So I’m playing around on Facebook this morning seeing what’s going, when I get into this conversation about homes in Forest Hills Subdivision in Haughton Louisiana. Now first, a little background. This conversation is about a post from our main website that shows all posts for sale in Forest Hills Subdivision:
During this conversation I had come across some appraisal data about a particular house that was appraised at 8.57% less than a new house. I immediately took the opinion of the appraiser and jumped to the conclusion that used houses in Forest Hills Subdivision sell for 8.57% less than new houses. To me this finding was alarming and and suggested that one might need to look at purchasing used houses in Forest Hills rather than new houses. After all, if this statement were true it would practically mean that a home in Forest Hills loses 8.57% of its value the moment it becomes a used house. To me, a new house pretty much becomes a used house once you buy it, and you are the first owner.
But then one of the people participating in the conversation told me that this was simply not true. Being the type of person I am I decided to go on a fact finding mission and discover if in fact my assumption were true. So I took all the houses that have sold in Forest Hills for the past 4 years. Out of 69 houses, 60% of them were new houses, 40% were used houses. The average price of a new house was $127.76/sf. The average price of a used house was $126.86/sf. Given this, my calculations show new houses in Forest Hills sell for 0.7% more than used houses, which is certainly inside the margin of error. So therefore, I had to concede the statement above about new houses in Forest Hills selling for 8.57% more than used houses is indeed not true.
So then I look to the appraisal data to try to discover why the original house in question is priced at $8.57% below the average market value in Forest Hills. After just a little digging I discovered that this particular house is one of the largest in the subdivision at nearly 4000 square feet. In Forest Hills, given the data sample, only 3% of the houses that have sold in the past four years are greater than 3%.
A lesson that can be learned from this. If you do find yourself shopping for houses in a subdivision where new houses are selling for substantially higher than used houses then you might better stick to the used houses. You wouldn’t want to take a hit on the value of your house decreasing just because you bought it new.
This simple conversation unleashes a lot of market data about the Forest Hills Subdivision in Haughton, Louisiana. Check it out:
- If you are shopping for a house in Forest Hills expect to pay about $127 per square foot if it is less than 2000 square feet
- If you are shopping for a house greater than 3000 square feet in Forest Hills you might be in for a pleasant surprise. As of the publish date of this article, these houses sell for $115-$120 per square foot.
Then just for good measure I have some more opinions to offer about the subdivision just in case you are considering purchasing in Forest Hills:
- Forest Hills is one of the most sought after subdivisions to live in the Haughton / Bossier City area of Louisiana. The one subdivision that is most similar to Forest Hills is nearby Cornerstone Subdivision in Haughton LA.
- It’s family friendly with lots of active parents and year-round locals sports for the little ones.
- The lots are spacious with most lots sized at or just under 1/2 acre.
- Most facilities are within 10 to 20 minutes driving time with only low to moderate traffic.
- It’s only 5-10 minutes to Barksdale Air Force Base
With that, I leave you with a few pictures and a video of Forest Hills Subdivision in Haughton, Louisiana. If you are considering purchasing a home in Forest Hills Subdivision give us a call, and we’ll be glad to show some houses to you.