New Orleans, LA Real Estate News

By Darryl Glade, New Orleans Real Estate
(RE/MAX N.O. Properties)
Everybody is talking about it…are we going towards a recession in 2008? A recession would certainly not be good and it would hit investor portfolios very hard…those same portfolios that were hit hard in 2007! I just read an article in BusinessWeek that speaks directly about the recession risk that we are facing in the United States. The article is very interesting and breaks down the issues into four main sections; The Credit Crunch, The Housing Slump, The Federal Reserve, and The Global Economy. BusinessWeek surveyed 54 forecasters for their annual outlook their views on the subject and then analyzed the results. According to BW, only 2 of the forecasters expect a recession! Overall, the forecasters expect the economy to grow 2.1% this year. It is noted that the economists’ prediction...
Comments 0
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
We've heard the songs again and again, since childhood.  Carnival Time, The Second Line, Mardi Gras Mambo.  We know the words and sing along.We've seen the mega parades.  Bacchus, Endymion, Orpheus.  We line the streets of uptown and downtown and hope that the crowds aren't 15 people deep if we are stuck in the middle.We know the only appropriate colors to wear if not masking during the season are purple,green and gold.  There exists a Mardi Gras tradition that only a few are aware of or have participated in.  A tradition set atop the currents of the Mississippi River, with the city skyline providing the backdrop.  An opportunity for ordinary citizens to rub elbows with Carnival royalty and their court while enjoying music, dancing and a terrific view of the city while cruising the migh...
Comments 17
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Bank owned properties are currently available in Algiers, Gretna, Belle Chasse, Harvey, Marrero, Westwego and Avondale, LA.   These foreclosed properties can be a good value when purchasing a home and will sometimes provide instant equity at closing depending on the purchase price.  Foreclosed and bank owned homes in excellent and very good condition are generally ready to move into, while homes in lesser condition may need some repair or updating.  The cost of making updates and repairs is typically reflected in the list price of the property.Foreclosures are sold in "as is" condition, meaning the selling institution will not make repairs to the property.  Before shopping for a foreclosure or bank owned property that may need a little TLC on the West Bank of New Orleans, I suggest that...
Comments 3
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Louisiana doesn't get to be first for a lot of things, so I was very excited to find out that the American Society of Home Inspectors (ASHI) recently ranked our state #1 in the nation for our home inspection regulations.  Why is this exciting?  Because it means that the state is doing an excellent job of protecting the tax paying consumer!  Since January 1, 2001, the Louisiana legislature has required all persons performing home inspections or claiming the title "home inspector" to be licensed by the state.  The Louisiana State Board of Home Inspectors (LSBHI) governs all home inspectors throughout the state, ensuring that they are in compliance with industry guidelines and adhering to the the LSBHI Code of Ethics.  If you have had a problem with a Louisiana home inspector that you have...
Comments 12
By Darryl Glade, New Orleans Real Estate
(RE/MAX N.O. Properties)
Bank of America just bought Countrywide, the number 1 mortage lender, for $4 billion and may have saved the US economy.  Ok, that is a bit of an exaggeration!  But there is some level of merit to that statement. Countrywide services about 1 in 6 home loans in the US and a bankruptcy would have created a major risk in the US economy.  Bank of America has avoided that risk by purchasing the falling company.  A bankruptcy of Countrywide would have probably shifted huge financial risk to Freddie Mac and Fannie Mae.  The reason it would have affected those government agencies is because they are heavy buyers of Countrywide loans.  So while I know Bank of America is not a savior of the economy, it definitely helped us avoid a potential catastrophe. The question around the financial markets r...
Comments 16
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Today's home buyers have become more security conscious, they often have a desire to become more involved in their neighborhood activities and they are more keenly aware of the affects of a neighbor's property condition on their home value.  These factors have led to an increase in the demand for West Bank homes in gated communities with a strong  Home Owners Association.  A true gated subdivision or community limits access to the neighborhood through the use of an electronic gate, on site security, or, in some areas, a combination of the two.   For some buyers, it offers peace of mind.  For others, it brings a sense of prestige.  Before you buy a home in a gated community, there are a few things you need to know.What is an HOA?In 2006, it was estimated that over 23 million homes, repr...
Comments 15
By unknown unknown
it seems all you have to do is walk out the door. i walked out the door this morning checking on the parish crew i had out working on my sewer line and bam. i was chatting with the truck driver. she said "you do real estate, i see the sign on your truck", "well yes i do!". " i need a house" BAM. i put her on the phone with one of my mortgage contacts and she qualifies! we are house hunting this weekend. i did let her know she should shop rates. and not only that i have one of her friends is getting qualified too. so again i say from one of my previous blogs things are ready to pop.
