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Real estate recap: DDD launches facade improvement grant program … B.R. foreclosure rates inch lower in February … Home builders, former NFL players partner on ‘Touchdown for Homes’
From the Baton Rouge Business Report
Discounted facelifts: The Downtown Development District has launched a grant program benefiting homeowners in the DDD boundaries who make improvements to the facades of their homes. The Downtown Residential Facade Grant Program provides up to $500 to eligible improvements that are visible from the public right of way. The grants require a 50% match and do not have to be repaid as long as property owners meet the general requirements of the program. Grant guidelines and a pre-application form are available here.
On the down low: A report from CoreLogic says 2.39% of homes in the Baton Rouge metro area were in some stage of foreclosure in February—a decrease of 0.41 percentage points from February 2011 and a smaller dip of 0.03 points from January. The U.S. foreclosure rate in February was 3.41%, a drop of 0.18 percentage points on the year, while the Louisiana rate was down 0.51 points from February last year, to 2.48%. Baton Rouge’s mortgage delinquency rate—the percentage of home loans more than three months past due—also dipped 0.22 points year-over-year to 5.75% in February. That’s also lower than the U.S. rate of 7.24% and the Louisiana rate, which dropped 0.31 points on the month to 6.3%. See a CoreLogic map of February foreclosure rates in the Baton Rouge area by ZIP code here.
Home field advantage: A coalition of homeownership industry professionals will gather on the steps of the Capitol at 2:30 p.m. Wednesday to promote homeownership and kick off a partnership program between the Louisiana Home Builders Association and the National Football League Players Association’s New Orleans Former Players Chapter. The groups’ efforts are part of a nationwide charitable outreach program called “Touchdown for Homes,” which brings together former NFL players and home builders to strengthen communities by constructing or renovating homes for local families in need, including U.S. military veterans. New Orleans was selected to be a participating city because it will play host to the 2013 Super Bowl. To learn more about the program and find out how you can contribute, visit the National Association of Home Builders website here.
Month to date residential sales in East Baton Rouge
| Sold Terms | Total | Total List $ | Total Sold $ | Avg List $ | Avg Sold $ | Med Sold $ | Avg DOM | Avg DTC | Avg $/SF | % SP/LP |
|---|---|---|---|---|---|---|---|---|---|---|
| CASH | 50 | $9,303,479 | $8,914,001 | $186,069 | $178,280 | $139,500 | 102 | 29 | $98 | 95.81% |
| CONVENTIONAL | 184 | $47,547,208 | $45,699,326 | $258,408 | $248,365 | $220,000 | 92 | 42 | $115 | 96.11% |
| FHA | 119 | $19,547,114 | $19,062,609 | $164,261 | $160,189 | $152,500 | 85 | 42 | $97 | 97.52% |
| FMHA | 1 | $227,850 | $227,850 | $227,850 | $227,850 | $227,850 | 428 | 49 | $120 | 100% |
| OTHER | 5 | $776,800 | $759,400 | $155,360 | $151,880 | $148,500 | 51 | 23 | $96 | 97.76% |
| OWNER FINANCING | 1 | $1,400,000 | $930,000 | $1,400,000 | $930,000 | $930,000 | 420 | 17 | $169 | 66.42% |
| VA | 12 | $2,394,900 | $2,346,600 | $199,575 | $195,550 | $174,050 | 88 | 38 | $100 | 97.98% |
| TOTALS | 372 | $81,197,351 | $77,939,786 | $218,272 | $209,515 | $180,500 | 92 | 40 | $113 | 93.08% |
Jefferson Place Condominiums, Baton Rouge, la 70809
What a remarkable complex in the heart of the city. Tons of greenspace, walking trails, clubhouse, workout facility, pool, access to almost everything in minutes. Take a look at these pictures of an upcoming unit and of the model unit.
Open House this sunday in Lexington Estates! 3284 Grand Way, Baton Rouge
Custom designed by Mark Mathews, AIA, Architect.
