New Orleans Housing Prices Moving Downward?

A Bear Stearns analyst has recently predicted that housing prices in the New Orleans area may continue to decline through 2008 and into 2009. A rebound of prices is not expected until late 2009 or early 2010. Read the entire article here.

 

What does this mean for sellers on the West Bank?

According to my research, NOT A LOT at this time!

Average home prices are holding fairly steady in most areas of the West Bank:

Belle Chasse: Average sale price from 7/1/2007 to present: $300,088. This is an increase of 9% over the average 2006 sales price. Average days on market has increased from 63 to 81.

Algiers, Algiers Point: Average sale price from 7/1/2007 to present: $172,965. This is a decrease of 3% from the average 2006 sales price. Average days on market has increased from 60 to 93.

Gretna and Terrytown: Average sale price from 7/1/2007 to present: $166,957. This is an increase of 0.23% from the average 2006 sales price. Average days on market has increased from 52 to 88.

Marrero, Harvey and Lafitte: Average sale price from 7/1/2007 to present: $181,631. This is an increase of 7.5% from the average 2006 sales price. Average days on market has increased from 52 to 66.

Westwego, Avondale and Bridge City: Average sale price from 7/1/2007 to present: $124,691. This is an increase of 0.83% from the average 2006 sales price. Average days on market has increased from 56 to 68.

While West Bank homes are taking longer to sell, they are continuing to hold their values at this time.

Is it time to sell your West Bank home?

• When putting your home on the market, the best strategy is to price it right from the start. Don’t be one of the highest priced homes in your neighborhood – be one of the lowest! Houses are still selling across the region, but buyers are much savvier and know that some sellers are clinging to a high list price in vain. How much will holding out for a higher price cost you in the long run with continued mortgage payments, taxes and insurance?
• You must closely review your Realtors® market analysis of your home and neighborhood. What are the average days on market for property in your area? What is the average sale price? Unless you are willing and prepared to hold your property for longer than the average, price it to beat out the competing listings.
• Don’t offer buyer incentives such as closing cost assistance or paying for the first year’s insurance premium. Instead, reduce the listing price by how much you are willing to contribute and make your property more attractive to the buyers that are looking now.
• Don’t forget condition! Your home should be in top showing condition before the first potential buyer sets foot across the threshold. Need some guidelines for preparing to sell? Check out these articles:

1. Getting Ready to Sell
2. Getting Ready to Sell – Part II
3. Getting Ready to Sell – Part III

• Stay up to date on the rapidly changing market. For a free report of sales and listings in your area, sign up for my West Bank Real Estate Market Snapshot. You choose how often you would like to receive updates on your neighborhood, delivered automatically to your email.

Whether you are buying or selling a home on the West Bank of New Orleans, please contact Lisa Heindel, Realtor® for all of your real estate needs.

Your West Bank Real Estate Specialist

Bellemeade North and South – West Bank Neighborhood of the Week

The spotlight this week is on the Bellemeade subdivision in Gretna, Louisiana.

The Bellemeade subdivision is divided into two sections, Bellemeade North and Bellemeade South.  Conveniently located, Bellemeade has easy access to both Belle Chasse Highway and Lapalco Blvd. making it a snap to get anywhere on the West Bank in minutes.  Have a golfer in the family?  Bellemeade is just around the corner from Timberlane Country Club and golf course.

Bellemeade residents enjoy an active homeowners association (Bellemeade Civic Association) and a private swim club located inside the boundaries of the subdivision at 501 Brookmeade Drive.  Get more information about the swim club at http://bmswimclub.googlepages.com.

  

 

Here is a market snapshot of this year in Bellemeade:

Active Listings

• There are currently 17 homes for sale

• Price range:  $159,900 to $207,000

• Size range: 1,700 square feet to over 2,500 square feet

• All homes are 3 or 4 bedrooms, with 2 to 2 ½ baths

Under Contract Listings

• There are currently 3 homes under contract

• Price range:  $80,000 to $189,900

• Size range:  1,800 square feet to 2,900 square feet

2007 Sales Activity

• There have been 25 homes sold this year

• Price range:  $78,500 to $235,000

• Average sales price:  $179,000

• Average Days on Market:  95

• Homes sold with a home warranty:  16 (64%)

• Homes sold with seller providing closing cost assistance to the purchaser:  11 (44%)

• Average closing cost assistance paid by seller:  $4,507

Interested in buying or selling a home in Bellemeade?  Please feel free to contact me for all of your West Bank real estate needs.

