Summerfield Subdivision Denham Springs 2011 Housing Numbers. It used to be that homes in Summerfield sold in the $110/sf to $112/sf range. That was then and this is a new housing market in 2011.

Here are the Summerfield Subdivision housing numbers from end of December 2010 to end of December 2011. Average sales price was down from $192,380 in 2010 to $174,150 in 2011 or -9.5%. Median sales price was was down from $189,500 in 2010 to $175,000 in 2011 or -7.7%. However, the average sold price per sq. ft. was only down $2.42/sf or -2.45% from $98.58/sf to $96.16/sf.

Distressed Properties To Blame For Decline. I suspect part of this decline was due to 2 of the 5 total sales being 1 foreclosure and 1 short sale or 40% of total sales. And, Summerfield is simply correcting in price along with the remainder of Greater Baton Rouge Housing.

Denham Springs Summerfield Subdivision 2011 Comprehensive Housing Report. NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/24/2011 to 01/24/2012. This information was extracted on 01/24/2012.

The statistics below are based on the same GBRMLS data and reveal totally different results, which may not be accurate based on the actual MLS chart above. Since there were no sales in December 2010 and December 2011, some of the data is incomplete.

Summerfield Subdivision Denham Springs LA 2011 Housing Report

The Legal Name of this development at the Livingston Parish Courthouse and in filing records is Westminister Estates, meaning the sign is wrong. Here are the Westminister Estates housing numbers from end of December 2010 to end of December 2011. Average sales price was down from $149,880 in 2010 to $140,293 in 2011 or -6.4%. Median sales price was basically unchanged. However, the average sold price per sq. ft. had a -$10.43/sf decline from $91.52 in 2010 to only $81.09/sf in 2011.

Foreclosures To Blame. I suspect part of this decline was due to 7 of the 15 total sales being foreclosures or 47% of total sales. This means that of the 15 total home sales, 7 were in some form of distress.

Denham Springs Westminister Estates Subdivision 2011 Comprehensive Housing Report. NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/16/2011 to 01/16/2012. This information was extracted on 01/16/2012.

The statistics below are based on the same GBRMLS data and reveal totally different results, which may not be accurate based on the actual MLS chart above.

Dec-10 vs. Dec-11: The median sold price is down 11%

Dec-10 vs. Dec-11: The median price of for sale properties is up 3% and the median price of sold properties is down 11%

Dec-10 vs. Dec-11: The number of Sold properties has not changed

Dec-10 vs. Dec-11: The number of Under Contract properties is down 100%

Dec-10 vs. Dec-11: The number of New properties is down 50%

Dec-10 vs. Dec-11: The number of For Sale properties is down 44%

Dec-10 vs. Dec-11: The number of Expired properties is down 100%

Dec-10 vs. Dec-11: The number of for sale properties is down 44% and the number of sold properties has not changed

Dec-10 vs. Dec-11: The average days on market is down 100%

Dec-10 vs. Dec-11: The average months supply of inventory is down 100%

Denham Springs Westminister Estates Subdivision 2011 Comprehensive Housing Report

Here are the Woodland Crossing housing numbers from end of December 2010 to end of December 2011.

Dec-10 vs. Dec-11: The median sold price is down 4%

Dec-10 vs. Dec-11: The median price of for sale properties is up 7% and the median price of sold properties is down 4%

Dec-10 vs. Dec-11: The number of Sold properties is down 67%

Dec-10 vs. Dec-11: The number of Under Contract properties is down 67%

Dec-10 vs. Dec-11: The number of New properties is up 200%

Dec-10 vs. Dec-11: The number of For Sale properties is down 46%

Dec-10 vs. Dec-11: The number of Expired properties is down 82%

Dec-10 vs. Dec-11: The number of for sale properties is down 46% and the number of sold properties is down 67%

Dec-10 vs. Dec-11: The average days on market is down 26%

Dec-10 vs. Dec-11: The average months supply of inventory is up 113%

Denham Springs Woodland Crossing Subdivision 2011 Comprehensive Housing Report

Denham Springs Woodland Crossing Subdivision 2011 Comprehensive Housing Report. NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/16/2011 to 01/16/2012. This information was extracted on 01/16/2012.

As the country shakes off the effects of the worst economic recession in recent history, RE/MAX Chairman and Co-Founder Dave Liniger sees good news for homebuyers and sellers in 2012. Source: YouTube http://www.youtube.com/watch?v=I-mqj4iZlOs

The Median Sales Price in 2011 is in the $176,000 range with average sold price per square foot at $105.

