Quick-take: Trying to keep the purchase of high-end mansions off the top 10 home sales list—and from public view—is apparently still a thing in Baton Rouge.
Ask local real estate agents what trends they observed in the high-end segment of the market in 2018 and they’ll tell you, with more than a little frustration, that a growing number of buyers—and sellers—are recording just a nominal sale price of $10 or $100 “and other valuable considerations” on conveyance documents.
It’s a way to keep the actual sale price out of the public record and it’s perfectly legal, according to local real estate attorneys, who say Louisiana law does not affirmatively state that an accurate sale price must be listed in publicly recorded sale documents.
It’s a major annoyance to appraisers and brokers, however, who are increasingly forced by their clients to sign nondisclosure agreements. Keeping the sale price of a property out of the public record robs the market of precious data—the “comps” or sale prices of comparable nearby properties that are used by professionals, buyers and sellers to determine value.
The five homes listed below were all recorded at sale prices of $100 and other valuable considerations or less, according to the Multiple Listing Service. Those include homes of more than 7,000 square feet that sit on multiple acres in some of the city’s toniest subdivisions.
While not all the homes below would have been among this year’s Top 10 Most Expensive Homes had their actual sales price been recorded, given their list prices—which in several cases were near or above the $2 million mark—and what they have to offer, it’s likely they would have been on the list.