Nikki Calmes, with Keller Williams Realty, has a new really nice listing in Watson Denham Springs. This 1.5 story home offers 2,230+/- living area, 4 bedrooms, 2 bathrooms on a 70′x 140′ fenced lot.

Nikki says, “Make this home in desirable Lakes at Belle Terre subdivision YOURS! This home has 3 bedrooms PLUS extra bonus room and gives plenty of space! The home offers a grand entrance into the spacious den featuring a corner fireplace and a fabulous wall of windows looking out to the patio. Living room leads to large open kitchen that features lots of cabinets and countertop space with granite breakfast bar! Enjoy the view of the large backyard while sitting in the dining area. This home also has tons of storage space including a huge laundry room with a storage closet inside. Master bedroom features vaulted ceilings, storage closet, and has a side entrance to the patio. Master bathroom offers his and hers vanities, walk in closet, a deep corner jacuzzi tub for relaxing and a seperate shower area. There is also a huge two car garage and extra storage in the back of the home. The fourth bedroom/bonus room upstairs is currently being enjoyed as a game room. Warm, neutral paint colors throughout the home. Schedule a private showing today. This home is a MUST SEE!

See this home and other listings by Nikki Calmes at Denham Springs Homes For Sale!

Tags: denham springs homes, denham springs homes for sale, denham springs houses, denham springs housing, Denham Springs Real Estate, denham springs real estate agents, denham springs realtor, denham springs realtors

Description From YouTube:

“26041 Stonehenge Dr Denham Springs, LA Sterling Hall Emerge Properties of LA http://www.realestatebook.com/homes/l… The last new construction home available in this awesome subdivision Westminster in Denham Springs, the Vincent floorplan is amazing! Featuring 1863 square feet with 3 bedrooms/ 2 bathrooms and a bonus room! Walk in and you’ll notice the awesome bonus room to your right that can be used as a playroom, an office, a workout room, or even a formal dining room. The windows in the bonus room are a great architectural feature! The awesome kitchen is the heart of the home and in this house you know it! Featuring an island, dark stained varied height cabinetry, and new black GE appliances the kitchen overlooks the dining area and also has a huge bar for even more seatingit’s perfect for entertaining! The kitchen/ dining/ living room areas are open but separated enough to define each space as it’s own. You’ll find many fantastic nooks and archways throughout this amazing floorplan giving fantastic architectural detail! This is a great split floorplan with great sized bedrooms and closets. The master suite has an awesome bath with dual sinks, garden tub, separate shower, linen closet, and amazing walk-in master closet. There’s also great storage throughout and the laundry room is located just off the garage! On top of all of the wonderful features of this amazing home, the seller will give you up to $4,000 towards closing costs and pre-paids if you use a preferred lender and title company! Call today for your private showing!”

As a State Certified Home Appraiser in Louisiana and FHA/HUD approved appraiser since 1996, I can validate that FHA Home Loans have strict requirements of operational mechanical systems placed upon the home appraiser to inspect and verify. While home appraisers aren’t necessarily “home inspectors”, FHA home appraisers are required to verify that mechanical systems are functioning properly and that they would appear to have a reasonable life left.

HUD or FHA Home Appraisers are expected to be well versed on 2 major manual plus keeping up the “Mortgagee Letters” that offer amendments and updates to HUD policy. In fact, the statement many lenders want placed in reports is, “Condition: Overall Condition is: Average. No major repairs or functional inadequacies. MEETS FHA/RD MINIMUM STANDARDS for existing dwellings as outlined in HUD Handbooks 4150.2 and 4905.1 Requirements and all applicable Mortgage Letters). SFR Dwelling was determined to be decent, safe and sanitary. Subject is connected to public or community sewer. Mechanical Systems were on and operational. Attic was inspected and appears to individually meet FHA requirements.” No, the lenders don’t tell us to use “Average” but to state a condition rating. And, FMHA or Rural Development and VA loans also have these same requirements as well.

So, can a inoperable garbage disposal hold up an FHA loan closing until repaired? There are four (4) national HUD HOC’s or Homeownership Centers in the U.S.. For Louisiana, the HUD HOC is located in Denver, CO. I called the Denver HOC Appraiser Tech Support Department at 1-800-543-9378 for a verifiable answer to this question. I spoke with “Gary” and he said that NO, the inoperable garbage disposal WILL NOT HOLD UP A CLOSING because FHA doesn’t require appliances to be installed in homes. Gary said that includes Range/Ovens, Dishwashers or Garbage Disposals. Gary said that this is a “condition” issue and that FHA appraisers should apply deductions to the subject property if the comps used have appliances and superior functioning appliances.

