Baton Rouge Real Estate: Hermitage Subd Gardere Lane Distressed Market Update

Baton Rouge Real Estate: Hermitage Subd Gardere Lane Market Update

Buyers seeking to buy Real Estate Investor flipped properties in Hermitage Subdivision should only proceed with extreme caution!  I highly recommend potential buyers obtain a Baton Rouge Pre-Purchase Home Appraisal to ensure they don’t pay too much for a home. 

baton-rouge-pre-purchase-home-appraisals

Hermitage is reeling from distressed activity and dealing with a 51% correction in median sales prices since the Post Hurricane Katrina 2007 high pricing.  

Hermitage Subdivision Baton Rouge LA 70810

Hermitage Subdivision has experienced a Steep Correction since 2007 highs.  In 2007, the Hermitage median sales price was $117,500 and in 2013, it’s $58,000, a 51% correction. 

 

hermitage subdivision baton rouge home prices 

Hermitage Subdivision Market Conditions

From 01/2012 to 2013 Year To Date Hermitage Subdivision, there have been 14 total sales from $33,500 to $121,900: Median Sales Price was $58,000, Avg Sold Price Per Square Foot was a WEAK $50/sf, Average Listing Price to Sales Price Ratio was 98%, 112 Average Days On Market. 

What’s The Hermitage Subdivision Distressed Sales Percentage?

Nine (9) of fourteen (14) sales or 64% of total sales were Distressed Sales in some form or another.  

How Many Of The Current GBRMLS Listings In Hermitage Are Distressed?

Of seven (7) total GBRMLS Listings in Hermitage Subdivision, six (6) or 86% are distressed listings (reo, short sale or 3rd party).

Hermitage Subdivision Home in Baton Rouge

 

GBRAR MLS NOTE: Based on info from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2007 to 06/05/2013. This information was extracted on 06/05/2013.

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About Bill Cobb, Appraiser

The Baton Rouge Residential Appraisal Blog is an information source provided by local Home Appraiser, Bill Cobb, and Accurate Valuations Group. Bill has 24 years experience as a Baton Rouge Residential Home Appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! 225-293-1500