Want some insight into how East Baton Rouge Parish’s high-end residential market fared in 2017? If so—or if you just like looking at ritzy home sales—check out the cover story in the latest issue of Business Report.
As it does every year, the magazine has compiled a list of the top 10 most expensive residential deals in the market. Three of the most expensive homes sold last year did so for more than $2 million.
The list provides insight into the local residential market which proved to be strong last year and in many cases tilted in favor of buyers—though sellers also fared well.
For example, the most expensive home on the list—the estate of the late T.J. Moran in the Country Club of Louisiana—sold for $3 million. That’s 25% less than its $4 million asking price. The house spent more than 18 months on the market.
In other instances, sellers called the shots. Six of the top 10 homes on the list sold for 95% of the asking price or more, and two sold for the full asking price just days after being listed.
Also, Bocage/Jefferson Place emerged as one of the most sought out neighborhoods last year. The neighborhood boasts four of the top 10 most expensive homes on the list and is, at the moment, the tightest submarket in Baton Rouge, according to real estate agent Quita Cutrer.
“The real story with Bocage is that last year we had a tear down that sold for $850,000,” she says. “A few years ago you could still get it there. Now, you can’t touch anything for under $1 million.”
Business Report also takes a look at the Capital Region’s top commercial deals of 2017. Apartment complexes were a hot commodity. The most expensive deal, The District, sold for $61 million.
Read the full cover package, which includes a sidebar on the lengths high-end home buyers go to keep their big dollar buys out of the public eye. Send your comments to editor@businessreport.com.
