New Orleans West Bank Living and Real Estate News: January 2009

Affordable golf course living on the West Bank?  You bet, right here in the Stonebridge Esprit subdivision.

From the welcoming exterior to the tastefully decorated interior to the golf course view from the rear porch and balcony, this newly listed Harvey home for sale has it all!

A visually stunning entry foyer?  Check.

An upgraded kitchen?  Check.

A to-die-for master bath?  Check.

Bonus spaces to suit your wants, needs and lifestyle?  Check, check and check.

Take a sneak peak at what could be yours....

Are you ready to see this gorgeous home up close and in person?  Contact the West Bank Living team to schedule your private showing today.

Copyright 2009.  West Bank Living.  All rights reserved.

First, I have to say mea culpa, mea culpa.

There was an error in how the monthly sales reports were being pulled for Westwego, Avondale and Bridge City that resulted in inaccurate information for 2008. The error has been corrected and you can be assured that the end of year sales information is as accurate as possible. That said, let's take a look at how the communities fared for the year.

Current real estate statistics for zip code 70094:

• 118 active listings, priced from $45,000 to $398,995
• 10 pending sales (homes still being shown) priced from $72,000 to $135,000
• 14 homes are under contract, priced from $12,240 to $188,000
• The average list price is $135,553
• The median list price is $120,000
• Based on December 2008 sales (11), there is a 10.7 month supply of homes for sale in Westwego, Avondale and Bridge City zip code 70094

Westwego, Avondale and Bridge City LA - Number of Homes sold 2008

Westwego, Avondale and Bridge City ended the year with a total of 160 closed sales, down 18% from 2007 (compared to the 23% average decrease across the West Bank).

This continues the trend we have been watching for the last few years (2006 excepted). While historic low interest rates should be pushing some wishy-washy buyers off of the fence, very strict lending guidelines are tossing them back over it, to wait and save a little longer before being able to purchase a home.

What's a seller to do in this market?

Same as always...prepare and price it right. Home Selling Tips

Westwego, Avondale and Bridge City LA - Average Home Sale Price 2008

Look at that downward trend in prices across the 70094 zip code. The year ended with an average sale price of $97,159, down 21% from the 2007 average.

Westwego, Avondale and Bridge City (combined) have the lowest average sale prices on the West Bank - not great for sellers, but a wonderful opportunity for qualified buyers.

It's important to note that prices are above those of 2004, so unless you bought your home in the last 3-4 years, you have still more than likely experienced an increase in value since your purchase. Want to stay on top of what's happening in your neighborhood right now?

Sign up now for a free online report of listings and sales.



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

If you are considering a move to or from the Westwego area, contact Lisa Heindel. It would be my pleasure to assist you.



Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.

In a real estate environment marked by falling sales and prices, the 70114 zip code in Algiers is bucking the trend with an increase in the number of homes sold in 2008.  Take a look at how the year ended up for the area.

Current real estate statistics for Algiers LA 70114:

• 87 active listings, priced from $29,900 to $699,000
• 5 pending sales (but still being shown) priced from $50,000 to $372,000
• 13 homes are under contract, priced from $53,946 to $185,000
• The average list price is $155,549
• The median list price is $125,000
• Based on December 2008 sales, there is a one year supply of homes for sale in Algiers 70114
• Note: These statistics include all of 70114.  A separate report breaks out Algiers Point home sales

Algiers LA 70114 - Number of Homes Sold 2008

As mentioned above, the 70114 zip code actually showed an increase in the number of sales from 2007 to 2008 - the only area on the West Bank to accomplish this. 

Why the increase?

• A large number of properties in conditions that make them more attractive to investors
• 55 of the 115 sales in 2008 were of homes in poor, fair or average condition - these are all conditions that typically are not eligible for FHA or VA financing.

Algiers LA 70114 - Average Home Sale Prices 2008

Algiers 70114 ended the year with an average sale price of $131,531, down 18% from the 2007 average, compared to the 10% average decline across the West Bank.

Again, this is directly related to the condition of homes in the area.  There is a definite chasm between the sale prices on homes in better condition:

Average sale price of homes in New, Excellent or Very Good condition: $188,890

Average sale price of homes in Average, Fair or Poor condition:  $66,642

These differences in sales prices point out the need to pinpoint comparables when pricing your property.  A West Bank real estate specialist can help you find the right price to compete with the other homes on the market.

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

If you are considering buying or selling a home in Algiers, please contact Lisa Heindel.  It would be my pleasure to assist you.

     

Copyright 2009.  Lisa Heindel and West Bank Living.  All rights reserved.

Finally, the doors are closed on 2008. Let's take a look back at the real estate market in Algiers LA 70131 and how it stacked up against the other West Bank communities.

