Richmond Place Subdivision: Denham Springs Home Appraisers News June 2012 Presented by Accurate Valuations Group East Western Livingston Parish
The short article in response to Stephanie’s question about how’s the market in Richmond Place Subdivision in Watson. Well, as the chart below indicates, after Hurricane Katrina, there was an increase in home prices up to $88.81/sf and $164,000 median sales price. Chart shows correction in 2011 and 2012 down to $82/sf and $142,000 median sales price. This dive could also be related for foreclosure sales taking place in Richmond Place as well.
However, currently, there are 10 listings in Richmond Place, 5 active listings with average price per square foot of $85 and 5 pending listings with average price per square foot of $89. The pendings at $89/sf don’t necessarily mean they will close at $89 and frankly, I’d be shocked if they sold that high with current support at $82.32/sf based on 9 sales in 2012 in Richmond Place. A Home Appraiser would have to totally ignore the precedence set in 2012 of the 9 sales to appraise a home at $89/sf. And, the listing prices at $89/sf were certainly reaching for prices far above current support.
Richmond Place analysis and commentary presented by Bill Cobb Appraiser with Accurate Valuations Group East (Western Livingston Parish)
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2006 to 06/25/2012. This information was extracted on 06/25/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report.