January 21, 2010

Pelican Point Real Estate Market Analysis - 2009 Year-end Report

Pelican Point Real Estate Market Report

This report summarizes and compares the Pelican Point housing market in 2009 and compares it with previous years. In terms of unit sales, approximately the same number of homes sold in 2009 as did in 2008. While down slightly from 2008, the re-sale market segment remains ahead of pre-Katrina levels. New construction, on the other hand, is way down from years preceding 2008.

Looking at absorption rates, it is definitely a buyer’s market in the subdivision. There are significantly more homes for sale than demand supports. Home buyers are likely to find bargains while home sellers should set themselves apart from the competition.

Pelican Point Real Estate Absorption Rates

Since Pelican Point is comprised of a number of different filings, each with it own unique characteristics, when examining pricing it is useful to look at individual street addresses. The following chart examines pricing in the resale market segment in terms of the price per square foot of living area. We can see that there has been a softening of prices in many areas. This is, in my opinion, due to the buyer’s market condition that exists. In general, prices in Ascension parish as a whole have held for the resale market.

The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. The data are presumed accurate but are not warranted.

As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.

(225)413-3634 phone (866)723-5477 fax

don@thehomevendor.com - email

www.TheHomeVendor.com www.DonAndAlishaStern.com

www.LiveAscension.com www.PelicanPointHomes.com

www.WaterfrontPropertyLA.com

MarshallBond.TheHomeVendor.com

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July 12, 2009

Pelican Point Real Estate Market Analysis - 2009 Mid-Year Report

Filed under: Ascension Parish, Uncategorized — Tags: Ascension, Ascension Real Estate, Pelican Point, Pelican Point Home Sales, Pelican Point Real Estate — admin @ 2:50 pm

Pelican Point Real Estate Market Report

2009 Mid-year Report

This mid-year report is the result of my analysis of data retrieved from the Greater Baton Rouge Association of Realtors MLS
database. Only data relating to detached single family (DSF) homes were included. None of the townhome sales were included in this
analysis as they represent a different product. As I have done in the past, I made a distinction between new construction and previously owned (re-sale) homes.

While the projected overall unit sales in Pelican Point are down from 2008, we can see improvement in new construction units sold.
Sales of previously owned homes are down from last year but, at current absorption rates, will be ahead of sales in the pre-Katrina year
of 2004. The following chart illustrates this point.

Overall, previously owned homes in the subdivision have held their value. The average price per square foot of living area has held
at $121.56/sq.ft. This is about even with 2008 sales but down from the selling prices in the years immediately following hurricane
Katrina. At $121.56, however, homes are selling well ahead of pre-Katrina prices. Homes in Pelican Point are diverse but,
in general, similar homes are on a given street. For that reason, I’ve analyzed the re-sale data by looking at sales by street. The following
chart shows selling $/sq.ft. and unit sales by street.

The next chart again shows that re-sale prices have held steady between 2008 and 2009. New construction prices, however, have declined
a bit from the high seen in 2008 but have remained higher than the average $/sq.ft. for the years 2004-2007.

Fewer than 2 homes per month are being sold in the re-sale market segment. With 29 homes currently listed, it is clearly a buyer’s market.
At current absorption rates there is a 15.8 month supply as the next chart illustrates.

The new construction segment has a 9.6 month supply at the current absorption rate of 0.8 homes per month. Drilling down through price
range, one can see that so far this year no homes over $400K have been sold yet there are four available. I would encourage builders
to refrain from building homes in this price range until the market for them rebounds.