Live Ascension Real Estate Information

September 7, 2010

Pelican Point Real Estate Market Analysis through August 2010

Pelican Point Real Estate Market Report

The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database on 9/2/2010 and represent home sales between 1/1/2005 and 8/30/2010. The data are presumed accurate but are not warranted.

I have good news and bad news to report about the Pelican Point real estate market. First the bad news… there are more homes on the market than the demand for them. The chart below shows that, overall, there is nearly a 12 month supply of existing homes based upon current absorption rates. For homes priced over $350K there is nearly a 2 year supply.

Pelican Point Real Estate Market Statistics

The next chart gives some cause for optimism. The rate of absorption for existing homes in 2010 shows some improvement over 2009. The absorption rate for new homes, however, is well below the peak of about 5 homes per month being sold in 2005 to about 1 every other month in 2010.

Pelican Point Real Estate Market Statistics

Another bit of good news is that existing homes appear to be holding values fairly well despite the imbalance in supply vs. demand. In 2010, home pricing (in terms of selling price per square foot of living area) has rebounded and, at $122.03/sq.ft., is well above what it was in the previous two years but has not yet recovered to the 2006 level.

Pelican Point Real Estate Market Statistics

As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.



©2010 by Don Stern - All Rights Reserved

(225)413-3634 phone (866)723-5477 fax

don@thehomevendor.com - email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com

www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

April 6, 2010

Pelican Point Real Estate Market Analysis - 2010 First Quarter Report

Pelican Point Real Estate Market Report - First Quarter 2010

The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. The data are presumed accurate but are not warranted.

The average selling price in Pelican Point in the re-sale market segment saw a substantial increase during the first quarter of 2010. Only a single newly built home sold during the first quarter so no conclusions can be drawn vis a vis any trend in the new construction market segment.

Pelican Point Home Sales


The following chart shows the distribution of the selling price per square foot of living area since January of 2004. There has, perhaps, been a minor decline after it peaked in the years immediately following hurricane Katrina but has more or less been holding steady.

Pelican Point Home Sales


New construction sales have fallen way off. As indicated earlier, a single newly constructed home has sold so far in 2010. The resale market segment, however, has shown tremendous growth as the next chart indicates.

Pelican Point Home Sales


The next chart illustrates that, for the first quarter of 2010, the absorption rate for previously owned homes in Pelican Point has rebounded to a level not seen since hurricane Katrina.

Pelican Point Home Sales


That’s the good news… The bad news is that there are still more homes for sale than can be absorbed even at the higher absorption rates. More than a third of existing inventory is in the over $400K price range. At an absorption rate of only 0.7 homes per month, there is a sixteen and a half month supply placing this price range clearly in the Buyer’s Market category.

Pelican Point Home Sales


The next chart shows the average selling price per square foot of living area for previously owned homes separated by the street. As 2010 wears on, these numbers will become more meaningful. A total of eleven homes sold during the first quarter which is insufficient to draw any street level conclusions for 2010 at this time.

Pelican Point Home Sales

As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.



©2010 by Don Stern - All Rights Reserved

(225)413-3634 phone (866)723-5477 fax

don@thehomevendor.com - email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com

www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

January 21, 2010

Pelican Point Real Estate Market Analysis - 2009 Year-end Report

Filed under: Market Analysis, Subdivision Information, Uncategorized — Tags: — admin @ 1:38 pm

Pelican Point Real Estate Market Report

This report summarizes and compares the Pelican Point housing market in 2009 and compares it with previous years. In terms of unit sales, approximately the same number of homes sold in 2009 as did in 2008. While down slightly from 2008, the re-sale market segment remains ahead of pre-Katrina levels. New construction, on the other hand, is way down from years preceding 2008.

Pelican Point Unit Home Sales

Looking at absorption rates, it is definitely a buyer’s market in the subdivision. There are significantly more homes for sale than demand supports. Home buyers are likely to find bargains while home sellers should set themselves apart from the competition.

