I recently completed a Baton Rouge refinance home appraisal in Lakepark Garden Homes. Lakepark Garden Homes was developed in 1985 with some homes built, stalled building due to U.S. economic meltdown and resumed new homes in approximately 1992-1994. Homes range from 874sf to 2,373 sq. ft. average size 1357sf. The following is my report on the home sales trends that took place and the prices paid for these homes from 09/2014 to 2015.
THINKING OF BUYING A HOME IN LAKEPARK GARDEN HOMES?
IT'S CERTAINLY A SUBDIVISION I'D STRONGLY RECOMMEND A PRE-PURCHASE HOME APPRAISAL TO AVOID OVER PAYING. Those that paid $145,000 in there from 2006 to 2007 are still perhaps $15,000 to $20,000 upside down today. READ MY CAUTION BELOW!
MY CAUTIONARY NOTE ON LARKPARK GARDEN HOMES
Lakepark Garden Homes Sales Trends September 2014- November 9 2015 Year To Date:
Seventeen (17) Sales From $80,000 to $125,000
Median Sales Price $114,500
Average Sold Price Price $110,305
Average Sold Price Price Per Square Foot $90/sf
Average Listing To Sales Price Ratio: 96%
Average Days On Market: 105 Days
NOTE: Average Listing To Sales Price Ratio of 96% means homes are generally selling for 4% less than listing price
Current Lakepark Garden Homes Listings:
Four (4) Listings From $129,900 to $149,500 from $91/sf to $95/sf
Average Listing Price $138,200
Average Listing Price Per Square Foot $93/sf
Average Home Listing Has Been On The Market for 30 Days.
MY CAUTIONARY NOTE ON LARKPARK GARDEN HOMES:
Two (2) Listings are Active Listings and 2 are Pending or Under Contract. One of the pending listings has been pending since 2012 at a nose bleed price and I'm skeptical whether it will close at that high price in projected closing date of 2016. And, when sales over the past 14 months have only ranged from $80,000 to $125,000, I would strongly caution against paying in the high $130s to $140s for a home in Lakepark.
One reason I say this is Lakepark sold high after Katrina and then corrected very hard, see home price charts. AND, there's 2 REO FORECLOSUREs for sale in there, one via auction.com and another by a local credit union. It's not a subdivision of strength, but rather historical pricing weakness. For example, from 2006 to 2007, median sales price was $125,900 and homes sold as high as $145,000. And, those that paid $145,000 are so upside down on those purchases it's not even funny! Homes can be listed at whatever the seller wants for their homes but it certainly DOES NOT MEAN THOSE HOMES ARE WORTH THE LISTING PRICE. While other Baton Rouge subdivisions have recovered in pricing support, Lakepark has not to some extent.
GREATER BATON ROUGE REAL ESTATE DATA NOTE:
Based on information from Greater Baton Rouge Assocation of REALTORS®\MLS for period 09/01/2014 to 11/09/2015, extracted on 11/093/2015.