Baton Rouge Real Estate Condo Update: Jefferson Hills Condominiums Price Correction Decline

http://www.batonrougehousingreports.com/ - Baton Rouge Real Estate Condo Update Jefferson Hills Condos Price Correction Decline.

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The Curse of Hurricane Katrina On Some Baton Rouge Condo Buyers -- those that bought at high prices immediately following the Hurricane. Jefferson Hills Condos is one example! Post Katrina, there was an enormous over supply of Condos, Condo conversions and Townhomes flooding the market creating an enormous glut, which is taking years to unravel. Yes, the term "upside down" applies in some situations.

With the $107,000 sale in 2011 of an updated unit, a new low has been set. And, there are 12 MLS Listings plus 1 FSBOBR listing making for 13 total listings, which in a 120 unit development would be an OVERSUPPLY of listings. And, the term "seller in denial" applies as there is 1 listing for $123,000 with only 1,004sf based on wishful thinking.

OVERSUPPLY! For this specific 2 bedroom attached unit market, there were 35 competing MLS Listings, not including several FSBO listings versus only 23 competing solds in the past 12 months.

WEAKER LISTING TO SALES PRICE RATIO! The Listing-To-Sales-Price-Ratio is simply the percentage of what a home sells for versus what it was listed for. If a home is listed for $299,900 and only sells for $285,000, it sold for 5% less or 95% Listing-To-Sales-Price-Ratio. For this specific 2 bedroom attached unit market, this percentage has been weakening from 98% to 96% to 95% in current 1-3 months. This means that those units listed at $109,900 could possibly only sell for $104,400 if the 95% holds true in the transaction.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of 01/01/2005 to 12/08/2011. This information was extracted on 12/08/2011.

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