Terrytown and Gretna Real Estate Market Report – November 2007

In the 2006 post Katrina market, Terrytown and unincorporated Gretna saw a huge 52% increase in the number of homes sold and 16% jump in the average sales price.  This type of growth, with a reduced metropolitan area population and declining real estate market, could not be sustained through 2007.

Terrytown and Gretna Real Estate Market Report as of 11/29/2007

The number of homes sold in Terrytown and unincorporated Gretna fell from the record 2006 level by almost 41%, recording the lowest number of home sales in the area since 1993.  Tighter lending requirements and negative national media attention on the real estate market have pushed many potential buyers to the sidelines. 

Sellers must be realistic about the amount of competition they are facing when supply is high and demand is low.  Price adjustments may be in order for a large number of properties in order to stimulate interest from qualified buyers.  An absorption report can be a valuable tool in determining if a price reduction would put sellers in a better position within the current market.

After double digit increases in average home sale prices in 2005 and 2006, the average sale price for 2007 has decreased by 0.15%.  Although this is a small decrease, I anticipate that prices will continue to be pushed downward as the number of qualified buyers is limited and the number of active home listings has remained steady for almost 2 years.

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®. or feel free to leave a comment!

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.  Please visit my website to view homes for sale or to receive your free home evaluation of your West Bank property.

Copyright 2007.  Lisa Heindel, All rights reserved.

Harvey and Marrero Real Estate Market Report – November 2007

As the West Bank real estate market continues to slow, I took the time to research long term real estate trends in Harvey and Marrero.  Due to overlapping MLS areas, I could not completely separate Harvey and Marrero statistics, but I was able to divide them based on their location East of Barataria Blvd. and West of Barataria Blvd.

Harvey and Marrero Home Sales as of 11/29/2007

East of Barataria Blvd.

East of Barataria Blvd. there has been a more than 47% reduction in the number of homes sold in 2007 when compared to 2006.  This is the largest decrease in sales on the West Bank with the exception of Belle Chasse, which decreased by more than 49% and is the lowest number of home sales in 15 years.  Additionally, the average sales price declined by .04%.  As homes remain on the market for longer times, pressure is being placed on home sellers to reduce their prices in order to appeal to the limited number of qualified buyers shopping in the area. 

An absorption report can be a valuable tool in taking a bird’s eye look at the current market conditions and determing where to price your home to maximize it’s appeal.

West of Barataria Blvd.

West of Barataria Blvd. there has been a 10.74% increase in sales prices, but a decrease of over 33% in the number of homes sold.  Homes in this area have historically been very reasonably priced.  However, the double digit increases in average sales prices for the last 4 years, in addition to tightening lending requirements and increased insurance costs, are having a negative effect on the number of homes being sold. 

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®. or feel free to leave a comment!

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.  Please visit my website to view homes for sale or get a free online home evaluation of your West Bank property.

Copyright 2007.  Lisa Heindel, All rights reserved.

November 2007 Real Estate Market Report – Westwego, Avondale and Bridge City LA

As 2007 comes to a close, I’m taking a look back at historical home sales on the West Bank of New Orleans.  Unfortunately, it’s difficult to separate data for Westwego, Avondale and Bridge City, so they are combined to give the most accurate picture of home sales in the area.

Real Estate Trends in Westwego, Avondale and Bridge City, LA

The number of units sold in 2007 is running about 38% lower than the number of homes sold in 2006.  While 2006 was an incredible year for sales on the West Bank, this is a dramatic decrease in a short time period and marks the lowest number of homes sold since 1998.  With drastically fewer buyers entering the market, it is critical for home sellers to price their homes properly.  An absorption report will give you an overview of what’s selling in your market – what price ranges are most popular, the number of competing listings in each range and how many months of inventory is currently on the market.

