http://batonrougerealestateappraisers.com/ – What’s One Of Baton Rouge Real Estate’s Best 27% Investment Returns? It’s some of LSU’s Student Housing!
I recently completed an appraisal in Lake Beau Pre Townhomes development, a Greg Flores Development managed by Mark Dean with Dean Flores Real Estate. The location, convenient to both LSU and the CBD, is just south of LSU along River Road. This is a security gated, upscale townhouse community with covered, assigned parking, club house, swimming pool, tennis courts and walking trails. The HOA Fee is $157/month and the development is well maintained.
27% INCREASE IN VALUE. The unit I appraised was the 3 Story, 3 bedroom, 2F/2H bathroom Floor Plan, originally sold new for $156,900 in 1/2006. Based on 2008 sales in MLS, that unit today would sell in the $198,500 to $204,000 range, a +27% increase in value in only 3 years. Plus, the current rents for this floor plan are running $1650/month. Assuming the rent was $1650/month for 3 years plus the $43,100 in appreciation, the investor has made $102,500 before expenses ($59,400 in rental income plus $43,100 in appreciation).
Solds from Lake Beau Pre From 12/01/07 to 12/31/2007 revealed:
Average Sales Price: $182,575
Average Sold Price Per Sq. Ft.: $123.38
Median Sold Price: $183,000
Low Sales Price: $169,000
High Sales Price: $195,000
Average # of Days On Market: 20
# of Sales: 8
Solds from Lake Beau Pre From 01/01/2008 to 02/12/2009 reveals:
Average Sales Price: $194,867
Average Sold Price Per Sq. Ft.: $120.04
Median Sold Price: $202,000
Low Sales Price: $172,000
High Sales Price: $204,900
Average # of Days On Market: 33
# of Sales: 23
Listing Price To Sales Price Ratio Has Been: 98%
Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Lake Beau Pre Townhomes, the market direction appears to be increasing. Average Sales Price has increased by +$12,292 or +6.73%. Median Sales Price has increased by +$19,000 or +10.38%. Average Sold Price Per Sq. Ft. has decreased by -$3.34/sf or -2.71%.
Lake Beau Pre Townhome data is presented with the permission of the Greater Baton Rouge Board of Realtors.
Bill Cobb, CREA, is Greater Baton Rouge’s favorite and most reputable home appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 17 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill’s company, Accurate Valuations Home Appraisal Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638