Pelican Point Real Estate Absorption Rates

Since Pelican Point is comprised of a number of different filings, each with it own unique characteristics, when examining pricing it is useful to look at individual street addresses. The following chart examines pricing in the resale market segment in terms of the price per square foot of living area. We can see that there has been a softening of prices in many areas. This is, in my opinion, due to the buyer’s market condition that exists. In general, prices in Ascension parish as a whole have held for the resale market.

Pelican Point Home Pricing

The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. The data are presumed accurate but are not warranted.

As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.



©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (866)723-5477 fax

don@thehomevendor.com - email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com

www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

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September 11, 2009

Ascension Parish Real Estate - New Construction Update

Ascension Parish Real Estate Market Report

New Construction Analysis

New construction in Ascension Parish has changed in character but is recovering nicely in Ascension parish. I discuss the data leading to these conclusions in the following video presentation.





©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (225)313-3698 fax

don@thehomevendor.com - email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com
www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

August 29, 2009

What’s to Become of Spanish Lake

Filed under: General Information, News, Subdivision Information — admin @ 12:32 pm

Ascension Parish - Spanish Lake

An article in the August 10th issue of the Baton Rouge Businees Report discussed the competing interests of the owners of Alligator Bayou Tours and companies that sell wetland mitigation credits to support development. The article goes on to tell of two pending lawsuits in the parish regarding the basin.

I’ve taken my grandchildren on the Alligator Bayou tour have thoroughly enjoyed the experience. As a Realtor®, I have also benefited from development so I have mixed emotions over the controversy.

 

Spanish Lake, Ascension Parish

Spanish Lake, Ascension Parish

Alligator Bayou Resident

Alligator Bayou Resident



©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (225)313-3698 fax

don@thehomevendor.com - email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com
www.LiveAscension.com www.PelicanPointHomes.com www.WaterfrontPropertyLA.com

August 19, 2009

Tri-parish New Construction Market Analysis

Tri-Parish New Construction Real Estate Market Report

Through July 2009

This post deals with new construction in the tri-parish (Ascension, East Baton Rouge, and Livingston) area. The data used for this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. Only data relating to detached single family (DSF) homes were extracted. For sales data new construction data were identified as those records having a status of New, Under Construction or Proposed Construction. Current inventory for new construction included only those records having a status of New or Under Construction.

Looking at the next three charts we can see the average selling price per square foot of living area for each of the three parishes. In 2009, new construction in Ascension parish sold for an average of $114.87/sq.ft. which is down 4.6% from 2008 where the price per square foot peaked at $120.37/sq.ft. In East Baton Rouge parish new construction sold for $130.25/sq.ft. in 2009 which is up $1.05 from sales in 2008. Livingston parish saw a modest decline in the price of new construction of $0.48/sq.ft. from a high of $105.05/sq.ft. in 2008 to $104.57/sq.ft. in 2009. A statistically negligible decline.

Ascension Parish New Construction Pricing
Ascension Parish New Construction Pricing

East Baton Rouge Parish New Construction Pricing>
East Baton Rouge Parish New Construction Pricing

Livingston Parish New Construction Pricing>
Livingston Parish New Construction Pricing

The next three charts show the new construction breakdown in each of the three parishes by subdivision.

Ascension Parish Top Selling Subdivisions

Ascension Parish Top Subdivisions

East Baton Rouge Parish Top Selling Subdivisions

East Baton Rouge Parish Top Subdivisions

Livingston Parish Top Selling Subdivisions

Livingston Parish Top Subdivisions

Looking at these three charts we can see that, while the type of home sold in the parish has shifted toward one costing less per square foot, Ascension Parish was home to three of the top five selling subdivisions in terms of unit sales. The top five subdivisions were as follows:

Parish Subdivision 2009 Unit Sales
Ascension Pecan Ridge 34
East Baton Rogue Lakes at Jamestown 33
Ascension Keystone of Galvez 26
Ascension Gateway Cove 21
Livingston Lake at Grays Creek 21

Anyone wishing to discuss this analysis in more detail or to request additional analyses are encouraged to contact me. Additionally, I welcome any comments or suggestions for improvement.