Comments 2
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
When most people think about living in a golfing community, they picture themselves in Florida, California, Arizona or the Carolinas, which for years have had established golf communities.  They don't think about moving to the New Orleans area, where golf is a year round activity with our sub-tropical environment.  If you are a golfer relocating to the New Orleans West Bank or even looking for a great place to purchase a second or vacation home, check out these courses and communities that would be perfect for you.English TurnLocated in Algiers, LA, English Turn is a Jack Nicklaus designed, 18 hole course, listed as one of the Top 100 Golf Communities by Travel & Leisure in 2006.  The 18th hole has consistently ranked as one of the most challenging in the country by the PGA.Living in En...
Comments 15
By Darryl Glade, New Orleans Real Estate
(RE/MAX N.O. Properties)
Regardless of what’s going on in the market, people will always be buying and selling real estate. According to Richard Gaylord, NAR president, 2007 existing home sales was higher than 2002 (which was a record-breaking year). Not bad in my opinion! We just have to remember to put things into context…We got used to the boom that we have recently experienced. Real estate is a long term investment, so we should not have gotten used to the short term high gains we had during the boom. Looking at real estate as a long term investment (which it is) this is the best time to buy! Low interest rates and plenty of choices makes 2008 look like a great year to buy. New Orleans has a number of homes on the market that can fit anyone’s criteria! NAR is predicting that interest rates will remain the ...
Comments 0
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Are you considering a vacation way down yonder to New Orleans?  Or perhaps you are being relocated to the Big Easy.  Maybe, just maybe, you've lived in the city for awhile but haven't taken the time to fully explore it yet.  Well, leave Bourbon Street, the bars and the casino behind and check out some of these amazing things to do in New Orleans, Louisiana.   Louisiana Philharmonic Orchestra  In addition to regular performances, the LPO offers programs designed to introduce children to the orchestra.  Open rehearsal dates are listed on the website - for only $5 your middle or high school student can see the inner workings of a professional orchestra.   New Orleans Ballet Association  Featuring performances from nationally recognized ballet troupes as well as local dancers.  The Ballet A...
Comments 19
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
After a sales boom in the post Katrina real estate market, 2007 was a year of declining home sales on the West Bank of New Orleans.  While prices held steady or even showed slight increases in some areas, the real story is the number of closed home sales.  As the number of homes for sale continued to increase from Algiers to Avondale, the actual number of homes sold dropped throughout the year.  Many cities on the West Bank showed the lowest sales volume recorded in more than 5 years and the supply of homes for sale has reached the point that it will take more than a year to sell in some areas.  This is a good time for sellers to review my suggestions for treating selling your home like a business.  I don't have a better way to describe the West Bank real estate market other than it is,...
Comments 6
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Bank owned properties in Algiers, Gretna, Belle Chasse, Harvey, Marrero, Westwego and Avondale, LA can be a good value when  purchasing a home and will sometimes providing equity at closing depending on the purchase price.  Foreclosed and bank owned homes in excellent and very good condition are usually ready to move into, while homes in lesser condition may need some repair or updating.  The cost of making updates and repairs is generally reflected in the list price of the property.Foreclosures are sold in "as is" condition, meaning the selling institution will not make repairs to the property.  Before shopping for a foreclosure or bank owned property that may need a little TLC on the West Bank of New Orleans, I suggest that you take the time to meet with your mortgage lender to determ...
Comments 4
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
It's a new year with a whole new slew of West Bank events taking place this weekend!  Making your plans?  Here are some great places to start:King Cake Kick Off PartyTrinity Lutheran Church, 438 Olivier St. in Algiers Point will be holding its  annual kick off for the Mardi Gras season.  Food, drinks, king cake...and Benny Grunch and the Bunch will perform.  Sunday, 1/6/08 starting at noon.Gretna Carnival Kickoff ParadeSunday, 1/6/08, starting at 1 pm.  Hosted by the Krewe of Alla, the start of the West Bank Mardi Gras parade season will begin at the base of the CCC at Franklin Street and parade through Gretna.  Check the Times-Picayune for the complete parade route. West Bank Blood Drive Get your limited edition Blood Center sweatshirt with your donation this weekend.  Friday from 7 am...
Comments 27
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Welcome to New Orleans!Moving into a new area is always a bit of a challenge, especially when you don't have the luxury of a lot of time to decide on a new home.  As a military transferee with orders in hand, you are faced with deciding where to live rather quickly.  Most people who have never been to the New Orleans area don't know much about us except for what they've seen on TV.  Speaking as a native, I can tell you that there is a whole lot more to the city than Mardi Gras and Bourbon Street.   A little about New OrleansThe entire region is steeped in history, great architecture, world class food and an active community of artists and musicians.  There are daily opportunities for fun and you will never have to say "There's nothing to do".  Bored?  No way.  Festivals, fairs and famil...
