Baton Rouge Real Estate
Baton Rouge Real Estate: Are dead grass lawns common in subdivisions where you are?
http://www.batonrougerealestateminute.com/ – Baton Rouge Real Estate: Are dead grass lawns common in subdivisions where you are?
Yesterday, I created this video below of a local subdivision named “Comite Hills West” and posted it to my Baton Rouge Real Estate Minute Video blog.
This morning, I woke up to an email question from an appraiser colleague in the Northwest (Washington State), an appraiser I respect and have joked with over the past 3 years (so my reply is slightly in a joking manner as well). He asked,
“Bill……….Are dead grass lawns common in subdivisions where you are, in that subdivision? In your video, the homes look nice and presentable, but the lack of attractive front landscaping is interesting. What’s the ‘back story’ of this area?? It appears that no property has underground sprinklers with automatic timers. And if watered manually, most folks don’t. Is the cost of water really expensive??“
I honestly didn’t know exactly how to reply. Around here, most locals let Winter be Winter. And, in these two photos below, the vegetation doesn’t look totally dead (photos taken in January 2011).


This was my response below:
“I’m really not sure how to answer your question. Around here, we call it Winter. Winter here started early for us, unseasonably cold and lots of rain, I mean lot of it. It’s rained here for the past 2 days and now it’s 26 this morning (wind chill 20), which is really cold in Louisiana. So, there’s no reason to water lawns around here in the winter. Last frost is generally right around Easter and then we’re off to warmer weather and beautiful lawns. Actually, it was T-Shirt weather last Saturday.
Do you live in a golf community up there where all what you’re describing is common? Or, do they plant rye grass up there to make lawns remain green? I guess Washington State is more used to the Winter death of vegetation, but except for the pine trees here, most of our vegetation dies and looks like what you see. And, if we don’t weed-and-feed our lawns and flower beds, the weeds take over. I did weed-and-feed last September.
Now I’m curious! With the exception of California, Nevada, Arizona and Florida, where in the U.S. during Winter do lawns and flower beds look beautiful? Isn’t Winter for the purpose of dying off vegetation, kind of like pruning a tree, so that in the Spring they comes back beautiful?
So, the answer is Yes. Around here it’s pretty dreary looking in terms of lawns, from November through mid March. In fact, in February, I’m supposed to put out “Amaze“, a granular fertilizer that helps our lawn and beds come back weed free and earlier.
Comite Hills West is an upper middle class subdivision in the $200K to $350K range, around 34 years old with some newer 11-15 yr old homes as well. The amazing thing about Comite Hills West was that it saw “11″ home sales in 2010. Of these 11 sales, 1 was REO, 2 were relocation sales and 1 was a short sale. These “4″ sales helped the sold price per sq. ft. dive from $81.24/sf in 2009 down to $76.15/sf in 2010.
The local market has slowed considerably since the Federal Tax Credit Expiration. However, the wealthy here locally HAVE NOT generally been affected and they continue to buy homes on lots in the Garden District for $312K, tear them down and build McMansions with cash. It’s the middle class that’s feeling this downturn the worse.
And, in the Garden District, maybe 1713 Ingleside Dr, 1574 Longwood Dr, and 1279 Longwood Dr are the types of lawns you’d rather see, not so dead in Winter (photos taken in January 2011). But then again, on the same streets are 1165, 1166 and 1914 Ingleside Dr that look dead. I guess around here, most folks just let Winter be Winter. Not really sure.


Thank you for asking.
Bill”
Sphere: Related Content
Baton Rouge Appraisers: Monticello Subdivisions Market Update For 2010 in 70814
http://www.batonrougemarketmetrics.com/ – Baton Rouge Housing: Monticello Subdivisions Market Update For 2010 in 70814

I recently completed 2 home appraisal assignments in Monticello Subdivision this week, both on Monticello Boulevard, and noticed these observations. There appears to be some decline due to REO or foreclosure activity. The Average Sold Price Per Sq. Ft. is down $6/sf and Median Sales Price is down $5,000 from 2009 versus 2010. AND, 5 of the 12 Current Listings are Foreclosures with more at least 2 more foreclosures that could be on the market later in 2011.

