New Orleans West Bank Living and Real Estate News: November 2008

Next week the kids are out of school and the grocery stores will be packed with folks hunting and gathering all of the things they need to prepare too much food for too few people. For many, it's a stressful time, trying to do everything just so. I don't know about you, but I usually need a break from all of the preparations and look forward to some time out of the house just to have a little fun.

What could be more fun than Turkey Bingo?

The Sunshine Club of Algiers is sponsoring it's annual Turkey Bingo on Tuesday, 11/25/2008 in the Holy Name of Mary School cafeteria in Algiers Point.

Since the 1930's, the Sunshine Club has distributed holiday baskets to between 150-200 local families in need. The big, annual spaghetti dinner was canceled this year due to Gustav, so Turkey Bingo needs your support!

Winners of the bingo games get their very own turkey to take home and it's a wonderful way to spend a little quality time with friends, family and neighbors. Here's a thought - if you win, the Sunshine Club will gladly take that turkey as a donation towards the Christmas baskets that will be distributed on December 20th.

The first game starts at 7:30 pm and bingo cards are only $1.50 each. Watch out for those power players that can play a table full of cards at once! Kids, as always, are welcome and there will be food, drinks and sweets available along with a parade of prizes and a 50/50 raffle.

For more information, contact Gary Laigast at (504) 450-7460.

Happy Thanksgiving!

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.

I know...I've gone on and on about the statistics.  Over 85% of today's buyers are looking on the internet for their new home.  Listings with multiple photos and virtual tours get more views and more attention from buyers than those without.  Kind of common sense, huh?

Well, if I know this, and you know this, then please tell me why there are agents who still don't get it.  I'd really like to understand. 

I was going through the MLS this morning, looking for the perfect new listings to send to my buyers.  Here's the info on the 40 that I viewed this morning:

• 4 had only 1 picture (the MLS allows us to upload 8 photos)
• 19 had NO pictures and
• Zero - that's right - not a single one of them had a virtual tour

Despite the glowing descriptions, carefully crafted by the listing agents, it all comes down to one question.  Is this how you attract a buyer to your property?

Interested in buying a West Bank home or selling your West Bank home?  Contact Lisa Heindel.  It would be my pleasure to assist you with all of your real estate needs.

Copyright 2008.  Lisa Heindel and West Bank Living.  All rights reserved.

There is a perception of many REALTORS as middle aged women or men with too much/not enough hair, too much make up, too much perfume, too much gaudy jewelry, too big of a car....everything in excess and then on top of all of that - they are PUSHY, PUSHY, PUSHY!

Don't talk to the REALTOR...if you give them a phone number, they will call you every day and hound you about buying or selling a house.

Don't talk to the REALTOR...if you give them your email address, they will send you more spam than those male enhancement companies about buying or selling a house.

Don't talk to the REALTOR...they are desperate now that the market has changed and will tell you anything to get you to buy or sell a house.

You get the picture...

I, for one, am tired of the old REALTOR cliches, as true as they may be for some in the industry.

I'm looking forward to the day when I can hear:

Talk to my REALTOR...she communicates with me in the way that I want and keeps me up to date with useful information about the market in my area

Talk to my REALTOR...he sends me the newest listings and lets me decide what I like

Talk to my REALTOR...she knows what's going on in today's market and the neighborhoods

Talk to my REALTOR...he has contacts for everything - mortgages, inspectors, title companies

Talk to my REALTOR...she made buying/selling easy and fun

Am I dreaming too big?

Originally published at West Bank Living

What a gorgeous Saturday!  Sun shining, a sky so clear it almost hurts to look at it, and the fall breeze is finally blowing.  What a perfect day to be outside on the West Bank.  After showing a couple of houses this morning, I spent some time wandering around the farmer's markets, picking up a couple of things here and there and taking pictures.  How was your Saturday?

First stop, Gretna Farmer's Market

Besides all of the salsas and sauces and fresh produce, there were some wonderful homemade breads.  After much deliberation, I chose the tomato, olive and goat cheese pizza bread- YUMMY!! 

