to read this news from the WAFB website with photos.

Source: Tyana Williams, WAFB News

http://denhamspringsappraisers.com/ - Denham Springs News: Will Eden Church Road Receive Needed Repairs

As a home appraiser in the Denham Springs market, operating in the S Juban Rd area, there are few good ways to get to the Watson area for a home appraisal inspection.   I frequently travel north Juban Rd, take a left at Florida, then take a right onto Eden Church Rd where I travel with extreme caution.   The substandard, winding and narrow road in sections does present a traffic hazard.   When I get to the end of Eden Church Rd, I turn left onto the dangerous Lockhart Road, which has experienced it’s share of fatalities in the past 2 years.   The point is that current (Crystal Lakes) and future residential development is underway in this area and has been for the past decade.   The roads needed to serve the traffic needs of this area should have already been built years ago, not an “afterward response”.   However, if it’s this hard to get a simple 1 mile road repaired, be prepared to deal with grid-lock for years, if not decades to come.   

I used to live in The Willows from 1999 to 2001, off Cockerham Rd, and if the traffic cross-guard serving Freshwater Elementary School hadn’t let us out of our own subdivision in the mornings by stopping traffic for us, I might still be waiting in traffic.  The residents of The Willows were and are still waiting for a traffic light to be installed at the entrance.   I tell those residents not to hold their breath.   The very sad fact is the since our move in 2001 from The Willows, there have been NO major traffic improvements to that immediate area on Cockerham Rd or on Pete’s Hwy.  The 3 way Stop Signs do nothing but make the congestion that much worse.   This is why I live in Denham Springs south of Interstate 12 and wouldn’t ever again desire to live north of Interstate 12 simply because of the horrible traffic and the “non-commitment” by local leadership to do anything majorly significant about this situation.  When the Denham Springs residents can’t get a much needed traffic light at the intersection of Cockerham Rd and Pete’s Hwy and the residents have waited decades to get one at the entrance of their subdivision, frustration only mounts.  

This is a gloom post only for the traffic situation in the Denham Springs and Walker markets.  There are many positive developments happening in Denham Springs led by our local leadership.   But for the traffic situation, I saw this same pattern of growth in living in the S Baton Rouge market, Shenandoah Estates area,  over the past 3 decades.  That area has grown some say 300% to 500% over the past 3 decades.   Yet, that area still has a 2 lane Jones Creek Rd to handle the hundreds of thousands of autos that travel that area each week.   That’s pathetic.  That’s a lack of leadership.  It’s the mentality of wait for all of the growth to happen and then try to fix the resulting traffic problems.  

For Denham Springs, YES, the recent one way Range Avenue improvements have helped a little and we applaud local leadership and Mayor Durbin for this effort.  Perhaps it’s that we in the public don’t understand how limited funding really is for what we see as obvious needs for our area.   I do understand that Denham Springs doesn’t have as much of a commercial or residential tax base to tax for these improvements.   And, Denham Springs City Tax Rates are very high (as I’ve stated before, a #2 at McDonalds in Denham Springs cost $0.26 more than that same meal on O’Neal Lane in East Baton Rouge).   And, Livingston Parish Home Taxes, with the millages set by the local council, are sky high, and that’s becoming a huge issue in this Parish where Livingston Parish used to be viewed as an “Affordable Housing Market”.   This double-whammy of excessive city taxes and high property taxes are altering this view.   Fair Funding for the current and future growth must be found by our leadership.   It’s obvious that right now that we don’t have the infastrusture to support current growth, growth up to this point. 

There’s always 2 sides to every story.  While we the public want our roads fixed, new traffic lights and new roads to handle future development, it appears that leadership doesn’t have funding needed to make this happen for us.   I am in no way saying that Mayor Durbin or the local Council don’t care about traffic in our area.   Both Leaderships are hard-working, love this area and are dedicated servants to our local area.   Mayor Durbin and Parish President, Mike Grimmer, do an outstanding job keeping us informed about improvements and setbacks during the monthly Livingston Parish Board of Realtor’s meetings.   And again, we applaud their efforts.

Here’s the recent WAFB News article regarding Eden Church Rd To Received Needed Repairs, Source: http://www.wafb.com/Global/story.asp?S=9349972 , By Tyana Williams

“DENHAM SPRINGS, LA (WAFB) - Eden Church Road may have a shot at getting a facelift after the council approved a change to a decision to dump the project.

