Baker LA 70714 Housing Severely Hard Hit By Distressed Sales

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

Baker LA 70714 Housing Severely Hard Hit By Distressed Sales

BAKER LA HOME APPRAISERS'S ADVICE: BEWARE of Over Priced Listings by Local Real Estate Agents in the Baker Housing Market! 

 

 

Baker LA Distressed Home Sales Highlights 

*Median Sales Price dropped from $100K in 2006 to just $49K in 2013, a -51% Decline

*Sold Price Per Sq. Ft. From $76/sf in 2006 to $43/sf in 2013, a -43% Decline

*Distressed Sale Increased from 7% in 2006 to 56% of Total Sales In 2013

 

 

 

 

 

 

GBRAR MLS NOTE: Based on info from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2006 to 05/01/2013. This information was extracted on 05/01/2013.  Based on this data below.

Year  #Sales Median $ Avg $    #REOs   #REO/3rd/Short Sale
2006  / 264: $100,000 $76        14        18
2007  / 174: $115,000 $80        29        34
2008  / 163: $102,000 $74        49        51
2009  / 138: $105,000 $70        49        51
2010  / 112: $ 96,000  $67        37        40
2011  / 101: $ 80,000  $57        43        47
2012  / 133: $ 83,000  $52        66        70
2013  /  48:  $48,650  $43         23        27
 

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Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance
Bill, I understand what you are setting forth in your post and must agree that once these overpriced homes go unsold, we could very well see this 'house of cards' begin to tumble again. Let's face it; prices are too high and climbing, banks are making it too difficult to secure mortgages, the stable of cash buyers will begin to dwindle, particularly once the large investment REITs pull away from the market, and the appraisers are already on to the bubble formation as evidenced by their conservative appraisal reports. What you are experiencing will start to spread throughout the Country over the year or two.
May 01, 2013 09:02 PM #1
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

IN the Atlanta area I am seeing many homes pricing themselves above the price points before the crash.  I agree with your premise.  Tough times could be ahead.

May 01, 2013 10:39 PM #2
Rainmaker
569,254
Bill Cobb Appraiser
Accurate Valuations Group, LLC - Baton Rouge, LA
Greater Baton Rouge's Home Appraiser

Norman and Jim, 

I sincerely Thank You for your time on this topic.  Please know that in General, the Greater Baton Rouge Housing Market is more of a normal market where we didn't have the huge spike in home prices prior to the national meltdown from 2007-2011, meaning we also didn't have huge correction in home prices either.  In 2013, I'd say 60% of our market is performing well in the more in demand zip codes.  However, I create posts like this Baker LA Distressed Sales study to combat this Pollyanna Case-Shiller news that everything is FANTASTIC and home prices are not only on the mend, BUT INCREASING 9+% year over year, which is totally misleading in my opinion.  That's not the case in ALL of Greater Baton Rouge, the Baker market being just 1 example.  Such Pollyanna news prompts refinance appraisals where it's make the Appraiser look like an idiot because He or She can't see home prices have risen.....when they haven't in certain zip codes.  

From Baton Rouge Real Estate Trends Seminar just 2 weeks in Businessreport.com, Tom Cook stated, "This almost looks like a recovery", says Tom Cook of Cook, Moore & Associates, noting an increase in sales volume. "Someone needs to tell the Appraisers," he joked, prompting a "yeah" from some Trends attendees. THE PROBLEM , HE SAYS, IS THAT SALE PRICE AREN'T INCREASING ALONG WITH THE VOLUME."  So, even Tom Cook is saying that while the number of home sales has been increasing, home prices have not followed!

Jim, I LOVE the North ATL market by Buckhead and Duluth!  

Norman, thank you so much for your insight into the macro market dynamics.  In my market, I think prices are mostly fair and certainly don't need to head higher.  However, I'm not judge of whether home prices head higher or not, just the interpretor. 

Again, sincerely appreciate your time! 

Bill Cobb 

May 01, 2013 11:34 PM #3
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Rainmaker
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Bill Cobb Appraiser

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