http://batonrougehousingreports.com/ – Baton Rouge Real Estate News: Nicholson Lakes Subdivision Major 10 Percent Correction, Video Included. 2011 Numbers incidate a -$19,000 median sales price correction and -$15/sf correction since 2007 post Hurricane Katrina highs. This is not a typo and this is not due to a foreclosure situation.
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Nicholson Lakes Subdivision is a really nice Garden Home style development around lakes with an elaborate entrance. The location is convenient and perhaps within 5 to 6 miles of LSU and within 7-8 miles of the CBD or Central Business District. Despite these positives, Nicholson Lakes has corrected in a major way in 2011 and not from a foreclosure situation. The numbers are below.
A Little History. From 2006 to 2008, general MLS home sales were in the high $180’s up to a high of $208,775.
The Sharp Decline. Nicholson Lakes has experienced substantial declines since the 2007 highs, from $193,000 and $131/sf down to $174,000 and $116/sf in 2011.
Not Foreclosure Related. This doesn’t appear to be foreclosure related. In the past 18 months, there’s been approximately thirty-three (33) home sales with only two (2) of them being foreclosures. And, of the nine (9) current listings, only 1 of them is a foreclosure.
Current Listings Show Continued Correction. Of the nine (9) current listings, listings range from $159,900 or $113/sf up to $199,900 or $130/sf. That’s right! The listing for $159,900 or $113/sf is not a foreclosure. What this means is to be cautious when considering a purchase of a Nicholson Lakes home priced above $120/sf.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORSÂ®\MLS for the period of 01/01/2006 to 12/03/2011. This information was extracted on 12/03/2011.