Current real estate statistics for Algiers LA 70131:

• 188 active listings, priced from $48,552 to $895,000
• 6 pending (but still showing), priced from $50,000 to $299,950
• 22 homes are under contract, priced from $16,000 to $285,000
• The average listing price is $193,534
• The median listing price is $171,950
• Based on December 2008 sales (16), there is almost a year of inventory in Algiers (70131)

Algiers LA 70131 - Number of Homes Sold 2008

Algiers zip code 70131 ended 2008 with a total of 216 successful home sales, down 32% from the number sold in 2007. This drop in sales is one of the highest on the West Bank, which saw a 23% overall decrease, and is the lowest number of home sales in 5 years.

Why are sales so low?

There are always many reasons why sales drop off, but in my opinion there are 3 main factors:

• Low consumer confidence in the economy is keeping many buyers out of the market
• Strict lending guidelines have knocked some potential buyers out of the market completely, while increase down payment requirements mean that some buyers need more time to save for a home purchase
• A negative perception of Orleans Parish as a whole by buyers relocating from other states

Algiers LA 70131 - Average Home Sale Prices 2008

With the exception of a couple of months of the year, prices in Algiers have been trending downward, and ended 2008 with an average sales price of $163,314. This is 8% less than the average sales price in 2007. Sellers that have lived in their homes longer than 4-5 years should at least be breaking even, if not making a small profit, depending on their neighborhood. Since the overall drop in prices was 10% across the West Bank, this part of Algiers is holding it's value at a little stronger rate than the average.

What can sellers do?

Price it right! No matter what other factors are involved, an aggressively priced and marketed home will almost always get more showings and faster offers.



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

Are you thinking about buying or selling a home in Algiers? Contact Lisa Heindel. It would be my pleasure to assist you along the way.



Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.

What does New Orleans have in common with Washington DC, Chicago, Santa Fe, Denver and others? It's been named one of the 15 coolest North American cities by msn.com, and rightfully so. After all, what other city in the U.S. can rival New Orleans with its rich history, stunning architecture and gourmet dining?

While the typical visitor takes in the sights and sounds of the French Quarter and eats their way through the city until they are ready to pop the buttons off of their pants, residents know that New Orleans and the surrounding areas have so much more to offer.



Cultural Events. Did you know that New Orleans is home to the oldest American opera association? Or that if you've heard enough jazz for the day, you can take in a performance by the symphony? If you prefer a little dancing with your music, the ballet would make a perfect night out as well.

Read more about the many cultural events in New Orleans.

Festivals and fairs. I don't think there is a person in the city who doesn't attend at least one or two festivals a year. Whether it's a fundraising event for a local school, a food festival, or the big daddy of them all, the New Orleans Jazz and Heritage Festival, your calendar can quickly be filled to overflowing with the large number of events that are scheduled throughout the year. 2009 New Orleans Festival Calendar

Family friendly fun. A common misconception is that New Orleans is not a kid friendly town. Au contraire! We have a wide variety of things to do and places to go that are not only family friendly, but designed specifically with the kids in mind. Family activities in New Orleans

Military specials. For military personnel being transferred to New Orleans, there are even some extra special on base activities just for you! One of the most fun is the Welcome Home Troops Parties that are held at NAS JRB New Orleans on a regular basis. The parties will continue until every single serviceperson returns home.

This is just the tip of the iceberg! It's no wonder that New Orleans was honored as a cool city...and that's why I'm still proud to call it home.

Relocating to New Orleans? The West Bank Living team would be thrilled to help you find the right place to call home.



Copyright 2009. West Bank Living. All rights reserved.

English Turn took a big hit in sales in 2008 as the market for luxury homes on the West Bank took a nosedive. Take a look back at the market fluctuations for the year.

Current real estate statistics for English Turn subdivision in Algiers LA:

• 36 active listings, priced from $415,000 to $1,595,000
• 1 pending sale (but still showing) priced at $369,900
• 2 homes are under contract, priced from $649,000 to $759,000
• The average listing price in English Turn is $675,047
• The median listing price in English Turn is $598,500
• Based on December 2008 sales, there is a one year supply of homes for sale in English Turn

English Turn - Number of Homes Sold 2008

English Turn closed out 2008 with a total of 26 sales for the year - a little over 2 homes per month on average. The number of closed sales was down 39.5% from 2007, well above the 23% decline seen on average across the West Bank ending with the lowest number of sales we've seen in the last 5 years.

English Turn - Average Home Sale Prices 2008

The average English Turn home sold for $590,365 in 2008, down just slightly from 2007, but continuing the trend towards lower sale prices that we have observed in the last couple of years. In a continuation of last year's trend towards lower prices, 10 of the 26 sales (38%) were for less than $500,000.

That's not to say that no one is buying high end properties, only that the pool of potential buyers is much smaller than in the past, so it's important to be sure that your home is being exposed to the largest number of buyers in the market and is properly prepared before going on the market. Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers

In 2008, there were 5 sales between $500-600k, 6 sales between $600-$700k and 5 sales of homes $700,000 and up, with the most expensive English Turn home being sold for $1,210,000.