Solds In The Monticello Subdivisions from 1/1/2010 to 12/16/2010 revealed:
Average Sales Price: $138,580 ($154,573 in 2009)
Average Sold Price Per Sq. Ft.: $85/sf ($91/sf in 2009)
Median Sold Price: $145,000 ($150,500 in 2009)
Number of Sales: 15 (20 in 2009)
Average Number of Days On Market: 64 (96 in 2009)
Low To High: $82,000 to $169,000
Number of Sold REO/Foreclosures Noted In MLS: 3 or 20% of All Sales
Current # Listings: 12, 5 Are Foreclosures or 42% of All Listings
Current Listings Prices: $89,900 To $175,000
The 15 sales in in this very large subdivision in 2010 versus the 20 in 2009 reflects the current slowdown of this market post Federal Tax Credit Expiration. Without the tax credit, there doesn’t appear to be as much incentive to purchase a home. This slowdown in homes sales in a trend throughout the Baton Rouge housing market in latter 2010.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to December 16, 2010. This information was extracted on 12/16/2010.
Tags: Appraisers Baton Rouge, Appraisers in Baton Rouge, Baton Rouge Estate Appraisers, Baton Rouge Estate Settlement Appraisers, Baton Rouge Home Appraisers, Baton Rouge Housing, Baton Rouge Housing Market, Baton Rouge Probate Appraisers, Baton Rouge Real Estate, Baton Rouge Real Estate Buzz, Baton Rouge Real Estate Minute, Baton Rouge Real Estate Trends
Sphere: Related Content
Tremendous Opportunity in Greater Baton Rouge Pre-Foreclosures – Buyer Beware!
http://www.batonrougerealestateappraisers.net/ – Tremendous Opportunity in Greater Baton Rouge Pre-Foreclosures – Buyer Beware!

Tremendous Opportunity in Pre-Foreclosures – Buyer Beware! This was an email I received today and found the advice helpful!

“Real estate professionals, investors, and others that know a good opportunity when they see one, realize that today’s real estate market holds tremendous potential for helping them to reach their financial goals. If you’re thinking about jumping into this market, it’s important that you do your homework before investing, to ensure that you’re as happy after your purchase as you were before. Here are some pitfalls to avoid if you’re thinking about jumping into today’s market.
Don’t Get Loan Pre-Approval – One of the fastest ways of failing with a pre-foreclosure investment is by having no clear idea of how you’ll close the deal. Lenders want to know that they’re dealing with legitimate buyers. One of the best ways of establishing credibility with the lender in a pre-foreclosure property is to know how much you can spend. This will also allow you to pull the trigger quickly once the lender says it’s a go, which is critically important for lenders that need to move quickly.
Avoid Getting Accurate Comps – Comps – also known as comparative values – are used by potential buyers and lenders in establishing the actual value of a property. If your comparative values are flawed, you might overpay for the property, and not know it until it’s too late. Determining property value is somewhat formulaic; plug in the wrong number and the results are as deeply flawed as any politician.
Invest in High-foreclosure Areas – One of the quickest ways to get in over your head with pre-foreclosures is by investing in high-foreclosure areas. While the prospect of multiple properties in a given neighborhood might have some appeal, a closer examination of the facts shows that this is a bad investment strategy for one very good reason: too many foreclosures can mean that property values are going to decline even more, leaving you in control of a property that is worth less than you paid for it.
Guess at Repair Costs – This sounds like a no-brainer, but some investors have purchased real estate site unseen. With better market conditions, it might have made sense, but in today’s environment, you must know what your repair costs will be. Pre-foreclosures have a higher incidence of deferred maintenance and other repair issues, but in most cases, you can inspect the property prior to making a purchase decision. Take advantage of this opportunity, and accurately estimate repair costs. You’ll be in a better position to make a decision as to whether you want to move forward once you’re armed with the facts.
There are no guarantees when buying pre-foreclosures. This type of investment is relatively simple: Locate pre-foreclosure properties, negotiate a short sale (or other purchase) transaction with the borrower and their lender, close the deal, and either hold it for cash flow and potential appreciation or sell it for a quick profit (assuming you can buy it at a price that permits a fast re-sale at a good price). But to find pre-foreclosures, you need information, the kind you can find at www.defaultresearch.com“
Sphere: Related Content
Baton Rouge Real Estate: Elevated Interior Photos Of Baton Rouge Housing
http://www.batonrougerealestateappraisers.net/ – Baton Rouge Real Estate: Elevated Interior Photos Of Baton Rouge Housing
These Are Recent Interior photos Taken With Kodak Zi8 with Wide Angle Lens On 6′ Monopod held in the air. These same photos are also on Flickr @ http://www.flickr.com/photos/billcobb/sets/72157625267645543/






