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

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

Western Livingston Parish has experienced a high “272″ foreclosures with the most by far occuring in the $100K to $149K range, which is some reason for concern as the predominant price range of home sales are in the $140,000 to $170,000 range.

This is a series of Five (5) total articles with accompanying videos posted to “Foreclosure Studies” category. Article One covered entire Greater Baton Rouge Foreclosure Housing Market Trends. Article Two covered East Baton Rouge Foreclosure Housing Market Trends. This is article Three covering Ascension Parish Foreclosure Housing Market Trends. This is article Four covering Western Livingston Parish Foreclosure Housing Market Trends. The last article the Parishes within GBR market and are found within this drop down category on the right side of site.

NOTE: REO is real estate owned or foreclosure. GBR is Greater Baton Rouge and includes EBR, WLIV, ASC and WBR. EBR is East Baton Rouge Parish. ASC is Ascension Parish. WLIV is Western Livingston Parish areas 81,82,83. WBR is West Baton Rouge Parish. See detailed GBRMLS parameters at bottom, which are generally from 06/01/2010 to 11/05/2011, All residential properties.

Preface….We’re In a $170,000+/- housing market and 74% of Foreclosures Are Under $150,000! Various online sources tell us that median sales price in Baton Rouge is $172,750 (Trulia.com). Zillow.com states average listing price as $163,000. Altos Research reports median sales price of $169,035, see their chart below, and chart showing sharp, very obvious and undeniable correction still taking place. GBRMLS reports the average 2011 sales price for ALL homes in EBR, LIV, ASC and OTHER as $192,504 YTD, down from $196,428 for 2010 or -2%. Point is that majority of local housing activity takes place in $172,500 to $192,500 price ranges and that 74% of REO or Foreclosure activity of under $150,000 isn’t absolutely a problem for the majority of market! That’s Right! Currently, 74% of current foreclosure listings inventory is priced below $150,000. And, REO Solds percentages for EBR, ASC, LIV and WBR have been 81%, 57%, 82% and 75% respectively priced under $150,000.

East Baton Rouge Parish, experiencing the most local REO problems with 498 REO home sales under $100K, illustrates how lopsided the results. In EBRP, 61% of the 821 REO Sales here under $100K and concentrated in neighborhoods not necessarily where the majority of EBR residents live. This chart below shows of all current GBRMLS listings, only 9% are REOs and that of that 9%, 38% of those are pending leaving 62% still active. So, out of 4,928 local listings, only 292 are available as REOs.

REO LISTINGS ONLY TOTAL 9% OF GBR LISTING INVENTORY. REO Listings only make up 8% of total listings and 38% of them are pending. Of the total 4,928 total listings, 473 or 9% are REO listings. Of those 473 listings, 181 are pending or 38%, which is good news. Only 62% of REO Listings inventory is available and not pending.

HOW MANY FORECLOSURES SOLD? REO Solds for ALL 4 Parishes total 1320 or 16% of ALL Sales. EBR had 821, ASC 200, WLIV 272 and WBR 27 REO Sales. Yes, while EBR does have the larger percentage of sales, it’s also a vastly larger market than surrounding Parishes.

WLIV REO LISTINGS TOTAL 9% OF WLIV LISTING INVENTORY. REO Listings only make up 9% of total listings and 26% of them are pending or under contract or purchase.

WHAT’S THE SIGNIFICANCE OF THIS STUDY AND REALITY TO GREATER BATON ROUGE HOUSING? The answer is this chart below!

The significance is that whether a local Home Appraiser is appraising or Real Estate Agent is marketing a home in Western Livingston Parish (Denham Springs, Watson, Walker) in Glenwood, Acadiana Place or Woodland Crossing, the GBR REO situation generally does apply to those markets according to chart above. In fact, the chart above shows that the vast majority of homes sold were in the $130,000 to $140,000 range, well below the GBR Area average. The chart above shows that the majority of all home sales take place in the $110,000 to $170,000 range.

CHARTS BELOW. These Charts below illustrate that the majority of WLIV foreclosure sales have taken place under $150,000.

Western Livingston Parish Sold Foreclosures Chart Shows 82% of REO Solds Were Under $150,000.