The change puts the road back on the list of roads that need to be repaired. Most of the council members agree that it’s a highly-traveled road in Livingston Parish.

“It’s dangerous, you know. I ran into a lady the other day. She said, ‘Cindy, you gonna get my road fixed?’ I said, ‘I’m trying.’ She says, ‘Do you want to know why?’ I said, ‘Sure.’ She said, ‘My first-born grandson was killed on that road,’” says Councilwoman Cindy Wale. The Livingston Parish councilwoman says she’s been trying to get the road up to par, but it’s been a challenge.

“These are your constituents, Cindy, and they deserve the best, just like mine do. But they don’t deserve it any more than my people do,” says Councilman Jimmie McCoy. Wale says the state gave the parish a $500,000 safety grant to fix the “S” curve on the road, but the funds need to be matched. She also wants the road re-paved.

However, during Thursday night’s meeting, there seemed to be a disagreement on what can be done and how much the project would cost. At the end of the night, the council voted to allow Eden Church Road back onto list of roads in the parish to receive repair. However, council members are demanding research so they’ll have a price estimate on how much it will cost to overlay, fix the curve, and put in turn lanes.

Councilman Thomas Watson also asked to set aside $500,000 to match the state grant to fix the curve on the road. State Rep. Randy Pope was also at the meeting. He told the council if it doesn’t use the state money, it will go away.”

http://www.springlakewalker.com/ - Walker Louisiana Real Estate: What’s The Housing Market Trend For Spring Lake Subdivision?

Spring Lake Subdivision Market Direction: Up or Down?    During a recent market study of Spring Lake Subdivision, I made this discovery below. 

Solds In Spring Lake from 11/11/07 to 11/11/08 reveal: 
Average Sales Price: $189,206
Average Sold Price Per Sq. Ft.: $98.49/sf
Median Sold Price: $189,688
Low Sales Price: $151,000
High Sales Price: $242,000
Average # of Days On Market: 195, # of sales 30

Solds In Parkview Oaks from 11/11/06 to 11/11/07 revealed:  
Average Sales Price: $193,299
Average Sold Price Per Sq. Ft.: $106.09/sf
Median Sold Price: $187,400
Low Sales Price: $159,000
High Sales Price: $259,500
Average # of Days On Market: 76, # of Sales: 26  

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Spring Lake, the market direction appears to be decreasing.   The average sales price, average sold price per sq. ft. and median sales price all declined.    However, one has to understand Spring Lake before one can draw conclusions here.  

When Spring Lake was developed, it was improved with higher quality speculative construction from local builders.  These homes sold for higher prices.  Then, after Hurricane Katrina, DR Horton Homes moved to our market and bought up a newer section of Spring Lake, selling lesser quality homes in bulk.  Generally, in the Livingston Parish market, DR Horton provides the largest home for the lowest price on a bulk basis (like 800 home subdivisions).   The first period above, from 11/06 to 11/07, appears to be higher because there were more resales and more of the local builder homes being sold.  Only 7 of the 27 homes sold in the 11/06 to 11/07 period above were DR Horton Homes.  In the 11/07-11/08 period, there appears to have been more DR Horton homes sold (19 of 30), which may have assisted in lowering the median sales price.   So, it may not be that the Spring Lake housing market is declining, but rather that there are a predominance now of lower priced home sales.   

NOTE: This is not a put-down of DR Horton Homes.  This appraiser lives in a very nice 2,000 DR Horton Home, which we chose because a comparable 2,000sf new construction home built by a local builder would have cost us almost $80,000 more. 

Be sure to visit the new Spring Lake Subdivision Website: http://www.springlakewalker.com/

Author’s Bio:

Bill Cobb, CREA, is Greater Baton Rouge’s favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values.  A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:

Office: 225-293-1500

Fax: 1-866-663-6065

fastvalue2@cox.net

http://www.denhamspringshomeappraisals.com 

http://jubanparcappraiser.com/  - More Good Denham Springs Real Estate News: Realtors, Bankers Say Louisiana Financial Market Is Steady

Source: Anna Thibodeaux - Baton Rouge Business Report Daily Report

On Monday November 3rd, 2008, The Baton Rouge Business Report Issued More Good News For Our Marketing Area:

“Louisiana banks are strong and safe despite declining consumer confidence as a result of the national financial crisis, Bob Taylor, chief executive officer of the Louisiana Bankers Association, told the Press Club of Baton Rouge today. Bankers are trying to make sense of the federal rescue plan to determine if they can get, or even want, government capital to make more loans to boost the economy.