Enter this New Orleans style home to brick arches and
antique pine beams, antique pine floors, and custom
McArthur fireplace. Granite in all baths and kitchen,
even in utility room! Kitchen has gourmet stainless
appliances including Thermador range, pot filler, and
cypress cabinets. Large keeping room has a fireplace
and the entire area has slate floors. There is a home
office center just off of kitchen. Very functional triple
split floorplan. Master bedroom has antique pine floors
with adjoining luxurious bathroom with multi-head
custom shower and Jacuzzi tub. There is a huge “bonus
room” above the garage large enough for a pool table
or media room. There is a “mud’ area by back door,
with storage for everyone’s daily baggage. Home is
pre-piped for central vacuum system and has Control4
Smart Home System with audio zones, lighting and air
conditioning controls through remote or touch pad.
Updates to my website
Just wanted to let everyone that uses my site to search for baton rouge homes, I have made some changes. I added some new content and I will be adding an AWESOME new search feature by Wolfnet. This should be a major improvement from the current one. Thanks for following my blog and have a great weekend.
Tim Houk
First Time Homebuyers lets get a move on it!
I am just here at the office thinking of how INCREDIBLE the new stimulus tax credit is going to be this year. The new provisions state that you can get up to 8000.00…and here is the kicker. You DO NOT have to pay it back!!!! Last years version, which was 7500, must be paid back over the course of 15 years starting in 2010. So, if you were really were hesitant to purchase a home due to closing costs, down payment, etc. Fear not! Here is a chance to have that money from your savings replenished. FREE!! Here are some other provisions :
- Will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729,750 through the end of 2009.
- Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.
- Extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010; increases the credit rate from 10 percent to 30 percent; raises the lifetime cap from $500 to $1,500; expands the list of eligible improvements.
- For 2008 operations, expands the net operating loss carryback period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the previous three years).
- Temporarily allows exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects.
- Provides a “patch” for the Alternative Minimum Tax for tax year 2009.
- Increases bonus depreciation and section 179 small business expensing for business investment in 2009.
- Increases New Markets Tax Credit allocating authority for 2008 and 2009.
- Delays for one year—from 2011 to 2012—the start of the three percent government contractor withholding requirement.
New professional networking site for Realtors
I attended a number of technology seminars while at Keller Williams Family Reunion this past week. Many emphasized the growing popularity and necessity of social and professional networking sites. A new one that is gaining some momentum for realtors is www.brokeragentsocial.com. It currently has about 5000 members and is getting a lot of positive response from critics
Tim Houk
Luxury home foreclosure – 35211 Beverly Hills Drive
WONDERFUL luxury home that is about to be bank owned. Home needs to be finished. I would suggest making an offer much lower as it is still the highest priced home that is currently active in Fountain Hill subdivision in Prairieville, La.
Specs:
5 bathroom, 3.5 bath, 4434 sq ft of living! “Wired for speakers in master bedroom, living room, kitchen, & porches; other appointments include cypress cabinets, exposed beams, millwork, lots of natural light, pine floors in office, dining & master bedroom; travertine tile in master bath, with ceramic tile in remainder of downstairs flooring. Upstairs flooring is carpet & ceramic tile. Plumbing for outside gas BBQ, Wired for flat screen TV above fireplaces in master bedroom & living room. Seller will consider lease/purchase.”
Contact me for more details!
Foreclosures down 23% in Louisiana
In an interesting piece of news, foreclosures are down 23% statewide. Compared to 28% increase nationwide, we are faring quite well! While I personally don’t think we have seen the worst of it yet, in Baton Rouge and surrounding areas, it is a good sign that our market won’t be overwhelmed – hopefully. I do hear that we will begin to see a lot of incomplete homes coming on the market from builders and contractors who are are behind and carrying too much inventory. I also see a lot of investment property coming available as well. Investors this is the time to move.
Read the article here
Tim Houk