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Woodchase Subdivision Home Sales Baton Rouge 70808 2017 - YouTube
Woodchase Subdivision Home Sales Stats Baton Rouge 70808
2016-2017
 
Baton Rouge Louisiana home price appreciation 3.5 percent?  

While Louisiana shows +3.5% in general, there are certainly submarkets experiencing higher percent increases. The prices of new homes in Prairieville's The Hollows of Dutchtown are nosebleed high with buyers lined up to buy. 

Nation’s home sellers seeing biggest profits in a decade - Baton Rouge Business Report

True in Greater Baton Rouge as well as I'm seeing home sales prices which sometimes boggle the mind!  Now you'll pay well over $400,000 for a new 2400 sq. ft. home in Baton Rouge and Ascension Parish. With continuing low interest rates and generally low inventory of homes to choose from, it's as though buyers see they have no choice and just pay the ever increasing premium for Baton Rouge housing.

Post-Flood Insanity!  
Sometimes I wonder if they're even thinking about what and where they're purchasing, speaking of homes that had 4.8' of flood water in them less than 1 year ago, yet on average, buyers are paying $13/sf MORE than pre-flood prices for flood-renovated homes because they don't the flood will happen again in their lifetimes. 

Baton Rouge and Louisiana's "Underwater Homes" INCREASES dramatically!
Baton Rouge and Louisiana's "Underwater Homes" INCREASES dramatically!
 
Perhaps because of the flood? I know some investors walked away because they didn’t receive FEMA help. Having flooded myself, I can certainly feel the pain of those trying to recover, especially with it taking over 6 months for most to receive flood insurance checks. For those without flood insurance, this has been a nightmare to some extent financially but also has showed the good and compassion of Baton Rougeons reaching out to help!
 
"While negative equity continued to trend steadily downward in the first quarter, it remains stubbornly high in often-overlooked pockets of the housing market. Other metro areas with a quarterly increase in underwater properties ranking among the top 10 were Columbus, Ohio; New York, New York; Milwaukee, Wisconsin; Baton Rouge, Louisiana; and Cincinnati, Ohio. Half of the top 10 metros with the biggest quarterly increase in the number of seriously underwater properties also saw an annual increase in the share of distressed sales in Q1 2017: Philadelphia, Cleveland, Columbus, New York and Baton Rouge."
 
"States with the highest share of seriously underwater properties as of the end of Q1 2017 were Nevada (18.9 percent); Ohio (17.1 percent); Illinois (16.5 percent); Louisiana (16.4 percent); and Missouri (14.5 percent)."
Rental rates hit all-time high in Baton Rouge after floods; here's what to expect in next year

It's a great time to be a landlord! 

Photos: Images of flood recovery from three areas in the Greater Baton Rouge

This is sad yet some progress is taking place as I see it when I'm driving these neighborhoods.  And, it wasn't until the last month when insurance companies FINALLY began paying out flood insurance claims (and I hope there's a major class action lawsuit against them for holding people's money due for over 7 months after the Great Flood...shame on them!). 

Baton Rouge Great Flood Post Flood Renovated Home Sales Update Februa…

Baton Rouge Great Flood Post Flood Renovated Home Sales Update February 6 2017

Baton Rouge Great Flood Renovated Home Sales Update February 6 2017, see slideshare below
 
I don't want to over sensationalize here as each day brings more information and apparently more momentum. I'm wondering if there could be a bidding war to some extent due to low inventory. In O'Neal Place 1 recent newly renovated listing sold for full price within 1.5 hours. Another renovated listing on Bonham is pending, listed at $178,000. In Linda Lee Subdivision in Watson, one renovation that had at least 4-5 feet of water sold in 2 days.
 
Not ALL flooded-renovated homes are selling this fast. Of the 54 sales so far, they've sold on average of 44 days and took 61 days to close. However, most of these sold in 2016 before the 2017 momentum kicking in. Some I've appraised finished and move in ready still have not closed...for some reason.
 
By March-April, I expect it to get very interesting...

 

 

Assessing elevation: Not many Baton Rouge homes required to be raised so far

Assessing elevation: Not many Baton Rouge homes required to be raised so far - The Advocate News

This is great news for some in Greater Baton Rouge! 

http://www.theadvocate.com/baton_rouge/news/article_aee36174-de85-11e6-b43b-378a831d9430.html

Greater Baton Rouge Home Sales 2016 Year In Review