While strolling through the market, I saw that a gentlemen was selling muscadine wine, so I stopped and asked him about muscadine jelly.  It's one of my favorites...my grandmother used to make it for us all of the time, but I rarely find it anywhere.  He didn't have any, but he kindly suggested that I try some of the other local farmer's markets - it's out there, I just need to find the right person.  OK, I know just where to go.

Back in the car and off to the Westwego Farmers and Fisheries Market.

There were pony rides for the kids (and some adults too!), a band playing on the stage, local art on display, and lots of fresh produce.  After grabbing my bag of satsumas, I continued to explore.  Finally, JACKPOT! 

A table full of jams, sauces, pickled green beans and (YAY!) muscadine jelly.  Nichole Rodrigue, of Jovial Jellies Pickles & Preserves had a great selection of reasonably priced items and will even create made to order gift baskets all year round.  I can't wait for breakfast tomorrow - anyone want to join me for coffee and a hot, buttered biscuit with muscadine jelly?

Please support your West Bank businesses!

• The Gretna Farmer's Market is located on Huey P. Long Avenue between 3rd and 4th Streets and is open every Saturday from 8:30 am to 12:30 pm, rain or shine.
• The Westwego Farmers & Fisheries Market is located on Louisiana Avenue in Salaville and is open every Wednesday and Saturday from 9:00 am to 1:00 pm, rain or shine.
• Jovial Jellies Pickles & Preserves - visit them at the Westwego market.  You can order gift baskets by calling (504) 352-5115 or emailing Nichole Rodrigue at  nlrivere@cox.net.

If you are considering buying or selling a home on the West Bank of New Orleans, please contact Lisa Heindel.  It would be my pleasure to assist you with all of your real estate needs.

Copyright 2008.  Lisa Heindel and West Bank Living.  All rights reserved.

Originally published at West Bank Living

This week, the news came out that Starbucks projects a more than 90% drop in 4th quarter 2008 earnings.  As changes in the economy are forcing some consumers to tighten their budgets, high priced coffee is no longer selling at the rapid pace that it once was.  At the same time, McDonald's posted an increase in third quarter 2008 earnings, with much of the continued growth attributed to the value levels of its menu.

As the economy tightens, how long will consumers continue to justify paying $4 for a cup of coffee when they can get an entire breakfast, coffee included, right down the block?

I don't think that it's a stretch to apply this same question to the current West Bank real estate market as many sellers cling to their higher listing prices while loudly and proudly proclaiming "I'm not giving my house away".

Sellers need to review the current market and their pricing and ask themselves:  How many buyers are dismissing you as the Starbucks of the neighborhood and driving down the street to order from the value menu at McDonald's?

Take a close look at the 2008 and 2007 year to date average sale prices on the West Bank.  There is not a single community that hasn't been affected by falling real estate values.  Obviously, some areas have been affected more than others, and individual neighborhoods may be performing better or worse, but the general trend is for lower sales prices.

Now look at the average listing prices in the same areas.

It seems to me that there is a large supply of $4 lattes on the market.  That's too bad, because I'm taking my qualified buyers to McDonald's.

Buying or selling on the West Bank of New Orleans?  Contact Lisa Heindel.  It would be my pleasure to assist you with all of your real estate needs.

Copyright 2008.  Lisa Heindel and West Bank Living.  All rights reserved.

This post was on the back burner, waiting for a day when I had nothing to write.  But, my good friend Colleen Fischesser, REALTOR extraordinaire of Maple Valley, WA asked me today about the different listings statuses in my market compared to hers.  So, Colleen, this is for you :)

A lot of time and effort goes into the analysis of the West Bank real estate market each month.  But, if you are not a real estate geek (like me) or have lived in another part of the country where the terms used are different, then some of it may seem like Greek to you.