BEFORE YOU BUY THAT HOME, GET A HOME INSPECTION!

In the early 2000′s with FHA’s introduction of the HUD Form “HUD-92564-CN” For Your Protection: Get A Home Inspection, FHA made the distinction between the home appraiser and the home inspector and strongly recommended home buyers obtain a home inspection. This appraiser also recommends you obtain a home inspection as well to know the true condition of mechanical system and a more accurate remaining economic life. Home appraisers are fairly limited on their knowledge of such systems but home inspectors are trained to know these systems and know them very well.

Just remember that if you as a home buyer receive notice that there are FHA mandated repairs on the home being purchased, know that this is for your benefit and that generally the seller will be required to repair these items prior to closing.

Bill Cobb, with Accurate Valuations Group, is a long time FHA Home Appraiser within the Greater Baton Rouge housing market. Bill can be contacted at 225-293-1500 or info@accuratevg.com .

First Garbage Disposal Source Photo: http://www.thehandyblog.com/disposal.php

Second Garbage Disposal Source Photo: http://appliancefactory.com/

Solds In Beau Chene Subdivision Denham Springs from 1/2010 to 12/8/2010 revealed:
Average Sales Price: $120,000, An REO Foreclosure ($140,300 in 2009)
Average Sold Price Per Sq. Ft.: $101/sf ($113/sf in 2009)
Median Sold Price: $120,000 ($139,900 in 2009)
Number of Sales: 1 (3 in 2009)
Average Number of Days On Market: 33 (82 Days in 2009)
Low To High: $120,000 ($138,000 to $145,000 in 2009)
Number of Sold REO/Foreclosures Noted In MLS: 1.
Current # Listings: 7, 0 Are Foreclosures.
Current Listings Prices: $138,900 To $146,625

Overall, there have been no market sales in Beau Chene in 2010, which is odd for this “bread-and-butter” type housing development. This trend reflects the broad market where there has been a major slowdown in home sales post federal tax credit expiration.

WOW! Seven (7) Active Listings and NO PENDINGS is a lot of Listings in this smaller subdivision. And, I know why none of these 7 listings are currently Pending or Under Contract! Here’s what I don’t understand. THIS IS A WEAKER MARKET IN 2010 AND NATIONALLY! It’s a buyer’s market for sure. The 2009 support level was at $113/sf in this subdivision. Yet ALL 7 listings priced above 2009 support from $115/sf up to $123/sf in this weaker market? I often wonder why homes are listed above support, in a known weaker buyer’s market.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 8, 2010. This information was extracted on 12/08/2010.

If you’ve driven through the PCC Homebuilders and/or DR Horton Developments around Denham Springs, it’s likely that you’ve seen homes just like the one above with the garage converted to living area. As I drive through these developments for home appraisals, it seems like it makes sense to convert into this manner because a lot of these residents use their garages for storage and don’t park their autos in the garages. BUT, Is this a wise investment in terms of re-sale?

Continued. Let’s investigate here! This home was built new in 2002 and sold with 1,751sf. From the interior photos, the living conversion appears to have been completed “properly” to where this addition area was counted as living area, ie., the slab was raised to original home sale height, the flooring matches flooring in home, walls are sheetrock, decor is similar to original home and the central heat/air was upgraded for this additional 360sf to 400sf. There doesn’t appear to be a window unit in this living area.

Continued. After the “proper” conversion, this home has 2,131sf living area and recently sold for $164,900 or $77.38/sf in June of 2010. NOTE: It took over 295 days or approx. 10 months on the market to sell this home because the listing price began at $189,900 and was reduced to $178,900, $174,900, $171,900, $168,900 and finally $162,900. Apparently, the sellers had quite a sum invested into this home with the “proper” living area conversion cost. While the actual cost of the enclosure isn’t known, an estimate is somewhere in the $6,000 to $8,000 range.

Continued. I did some research of similar quality homes in similar developments noted in the title of homes in the 1675sf to 1775sf range and found an approximate value of $154,900 for a similar 1,751sf home. By this home in the photos selling for $164,900, this leaves a $10,000 spread. If the cost for the conversion was $8,000, then the seller might have either broke even or profited by $2,000, which may or may not have been worth the effort. NOTE: This appraiser could only find 2 examples of home re-sales with a similar conversion.