Western Livingston Parish Foreclosure Pending Listings As Percent Of Total Listings Is 26%

Western Livingston Parish Sold Foreclosures Chart Shows 17% of All Solds Were REOs.

Western Livingston Parish Foreclosure Listings As Percent Of Total Listings Is 9%.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of June 1, 2010 to November 5, 2011. This information was extracted on 11/05/2011.

Spring Lake Subdivision, with approximately 285 lots, is situated around 2 development lakes available for home owners only. There’s fishing and enjoying the the park-like green areas.

Location Map:

Public School District Information:

See: http://www.lpsb.org/district/district.htm

Number of Lots:

Approximately 285 Lots with deed restrictions, Zoning “Rural” per Livingston Clerk of Court’s Office.

Home Sizes:

Per GBRMLS search, home living areas range from 1,500sf up to 2,688sf living area.

Average Sales Price, Median Sales Price and Average Sales Price as of 12/2011:

$183,333, $179,900 and $98.73/sf.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2011 to 12/28/2011. This information was extracted on 12/28/2011.

Subdivision Info: Greg and Daniel Bunch, Residents of Spring Lake

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.

From September 2010 to September 2011, the median sold price is up by 9% (but only based on “1″ sale in September 2011 and GBRMLS stats contradict this trend big time showing major declines for 2011).

Recap of 2008 through 2011 YTD Woodland Crossing GBRMLS Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: The Median Sales Price Decline from 2010 to 2011 is -6.2%.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

From September 2010 to September 2011, the median sold price is up by 9% (but only based on “1″ sale in September 2011 and GBRMLS stats contradict this trend big time).

Recap of 2008 through 2011 YTD Woodland Crossing Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: The Median Sales Price Decline from 2010 to 2011 is -6.2%.

From September 2010 to September 2011, the number of sold properties has not changed.

From September 2010 to September 2011, the average months supply of inventory is up 36%.

From September 2010 to September 2011, the number of for sale properties is down 53% and the number of sold properties has not changed.

From September 2010 to September 2011, the Average Days On Market Increased by 39%.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

Recap of 2008 through 2011 YTD Woodland Crossing Housing Numbers:

So, from 2008 to 2011, median sales prices have ranged from $156,000, $147,000, $149,000 down to $140,000 in 2011, rounded to nearest 1000. Sold price per sq. ft. continues to decline from $92/sf in 2010 down to only $84/sf in 2011 rounded. 2011 represent 39 sales and only represent three quarters of housing sales numbers, not an entire year.

YEAR-TO-DATE SOLDS 2011 (Note Chart shows 39 sales, MLS Search Reveals 42 Sales):

Solds In Woodland Crossing from 1/1/2011 to 10/12/2011 revealed:
Average Sales Price: $141,803
Average Sold Price Per Sq. Ft.: $80.00
Median Sold Price: $139,900
Number of Sales: 42
Average Days On Market: 109
Low To High: $98,900 to $179,500
Number of Sold REO/Foreclosures Noted In MLS: 7

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2008 to 10/12/2011. This information was extracted on 10/12/2011.

Last week, David Jacobs, with the Baton Rouge Business Report, reported a startling study about how high and out of sync Greater Baton Rouge housing prices are when combined with transportation. The article, Baton Rouge-area household spends 52% of income on housing and transportation, was published on 8/9/2011. In the article or study, the CNT recommends spending no more than 45% and that combining local housing prices with true transportation costs provides “an accurate measure of of the true affordability of housing”.

Other Studies. We also know that according to Core Logic, Baton Rouge is in its’ 9th straight month of home price correction. We also know from the 24/7 Wall Street study that Baton Rouge made America’s 10 Sickest Housing Markets list this month.

We’re In For More Correction. It would appear, based on these 3 studies, that Greater Baton Rouge Housing is in for more correction.