Average Home Prices in Westwego, Avondale and Bridge City, LA

After double digit increases in 2005 and 2006, average sale prices increased by less than 1% from 2006 to 2007.  With 30 days remaining in the year to close pending sales, this small increase may be negated if December prices drop.  The pressure is on home sellers to reduce their listing prices in order to compete for the limited number of qualified buyers.  Tightening lending guidelines and increased insurance premiums will continue to have an effect on the West Bank market.

Buyers have a huge number of homes to choose from in today’s market and are quickly moving on from overpriced listings and are opting to purchase homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions (such as closing cost assistance or repair allowances) as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®. or feel free to leave a comment!

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.  Please visit my website to view homes for sale or get a free home evaluation of your West Bank property.

Copyright 2007.  Lisa Heindel, All rights reserved.

Belle Chasse LA Real Estate Market Report – November 2007

Belle Chasse Louisiana Real Estate Market as of 11/29/2007

As 2007 winds down, I have spent some time researching and analyzing sales trends for the last 15 years on the West Bank. 

Here are the current real estate market conditions for Belle Chasse, Louisiana: 

Single family home sales in Belle Chasse have dropped dramatically from 135 homes sold in 2006 to 68 homes sold so far in 2007, a decrease of over 49%.  While 2006 was a banner year for home sales and would be hard to match, this is the lowest number of homes sold in Belle Chasse since 1998. 

What do decreasing home sales mean?  Lower numbers of home sales result in a longer marketing time for properties for sale and downward pressure on home prices.  While the average home price in Belle Chasse has continued to rise (see chart below) the number of people investing in Belle Chasse real estate continues to drop each month.  Proper pricing is crucial in the current market to make your home stand out above the competition.

The average home price in Belle Chasse has continued upward, from the 2006 average of $277,226 to the current 2007 average of $294,466, an increase of more than 6%.  As the number of sales continues to decrease, prices will more than likely follow. 

Tightened mortgage lending guidelines and increased insurance costs are making it more difficult for borrowers to qualify at the same levels as in years past.  Home sellers in Belle Chasse should keep a close eye on the absorption rates to be sure that their homes are priced to sell, rather than priced to sit.

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums. 

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home. 

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®.

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel  provides full time, professional real estate services to home buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more. 

#1 Seine Court, Suite 100  New Orleans, LA 70114

Copyright 2007. Lisa Heindel, All rights reserved.

Choctaw River Parade: The End of a Tradition?

In an email from the Captain of the Krewe of Choctaw this morning, it was announced that the annual River Parade may be in jeopardy…another victim in the aftermath of Hurricane Katrina. 

Prior to the 2006 Mardi Gras season, the River Parade was held on one of the ferry boats that usually travels between Algiers and Canal Street on the Mississippi River.  A unique event, the ferry boat would cruise up and down the river, followed by the fire boats, Coast Guard and tug boats. 

Post Katrina, with no ferry boat available to use, the River Parade was moved onboard the Steamboat Natchez and Choctaw continued to hold the parade, starting from the Gretna ferry landing.  This 70 year tradition of the only krewe to hold a River Parade in the New Orleans area may, sadly, be coming to an end.

For the 2008 Carnival season, there is still no ferry boat available for the River Parade.  The Steamboat Natchez has almost doubled the price of renting the vessel for this event.  Choctaw has been dedicated to remaining a family friendly krewe and has kept their dues low to encourage participation in the West Bank Mardi Gras celebration.  This price increase by the Natchez has resulted in a budget shortfall that may mean the cancellation of this decades long tradition.  The krewe, which is a non-profit organization, has insurance coverage for docking and other fees already in place, but cannot absorb this price increase that the Steamboat Natchez blames on rising fuel and labor costs.

If ANYONE knows of a local business that would be willing to help in sponsoring or co-sponsoring this traditional West Bank Mardi Gras event (scheduled to take place on January 19, 2008) please contact the Captain of the Krewe of Choctaw at (504) 364-3963 or (504) 616-3710.  Help keep the West Bank Mardi Gras tradition alive!