Here is a quick and easy primer on the different real estate listing statuses used in each months West Bank market reports: 

Active - currently listed for sale in the MLS (multiple listing service - a central database of all property in an area listed by real estate professionals)

Pending - an offer has been accepted on the property, but the seller is continuing to allow potential buyers to view the property  - usually in hopes of getting a back up offer.  Typically, this status means that inspections and the appraisal have not been completed yet.  In some cases, sellers are not 100% warm and fuzzy that the contract will make it to closing and want to hedge their bets a bit by continuing to show the property up until they receive a clear to close from the buyers mortgage company.  A special note to sellers:  When there is a large number of homes for sale (like now) most agents will not show a property that is in a pending status to avoid disappointing their buyers.

Open Predication - an offer has been accepted on the property, but the buyers are still trying to sell their existing home.  Usually a predicated offer has terms that give the buyers a specific amount of time to sell their home or to remove the predication if another acceptable offer comes in. During this time, the sellers will allow showings to other qualified buyers.

Under contract - an offer has been accepted on the property and the seller is not allowing showings.  Things happen though, so if the house you've had your eye on is "under contract", ask your agent to keep you updated in case it comes back on the market.

Closed - the sale has been completed and the property has been transferred to the new owners.

Not so hard, right?  Stay tuned for the next real estate lingo lesson, coming soon to a West Bank real estate blog near you!

Copyright 2008.  Lisa Heindel and West Bank Living.  All rights reserved.

Originally published at West Bank Living

Current real estate statistics for Terrytown and Gretna (70056) as of 11/5/2008:

• 189 active listings, priced from $39,900 to $1,590,000
• Average listing price of $226,697
• Median listing price of $179,900
• 6 pending sales (continuing to show) priced from $30,000 to $235,000
• 1 open predication (waiting on buyers home to sell) priced at $209,000
• 19 under contract listings, priced from $30,000 to $499,000
• Based on October 2008 sales, there is a 9 month supply of homes for sale in Terrytown and Gretna LA, down from 12.9 months in September.
• What changed?  A 50% increase in the number of sales from September to October directly impacted the projected supply.

Terrytown and Gretna LA - Number of Homes Sold October 2008

On average for 2008, 18.9 homes have sold in Terrytown and Gretna each month, compared to 28.4/month at the same time last year.  The number of homes being sold in the community has dropped substantially from the last 4 years. 

Why the lower numbers?  No single reason impacts an entire community, but tighter credit restrictions and high home prices combine to shut many first time buyers out of the market.  Sellers who continue to cling to their "I'm not giving my house away" prices are staying on the market as they are passed over for more aggressively priced and marketed homes.

Terrytown and Gretna LA - Average Home Sale Price October 2008

The Terrytown and Gretna real estate market was full of artificially inflated home values at the end of 2005 and throughout 2006 and 2007.  These prices could not be sustained in our current market - as a result, the average sale price has decreased over $14,000 so far this year.  It concerns me to see the average sale price drifting upward each month given the much smaller pool of qualified buyers who are looking in the area.

All data provided by GSREIN and is deemed reliable, but not guaranteed.

These reports are intended to provide an overview of the Gretna and Terrytown real estate market and your neighborhood may be experiencing a different micro-market that is performing better or worse than the entire zip code.  If you would like a more detailed report for your particular subdivision, contact Lisa Heindel.  Knowing the realities gives you the knowledge to make the best buying or selling decision.

Related Reading:

• Are You REALLY Ready to Sell Your West Bank Home
• Home Selling Tips
• Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers

Copyright 2008.  Lisa Heindel and West Bank Living.  All rights reserved.

Originally published at West Bank Living

After the recent election, voters made it clear that they want the City of New Orleans master plan to not only be utilized, but to have the force of the community and law behind it. This week we all have a chance to make our voices heard during the planning meeting for Districts 12 and 13, Algiers and English Turn.

When? Thursday, 11/13/2008, from 6:30 pm to 8:30 pm

Where? O. P. Walker High School, 2832 General Meyer Ave. in Algiers

This district meeting will focus on planning and zoning issues that impact all of Algiers, including English Turn and the lower coast. I firmly believe that if we don't participate by sharing our vision of what we would like our community to be, we can't complain about the end result!

