The expansion of the Parker Place subdivision is evidence of just how active the Ascension Parish market is right now.
Parker Place Estates LLC recently purchased a 16-acre tract on La. 929, just south of Parker Road, for what will be known as Parker Place Phase II. The sale closed Feb. 10 for $400,000, or $25,000 per acre.
The property was part of the Hebert Estate, and the sellers, which included Judy Hebert Burns, Darlene Hebert Jones and Henry Matthew Hebert Jr., were represented by Gary Binns with Realty Executives. Chris Pike with Michael Falgoust and Associates represented the purchaser.
Parker Place is being developed by David Law, who plans to connect the 16-acre tract with the existing Parker Place subdivision and develop 27 additional lots. About three acres that front La. 929 will be developed with three estate lots.
“We have a total of 46 homes under construction in Parker Place, and we were running out of lots to sell. The smaller home builder has nowhere to go to purchase lots because the larger tract builders are buying lots in bulk and building out entre subdivisions,” says Law. “We are not selling to tract builders, so there has been huge demand for our lots.”
Parker Place requires that homes measure a minimum of 2,000 square feet and bring prices of at least $150-per-square-foot.
“We have some pre-sold homes with contracts for over $450,000. Land cost and development cost have pushed lot prices from around $60,000 to $70,000, and there are almost no lots available in Ascension Parish,” Law says.
Law has three more developments on the drawing board and indicated he had commitments for most of the lots in those developments. The Ascension market is being driven by the anticipated job growth in the industrial sector, and Law says that unless there is a major catastrophe, demand should continue to be strong.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.