Taylor also says there isn’t a credit freeze in Louisiana, though credit worthiness is getting tighter everywhere. Consumers are finding that obtaining new and extended credit requires higher scores than in the past.

Malcolm Young, chief executive officer of Louisiana Realtors and a former member of the Fannie Mae board of directors, says the housing market statewide remains steady, particularly in the $150,000 to $200,000 price range. Young praised state business recruitment efforts, which he says are cushioning the Capital Region economy. For a national housing recovery, Young says more credit will be necessary and he welcomes Congressional efforts to improve it.”

http://denhamspringsappraisers.com/ - Denham Springs Homeowners Facing High Hurricane Deductibles of 2% to 5% of Home’s Value To Pay For Hurricane Damages

From Bill Cobb: While listening to WJBO Radio on 9/15/08, I heard this discussion about this issue, which I didn’t know about.   On the radio, a representative from State Farm Insurance did call in to say that for State Farm, this policy change of adding this “Hurricane Deductible” took effect 10/15/2007 and requires a “minimum” deductible of 2% of your home’s value.  This is a change resulting from Hurricanes Katrina and Rita.   It was explained that this change is also in place so homeowner’s insurance can still be written in Louisiana and remain affordable.   If your home is worth $300,000, then your storm damage claim would require you to pay State Farm a “minimum” of $6,000 toward the damage repair.   Because 2% is the minimum, you may have to pay more than just 2%.  The most important point stressed during this radio show was to read the fine print every single time your insurance company sends you a notice. 

Source: WAFB News Channel

BATON ROUGE, LA (WAFB) - Two weeks after Hurricane Gustav hit Louisiana, many homeowners are getting eye-opening and jaw-dropping news. The deductibles they have to pay before their insurance company even steps in to pay for hurricane damage is far more than many ever expected.

It’s not $500 or even $2,000. In just one case, the amount is $21,000. That’s the reality facing one woman with major damage to her home. She has her homeowner’s insurance with Allstate.

Shannon Hyde’s home of three years was damaged when Gustav’s winds pushed a tree onto her house. She was inside with her kids at the time. She says the stumps left behind are a constant reminder of the day her son feared for his life. After Hyde and her family survived the storm, the next step was filing a claim with her insurance company.

She says because of some changes to her policy, it’s now a financial burden. Months ago, when Allstate added a hurricane deductible to her policy, she says she did not read the fine print. Hyde says her deductible is 5% of the value of her home, which amounts to $21,000. She says the damage is more than the deductible she’ll have to pay. She says she feels for those who cannot afford the new hurricane deductible.

Hyde says she’s still waiting for adjusters to give her rough figures on the total cost of her damages. Hurricane deductibles are based on a percentage of the value of the home as listed on the tax rolls, which in this case is $449,000. Many Allstate customers are now paying 5%, while State Farm has a statewide minimum of 2%.

http://denhamspringsappraisers.com/ - South Louisiana Hurricane Disaster Inspections - Catastrophic Disaster Area Prop Inspection Reports

William D. Cobb, CREA
P.O. Box 40515, Baton Rouge, LA 70835
225-293-1500 (Office)
1-888-678-3544 (Toll-Free Phone)
1-866-663-6065 (Toll-Free Fax)
225-953-0638 (Mobile)
http://www.getfastvalue.com  (Website)
fastvalue2@cox.net  (Email)

Accurate Valuations Group Appraiser, William D. Cobb, has operated as a home appraiser for 16 years now primarily in the Greater Baton Rouge, Louisiana market. For more information on Accurate Valuations Home Appraisal Group

Denham Springs & Walker Market Comparison Study From Periods 6/1/2007-12/31/2007 to  1/1/2008-8/21/2008

8/21/2008 - Time To Do Some Number Crunching. 

