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Perkins Rowe Impact On Baton Rouge Home Prices Study

Brought to you by Bill Cobb Appraiser, Accurate Valuations Group and BatonRouge Housing Reports

Yesterday I pinned the article, Baton Rouge Real Estate: Perkins Rowe Proving To Be Desirable Hot Spot , inwhich I said, The area around Perkins Rowe is enticing to me and my family. We love to spend time at CCs CoffeeHouse, Starbucks, Barnes and Noble Book Store, California Pizza Kitchen and shopping in general. Areasubdivisions home owners are hoping and seeing their home values rising because of the close location to PerkinsRowe. Ive included two (2) recent article showing strong demand to be close to Perkins Rowe, a 2 acre lotpurchase and the recent commercial appraisal showing a 10% increase in value over the past year.

Was it accurate to have stated that the presence of Perkins Rowe shopping and entertainment center was actuallycausing local subdivision home values to rise? I've completed an indepth housing study on the closest ten (10)subdivisions with enough home sales to establish a pattern of value. It's very difficult in most housing markets toextract, for certain, whether one particular amenity contributes how much of a percentage of value increase ordecrease. For example, these ten subdivisions, from 2010 to 2012, could be adjusting to post Hurricane Katrina,The Mall of Louisiana favorable location, the enormous retail and restaurant presence on Siegen Lane. CertainlyPerkins Rowe has a large draw to it during the weekends. And, overall in 2012 in this immediate "hot" market andGBRMLS Area 53 in general, home prices have been increasing.

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1.) Wimbledon Estates: YES, values rose from $93/sf to $98/sf and partially because of two totally odd $325K and$470K home sales.

2.) Settlement At Willow Grove: YES, values rose from $185/sf to $200/sf

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3.) Oak Hills Crossing: NO, sold price per sq. ft. actually declined $10/sf, only slightly because of 1 corporaterelocation sale and 1 short sale.

4.) Quail Meadow and Quail Ridge: NO, sold price per sq. ft. actually declined $12/sf caused by a generalcorrection within the incredibly steep prices, only 1 distressed sale in 2012.

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5.) Windermere: YES, values rose from $130/sf to $137/sf

6.) Oak Hills Area Subdivisions (Several Different Names and Filings): YES, values rose from $108/sf to

$112/sf

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7.) Iberville Terrace: NO, sold price per sq. ft. actually declined and that's because in 2010, there were two verylarge and odd home sales in the $300's. The average home price is in $170s.

8.) Oakridge Subdivisions:YES, values rose from $126/sf to $143/sf

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9.) Greenbriar Hollow:NO, sold price per sq. ft. actually declined $4/sf

10.) Myrtle Grove Garden Homes:NO, sold price per sq. ft. actually declined $114/sf to $105/sf, BUT the median

sold price rose from 2010 to 2011 and 2011 to 2012

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