Comments 18
By Darryl Glade, New Orleans Real Estate
(RE/MAX N.O. Properties)
So I was listening to the radio this morning and heard the “Louisiana Rebuilds Minute.”  It is a segment that the local radio station 89.9 WWNO airs and the person discusses something topical for New Orleans.   This one was about the problem surrounding Entergy complaints and the new solution. Before this new solution, one had to complain to an Entergy representative…obviously it rarely worked out in the customer’s favor!  Now you are able to have an independent third-party arbitrator hear your complaint.  Granted, this only applies to disputes that cannot be resolved by the customer service representatives but it is still a pretty good step!  Great for New Orleans and other Entergy customers! If you have a dispute click here for specific instructions on how to begin your resolution pr...
Comments 0
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Within Algiers we have so many diverse neighborhoods that a general state of the market report may be misleading to some.  Here are some of the most popular neighborhoods in the area, along with their 2006 and 2007 sales statistics.It must be noted that 2006 was a boom year for real estate sales on the West Bank, due to the large number of people relocating after Hurricane Katrina.  With our reduced population in the metro area, that sales volume could not be sustained over a long period of time, and decreases in volume were to be expected.  The higher sales prices that were commanded in 2006 were a direct reflection of the increased demand for housing in non-flooded areas.  Again, as people have settled into different areas, prices have decreased to reflect the lessened demand for hous...
Comments 6
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
As we close the calendar on 2007 and enter a new year, take a look back at the historical trends for home sales in Algiers, zip code 70114. Some highlights worthy of mention:99 homes were sold in 2007, a decrease of 33% from the number of homes sold in 2006.   This marks the smallest number of home sales in the area in 9 years.  71 (72%) of the homes sold in 2007 had a list price of less than $200,000. Days on market climbed to an average of 102 days, up 59% from 2006. As of 1/1/2008, there are 98 active listings and 18 homes with accepted offers that have not closed yet.  Based on 2007 sales, this amounts to a 12 month inventory in the 70114 zip code if no more homes are listed. Average home sale prices increased slightly from the 2006 average of $157,378 to $160,994, a 2.3% increase. ...
Comments 0
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
As we close the calendar on 2007 and enter a new year, take a look back at the historical trends for home sales in Algiers, zip code 70131. Some highlights worthy of mention:311 homes were sold in 2007, a decrease of 39% from the number of homes sold in 2006.   This marks the smallest number of home sales in the area in 14 years.  213 (68%) of the homes sold in 2007 had a list price of less than $200,000. Days on market climbed to an average of 95 days, up 56% from 2006. As of 1/1/2008, there are 198 active listings and 43 homes with accepted offers that have not closed yet.  This amounts to over 6 months of inventory in the 70131 zip code if no more homes are listed.              Average home sale prices dropped from the 2006 record high of $184,187 to $178,397, a decrease of 3%.  Whil...
Comments 4
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
Working in the service industry (a euphemism for bartender), my oldest daughter always has some of the most interesting friends that I have ever met.  They are amazing young people from all walks of life that happen to have met up in the same place at the same time and struck up friendships that went beyond last call.A couple of weeks ago, she was telling me about her friend, Mike, who is a local artist.  This piqued my interest, since I am a HUGE fan of not only shopping locally, but supporting local artists as well.  The most unique art in my home has come from right here in the New Orleans area and those few pieces mean more to me than all of the rest put together.  There is a heart and soul to our local artists and their work that surpasses the average.  They travel off the beaten p...
Comments 21
By Lisa Heindel, New Orleans Real Estate Broker
(Crescent City Living LLC)
 Can you believe that Mardi Gras is right around the corner?  The Christmas decorations are not even tucked back into their boxes yet, and the Carnival season in New Orleans has already begun.  Mardi Gras 2008 is February 5th (quite early), so the balls have started taking place throughout the city.Last night, the Krewe of Choctaw held it's 25th annual Big Pow Wow at Mardi Gras World on the West Bank in Algiers, LA.  While most krewes hold balls, Choctaw, with its Native American theme, holds a Pow Wow, complete with Chief, Princess, Medicine Man, Maids and Maidens, Indian Braves and Papooses.    Mardi Gras World provides the perfect venue for a Carnival event...it comes predecorated with huge props and full size floats!  Traditional purple, green and gold banners hung from the ceiling,...
Comments 22