Copper Mill Golf Community (Zachary, LA)
Copper Mill Golf Community (Zachary, LA) Real Estate News
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2789 Muirfield Dr. Zachary, LA 70791
Shari and Ricky O'Neal, The O'Neal Group (Keller Williams Realty Red Stick Partners)



2789 Muirfield Dr. Home for Sale in Zachary, LA

 

Fantastic, gently used home in Copper Mill Subdivision. Tucked carefully away close to the cul-de-sac at the end of Murifield Dr. Enter the front courtyard through the wrought iron gate. There is a beautiful, custom crafted wood door that enters into the foyer that features a custom marble inlay crafted into the 18" ceramic tile floors. There is a formal dining area to the left - a computer nook - two bedrooms and a hollywood bath are to the right. Straight ahead you will enter the living room with built-ins, more ceramic tile, a ventless gas fireplace and lots of windows with great view of the water and the golf course. The master suite is off the living room and is very large with more windows and a great master bath which includes a corner whirlpool tub, separate shower, separate vanities, water closet and a huge walk-in closet. The kitchen is on the other side of the home and is absolutely awesome with slab granite, grand sized island, lots of counter space, stainless appliances, custom cabinets and lot of space & storage. There is also a great bulters pantry with a door switch for the light. The breakfast area has lots of windows as well that provide the same view. There is a great patio on the back of the home as well for watching the sun set over the golf course. Off the kitchen there is a hallway leading to the two car garage that features a 1/2 bath, large laundry room with room for full sized washed dryer, fold down ironing board, sink, and folding area. The two-car garage has an electric door, plenty of space for two cars and also a very large storage area that could be used as a work shop. Add all the amenities of the Copper Mill HOA and this home adds up to be a great value. Schedule your showing today!

 

Ricky O'Neal

O'Neal Realty Group

8686 Bluebonnet Blvd.
Baton Rouge LA
70810

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Copper Mill Golf Community Home Sales 2012 Zachary
Bill Cobb, Greater Baton Rouge's Home Appraiser (Accurate Valuations Group, LLC)

Copper Mill Golf Community Home Sales 2012 Zachary

I recently completed 2 Zachary Louisiana Home Appraisals in Copper Mill Golf Community and discovered these 2012 home price trends based on 18 sales. Average sales price per square foot has been $135/sf. Median Sales Price $357,500. Average size home sold 2,737 sf. Average days on market 158 days. Average Listing-To-Sales-Price-Ratio is 96% meaning homes are selling for 96 percent of asking prices, 4 percent less than asking price.

 

 

 

This Zachary LA Housing Market Report is brought to you by Bill Cobb, Appraiser with Zachary Louisiana Home Appraisals.

 

 

NOTE: Based on info from the Greater Baton Rouge Association of REALTORS®MLS for the period of 01/01/2012 to 08/23/2012. This information was extracted on 08/23/2012.


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Should You Buy That Zachary Copper Mill Golf Community Home?
Bill Cobb, Greater Baton Rouge's Home Appraiser (Accurate Valuations Group, LLC)

Answer To Email Question About Buying A Home In Zachary's Copper Mill Golf Community.

 

 

I recently received an email from an out-of-state resident currently renting a home in South Baton Rouge. Here's their question:

"We are looking to buy a home and have looked at Copper Mill in Zachary. From looking at the history of the resale homes that are currently for sale, and the comparables sold recently, it would appear that quite a few of the homes have lost value since being built or purchased. In your opinion, is this a reflection of the current state of the economy and therefore values should come back around as the economy recovers, or is this a reflection of the development itself? We like the area and may look at other neighborhoods, but we just want to be sure we understand what we are seeing in the numbers."

 

My Answer is below and is based on the fact that buying a high end home is a very serious matter and that once you buy one and have paid too much, it's not easy to get out from under those homes, as some in Copper Mill are possibly finding out, those that paid $160/sf in 2007.  See 1595 Royal Troon below.  AND, my answer is based on the past 5 years of appraising some local high end foreclosures where paying too much in the beginning spelled doom for local home purchasers .