Denham Springs Audubon Trace Subdivision Housing 2011 News Comprehensive Report

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2005 to 10/30/2011. This information was extracted on 10/30/2011.

In 2011 based on 7 sales year-to-date, median sold price per square foot is at $96.77/sf, below the $97.97/sf for the 2005 support level.

View The Slideshow Here:

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2005 to October 12, 2011. This information was extracted on 10/12/2011.

The sales price of this 5 year old 2625sf home, with lake view and on larger lot, was between $240,000 to $250,000 in late 2010 or $93/sf. At this sales price for these features, it doesn’t appear the 20×20 Gameroom below was given much of any contributory value. And, the sellers paid the buyers $8,000 to buy their home or paid $8,000 in seller paid concessions. This fact alone shows there was no contributory value for this Gameroom.

Why did the market not pay contributory value for such a nice building? I’m not exactly sure but after 20 years of appraising homes, it’s been my experience that the market rarely rewards dollar-for-dollar for such amenities. Quite often, the market pays about 25% of original cost for such detached Gamerooms, Workshops, Inground Pool and Wood Decks. My advice is if you’re going to live in your home forever, then build what you want in the backyard and enjoy it. However, if you plan on moving within 5 to 10 years, then I don’t advise making such investments that won’t bring at least the full amount of your investment in return.

Author: Bill Cobb, Appraiser with Accurate Valuations Group

Can Denham Springs Real Estate Agents Talk To Home Appraisers During A Purchase Appraisal? In short, they absolutely can!

HVCC was retired yet the policies it set in motion remain in motion. Now, Dodd-Frank’s Appraiser-Independence Legislation is the rule of the day and there is a lot of confusion out there between both Home Appraisers and Real Estate Agents on communication! I just had an Agent this week contact me complaining about an Appraiser that came in short on an appraisal because the Appraiser didn’t understand the home on the river had 2 boat slips instead of just 1. This Agent didn’t understand that he could have spoken with the appraiser at the beginning to clear all facts up about this property.

The November 8, 2010 article in Live Valuation Magazine written by Larry Disney, Change to Appraisal and Appraiser Regulation Has Arrived – Are You Ready? sheds some light on this topic. The language in the new Dodd-Frank legislation appears to help the communication process between Agents and Appraisers and Sellers and Borrowers. For example, in this article, Mr. Disney states,

“The above language is not meant to imply that mortgage lenders, mortgage brokers, mortgage bankers, real estate brokers, appraisal management companies, employees of appraisal management companies, consumers, or any other person with an interest in a real estate transaction cannot ask an appraiser to consider additional information, including comparable sales; provide further detail, substantiation, or explanation for an opinion of value; and correct errors in the appraisal report.“

It sounds to me like Agents can communicate with home Home Appraisers.

I asked two (2) nationally known Home Appraisers these questions below:

At what point can the RE Agent talk to the appraiser regarding the purchase appraisal?

*When the initial appraisal inspection is setup?
*After the appraiser has inspected the property?
*If only at the initial setup, then can that agent provide their comps / support then to avoid an appeal later?
*What’s your policy or understanding on this?

*Was I wrong in what I’ve told this agent that asked me below:

I as an appraiser have always considered there to be 3 Real Estate Professionals in the deal: Listing Agent, Selling Agent and Appraiser. To avoid appeals, I ask for the Agent’s comps at the time I set the inspection up. Some Agents are offended that I do this because they take it as if I’m questioning them. I’m not questioning, just trying to give them their opportunity to “talk” to the appraiser before I go out for the inspection and avoid an appeal later. I think you should be proactive with Appraisers and take as much control of your deals as possible……and that’s done initially when the appraiser calls to set up the appraisal inspection. It’s a myth that Agents can’t talk to Appraisers, it’s just that the communication must take place before the appraiser inspection and not after the inspection.

Their two (2) responses I received are below:

In summary, one Appraiser stated that there has been a lot over reaction and that they try to talk to the Agents of most deals. If a value issue arises, the appraiser said he contacts them for their data, which could be before or after the inspection, without letting on that there is a value issue.

Washington State Appraiser, Dave Towne, Said:

“I’m with you on this. I sometimes will ask agents for their ‘cma’, saying “I want to be sure I understand how you priced this property at the time of listing. I want to be sure I don’t miss any properties that you may have considered.” I do this when I determine the price is too high based on comps I pre-research prior to inspecting.