By Bill Cobb – Accurate Valuations Home Appraisal Group - http://denhamspringsappraisers.com/

Last Thursday, The Advocate Newspaper published an article from the National Association of Realtors that said the Baton Rouge metropolitan area’s 2^nd quarter median home price fell to $164,000 from $174,700 a year ago.  However, the local Realtors’ leadership said on Friday its data showed the figure increased to $176,000. On Saturday, the NAR issued a correction concurring with GBRAR.   Median price is the NAR’s barometer being used - Median means that half the homes sold were below that amount and half were above that amount.    Yes, our market is slower, but our median home price has not dipped.   A comparison between EBRP in July 2004 shows 140 sales versus only 94 sales for July 2008.   So, yes, we are now in a slower market, but home sales are steady and inspire confidence in our local markets.

Saturday 8/16/08, The Advocate published what the Livingston Parish Board of Realtors see as a possible error, that Livingston Parish homes sales dropped a steep 39 percent when comparing totals from July 2007 and July 2008. 

Sunday 8/17/08, WAFB.com published an article about 45 homes priced over 1 million dollars on the market in Greater Baton Rouge.  The article stated that Country Club of Louisiana sales were down 50% from 1 year ago.  They also interviewed an influential local developer who said Baton Rouge’s darkest days would arrive in 12 to 18 months from now and that would be the time to buy.   Will Baton Rouge really see its darkest days in 12 to 18 months?  ………..only time will tell.     

Saturday 8/23/08, The Advocate published, “ Livingston permits drop 74 percent - The number of permits issued to build new homes dropped almost 75 percent in the past 18 months, according to data from Livingston Parish government”.    

After these 4 recent articles, I began to wonder if the local media outlets were trying to promote hysteria in our local market just as the national media is stirring the national hysteria over the housing picture – with a large, irresponsible spoon in some cases.   Do we now have a negative, speculative press in our local area?   Is the real estate market in Western Livingston Parish really that bad - as compared to the national housing market?   As a local home appraiser with these questions swirling in my mind, I picked up my HP12C and went to work doing some serious number crunching.                                          

The following reveals my discoveries:

Search Parameters Defined.  Time periods used are from 6/1/07 to 12/31/2007 and 01/01/2008 to 8/21/08 because The Advocate/NAR article used July 07 and because around 8/2007 is when the mortgage meltdown really began to happen.   It’s important to capture the market picture after the mortgage meltdown began.    To go back to 1/1/07 to 12/31/07 would use a period of time when the market was higher (post Katrina) and the mortgage meltdown wasn’t really a factor for 7 of those 12 months of that period of time.   Some subdivisions were not added to this study, such as Plantation Estates, because they didn’t have enough sales between these 2 periods of time to draw a reliable conclusion.   Also, any potential REO sales were excluded from this study.

Denham Springs 70706 – generally the area above Lockhart Road and north into Watson.    A representative sample of Ten (10) residential subdivisions were studied comparing average sold price, median sold price and average sold price per sq. ft..   Remember  -  the NAR’s barometer for market direction is “Median” sales price.   The results of this study showed Denham Springs 70706’s median sales price increased +$9,903, average sales price increased +$4,562 and the average sold price per sq. ft. decreased by only -$0.54 cents. 

Denham Springs 70726 – generally the area below Lockhart Road.    A representative sample of Twelve (12) residential subdivisions was studied.   The results of this study showed Denham Springs 70726’s median sales price increased +$3,194, average sales price increased +$576 and the average sold price per sq. ft. decreased by -$2.60.

Walker 70785.  Walker has experienced the most decline – albeit very modest.   A representative sample of Seven (7) residential subdivisions was studied.   The results of this study showed Walker’s median sales prices decreased only -$193, average sales price decreased -$1,181 and the average sold price per sq. ft. decreased by -$1.23 cents.   It would be reasonable to say that the Walker market is holding fairly steady and shows only a minor dip in home values. 

 In light of some of the bleak pictures read concerning those pockets of doom in the national housing market (California, Florida, Georgia, Ohio, Michigan and Arizona) , it’s appropriate  to conclude that Greater Baton Rouge and in Livingston Parish are a blessed population .   In some cases, we have increased home values and in others, we are remaining steady. 

NOTE: Total Change is derived by dividing the total by the # of subdivisions for each of the 3 zip codes.

70706