http://www.appraisersinbatonrouge.com/ - USA Today: Baton Rouge real estate market holds its own

Christine Dugas with USA Today is reporting on the good fortune of the Baton Rouge Real Estate Market in 2009. Her article is here: “Baton Rouge real estate market holds its own” Here’s a snippet from the indepth report:

“•Sales status. In October, home sales were 2% higher than the same month last year. The first-time home buyer tax credit has been a catalyst. This year, first-time buyers accounted for 40% to 45% of sales, Daly says.

•Price points. The first-time buyers have focused on the market’s low end. With high-end homes selling more slowly, the median price in October was just 1.3% higher than a year ago.

•Local economy. Baton Rouge almost escaped the recession. “Historically, it always hits us a little later, and we get hit much lighter than the rest of the nation,” says Loren Scott, a Baton Rouge economist.

In October, the area’s unemployment rate was 6.8%, compared with the state rate of 7.4% and the national rate of 10.2%. In part, that’s because Baton Rouge’s chemical firms and petroleum refineries provide steady employment. And the area also benefited from legislation passed to rebuild after Hurricanes Katrina and Rita.

“There is an unusual amount of construction going on,” Scott says. “Much of it is building new plants that are hiring more people.”

•Hot ‘hoods. Until recently, Capital Heights, a historic neighborhood, was not very desirable and was dominated by rentals. But a non-profit association is helping revitalize Mid City, a region that includes Capital Heights.”