Baton Rouge Real Estate Appraisers|Home Appraisers Baton Rouge

http://www.getfastvalue.com/ - Baton Rouge Real Estate News: Capital Regions Home Sales Fewer Than Last Year

According to the Baton Rouge business report on Tuesday, November 11, 2008:

Home sales experience 27% monthly drop

The Capital Region continued to post a big decrease in home sales, with the number of houses sold in October down 27% from one year ago. According to figures from the Greater Baton Rouge Association of Realtors Multiple Listing Service, there were 528 homes sold in October compared with 724 sales the year before. While those numbers aren’t pretty, there are a couple of bright spots. For one, the sales bounced back from a September in which Hurricane Gustav pushed the number of transactions down 43% from the year earlier. The second is that the average sale price for a home was $196,424, a modest increase over the $193,002 average in October 2007. That’s not bad considering all of the national economic uncertainty and difficulties in obtaining credit.

Ascension Parish had the strongest market, with 103 houses selling last month at an average cost of $216,156. That compares with the 135 homes that sold in October 2007 at an average cost of $215,164. East Baton Rouge home prices increased the most over last year, from an average of $194,665 in 2007 to $204,591 in October. The number of houses sold dropped from 419 to 309. Both Livingston and the “other” category, which includes MLS sales in West Baton Rouge, East and West Feliciana, Iberville and Pointe Coupee parishes, saw average sale prices drop. The biggest drop was in the outlying areas, where the average sale price fell 23%, from $193,994 to $148,903. The number of home sales was off from 46 to 33. The average price dropped only modestly in Livingston Parish, from $162,883 to $160,426, but the number of homes sold was off 33% to 83. Year to date, home sales in the Capital Region are down 22%, from 8,268 through the first 10 months of 2007 to 6,408 as of October.”

http://batonrougerealestateappraisers.com/order-a-home-appraisal-online-order-form/ -

Tax Assessment Appeal Home Appraisals Offered For Pelican Point Gonzales Louisiana Ascension Parish

This morning, 11/15/08, The Advocate Newspaper is reporting on a homeowner protest of excessive property tax assessments.   To read the full article, see: Pelican Point Assessments Protested 

Above - Former Parish President, Ronnie Hughes, discusses his unfair tax assessment @ $140/sq. ft.

A Summary of the article is that the current Ascension Parish Tax Assessor, Rene Mire Michel, was mandated by the State of Louisiana to reassess all property in the Parish between 2006 and 2007 based on current sales - when the Pelican Point housing market was “HOT”.    The method used for this reassment was “Uniform Mass Appraisal”, which is a legally acceptable option for the assessor.   The Mass Appraisal technique is one which attempts to lump all properties in an area or subdivision as the same and assess them with on the same dollar per sq. ft. figure.  According to Mr. Hughes, that figure was $140/sf applied to homes in The Greens section of Pelican Point.   According to Mr. Hughes, this wouldn’t make logical sense because some homes are located with lake views, some are not, with lot prices from $39K up to $100K.   Some homes have higher quality within the 6 different floor plans within The Greens.   To the credit of the assessor, she says that the Louisiana Tax Commission appraisers bumped the assessment to $145/sf and she lowered them to $140/sf.  

**********However, the Pelican Point housing market has slowed drastically in the past 12 months.    As of this morning, there are 55 homes on the market in Pelican Point, per multiple online sources.   As with many upscale subdivision in our market, marketing time periods have increased.   In other words, the Pelican Point market is not nearly as “HOT” as it was when homes were reassessed in this “Mass Appraisal”.  ************** 

My Commentary: One can certainly understand how homeowners, under the Mass Appraisal method,  may have been received excessive home assessments and may be paying too much in 2008 property taxes.    One can certainly understand how unfair the Mass Appraisal method would be applied in Pelican Point Golf Community where home values range from $210K up to $670K.   How can any professional valuation expert apply mass appraisal techniques to a variance of $460,000 between the low sales price and high sales price without mis-representing true value?   In my opinion and experience, they probably can not.   Based on my experience appraising homes in Pelican Point Golf Community, some homes are located on just the golf course, some on a superior golf course and lake views.   Some homes are custom built with many extras.  

If you believe that your Northern Ascension Parish home was over-assessed and you’re paying too much in Ascension Parish Property Taxes, I would like to help!  