 

 

 

Your West Bank Real Estate Specialist

 

 

 

 

Political Signs and For Sale by Owners

 

 

Today was election day in Louisiana.  I performed my civic duty, going to the polling place and casting my ballot.  I truly believe that every eligible voter in our state should be involved in choosing our next representatives, from the state level to the local level.  You get out of government what you put into it.   Driving through Algiers today, I had to wonder…why do the candidates think that cluttering up the street corners and neutral grounds with their campaign signs will get us to vote for them?  It’s a mess out there today – signs lining the streets and clustered at the corners.  I hope those same zealous volunteers who took the time to put the signs out this week will be back tomorrow to pick them all up!  These signs violate the city’s sign ordinance – no signs on city or public property without prior approval by the Parks & Parkways Commission and the Commission’s  approval number must be printed on the sign.  I guess our candidates missed that one…

…

                                                        

 

 

 

Do For Sale By Owners know that when they place a “For Sale” sign on public property they are also in violation of the local ordinances?  Fines can be assessed and the Parkway Commission can confiscate any signs on public property.  The local laws are as follows:

                                                              

• Orleans Parish:           Open house signs allowed on public property for a maximum of 4 hours on the day of an open house.  Directional signs (arrows) and for sale signs are not allowed on city property, including neutral grounds.

• Jefferson Parish:        No signs on public right of way.  $500 fine per day/per sign.

• Plaquemines Parish:   No restrictions at this time

• City of Gretna:          No signs on public property.

• City of Westwego:    No signs on public property.

  

Trying to sell your home on your own can be a taxing experience.  Don’t get caught in a situation where you are assessed a fine trying to market on your own.  If you need to sell your home, call your local REALTOR®.  Don’t have a REALTOR®?  Call me, I’ll be happy to help.

 

Your West Bank Real Estate Specialist

Algiers Point Home for Sale – 269 Elmira Avenue

Algiers Point Acadian Home for Sale
269 Elmira Avenue, New Orleans, LA 70114 Click to View Show This renovated Acadian style home in the historic area of Algiers Point is ready for a new owner.Pride of ownership shows in the inviting front garden. Sit and relax on the porch at the end of the day and listen to the sounds of the Mississippi River. Walking distance to the levee and Algiers Ferry. Beautiful mantles, high ceilings, transoms and stained glass accents on front windows. Lots of living space and an open floor plan provides for easy entertaining. Den has an attached office nook. Covered and open rear decks plus a precious outdoor storage space. Great rear landscaping.
Details Asking Price: $285,000 MLS: 712139 Sq. Feet: 1,768 Lot Size: 35×120 Bedrooms: 3 Bathrooms: 2 # of Floors: 1 Subdivision: Algiers Point Year Built: 1905 Property Amenities - Range/Oven - Full Refrigerator - Microwave - Dishwasher - Hardwood floors - Vaulted Ceilings - Security System - Attic - Deck - Grass Lawn - Fenced Yard - Tool Shed - Central A/C - Central Heat - Walk-in closet - Tile floor - Living room - Office/den - Breakfast nook - Laundry area – inside		Contact Info Lisa Heindel Main 504-362-1823 x319 Dir 504-616-6262 Email | Website Other Shows

West Bank Boys & Girls Club Celebration of Rebuilding

Children are not things to be molded, but are people to be unfolded – Jess Lair

Like a lot of others my age, when I was growing up, my mother did not work outside of the home. She was waiting when I arrived home from school at the end of the day, making sure I did my homework before I was allowed to go outside to play or ride my bike. Times have certainly changed….

Single parent families, families where both mom and dad must work to make ends meet, children being raised by extended family members who also have jobs. Where can these kids go after school if there is no one waiting at home?

On the West Bank, they can attend the newly reopened West Bank Boys & Girls Club in Gretna. The Boys & Girls Club has a mission of helping young people in need. They encourage and guide young people to become productive citizens and better students. They are leading our community by example by providing a safe, caring environment to serve the educational and recreational needs of children ages 6-17 for a nominal fee per child.

                                                          

Rebuilt after Hurricane Katrina, the location at 900 10^th Street in Gretna is open on weekdays from 2-7 pm and has all of the following amenities and activities for the kids:

• Power Hour – a period after school when the kids are given homework help by paid professionals
• A gymnasium for athletic activities
• A computer lab
• A teen room
• An arts and crafts area
• A game room

                                                               

The majority of the funding for this program comes from private donations. The West Bank Boys & Girls Club will hold their “Celebration of Rebuilding” on Friday, November 9^th from 7-10 pm at the Club. Open to the public, this is a very worthy cause and allows each of us the opportunity to help in the fundraising effort while enjoying a great evening out. Tickets are $50 per person and include door prizes, food and refreshments and music provided by Amanda Shaw and the Cute Guys. Contact my friend, Loren McGhee at lorenmcghee@aol.com to purchase tickets or for additional information.

You can make a difference in a young child’s life. Please make plans to attend the Celebration or make a donation today.

Your West Bank Real Estate Specialist