©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (225)313-3698 fax

don@thehomevendor.com - email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com
www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

July 12, 2009

Pelican Point Real Estate Market Analysis - 2009 Mid-Year Report

Pelican Point Real Estate Market Report

2009 Mid-year Report

This mid-year report is the result of my analysis of data retrieved from the Greater Baton Rouge Association of Realtors MLS
database. Only data relating to detached single family (DSF) homes were included. None of the townhome sales were included in this
analysis as they represent a different product. As I have done in the past, I made a distinction between new construction and previously owned (re-sale) homes.

While the projected overall unit sales in Pelican Point are down from 2008, we can see improvement in new construction units sold.
Sales of previously owned homes are down from last year but, at current absorption rates, will be ahead of sales in the pre-Katrina year
of 2004. The following chart illustrates this point.

Ascension Real Estate

Overall, previously owned homes in the subdivision have held their value. The average price per square foot of living area has held
at $121.56/sq.ft. This is about even with 2008 sales but down from the selling prices in the years immediately following hurricane
Katrina. At $121.56, however, homes are selling well ahead of pre-Katrina prices. Homes in Pelican Point are diverse but,
in general, similar homes are on a given street. For that reason, I’ve analyzed the re-sale data by looking at sales by street. The following
chart shows selling $/sq.ft. and unit sales by street.

Ascension Real Estate

The next chart again shows that re-sale prices have held steady between 2008 and 2009. New construction prices, however, have declined
a bit from the high seen in 2008 but have remained higher than the average $/sq.ft. for the years 2004-2007.

Ascension Real Estate

Fewer than 2 homes per month are being sold in the re-sale market segment. With 29 homes currently listed, it is clearly a buyer’s market.
At current absorption rates there is a 15.8 month supply as the next chart illustrates.

Ascension Real Estate

The new construction segment has a 9.6 month supply at the current absorption rate of 0.8 homes per month. Drilling down through price
range, one can see that so far this year no homes over $400K have been sold yet there are four available. I would encourage builders
to refrain from building homes in this price range until the market for them rebounds.

Ascension Real Estate

Comments and suggestions are encouraged. Readers wishing to have a more in-depth discussion welcome to contact me directly.



©2009 by Don Stern - All Rights Reserved

(225)413-3634 phone (225)313-3698 fax

don@thehomevendor.com
- email1312

www.TheHomeVendor.com www.DonAndAlishaStern.com
www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

March 29, 2008

Manchac Harbor - Market Update

Filed under: Market Analysis, Subdivision Information, Uncategorized — admin @ 6:02 pm
Manchac Harbor Entrance

Manchac Harbor is a subdivision located in Prairieville, LA which features homes in both the new construction and re-sale market segments that are generally priced in the $300’s.

The subdivision is located off of Hwy 42 approximately three miles from Airline Hwy. It featurs homes mostly in the French Country architectural style.

The following market analysis is based upon data extracted from the Greater Baton Rouge Association of Realtors MLS database. The data extracted were for detached single family homes sold between January 1, 2003 and February 29, 2008. Current inventory was set at the time of data extraction.

Manchac Harbor Average Home Prices

We can see from the chart above that home prices have continued to rise although no sales had yet been recorded by 2/29/08 to see if the trend continued.

Manchac Harbor New Construction Unit Sales

Despite the Concept Development fiasco which stalled home sales in the 3rd filing of the subdivision and impacted 2005 home sales, we can see that unit sales have been relatively steady selling about two new homes every three months.

Manchac Harbor Absorption Rate by Price

As elsewhere in the parish, this subdivision suffers from an oversupply of new homes priced over $350K possibly creating opportunities for a savvy home buyer.