Continued. This South Point home with a similar conversion sold in elevated Post Hurricane Katrina era of 2007 for $167,500, when the market was stronger. This home originally had 1,613sf and sold with 2,010sf.

Continued. I did some research of similar quality homes in similar developments noted in the title of homes in the 1580sf to 1700sf range and found an approximate value of $148,000 for a similar 1,613sf home in that era of time. By this home in the photos selling for $167,500, this left a $19,500 spread, which indicates seller made a good profit. However, this was a different housing market back then in 2007.

Conclusion. Based on these two examples above, it appears that “properly” converting your garage to living area has resulted the sellers at least selling for enough to cover their cost and possibly even making a little extra for their effort.

Bill Cobb, Appraiser

AUGUST 8/1/2010 to 8/31/2010: Only 1 GBRMLS Sale. 12309 Pinebrook Dr, with 1,620sf sold for $144,000 or $88.89/sf.

YEAR-TO-DATE SOLDS:

Solds In Woodland Crossing from 1/1/2010 to 8/31/2010 revealed:
Average Sales Price: $149,057
Average Sold Price Per Sq. Ft.: $93.80 (Avg through 8/09 $90.74)
Median Sold Price: $147,535
Number of Sales: 40
Average Days On Market: 94
Low To High: $118,900 to $210,000
Number of Sold REO/Foreclosures Noted In MLS: 2

NUMBER OF SALES IN 2010 VERSUS 2009: -15% Decline

In The Number Of Sales From 1/1/09 – 8/31/09 to 1/1/10 – 8/31/10. In 2009 there were 47 sales at this point and in 2010 there have been 40 sales. So, there are 7 less sales or -15% in home sales volume.

CURRENT LISTINGS AS OF 9/8/2010:

Current # GBRMLS Listings: 42, 4 REO/Foreclosure Listing
Current Listings Prices: $115,900 To $199,900, Average $89/sf.

NOTE: Data Used With Permission of the GBRAR GBRMLS. Data was extracted on 9/8/2010 from periods 1/1/2010 through 9/8/2010.

Click Below To Enlarge The Numbers!

To Read The LBOR 2010 Newletters, Click Below!

The Baton Rouge Business Report Daily PM Report is report a Capital Region home sales plunge of 21% in July 2010. “The number of homes sold in metro Baton Rouge fell by 21% in July compared with the year before, as the market corrected itself after being bolstered by the federal homebuyer tax credit. There were 523 homes in the Capital Region sold in July, compared with 665 sales in July 2009, according to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service. An $8,000 tax credit for homebuyers expired earlier this year, and transactions had to be under contract at the end of April to qualify for the money. That led to Capital Region home sales posting 21% and 28% increases in April and May over last year. The average sale price in July was $197,076, down from the $203,735 average in July 2009. Sales were down nearly 31% in Ascension Parish in July, from 111 in 2009 to 77. Livingston Parish saw a 25% drop, from 114 homes changing hands to 85. In East Baton Rouge, there was a 24% drop in home sales, from 414 to 313. The other category, which includes MLS sales in West Baton Rouge, Iberville and the Feliciana parishes, actually saw an 85% increase, from 26 to 48. Through the first seven months of the year, home sales continued to run slightly ahead of the 2009 pace. There were 4,107 homes sold through the end of July, up 3% from the 3,985 sales total at the end of July 2009.”

Denham Springs Home Appraisers News: August 2010 Westminister Estates Housing Numbers Westminister Estates Numbers! In 2010, there have been 8 total sales with an Average Sold Price of $149,438, Median Sales Price of $141,900, Average Sold Price per sq. ft. $91.90/sf and Average Days On Market 107 days. Data Used With Permission of GBRAR MLS. Data was extracted on 8/16/2010 from periods 1/1/2010 through 8/16/2010.

Tags: denham springs, denham springs homes, denham springs houses, westminister estates, homes in denham springs, denham springs homes for sale, homes for sale denham springs, denham springs realtors, denham springs real estate agents

http://www.batonrougerealestatebuzz.com/

Kevin DeLaune, with RealtyStudioHD, delivers a new pro video listing for Coldwell Banker One Denham Springs Location Broker, Kayla Johnson.

Make sure you switch from “360p” to “480p” for higher quality! Enjoy!