Often, they don’t even have those in their file, and just provide listings at inspection time that support the price, but that are not necessarily comps from our perspective.

An appraiser has to be careful about accepting carte blanche properties provided by someone financially connected to the deal. But I don’t think trying to understand the preliminary pricing process is out of line. However, after the inspection and the report is complete/submitted, that’s not the time to complain – especially if the agent was uncooperative at the start.

We are supposed to ‘verify’ every sale. That involves communication with the players involved prior to report completion. Unfortunately agents sometimes have an adversarial attitude, and appraisers don’t do an effective job discussing this. I think you do, based on your info.

And anyone connected to the assignment can discuss aspects of the property with the appraiser in advance of report submittal, as long as there is no attempt to influence the value.”

What does the Home Appraiser’s Client Instructions Say About This Topic – The AMC’s or Appraisal Management Companies?

I reviewed three (3) recent appraisal orders for home purchases. These Appraisal Orders were 8 pages, 3 pages and 4 pages in length. None of these orders stated the Appraiser couldn’t communicate with the Agent. Two sets of the instructions read,

“Purchases require that you review the sales contract and state in report that contract was reviewed. Obtain contract from Agent/Contract or Contact AMC for help. Contract must be fully executed.” Fully executed means the contract must have ALL signatures or you the Agent hold up the deal!

“For Purchase transactions, if AMC does not provide you with the sales contract governing the transaction, you must contact us or the borrower/REALTOR to obtain it.”

Conclusion. It appears from ALL sources reviewed that Agents can communicate with Appraisers during a purchase transaction. My advice as a Home Appraiser is to provide the Appraiser with a list of relevant features, upgrades, your Sketch showing your measurements and a list of your supportable comps used to market the property. By providing your comps up front, you are avoiding an appeal after the appraisal is completed, which will also help speed the closing process.

Why Did I just state, “your Sketch showing your measurements”? Because in the month of May in my market, one deal did not appraise and another deal was very, very close simply because the Agents either did not measure the homes, simply copied a previous incorrect MLS listing or measured them incorrectly per the National “ANSI” Standards. The MLS Listings were incorrect by 173sf and 215sf. The 173sf error was in a market where homes were selling in the $121/sf range. If you have your own sketch, you can be sure that your listing is the right size, priced properly and be less questionable in terms of the appraisal.

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

Livingston Trace is a local DR Horton development that has a history of the homes selling predominantly higher in price than some other competing developments, such as South Point, Woodland Crossing and Westminister Estates. It appears to be a newer and much smaller development with one entrance and the development and homes are well maintained.

2011 Shows Some Strength and Some Weakness!

A recent home appraisal in and analysis of Livingston Trace Subdivision revealed thes interesting findings.

2011. In 2011, there haven’t been any GBRMLS home sales reported. There are 10 active MLS listings and 3 FSBOBR.com listings for a total of 13 listings. The 10 MLS listings are from $145,000 up to $175,900. THIS IS VERY IMPORTANT. Of the 10 Listings, 6 have an Average Active Listing Price of $157,017 or $100.48/sf while 4 have an Average Pending Price of $165,450 or $87.31/sf. The 3 FSBOBR.com listings are listed from $145,000, $175,000 and $195,000. Remember that above we stated the four pendings average $87.31/sf? Well, the Average Sold Price in 2010 was $93.57/sf. $93.57/sf minus $87.31/sf is a decline of -$6.26/sf. We don’t know

2010. The MLS Chart below shows no 2011 sales and 6 2010 sales with a Median Sales Price of $176,200. However, the last MLS sale in 2010 took place on 5/28/2010, almost 1 year ago. With 13 total listings in 5/2011 and only 4 of them pending, it’s safe to assume that prices have declined as demand for housing has decreased. See the SMART chart below for proof of these statements.

The SMART MLS Analysis of the “Sub-Market” or those homes in MLS comparable to a 1,998sf comparable home did show a -7.6% DECLINE since May 2010, which is somewhat contradicatory to the above MLS trends chart. This decline is due to some foreclosures taking place in the comparable South Point, Woodland Crossing, Westminister Place and Forest Ridge Subdivisions. It will be interesting to see at what prices these four pending homes sell for in Livingston Trace. The current Listing-To-Sales-Price-Ratio in this study was 96%, down from 100% and 99% in months past.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2008 to May 5, 2011. This information was extracted on 5/5/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations 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, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

YouTube Video Link: http://www.youtube.com/watch?v=LwOoTIHvOL4