The Parks of Dutchtown Home Prices To Tumble With New Flood Insurance Rates?
The Parks of Dutchtown Subdivision Located Is Located In Geismar Ascension Parish
Current home prices are at $105/sf, median sales prices near $277,000 and average sales prices near $266,800. BUT, will these prices tumble with the new FEMA Flood Insurance Rates effective last week?
NOTE: This is "IF" Congress doesn't act to fix this FEMA Insurance Rate mess.
THE PARKS OF DUTCHTOWN SUBDIVISION HOME PRICE REPORT
There were no sales in August 2013, so the Chart is showing -100%.
NOTE: Concentrate on the Year-To-Date numbers on right showing:
1.) The Average Sold Price Per Sq. Ft. is up 3% from $102/sf to $105/sf
2.) The Number of Closed Sales Down 10%, from 10 to 9 sales
3.) The Median Sold Price is Up 3%, from $268,500 to $276,950
4.) The Average Sold Price is Down 2.5%, $273,465 to $266,761
This is comparison of 01/01/2012 to 08/31/2012 Year To Date versus 01/01/2013 to 08/31/2013 YTD.
FLOOD INSURANCE RATE INCREASE TO HURT HOME SALES UNLESS CONGRESS ACTS TO FIX THIS LEGISLATION!
Last week, FEMA dropped a bomb on US Homeowners located in flood zones.....and according to attached map, most of Park of Dutchtown IS located in the flood zone.
See local Mortgage Loan Expert, Erica Whiddon’s statement below about new FEMA rate on a $140,000 home being $3,358/year or an extra $280/month.
A buyer of your home, when you choose to sell, will have to pay the high flood insurance Unless Congress acts on this and fixes it. What I am understanding is sellers in flood zones with these hefty premiums are going to need to sell at a discount in order to entice a buyer to buy.
We in the real estate industry don’t know exactly how this is going to play out, but it could hurt home sales, hurt buyers and home sellers.
Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2012 to 08/31/2013. This information was extracted on 09/09/2013.