I have over 17 years Experience in Real Estate Home Valuations, have appraised several homes in Pelican Point over the years and can assist you with your Tax Assessment Appeal.  

E-Mail me so we can get your property taxes Lowered.

I cover Northern Ascension Parish, Western Livingston Parish, East Baton Rouge Parish and West Baton Parish.  

Bill Cobb, CREA
P.O. Box 40515, Baton Rouge, LA 70835
225-293-1500 (Office)
1-888-678-3544 (Toll-Free Phone)
1-866-663-6065 (Toll-Free Fax)
225-953-0638 (Mobile)
http://www.getfastvalue.com  (Website)
fastvalue2@cox.net  (Email)

Accurate Valuations Group Appraiser, William D. Cobb, has operated as a home appraiser for 17 years now primarily in the Greater Baton Rouge, Louisiana market. For more information on Accurate Valuations Home Appraisal Group, visit: http://www.getfastvalue.com

http://batonrougerealestateappraisers.com/order-a-home-appraisal-online-order-form/ -

Tax Assessment Appeal Home Appraisals Offered For Pelican Point Gonzales Louisiana Ascension Parish

This morning, 11/15/08, The Advocate Newspaper is reporting on a homeowner protest of excessive property tax assessments.   To read the full article, see: Pelican Point Assessments Protested 

Above - Former Parish President, Ronnie Hughes, discusses his unfair tax assessment @ $140/sq. ft.

A Summary of the article is that the current Ascension Parish Tax Assessor, Rene Mire Michel, was mandated by the State of Louisiana to reassess all property in the Parish between 2006 and 2007 based on current sales - when the Pelican Point housing market was “HOT”.    The method used for this reassment was “Uniform Mass Appraisal”, which is a legally acceptable option for the assessor.   The Mass Appraisal technique is one which attempts to lump all properties in an area or subdivision as the same and assess them with on the same dollar per sq. ft. figure.  According to Mr. Hughes, that figure was $140/sf applied to homes in The Greens section of Pelican Point.   According to Mr. Hughes, this wouldn’t make logical sense because some homes are located with lake views, some are not, with lot prices from $39K up to $100K.   Some homes have higher quality within the 6 different floor plans within The Greens.   To the credit of the assessor, she says that the Louisiana Tax Commission appraisers bumped the assessment to $145/sf and she lowered them to $140/sf.  

**********However, the Pelican Point housing market has slowed drastically in the past 12 months.    As of this morning, there are 55 homes on the market in Pelican Point, per multiple online sources.   As with many upscale subdivision in our market, marketing time periods have increased.   In other words, the Pelican Point market is not nearly as “HOT” as it was when homes were reassessed in this “Mass Appraisal”.  ************** 

My Commentary: One can certainly understand how homeowners, under the Mass Appraisal method,  may have been received excessive home assessments and may be paying too much in 2008 property taxes.    One can certainly understand how unfair the Mass Appraisal method would be applied in Pelican Point Golf Community where home values range from $210K up to $670K.   How can any professional valuation expert apply mass appraisal techniques to a variance of $460,000 between the low sales price and high sales price without mis-representing true value?   In my opinion and experience, they probably can not.   Based on my experience appraising homes in Pelican Point Golf Community, some homes are located on just the golf course, some on a superior golf course and lake views.   Some homes are custom built with many extras.  

If you believe that your Northern Ascension Parish home was over-assessed and you’re paying too much in Ascension Parish Property Taxes, I would like to help!  

I have over 17 years Experience in Real Estate Home Valuations, have appraised several homes in Pelican Point over the years and can assist you with your Tax Assessment Appeal.  

E-Mail me so we can get your property taxes Lowered.

I cover Northern Ascension Parish, Western Livingston Parish, East Baton Rouge Parish and West Baton Parish.  