This is my reply below to David Jacobs submitted on 8/10/2011:

I read your Business Report Weekly and wanted to thank you for reporting on this. This has really helped me. Just 3 weeks ago, I was ready to go for a visit to the LSU Real Estate Research Department with similar questions as to where should GBR Housing be priced relative to local incomes? I think this is a foundational question going forward and might possibly shed some light on where the bottom might be in local housing prices in the future. If GBR housing is out of proportion, by how much or by what percentage? Are the current still nose-bleed high housing prices sustainable? Obviously if we asked this question in 2007 from some of the Zachary and ASC $300,000 neighborhoods, the answer today is probably not. $140/sf for new homes wasn’t sustainable across the board. This is why builders like DSLD Homes are having such success……because the insanity in local new home prices from 2006 to 2008 was never sustainable based on local incomes.

As a local home appraiser, I’ve been scratching head all along here wondering WHY local housing is so expensive…..in Louisiana. Baton Rouge has been a wonderful place to grow up and now raise my family, but we’re not California with almost a perfect climate where one would expect high prices. Why are home prices so high here….still in 2011? Even with the modest correction, it would certainly seem that we’re still at nose bleed levels on the pricing of some local housing relative to local incomes. I scratch my head monthly on this issue.

Please understand, I’m not a conservative appraiser. Whatever the housing market’s decision has been, in the form of home sales, I reflect in my reports. However, we’re now about 9 months into this local correction and I’m beginning to think that locals are finally coming to their senses on what they pay for local housing relative to local incomes. There are A LOT of sellers in denial right now, and Hurricane Katrina didn’t help with that at all. It only made it worse. Today, some local Real Estate Agents are hiring me for my Listing Appraisals on their listings that have been on the market for months now, they know are overpriced and they bring me in to show the seller the reality of the local numbers in comparison to sellers perception that their home is worth more.

The chart below doesn’t indicate a huge problem in GBR housing, not like some sour markets in the USA where there’s 3-4 years of supply. However, talk to most appraisers locally and you’ll find that we’re checking “Slow” market for growth or sales and in some subdivision/markets, there’s been such few home sales that it’s become very difficult to complete appraisals for the lack of comps sold within 3 to 6 months, especially under $125,000.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of August 2010 to July 2011. This information was extracted on 8/10/2011. YES, this appraiser does have the permission of GBRMLS to use the chart above.

These are some of the things I’ve been thinking about in GBR Housing since 2007 and going forward. Are we fairly priced or still way out of balance? Yes, the market is correcting back to some sense of sanity…..finally…..and how many more months or years will it be till we reach equilibrium (sanity) based on local incomes.

New Homes Are Still Priced High. I still see a local builder and have them say something like, “This market is killing me…when the market coming back?!”. And that builder just doesn’t get it….that the post Hurricane Katrina builder’s market isn’t coming “back” in terms of such exaggerated pricing. The odd thing here is the LHBA (La Home Builders Association) would probably tell you today that we’re too low for their builders to make a decent profit on local home building. What they experienced in 2006-2008 (unsustainable pricing) and expect in the future just wasn’t/isn’t sustainable.

This is why I believe that new TND in Zachary recently announced will take a decade or more to build out because $140/sf to $200/sf just isn’t what local incomes will support and until local builders understand this, they’ll be more developments started and then finished by DSLD Homes. This is also why I believe that new Wyndam Estates development in Denham Springs with 1600sf homes on “tiny lots” in $190′s or $120/sf will also take much, much longer than expected to fill and should be filled with homes in the $150s to $160s. It’s about market economics and local incomes and the local economics, at least outside of Baton Rouge itself, is in favor of DSLD Homes pricing. Those builders and developers that fail to understand local incomes will continue to have their fledgling developments sold to and finished by developers like DSLD Homes after spending millions to break the dirt.

Bill Cobb, Appraiser

According to the DSLD Homes website, Lake At Gray’s Creek is a “Small community conveniently located directly off of Highway 16 in south Denham Springs. Less than one mile from the elementary school, this community has a retainage pond. Quiet location, just minutes from shopping and all other conveniences. New homes priced from the $130′s. In 2009, there were 63 homes built with an average sales price of $142,655 or $101.69/sf. In 2010, there were 32 homes built with an average sales price of $142,235 or $103.01/sf. In 2011, there is one (1) new home for sale for $133,900 or $105/sf for 1,274sf. Specific information on Lake At Gray’s Creek is available at the DSLD Homes website.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to April 15, 2011. This information was extracted on 04/15/2011. Yes, this appraiser does have permission to use this MLS chart within this post.

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/