Blue Heron has been an interesting case this month with one home sold on the market. The home’s value was $864,000 which is a premium level in the Lafayette community. However, the price per square foot for this home was $155, which is significantly lower than the neighboring community of Indian Peaks.
The size of the home in Blue Heron was larger, at about 5,000 total square feet. Because it is a larger house we would expect the price per square foot to decreas. However, when compared to the Indian Peaks home which was closest in size and sold this month, the price is significantly less. The home in Indian Peaks was Lone Eagle Point, which has 4,566 square feet and sold for $165 per square foot. That means that Blue Heron sells for about 7% less than Indian Peaks, which to me suggests that Blue Heron is currently a sleeper neighborhood that has an opportunity for significant growth in the coming year as Buyers migrate to the quality of the community and cost savings compared to Indian Peaks.
It appears like there are a few Sellers who are aware of this price deficiency in Blue Heron. They are pushing the value in the neighborhood hoping to begin to make up the deficit. However, they have also been listed on the market for upwards of a month. This says that they might not be able to make the leap between price per square foot in one single leap. I’m rooting for them! Blue Heron is a beautiful, quiet and mature neighborhood.
March 2016 HOMES SOLD
Single Family Homes
|Type||Price||SqFt||Address||$ per SqFt||% SALES to LIST||Days On Market||Days Till Contract||Beds Bath||Community|
|RES||$864,000||5583||2548 Cowley Dr||$155||99%||51||3||5/4||Blue Heron South|
|RES||$679,900||3867||2522 Westward Dr||3/3||Bkue Heron South|
|RES||$1,150,000||5564||1767 Casey Ct||5/5||Blue Heron Estates|
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