Bill Cobb, CREA
P.O. Box 40515, Baton Rouge, LA 70835
225-293-1500 (Office)
1-888-678-3544 (Toll-Free Phone)
1-866-663-6065 (Toll-Free Fax)
225-953-0638 (Mobile)
http://www.getfastvalue.com  (Website)
fastvalue2@cox.net  (Email)

Accurate Valuations Group Appraiser, William D. Cobb, has operated as a home appraiser for 17 years now primarily in the Greater Baton Rouge, Louisiana market. For more information on Accurate Valuations Home Appraisal Group, visit: http://www.getfastvalue.com

Tax Assessment Appeal Home Appraisals Offered For Pelican Point Gonzales Louisiana Ascension Parish

http://www.getfastvalue.com/ - Baton Rouge Real Estate News: National Financial Crisis Delays East Baton Rouge Mortgage Finance Authority’s Bond Sale

Source: Baton Rouge Business Report Daily

On Tuesday, November 4, 2008, The Baton Rouge Business Report Daily reports”

“The East Baton Rouge Parish Mortgage Finance Authority says the ongoing national credit crisis will prevent it from selling $40 million in bonds to finance affordable mortgages until early 2009. The agency, which provides mortgages to middle- and low-income homebuyers, says even though it has steered clear of making subprime loans and has a foreclosure rate of less than .30%, buyers are avoiding of bond sales tied to mortgages. “Unfortunately, many deserving prospective homebuyers are finding themselves caught up in the credit crisis,” says Astrid Clements, who chairs the authority. “Once the market opens up again, we expect there will be a rush for our mortgages.” The authority committed all the mortgage money it had available in August and has been authorized by the Louisiana State Bond Commission to sell $40 million in bonds, a move that was expected to stimulate home sales.”

http://www.accuratevg.com/ - Baton Rouge Real Estate: Federal Government’s Housing Price Index Shows Louisiana Gained 2.68% And Is Ranked #13

Source: http://www.ofheo.gov/newsroom.aspx

The most current statistics offered by the Office of Federal Housing Enterprise Oversight shows that in the most recent 1 year period ended June 30, 2008, Louisiana showed a gain in home values of +2.68%.   The chart also shows that Louisiana is ranked 13th in the U.S. for home price appreciation.   This is very good news when in the same time period, much of the U.S. housing market has suffered declines. 

Louisiana Housing Price Index Through June 30, 2008 Showing +2.68% Gain

http://denhamspringsappraisers.com/ - More Good Baton Rouge Real Estate News: Realtors, Bankers Say Louisiana Financial Market Is Steady

Source: Anna Thibodeaux - Baton Rouge Business Report Daily Report

On Monday November 3rd, 2008, The Baton Rouge Business Report Issued More Good News For Our Marketing Area:

“Louisiana banks are strong and safe despite declining consumer confidence as a result of the national financial crisis, Bob Taylor, chief executive officer of the Louisiana Bankers Association, told the Press Club of Baton Rouge today. Bankers are trying to make sense of the federal rescue plan to determine if they can get, or even want, government capital to make more loans to boost the economy.

Taylor also says there isn’t a credit freeze in Louisiana, though credit worthiness is getting tighter everywhere. Consumers are finding that obtaining new and extended credit requires higher scores than in the past.

Malcolm Young, chief executive officer of Louisiana Realtors and a former member of the Fannie Mae board of directors, says the housing market statewide remains steady, particularly in the $150,000 to $200,000 price range. Young praised state business recruitment efforts, which he says are cushioning the Capital Region economy. For a national housing recovery, Young says more credit will be necessary and he welcomes Congressional efforts to improve it.”

http://batonrougefhaappraisers.com/ - Baton Rouge Real Estate: New Home Sales Post Increase

Source: Baton Rouge Business Report Daily

Sales of new homes recorded an unexpected increase in September as median home prices dropped to the lowest level in four years, the Commerce Department reported this morning. Sales of new single-family homes rose by 2.7% last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the August level. The median price of a new home sold in September declined by 9.1% from a year ago to $218,400, the lowest price level since September 2004, a period when home prices were rising rapidly as the country experienced a five-year housing boom. The increase in September sales still left them 33.1% below the level of a year ago as the country is battered by the worst slump in housing in decades. Analysts are not convinced that the sales increases are signaling a bottom for the housing market. They note that the September gains came before the latest upheavals in financial markets, which have raised new worries about the overall state of the economy.

http://batonrougefhaappraisers.com/  - Baton Rouge Real Estate: October Month To Date Housing Statistics and Commentary

Guest Realtor Columnist, Tony Zito, just sent me this update and commentary:

Home Sales As From October 1-20

2008 - 226

2007 - 393

2006 - 415

2005 - 792 (Post Katrina)

2004 - 340

Current Active Listings - 4,248

Current Pending Listings - 824

His Commentary: The pendings are stable and number of number of active listings are 3% lower than January.  And we are still running 97.5% of list to sale price and the average days on the market is 89.