Manchac Harbor Absorption Rate by Size

Although homes in the 2500-2999 living area range accounted for nearly half of 2007 home sales, the current inventory of these homes represents almost eleven months supply if 2008 new home sales become similar to 2007 home sales. As previously pointed out, however, there were no sales recorded for the year as of 2/29/08.

If you have any questions about this analysis, if you would like additional information or you’d like to discuss buying or selling a home then I’d very much like to speak with you.


As always, I welcome readers to visit my websites at www.DonAndAlishaStern.com, www.TheHomeVendor.com, www.LiveAscension.com or www.PelicanPointHomes.netfor real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.

Contact me via e-mail1312 or call me at (225) 413-3624 for more information.

Don Stern Realtor Blog Subscription

©2008 by Don Stern - All Rights Reserved

March 10, 2008

Fountain Hill

Filed under: Subdivision Information, Uncategorized — Tags: — admin @ 7:19 pm

Fountain Hill Subdivision

Fountain Hill is one of developer Kevin Nguyen’s first Ascension Parish subdivisions. The entrance to Fountain Hill is impressive to understate the fact.

Fountain Hill Entrance

Fountain Hill is situated just off of Bluff Road on the south side of I-10. It is comprised of 141 lots and current house prices start in the high $300’s. Most of the homes in Fountain Hill are of Country French design and are loaded with high-end amenities.
Click here to view currently active Fountain Hill Listings.

Aerial view of Fountain Hill

New home prices in Fountain Hill have seen a steady rise has the following chart illustrates. There was a pricing anomaly in 2005 which was attributable to Hurricane Katrina and saw prices of homes in the re-sale space exceed the average price of a new home in the subdivision. We also saw that average price fall back in 2006 and 2007. The current average is near what it was in 2005.

Fountain Hill Average Home Prices

As always, I welcome readers to visit my websites at www.DonAndAlishaStern.com, www.TheHomeVendor.com, www.LiveAscension.com or www.PelicanPointHomes.net for real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.

Contact me via e-mail1312 or call me at (225) 413-3624 for more information.

©2008 by Don Stern - All Rights Reserved

January 31, 2008

Ascension Real Estate - Old Dutchtown Subdivision

Ascension Real Estate - Old Dutchtown Subdivision

Old Dutchtown, a relatively new Ascension Parish subdivision located off of Landry Road in Gonzales, LA, was the most successful subdivision in terms of absolute new home units sold during 2007. According to data gathered from the Greater Baton Rouge Association of Realtors MLS database, a total of 49 new homes were sold during 2007. The #2 and #3 subdivisions came in at 37 and 36 units respectively. Developer and builder John Fetzer, III came upon a formula which appears to have appealed to a significant niche of new home buyers in Ascension Parish. At this writing, there are 26 homes in the new construction and resale market space listed in the MLS which range in price from $259,750 to $320,500.
Click here to search currently active Old Dutchtown listings.
The tables to the right show the absorption rates observed for new construction in the subdivision from 2005 through 2007. The current inventory levels are as of January 25th. Overall, there is only a 4.9 month supply of homes in the subdivision. During 2007 the velocity of home sales highest in the $251K-$300K price range. Half of the homes sold were priced between $130 and $139.99 per square foot of living area but, currently, nearly half of the inventory is priced between $140 and $149.99 per square foot. At 2007 absorption rates this translates to over 15-months supply. The inventory at this price point are between 1836 sq.ft. and 2055 sq.ft. In the lower $130-$139.99/sq.ft. range the current inventory has homes containing between 1950 sq.ft. and 2440 sq.ft. of living area.The following chart shows monthly new home sales in the subdivision since it’s inception.


We’ll continue to monitor this subdivision during 2008.

As always, I welcome readers to visit my websites at www.DonAndAlishaStern.com, www.TheHomeVendor.com, www.LiveAscension.com or www.PelicanPointHomes.netfor real estate information about and to search for homes within the Greater Baton Rouge area. Click here to search for homes.

Contact me via e-mail1312 or call me at (225) 413-3624 for more information.

©2008 by Don Stern - All Rights Reserved

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