Central Homes: Market Looks Bright

Market Analysis by Realtor Jr. Shelton

CENTRAL — As a Realtor, the most common question asked of me is, “How’s the market?”

And the answer is simple: It is really pretty good!

For Central, the real estate market is good and only going to get better over the next few years.

Nationally, there are some markets that have taken a hard hit, but local markets vary greatly.

Here in Central we have plenty of room for growth and lots of large land masses that can contribute to lower overall lot costs.

We have our own school system that makes us attractive to young families, and we are a newly-incorporated city, which allows us to strategically plan for good growth.

Interest rates are at record lows.  While mortgages may be harder to come by because of stringent underwriting rules, those who qualify for new mortgages are better risks.  In the long run, this will make for a stronger economy and more sustainable values of homes with fewer foreclosures.

Let’s look at Central specifically.  We have six subdivisions actively being built in at the present time — Village Lakes, Magnolia Square, Wisteria Lakes, Morgan Springs, Burlington Lakes, and The Gates at Burlington.  These developments vary in price and styles, but all have lots of building activity going on in them.

The different price points available help attract new home sales to Central.

The Gates at Burlington is an age-restricted development for those 55 and over.  This is a unique subdivision that attracts buyers who may otherwise never consider Central.  The tranquil lifestyle has always made Central a place buyers wanted to locate in.

When the Central Thruway is completed, Central will perhaps see a boom in building that this area hasn’t seen since the late ’70’s.  With Central connected to South Baton Rouge and I-12, many buyers will realize the benefits of living in Central.

New developments are on the drawing board for Central with Twin Lakes Estates on Denham Road being the latest approved.

The continuing development of new subdivisions is proof that many see Central real estate as a good value.

All of these developments are detached, single-family projects.  Other developments coming to Central will be town homes.

The largest of these so far is Vieux Carre at Central Square, and a smaller development is located at the corner of Core Road and Joor Road.

These town homes fill a niche for home buyers who can’t afford a larger home or don’t want the responsibility of a yard to maintain.

Having a variety of home styles for buyers helps Central stay in the forefront of the real estate market.

With new homes starting in the $156,000 to $220,000 price range for starter homes, and town homes from $165,000, Central can attract that first-time home buyer that we were missing just a few years ago.

All price ranges of homes are available in Central, from single lot home sites to acreage sites.

Of course, the biggest attraction to Central real estate is our school system.  The State Department of Education recently named Central as tied for No. 3 among the 70 public school systems in Louisiana.  And it is not just our public system that is good — we also have excellent private and parochial schools and day care centers that give parents choices for their families.

Central’s small town atmosphere cannot be overestimated when buyers are looking for that ideal home.

Equally important is Central’s low crime rate.  While there is a small amount of crime in Central, it is insignificant in comparison with many areas in our state.

Another plus for our real estate market is that we can be “one stop shopping” for real estate.  Central has many Realtors living here who know this market well.  We have enormous support from real estate businesses, banks, mortgage brokers, closing attorneys, and appraisers.  Doing real estate business here is easy when you realize the businesses located here work together to boost our economy.

Of course, there are things that need to be improved to maintain our good real estate market:

• We need good infrastructure of roads and sewers.  The connectivity value cannot be ignored as to its added value in land values.

• We need businesses that will add to our quality of life.  Retail shops, restaurants, and service businesses are needed here, in order to give homeowners the conveniences of life.

With more residential development, businesses will see the opportunities in Central, and I believe they will come quickly.

The one area that we lack in the real estate market in Central is a good inventory of previously owned homes. The reason for this is, I believe, that when people move to Central, they don’t leave.  They don’t move around as they do in most communities.

There are no specific statistics for Central, but I am sure our home-
owners stay in their homes far longer than the five to seven year national average.

So, Central is benefiting from all-time low interest rates (under five percent), our school system, low crime, our land available for development, and our country atmosphere.  With these many pluses, Central should enjoy strong real estate sales and increasing values for years to come.

So, How’s the Real Estate Market in Central?  I’d say it’s Great!