http://www.scoop.it/t/baton-rouge-real-estate-news/ – Kenilworth Subdivision March 2012 Update, Baton Rouge Real Estate Housing. 2012 Average and Median Sales Prices and Price per Sq. Ft. appear to have risen, but only based on 2 sales.
Reason for increase? 1625 Leycester Dr sold for $294,300 or $89/sf and was an exceptionally large 3,296sf on a very large dead-end lot. This sale was the exceptoin for Kenilworth where the average home ranges in the 2,100sf to 2,200sf. This higher $294,300 helped raise Average and Median.
1523 Leycester Drive was a total rehab, 2148sf, 3 bedroom and really overimproved for this market with extravagent slab granite in Kitchen and all bathrooms, specialty plumbing figures and more. It sold for an unusually high $112/sf and took 231 days on the market to sell. It was originally priced at $299,900 as the quality of construction upgrades were equal to some of the high-end subdivisions along Highland Road.
QUESTION IS: HOW DID THE MARKET (BUYERS) TREAT THIS OVERIMPROVEMENT? The average sold price in 2011 was $100/sf and below, 1335 Louray Dr sold for $109/sf. So, yes, the market did pay a little extra for this extravagant rehap and quality upgrade. BUT, the investor didn’t appear to make a profit because they paid $204,000 for this home in 4/2011, then paid for rehab and then paid the Real Estate Agent’s Commission (if 6% then $14,460 selling cost).
Also, not reported on the chart below was a sale in Kenilworth East on Louray Drive for $207,000 for 1,896sf or $109/sf.
Author: Bill Cobb with Accurate Valuations Group Home Appraisals.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®MLS for the period of January 1, 2009 to March 22, 2012. This information was extracted on 03/22/2012. YES, this appraiser does have the permission of GBRMLS to use the chart above Subdivision Price Trends Report!