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Most real estate professionals are aware of the slowdown in the Capital Region, especially in the residential market. While discussing that with a local developer, he said I needed to check out Jamestown at Old Perkins.
The 108-acre, planned-unit development on Perkins Road at Pecue Lane is being developed by the Alvarez Real Estate Group. The only sale of which I was initially aware was a commercial lot to the Greater Baton Rouge Association of Realtors for construction of their new office building.
But my conversations with developer Carlos Alvarez indicated they had been “blessed with the new development.” Alvarez said 30 homes were under construction and only two do not have contracts. Five deals have closed, with another five scheduled to close this week.
Alvarez credited the success of Jamestown at Old Perkins (below) to value and price. He has 20 floor plans ranging in square feet from 2,001 to 2,375 and in price per square foot from $117 to $125. Amenities include granite countertops, stainless steel appliances and high ceilings.
“If you are looking for a free-standing, single-family home, it is difficult to find something in the $250,000 to $290,000 range with any comparable amenities,” said Alvarez, who also is developing Forest Creek on Tiger Bend Road near Jones Creek Road. “We have an excellent product, and the market is responding to that.”
I asked Carlos who was purchasing homes in Jamestown at Old Perkins. His initial response was “very nice people.” When pressed for more details, he said some were first-time homebuyers and some were older people who wanted to downsize, “but most are those who have compared our product to others and decided this was the best deal for the buck.”
Westport Linen property sold
Westport Linen recently purchased a portion of the former Kornmeyer’s building on Florida Boulevard. Louisiana Office Supply bought the entire building, subdivided it into two units and sold the rear portion to Westport Linen, a commercial laundry service.
The original Westport Linen facility, at 4150 Florida Blvd., has been sold to an adjoining owner, Capital City Storage, for $450,000. The sale included about 18,000 square feet, for a price of $25 per square foot that reflects the need to renovate the facility.
Hank Saurage with Saurage Company Realtors brokered the transaction.
Capital City Storage plans to convert the building for self-storage use.
Siegen office condo sold
Richard Carmouche developed one of the latest office condominium developments, Siegen Highlands Office Park, on Siegen Lane near Highland Road. One of the buildings in the development has sold.
Mougeot Architecture closed earlier this month on a 2,500-square-foot condo built by Carmouche and designed by Ike Capdevielle at 10434 Siegen Ln. The sale price was $400,000, or $160 per square foot.
Kent Walker with Donnie Jarreau Real Estate Company brokered the transaction. The seller was Siegen 7 Developments, a custom home-building company owned by Thomas Guerin. Mougeot Architecture is moving from its current location off Essen Lane and needed more office space as the firm expands its operations.
