Say what you will about 2016, but when it comes to high-end real estate in Baton Rouge, the much-maligned year was not only good but great—especially for those seeking top-dollar for their luxury homes and the real estate agents representing them.
As Business Report details in its new cover story, seven the 10 most expensive home sales in East Baton Rouge Parish identified through public records topped $2 million. Not so long ago—as recently as 2012, for example—only one home in the local market sold for more than $2 million, and at the time agents thought that was a good year.
“I’ve been with C.J. Brown for more than 30 years and 2016 was better than any year I can remember,” says Ann Mullins, who brokered a $2.35 million sale in Oak Alley last March.
As in years past, the majority of top-dollar sales were in either the Country Club of Louisiana or Jefferson Place-Bocage, which had three homes each make the top 10 list. Other exclusive areas included Moss Side Place, Oak Alley, Woodgate Crossing and Highland Shadows.
Also noteworthy is the fact that more than 15 homes sold for more than $1.2 million, which, again, is a record number. Just a few years ago, Business Report’s top 10 list included several homes that sold for between $1 million and $1.5 million. Now, homes in that range don’t even make the cut.
Local real estate agents who specialize in the upper-end segment of the market cannot say for sure what was behind the 2016 boom, but they all agree it was one for the books.
“I think it says a lot for the confidence people have in the market,” says Ruthie Golden of Pro Sold Realty, who sold the most expensive home in the market last year for $5.5 million. “It shows there is a real confidence in the future of the market.”
Buyers seeking high-end homes wanted several things: Good locations in desirable neighborhoods and quality design, adds Mullins, who noticed a resurgent demand for traditional, south Louisiana architecture.
While seven-figure homes were in high demand and sold quickly, Quita Cutrer, of Burns & Co., who brokered several of the priciest deals in the market, says that phenomenon was not true across the board. High-end home sales were strong, as were sales of smaller homes and starter homes in desirable neighborhoods. But homes in the $500,000 to $700,000 range didn’t do as well.
“Homes in that middle price range kind of stagnated,” says Cutrer. “I’m not sure why, but there seems to be more demand for the high-end and the lower-end inventory, which, if it’s any good at all, just flies off the shelf.”
Get a peek at 10 of the most expensive homes in Baton Rouge. Also, check out related stories about Baton Rouge’s most expensive commercial deals last year and why more Baton Rougeans are going to great lengths to keep their home buys out of the public record. Send your comments to editors@businessreport.com.
