Will Waton Gravel Pit Lower Oak Hills Subdivision Denham Springs Home Values?
Will Oak Hills Subdivision Watson Denham Springs 70706 home values decline because of this proposed gravel pit?
“Only time and future home sales can answer this question and it’s far too early to make a judgment.” – Bill Cobb, Greater Baton Rouge’s Home Appraiser
NOTE: I’ve received questions from 1 Oak Hills homeowners and 2 local REALTORS® about this situation. This is not the first time I’ve shared thoughts on this topic both privately or publicly. The first time was just after announcement July 22 when a concerned REALTOR® called to inquire. I am not publishing this to draw light to this issue rather to try to answer the obvious in this matter – the questions Oak Hills homeowners hold.
I just received a phone call from a Local Agent about this topic for a purchase in Oak Hills. The answer is: Whatever influences are going on in a market, positive or negative, is already priced into that market. This being a new situation, it will take time and future Oak Hills home sales to determine “IF” this gravel pit so close will negatively impact home values.
See the Letter I purposely obtained from In Livingston in 2005 about “Zoning” stating,
“Livingston Parish Louisiana DOES NOT have any zoning of any sort outside of any of the municipalities.”
This means that outside city or town limits of Denham Springs, Watson and Walker, there is ZERO zoning except for subdivision covenants or restrictions. This is why there’s a Horse and Donkey in Meadowwood Park Subdivision and in Lynda Lee Subdivision. And, we know over time that these “restrictions” are loosened.
What I’ve learned over 23 years as an Appraiser is that the less Zoning in a market, the easier it is to lose home value….and that could possibly happen in Oak Hills, only time will tell.
http://www.wafb.com/story/26058696/residents-in-watson-could-see-gravel-pit-in-their-backyards
August 14, 2014
http://www.knoe.com/story/26280240/watson-residents-oppose-proposed-gravel-pit
Will Oak Hills Subdivision Watson Denham Springs 70706 home values decline because of this proposed gravel pit?
It may not. Example: Look at the developer that wasn’t so bright to build Carlton Oaks Subd on Eden Church Rd next to RR Tracks and that large industrial plant that exploded and left homeowners not able to get to their homes for about a week. Did that hurt Carlton Oaks home values over time? Not necessarily. And, it looks like to me that Plant is running just like it was before with a potential for another explosion (not exactly sure if any measures were taken to make sure this doesn’t happen again).
In Livingston Parish, there’s not much of any zoning except in municipalities and individual subdivision restricts AND anything goes outside municipalities. This anything goes is what can hurt homeowners. Financially, it’s a struggling Parish with 100’s of new subdivisions developed from 1992 to 2006 that now need new repaved roads that the Parish can’t afford to overlay. Livingston needs major industry within to create a missing tax base and while this new Juban Crossing is a positive feel, it’s not going to fill the void of needed property tax dollars. These subdivision roads not being properly maintained is causing some subdivisions to lose home value and hurt homeowners.