 

My opinion of Copper Mill is based on market reaction to this development, the obvious decline in values and the extremely long time it takes to sell homes in there. I have relatives that built 3 spec homes to sell in Copper Mill and have their personal experience to speak from as well. They did well on the first 2 but didn't on the 3rd home, which took over 22 months to sell.

I think it has to do with the economy in general, the absolutely insane housing market that Hurricane Katrina created after August 2005 and the fact that it's located in Zachary. Zachary is a fine place to raise a family and has THE TOP Public school district in the State. However, it's a small town with little industry or business base. I've often wondered how Zachary became to be what it is today based on all of those that have to commute to and from it without many jobs in the local community there. What I'm trying to say is that housing in Zachary is priced very high in my opinion for the location and the lack of economic base in Zachary.

POSITIVES IN COPPER MILL. Copper Mill is an absolutely outstanding development where locals are proud to call home and the development is kept up very well.  The championship golf course is a plus for Zachary market. And, the Positives are that the average and median sales prices are at all time highs of $476,500 and marketing time is at 115 days, the lowest in many years. However, this is ONLY based on 2 total sales in 2012.  And, 6 of the 22 current listings are pending and these have listing prices of $354,900, $359,900, $399,900, $415,000 and $639,900.  You see, the buying trend is being tamed in Copper Mill to purchase smaller, more affordable new to newer homes in there as opposed to $500K+ larger homes.  

CURRENT LISTINGS. There are 22 current MLS listings in Copper Mill from $299,900 up to $639,900, from $122/sf up to $186/sf.  Eight Listings are priced above 2012 support of $145/sf, priced at $149, $152, $158, $160, $182 and $186/sf.  On these listing priced over $145/sf, I saw "BUYER BEWARE"!  

Copper Mill is a fine development, no doubt. However, those that bought early and financed nearly 100% are upside on their mortgages and will be for many years. Zachary and Copper Mill never were a sustainable $161/sf market and $161/sf was the high back in 2007. It's been downhill ever since then from such lofty heights and I don't expect values to climb that high again in Copper Mill. I attached the current chart showing support in 2012 for $145/sf BUT only based on 2 sales.....and there used to be 19 sales in a year in there.

I shot this video here http://www.hdhathomes.com/tours/699_tourb.html for 1595 Royal Troon I think in 2009 and that home is still be on the market, over 1227 days.  Can you imagine if you were a buyer of such a home like this one at the peak of the market $161/sf in the $600's, needed to sell it and after 1227 days on the market, it was still yours and you couldn't sell it?  

I wouldn't recommend the purchase of a home in Copper Mill unless it's at a discounted price in case prices fall even further in there. In 2011, support was at $141.76/sf, the lowest since before Hurricane Katrina.  These listings in the $158/sf to $186/sf are not supportable in this market, regardless if that's just how much it cost to build a new home in there.....cost doesn't always equal market value. Or, buy one of the smaller, less pricey homes in there, which should hold it's value better even if there's another correction, those homes in the $300,000 to $415,000 range. 

My Answer Is: 

Yes, buy a Copper Mill home but be ever so cautious of the price you pay for a home in there and DON'T trust that these listing prices over $145/sf are truly market value.  These could be home owners that paid too much during the highs, are upside on mortgages and now need to sell, not exactly sure.  5 of these listings over $145/sf are resales of existing homes.  For these homes listed over $145/sf, the question becomes "why" are they and what extraordinary features do they have that would warrant paying $13/sf more than $145/sf?  Large Outdoor Kitchen? $75,000 Gunite Pool?  There could be some extraordinary feature that might warrant higher pricing but perhaps not as high as $152/sf to $186/sf.  

 

 

And, now that the Robosigning $25 Billiion lawsuit has been settled, any homes that weren't foreclosed on because of this suit, can now be. I don't know if this will impact any homes in Copper Mill, but it could.

