Hampton Village Estates transition from a high end large custom homes development to 2300sf to 2500sf $240,000 to $270,000 subdivision, 2003 to 2016.
This article update is answer to a Hampton Village Estates homeowner question: “When will you be doing another video in Hampton village. I was curious to see if the value has gone up since your last video. I live in Hampton village my house was under construction on your video. Thanks”
Hampton Village Estates Baton Rouge – What Happened From 2003 to 2014
by Bill Cobb Baton Rouge Home Appraiser 225-293-1500
Originally, Hampton Village Estates (HVE) started out in 2003 to 2005 with 5 homes from 2189sf to 2670sf by speculative builders and then individuals bought lots and built large custom homes. It seemed back then, most homes were the larger custom homes and HVE would be similar to say, Bellingrath Lakes. Then Hurricane Katrina took place in 08/2015 and a builder purchased many lots and began building lower quality and not as attractive homes than the standard already set for the development. And, according to one HVE homeowner I spoke to, this hurt the development. The result left vacant lots for years to come.
My 2013 video shows blocks of vacant lots lasting for years when other Central developments or subdivisions were flourishing. Even after the 2008-2012 national housing meltdown and Baton Rouge came back strong, those vacant lots in HVE just sat there.
Late 2015 to 2016 Is An Entirely Different Story and Different Hampton Village Estates! A Big Positive For Central!
HVE, while located in very favorable Central” market with #3 school ranking in the State of Louisiana, isn’t experiencing market acceptance or prices any where near like Bellingrath Lakes, Wisteria Lakes, Twin Lake Estates or Village Lakes. However, it is finding and filling the niche $240K to $270K new homes market. Currently, Master Homes is selling new complimentary and well suited homes in the $240K to $270K range and I believe the subdivision will finish out with these lower priced homes, in comparison to the higher end homes initially built within. NOTE: I believe this price range of $240K to $270K is very under served in the new construction markets in East Baton Rouge itself.
Over Built and Over Improved?
I believe those that built these $350,000 to $500,000 homes in HVE are perhaps over built and over improved for this immediate HVE market and could be upside down for years to come (I said “could be”, only time will tell). It may be that some of these high end homes will sell in future years proving me wrong and I hope so, but I believe, based on past history in HVE, they will sell at discounts to comparable homes in Bellingrath Lakes, Wisteria Lakes, Twin Lakes Estates or Village Lakes.
CURRENT HVE LISTINGS
Two highest priced sales in 2015 were $279,900 and $282,500. 12133 Haven Ave is 3248sf listed for $389,000 or $119/sf, on the market for 146 days and still active. 12012 Brianna Ave is 2490sf listed at $339,900 or $137/sf for 53 days, still active listing and NO, I don’t recommend buyers pay this much for this specific home in HVE, salt water pool or not. As “HOT” as Central is, buyers aren’t choosing HVE as where they want to live for large custom home purchases and building, but are for lower priced $240K to $270K new homes. See continued commentary below.
How Hampton Village Estates compares to other City of Central newer developments:
HVE median sales price is $255,000 and average sold price $119/sf
Bellingrath Lakes median sales price is $332,000 and average $137/sf
Wisteria Lakes median sales price is $295,000 and average $134/sf
Village Lakes median sales price is $314,900 and average $138/sf
Twin Lakes Estates median sales price is $304,900 and average $146/sf
Based on information from the Greater Baton Rouge Association of REALTORS\MLS from 01/01/2013 to 01/26/2016, extracted on 01/26/2016.
By Bill Cobb Appraiser 225-293-1500