Sphere: Related Content
Creative Baton Rouge Real Estate Investing Facts
Creative Baton Rouge Real Estate Investing Facts

Creative Baton Rouge Real Estate Investing is defined as the usage of non-traditional ideas and methods of selling and buying properties. It can be employed in the four local Parishes the make up the Greater Baton Rouge Housing Market: East Baton Rouge, West Baton Rouge, Northern Ascension and Western Livingston Parish. Here, the buyer will initially secure his finance taken from a lending organization and pay the full amount together with borrowed funds which will serve as his down payment.
One of the effective ways in purchasing a house is through cash payment. Unfortunately, the typical family is not really in its proper financial situation to get into an agreement like this. Majority of the families are can modestly afford a down payment, thus, they are forced to secure what was left of the price of their purchase through mortgage from a lending institution. However, buyers should not exhaust their entire savings just to pay a huge down payment amount. This will lead to deprivation of reserves if in case any fall back happens or income will go down in the future.
What are options?
An option in real estate investment is termed as a person’s right to purchase a property for a specified amount on a certain period. The owner may choose to sell his or her option to someone. The option buyer then hopes that the value of the investment property will either down or up. The seller will receive a premium known as option consideration. The buyer also has the right to purchase the property or selling it to another person which he or she can exercise. This is usually done to gain control over the property without investing a lot of cash. Premiums in option are generally non-refundable. Options represent equitable interest and are recorded by the county recorder.
What is a lease option?
A lease option is comprised of two main parts namely an option and a lease (rental agreement). This is written in either one or two contracts. A rental agreement occurring between the potential lessee or tenant and the owner is implied as a lease. Leases hold the lessee responsible for paying the maintenance, upkeep, insurance and taxes of the property. Lease payments are typically five to fifteen percent higher than the rent of the property. For the lessee to have tax benefits, this lease type is structured as if the lessee is the owner himself.
What is sandwich lease option?
This is not, at any way, an option. This is just created by tenants who wish to exit his or her unit as the tenant not having exit options written by the landlord in their lease. In order to provide mitigation option (a way of reducing costs and risks), a person can find a tenant to replace the unit. The tenant found for replacement becomes the tenant of the existing tenant and not the tenant of the landlord. The legal tenant will now have the right to create whatever rent, policy and deposit systems that he or she wishes to imply on the new tenant.
To further understand the process in sandwich lease option, a branch of creative real estate investing, further explanations are provided. The moment the new tenant notices any need for maintenance or has encountered problems with the unit, he or she will contact the landlord who will then contact the real, legal landlord in for repairs and maintenances to happen.
The new tenant is required to achieve payments to the temporary landlord who will then make the rent payment to the original landlord, thus, making things legal and paid.
Sphere: Related Content