Check out Tony Zito’s Web Page For Interesting Analysis and Videos @ http://batonrougerealestateinformation.com/ 

http://batonrougerealestateappraisers.com/ - Baton Rouge Real Estate: Hurricane Gustav Has Slowed Home Sales

Source: The Advocated - Chris Gautreau

Fallout from the nation’s credit crisis and last month’s hurricanes converged to cut September home sales virtually in half.

Figures tracked by the Greater Baton Rouge Association of Realtors show the number of homes sold in the eight-parish market plunged in September by 44 percent to 397, compared to September 2007. The dollar value of those sales fell by 48 percent from a year earlier to $76 million.

Sales already had been slowing down this year, falling near or below 2003 levels, against the backdrop of ongoing turmoil in the U.S. financial markets that tightened lending and a cooling trend after Hurricane Katrina revved up sales in 2005.

But power outages after Hurricane Gustav — some of which stretched on for longer than a week — forced delays on sales that were set to close last month.

Mike Airhart, president of Baton Rouge-based Louisiana Mortgage Lenders LLC, said in many cases, appraisers were forced to rewrite reports and photograph homes to verify the hurricane’s effect.

“The storms set us back at least two to three weeks,” Airhart said. “Then, the appraiser gets backed up on inspections for appraisals they’ve already done.”

Sales also were affected by laws that prevent insurance companies from writing coverage when a named storm enters the Gulf of Mexico.

“The storm hit on a Monday,” Airhart said. “If (buyers) were issued a quote a week prior, the insurance company is not going to write a policy.”

Moreover, the ongoing cleanup delayed sales that ordinarily would have begun in September, stretching the storms’ impact into at least early October.

“Hurricanes are not when most individuals want to look for houses,” R. Kelley Pace, director of LSU’s Real Estate Research Institute, wrote in an e-mail. “Even HGTV would have had trouble maintaining curb appeal after Gustav’s landscaping efforts.”

The September report shows that in the market’s three largest parishes, home sales:

• Fell by 56 percent in Ascension from a year ago to 57 homes. The sales’ dollar value fell 59 percent to $11.9 million.
• Fell by 43 percent in East Baton Rouge to 238 with a dollar value of $47.5 million, a drop of 45 percent.
• Fell by 32 percent in Livingston to 73 homes. The dollar value there was $11.6 million, which was 35 percent lower than a year ago.

The remaining parishes — East and West Feliciana, West Baton Rouge, Iberville and Pointe Coupee — are tracked as a group. Sales in those areas totaled 29 homes compared to 52 a year ago. Sales volume there dropped to just under $5 million, off 60 percent.

Through the first nine months of 2008, sales have fallen 22 percent from the year-ago period to 5,870 — well below 2003’s 6,408 sales and nearly at the 2002 level. The dollar value of those sales has fallen 21 percent from 2007 to $1.18 billion.

With the dramatic slowdown in last month’s sales, inventory figures, which had been comparatively low in a good sign for the market, ballooned in September. The association reported the equivalent of 12.5 months of inventory.

That compared to 8.0 months in August and 7.7 months in September 2007. Those numbers are within a range considered healthy, though on the higher end.

David McKey, head of Coldwell Bank One, said that in addition to the storms, the credit crisis and resulting uncertainty makes it difficult to predict the local market’s course even in the short term.

But he joined other Realtors in saying he did not expect the hurricanes to have a protracted affect on the market.

“I don’t know that they’re going to have lasting effects, because we’ve just about gotten back to normal,” he said.

Linda Fredericks of Re/Max First and president of the Realtors’ association, said the September trend would be offset by a sales bump as demand catches up with the market.

“We’re already seeing leads coming back, people focusing on their own homes,” she said.

And while some Baton Rouge residents complained the hurricanes didn’t garner more attention from the national news media, McKey said the lack of coverage would work in the housing market’s favor.

“Business people looking to come to Baton Rouge won’t get the same feeling if they were moving to New Orleans after Katrina,” he said.

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