Some Walker LA 70785 Resales Hurt Housing Market, Show Walker is primarily an under $170,000 housing market.
NOTE: Collins Place Subdivision is proving to be the quickest to rebound and impress into latter 2012!
My Opinion Of the Walker Housing Market Was Challenged Today and I believe this data below helps back up my opinion.
Photo of an upscale Walker LA home I am referring to:
Preface: Walker Louisiana is a smaller 6,364 population according to city-data.com. The vast majority of homes sell in the $120,000 to $160,000 range and it wasn't until Hurricane Katrina in 2005 that more upscale subdivisions were built in Walker. Perhaps 80% of homes sell under $160,000 and 90% under $170,000. With only 10% of homes being considered "upscale" in this small Walker population, 12 home sales in the upscale price range could possibly show a trend and are the basis of my opinion. My opinion is that Walker is primarily an under $170,000 market, closer to $150,000 per GBRMLS in the aggregate of sales, and upscale housing faces challenges of buyer acceptance and actual future home price appreciation. My opinion and observation is that Walker is not and never has been a sustainable $125/sf upscale housing market and those that believed it was and chose to purchase upscale housing in Walker have been hurt financially by doing so. The chart below shows how and I have appraised at least one (1) of these homes knowing about these losses.
This chart below shows the losses incurred by those that chose to buy upscale housing in Walker and then the additional lose when the sellers paid the traditional 6% commission to have their homes sold. Losses range from $400 to $35,500 and then from $12,370 to $49,000 after paying the traditional selling commission. ALL of these 12 re-sales were sold through GBRMLS. PER GBRMLS, these are not foreclosures, just resales.
Also, I do live in Western Livingston Parish. So, I'm not anti-Livingston Parish and nor am I anti-Walker Louisiana. I believe that market forces are and have been correctly in play since 2009 in Walker and that 90% of housing should be selling in the $150K to $170K range. Walker has a bright future and plenty of land for more new housing in these affordable price ranges.
Based on my observation since the local and national housing meltdown beginning in 2008 that the Walker Louisiana higher priced or upper end market suffered severe declines. These five (5) charts visually show the declines. Of the 5 charts, Collins Place Subdivision appears to be rebounding and performing the best into latter 2012. ALL of this data clearly backs up my opinion on upscale housing in the Walker Housing Market.
NOTE: I am NOT saying don't buy an upscale home in Walker LA but rather to be very, very careful on what you pay for such housing. As of 11/06/2012 per GBRMLS, Walker is not generally a $120/sf and above housing market. Before you purchase an upscale home in Walker LA, I would strongly recommend obtaining a Walker Louisiana Pre-Purchase Purchase Home Appraisal from Bill Cobb and Accurate Valuations Group.
It’s highly possible and probable in Collins Place that a few homes were built and sold without the aid of a REALTOR® above $110/sf to $114/sf, not recorded in GBRMLS, and would be recorded in Legal News where this Appraiser, nor the public, would know the actual sold price per sq. ft. sold. For an accurate account of those sales not taking place inside GBRMLS, contact Real Estate Broker, Mary Ann Allen, at 225-665-6358.
GBRAR MLS NOTE: Based on info from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2003 to 11/06/2012. This information was extracted on 11/06/2012.