Real estate recap: The Elysian to break ground Wednesday … NAHB hosts webinar on new appraisal rules … EBR building permits drop in April, but valuation rises
Going up: A groundbreaking ceremony for The Elysian—a four story, 100-unit mixed-income apartment complex at North 13th Street and Spanish Town Road—will be held Wednesday at 10 a.m. Many local officials, including Mayor Kip Holden, are slated to be on hand to mark the occasion. The Elysian will consist of one-, two- and three-bedroom apartments developed in response to the anticipated demand for quality affordable rental housing outlined in the 2011 Louisiana Consolidated Action Plan for Housing and Community Development, which estimates 7,000 additional units will be needed in the Baton Rouge market by 2013 for households earning less than 80% of the median area income. Read more about the project in a recent Daily Report story here.
Never stop learning: The National Association of Home Builders is hosting an hour-long webinar at 2 p.m. Wednesday to explain changes in appraisal standards and practices. Too often, NAHB says, because of the use of faulty appraisal practices, new homes are incorrectly compared to distressed properties that have been sitting vacant and in disrepair, which can result in a home being appraised at less than the cost of construction. The webinar is free for NAHB members and $44.95 for guests. Get the full details and register online here.
On file: The number of building permits issued in East Baton Rouge Parish was off by 6% in April compared to the same month a year ago, according to the latest report by the city-parish inspection department. A total of 1,682 projects received a permit during the month, down from 1,793 in April 2011. The total value of the permits issued this April, however, was 13% higher than those from a year ago, at $42.4 million. Valued at $3.5 million, the largest project getting a permit last month was a planned Associated Grocers supermarket at Highland Road and Perkins Road East called Alexander's Highland Market. Read the full story from Daily Report here.
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