Baton Rouge Real Estate Appraisers: Neighborhood Boundaries
Boundaries on “Boundaries” Addendum and Typed in Additional Comments. Definition of Neighborhood on Addendum. OTHER IS VACANT LAND.
My SFR ranges include all SFR properties within these boundaries.
NEIGHBORHOOD DEFINED. A “Neighborhood” is defined in the Dictionary of Real Estate Appraisal, Third Edition, 1993, as…”a group of complementary land uses; a congruous grouping of inhabitants, buildings, of business enterprises”. The Appraisal of Real Estate, Tenth Edition, 1992, states, “Neighborhood and district boundaries identify the physical and area that influences the value of a subject property. These boundaries may coincide with observable changes in prevailing land use or occupant characteristics. Physical features such as the type of structures, street patterns, terrain, vegetation, and lot sizes tend to identify land use districts. Transportation arteries, and changing elevation can also be significant boundaries”.
Predominant Value & Neighborhood Marketability Comment. The predominant value of the neighborhood/area doesn’t adversely affect the marketability or appraised value of the subject, in the appraiser’s estimation. The value of the subject property, as improved, is within the upper and lower value range of the neighborhood/area defined within the boundaries noted. There are many homes throughout the subject area similar in size, style, quality and value, comparable to the subject property. There is no cause for concern in this regard, in the appraiser’s estimation.
Baton Rouge Metropolitan Statistical Area (MSA)encompasses Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Point Coupee, St. Helena, West Baton Rouge, and West Feliciana parishes and is currently the largest metro area in Louisiana, with a 2005 pre-Hurricane Katrina population estimate of 729,000 persons and a 2006 population estimate of 779,000. The Metro area population grew by approximately 74,000 persons or 9.7% from 2000 to 2006. It is a relatively young population with a median age of 33.7 years (national median age is 36.3 years). 85% of residents age 25 and over are high school graduates. Approximately 5% hold associate degrees, 16% hold bachelor’s degrees and 9% have advanced degrees. Another 22% have some college credit.
East Baton RougeParish(pop. 434,018) is the central parish of the MSA. EBR parish holds 55% of the MSA population and is the location of 74% of the MSA’s jobs. Baton Rouge is the major city within East Baton Rouge parish. It is also home to Zachary, one of the fastest growing cities in the region. Baton Rouge(pop. 227,188) the capital of Louisiana, was the second largest city (New Orleans being the largest) until Hurricane Katrina hit the Gulf Coast/New Orleans region. It is now the largest city in the state and the regional center of business, healthcare and entertainment. Approximately 3.5 million people live within 100 miles of Baton Rouge and over 1 million reside within 50 miles. Source: brac.org