This is a report of all of the subdivisions with Broadmoor in the name such as Broadmoor Estates, North Broadmoor, Broadmoor Place, etc.. The basis for this report is my working as an Appraiser in this market since 1994 and seeing it correct downward twice. While buyers are paying strong prices now in Broadmor, I believe that is partly due to low inventory in Baton Rouge in general and not certain they’re actually thinking about the location to be paying this much?!! I think this great flood desperation to find a home to settle into, low inventory and low mortgage rates are causing buyers to really NOT think through some of these home purchases. And, it’s not just in Broadmoor but in ALL of Greater Baton Rouge based on the extremely high prices historically buyers are willing to pay. There’s no doubt in my mind Broadmoor will correct downward again.
I was shocked to see a buyer paid close to $400,000 in Broadmoor in 2016. Also shocked to see a buyer pay close to $250,000 only 2370sf and the home was not cosmetically updated. Even if a buyer spent $60,000 to update the home, they wouldn’t see a return on your “investment” in their lifetime.
LOOK AT THE CHART ABOVE AND SEE BROADMOOR HOME SALES PRICES DECLINED FOR 13 STRAIGHT YEARS…13 YEARS, FROM 2001 TO 2014! Understandably, when a Home Appraiser watches a market slide downward for 13 STRAIGHT YEARS, naturally there’s going to be some caution in the mind of local Appraisers in 2016-2017.
Based on the neighborhood lifecycle concept, it’s definitely been in the maturity phase for decades…can it maintain this phase without declining? It has declined before and risen back. Since Hurricane Katrina and then Hurricane Gustav, both the Broadmoor and Sherwood Forest market have been prone to deep corrections in sales prices.
What happens when Cortana Mall closes? Will it become a vacant eyesore and adopt some similar negatives north of Florida Blvd or transformed into a thriving transportation or freight depot for the trucking industry with access to Interstate 12 only 3 miles away? UPS perhaps? Only time will tell.
Since 1/2016+ Broadmoor Subdivisions: 120 Sales from $60,000 to $399,800, Median Sales Price $178,250, Median Sold Price $83/sf, Average LP/SP Ratio 97%, Aveage 55 Days On Market, Average Size Home Sold: 2,237sf
January 1, 2016 to May 21 2017 Broadmoor Trends
120 Sales from $60,000 to $399,800
Median Sales Price $178,250
Median Sold Price Per Sq. Ft.: $83/sf
Median SP/LP% 98%
Average Sold Price: $182,697
Average Sold Price Per Sq. Ft.: $82/sf
Average SP/LP% 97%
Homes Sold From $30/sf to $111/sf
Average Days On Market: 55 Days
Median Days On Market: 35 Days
Average Home Sold Was 3 Bedrooms, 2 Baths and 2,143sf
The “Average SP/LP% 97%” or Listing To Sales Price Ratio means the average home sold for 3 percent less than listing prices.
Data Source: Based on data provided by Greater Baton Rouge Association of REALTORS / MLS from 1997 to May 21, 2017, extracted on May 21, 2017.