I also think it is especially critical for West Bank residents to participate. Without massive damage, we have often been an "afterthought" in post-Katrina planning.

As one of the best New Orleans neighborhoods, we all need to step up and help take charge of our own futures. For more information about the master plan, visit www.nolamasterplan.org.

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.

Originally published at West Bank Living

Current real estate market statistics for Belle Chasse LA as of 11/5/2008:

• 62 active listings, priced from $73,900 to $1,700,000
• Average listing price of $386,993
• Median listing price of $302,500
• 2 pending but continue to show listings, priced from $138,000 to $233,900
• 4 under contract listings, priced from $41,900 to $399,500
• Based on October 2008 home sales, there is a 8.9 month supply of homes for sale in Belle Chasse LA, down from 11.8 months in September

Belle Chasse LA - Number of Homes Sold October 2008

Belle Chasse homes continue to sell at an average rate of 6 to 7 homes per month, putting the community on track to meet or exceed the number of sales recorded in 2007. These sales numbers are a significant change from 2004-2006, for a couple of reasons:

• The number of post Katrina home sales were much higher than the average due to the relocation of a significant number of home owners
• Property values in Belle Chasse, which are the highest on the West Bank, have risen to the point that many first time home buyers cannot afford to live in the community unless they are willing to take on a property that needs an almost complete renovation

Belle Chasse LA - Average Home Sale Price October 2008

Following the national trends, the prices of homes that have sold in Belle Chasse has continued to drift downward each month. While the month to month variations in averages are due to the small number of homes sold, the year to date average sale price gives a better picture of the market - homes are selling at prices more than 10% lower than in 2007.

Home sellers who are keeping track of the trends and adjusting their prices accordingly will be at the top of the list for the discriminating buyers out there today.

All data provided by GSREIN and is deemed reliable, but not guaranteed.

While these reports provide an overview of the Belle Chasse real estate market, your neighborhood may be experiencing something a little different. For a detailed report on your subdivision, contact Lisa Heindel. Success in selling your Belle Chasse home is all in the details.

Related Reading:

• Belle Chasse Real Estate Market Reports
• Home Selling Tips and FAQs
• Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.

Originally published at West Bank Living

Current real estate statistics for Harvey LA as of 11/5/2008:

• 195 active listings, priced from $51,500 to $598,000
• Average list price of $190,561
• Median list price of $159,900
• 6 pending but continue to show listings, priced from $129,900 to $227,000
• 42 under contract listings, priced from $20,000 to $499,000
• Based on October 2008 sales, there is a 9.75 month supply of homes for sale in Harvey

Harvey LA - Number of Homes Sold October 2008

The number of homes sold in Harvey LA continues to remain stable from month to month, although the inventory (number of homes for sale) still indicates a buyer's market in the community. There are a fairly substantial number of pending sales that are falling apart each month. Many times it is due to the fact that home sellers have not grasped that there is stiff competition for qualified buyers and they must be willing to be flexible - whether on price or on making necessary repairs.

Sellers who are "holding out" for their dream price may be left holding their house for a long time.

Harvey LA - Average Home Sale Price October 2008

What puzzles me is why the average listing price went UP from September to October. Home sellers who are keeping an eye on the market should know that real estate prices in Harvey LA have been on the decline for the last 2 years.

Rather than following the pack and pricing at or above what you neighbor is asking for their home, you should be realistically pricing your home based on real, comparable sales. This remains the best way to get it sold quickly - or if not quickly, at least faster than other competing listings.

All data provided by GSREIN and is deemed reliable, but not guaranteed.

These reports are intended to provide an overview of the real estate market in Harvey. Your particular neighborhood or subdivision may be experiencing something different. Don't guess at what your Harvey home is worth - use a West Bank real estate professional to determine the right price and the right plan to get you moving.

Related Reading:

• Previous Harvey LA Real Estate Market Reports
• Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers
• From For Sale to Sold in Under 60 Days

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.