Is 2012 the year of recovery for Copper Mill or do we need to correct our thinking into a new lower reality that $145/sf is a more sane level of pricing for the high end Zachary market? I doubt a full recovery, but we've already witnessed a +$4/sf +/- increase so far in 2012. I think any recovery back to $161/sf, if that's what's expected, will take years to take place and that $141 to $147/sf is a much more realistic pricing level for this market. We know that "Cost Doesn't Necessarily Equal Market Value" and this has been made very evident in outlying markets such as Zachary and Denham Springs.

MY ADVICE FOR COPPER MILL BUYERS. My advice would be to scale it down in Copper Mill, just as the newest filing is offering smaller, more affordable high quality homes (smaller lots, smaller homes, same quality). It appears $300,000 to $400,000 is more realistic for Zachary buyers AND the new sign on Main Street now touts homes starting in the $300's. This is also taking place in Lexington Estates in 70810 where it's been difficult to sell high end homes (New Phase is offering more affordable lots with smaller home sizes).

 

 

 

Greater Baton Rouge Housing is still overpriced and I would highly recommend a Pre-Listing Appraisal before your purchase. I generally charge around $275 for these in the over $400K range: http://www.gbrprelistingappraisals.com/

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2006 to April 04, 2012. This information was extracted on 04/04/2012.

Hope this somehow helps you.

Bill Cobb, Appraiser

 

Answer To Email Question About Buying A Home In Zachary's Copper Mill Golf Community 

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Zachary Louisiana FHA Appraisers Report On Copper Mill Golf Community January 2009 Update
Bill Cobb, Greater Baton Rouge's Home Appraiser (Accurate Valuations Group, LLC)

Zachary Louisiana Report On Copper Mill Golf Community January 2009 Update

FHA Appraisers Zachary Louisiana

Sales In Copper Mill $345K to $542K With 19 Sales Since 1/1/08, Average
Size Home 2,800sf, Avg Sold Price $158/sf, Median Sales Price $430K

Zachary Louisiana Real Estate Appraisers

Solds In Copper Mill from 01/01/2007 to 12/31/2007 revealed: 
Average Sales Price: $458,034
Average Sold Price Per Sq. Ft.: $160.80
Median Sold Price: $451,500
Low Sales Price: $291,035
High Sales Price: $623,751
Average # of Days On Market: 197
# of Sales: 16

Solds In Copper Mill from 01/01/2008 to Present reveals: 
Average Sales Price: $444,727
Average Sold Price Per Sq. Ft.: $158.03
Median Sold Price: $430,000
Low Sales Price: $345,000
High Sales Price: $541,272
Average # of Days On Market: 178
# of Sales: 19

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Copper Mill Golf Community Subdivision, the market direction appears to be decreasing.  

The Average Sales Price has decreased by -$13,307.

The Median Sales Price has decreased by -$21,500. 

The Average Sold Price Per Sq. Ft. has decreased by -$2.77/sf.

From: http://www.coppermillgolf.com/  "In the heart of South Louisiana, a short drive north of the Capitol City of Baton Rouge, there's a place you'll long to call home.  Centered around 18 holes of "links-style" golf reminiscent of those in Scotland, Copper Mill Golf Club provides a unique blend of relaxed lifestyle, championship caliber golf, and classic "Southern Charm."  Sit back and relax in your new home as the course winds its way through open rolling grasslands, along sparkling lakes, and over a landscape dotted with pot bunkers and native grasses. Copper Mill was planned with both the golfer and the homeowner  in mind."

Copper Mill data presented with the permission of the Greater Baton Rouge Board of Realtors.

Author's Bio:

Bill Cobb, CREA, is Greater Baton Rouge's favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values.  A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill's company, Accurate Valuations Home Appraisal 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

fastvalue2@cox.net

http://zacharylouisianarealestate.info/ 

 

Zachary, LA Real Estate Professionals
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