Watson Denham Springs Easterly Lakes Subdivision March 2012 Update

By
Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

http://denhamspringsappraisers.com/- Denham Springs FHA Appraisers 2012 Report On Easterly Lakes Subdivision 70706.  Easterly Lakes values aren't nearly what they used to be and won't return to post Hurricane Katrina pricing anytime soon!  Sales activity is very slow in 2012.  However, there are 3 pending or under contract listings. And, a Real Estate Investors not so great a success in Easterly Lakes all below. I'm currently working on Pre-Listing Appraisal where the buyer in 2006 will take a substantial loss selling in 2012.

Denham Springs FHA Appraisers 2012 Report On Easterly Lakes Subdivision 70706



Solds from 01/01/2011 to 12/31/2011 revealed: 

Average Sales Price: $233,200

Average Sold Price Per Sq. Ft.: $97

Median Sold Price: $219,900

Average # of Days On Market: 199

# of Sales: 7

Listing Price To Sales Price Ratio Has Been: 96%

 

 

Solds from 01/01/2012 to 03/31/2012 reveals:  

Average Sales Price: $187,000

Average Sold Price Per Sq. Ft.: $103.09

Median Sold Price: $187,000

Low Sales Price: $187,000

High Sales Price: $187,000

Average # of Days On Market: 95

# of Sales: 1

Listing Price To Sales Price Ratio Has Been: 96%

 

 

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Easterly Lakes, market direction appears to be declining.  It's difficult to call trend based on only 1 sale though.  And again, there are at least 3 pending listings, which may be closing soon to provide better evidence of market direction.  One of the pendings is at $111.80/sf (very high price and it will be very interesting to see IF it appraises....based on support, I expect a low appraisal) and another is a short sale listed at $97.37/sf. 

 

 

Real Estate Investors not so great a success in Easterly Lakes.  This home below is located on Page Drive and sold in November 2006 for $195,000 and then in June 2010 for $145,000 as a distressed sale. Perhaps up to $30,000 was invested for renovation where it sold in 2012 for $187,000 or $103.69/sf.  IT TOOK 423 DAYS To Sell This Home!  The main reason it was on the market for 423 days is because it was listed for $200,000 and then $195,000 for only 1,814sf or $110.25/sf to $107.50/sf.  That kind of support no longer exist as of the writing of this market update. This was a case of a "SELLER IN DENIAL"! 

 

 

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2010 to March 31, 2012. This information was extracted on 04/01/2012.  YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!

 

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