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

Interested in selling your English Turn home? Contact Lisa Heindel. It would be my pleasure to help you put together the marketing plan that your home deserves.



Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.

Algiers Point Home Sales for 2008

Current real estate statistics for Algiers Point:

• 19 active listings, priced from $149,900 to $699,000
• 1 pending sale (still being shown) priced at $372,000
• 2 homes are under contract, priced from $75,000 to $185,000
• The average listing price in Algiers Point is $276,531
• The median listing price is $219,000
• Based on December 2008 sales (3), there is a 6 month supply of homes for sale in Algiers Point

Algiers Point - Number of Homes Sold 2008

At the beginning of 2008, I was very concerned about the lack of activity in Algiers Point. The Point was one of the very few areas of the West Bank that did not see an explosion in the number of home sales in 2006 after Hurricane Katrina, more than likely due to the almost 20% increase in prices in the community.

Thankfully, it appears that 2008 sales, while not exactly robust, are at least holding steady with the last couple of years. It seems like the new reality for Algiers Point will be fewer sales at lower prices.

The bargain hunters are out in force, with 20% of the sales in 2008 in poor, fair or average condition - ripe for renovation or investors.

Algiers Point LA - Average Home Sale Prices 2008

Algiers Point ended the year with an average sale price of $219,738, the lowest in the last 5 years. This is down 17% from 2007, compared to the average drop in West Bank sale prices of 10%.

Some of this decrease in price can be attributed to low selling prices on homes needing repairs or renovations. Some of it could also be that the market for higher end homes on the West Bank has weakened significantly.

In my opinion, the Point has been unfairly tagged as "not safe" by many people from outside of the area. Unfortunately, that perception is then spread to others, reducing demand and impacting sales prices. I've worked with several incoming military transfers this past year who said they don't want to live in Algiers Point because of the bad things they have heard from others. Despite my best efforts to show the positives of the community, it's still a hard sell to someone from out of town with a pre-conceived notion of the area.



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

Are you interested in selling your Algiers Point home? Contact Lisa Heindel. It would be my pleasure to assist and guide you through the realities of today's real estate market.



Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.

The best deal in Spanish Oaks!

This lovely 3 bedroom ranch home is hidden away at the rear of the Spanish Oaks subdivision and is currently the best value in the neighborhood.  A great home for entertaining, the floorplan is relaxed and open with an oversized dining room that could be additional living space.  Between the surround sound, the wet bar and the patio doors in the den, you can open up and let your guests mingle both inside and out at the housewarming party.



For more details or to schedule a private showing, please visit 1404 Quebrada del Sur Harvey LA 70058.  

Copyright 2009.  Lisa Heindel and West Bank Living.  All rights reserved.    

Another year over and time to once again take a look at the real estate market in on the West Bank.

Current real estate statistics for Harvey LA:

• 150 active listings, priced from $44,900 to $597,400
• 6 pending (but still showing) listings, priced from $115,000 to $227,000
• 31 homes are under contract, priced from $69,660 to $589,900
• The average listing price is $193,882
• The median listing price is $159,900
• Based on December 2008 sales (19), there is a 7.9 month supply of homes for sale in Harvey LA

Harvey LA - Number of Homes Sold 2008

Home sales in Harvey remained fairly steady from month to month in 2008, averaging 21 sales per month and ending the year with a total of 257 homes sold.  This is down 19% from the number sold in 2007.  That seems like a lot, until you realize that across the West Bank home sales were down by 23%, so Harvey is performing a little better than the average.

Note the chart below, and you will see that with the exception of 2006 (post Katrina market), sales have been dropping year to year since 2004.  Now, this may not be the case in every individual neighborhood, so if your Harvey home is for sale or will be for sale soon, your agent needs to provide the sales data for your specific community.

With fewer homes selling each year, it remains critical that home owners price and prepare their homes before they go on the market in order to be competitive.  Home Selling Tips

Harvey LA - Average Home Sale Prices 2008

Harvey ended 2008 with an average sale price of $154,273, down 9.3% from 2007.  (The West Bank average decrease in price was 10%)  Again, this is an average and your neighborhood may be performing better or worse than this. 

For all of the Chicken Little's out there, I would point out that if you bought your home before 2005, then your home is more than likely worth more than you paid for it, provided you have kept up with maintenance issues.  If you want up to date information on current listings and sales in your neighborhood, you are welcome to stop by and sign up for a free Market Snapshot.

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

If you are considering buying or selling a home in Harvey, please contact Lisa Heindel.  It would be my pleasure to guide you through today's real estate market.

    

Copyright 2009.  Lisa Heindel.  Originally published at West Bank Living.  All rights reserved.

New Orleans has always been known for the non-stop party atmosphere of the French Quarter, the glorious cuisine that makes every other city pale in comparison and the annual celebration of Mardi Gras. But there is so much more to the city than a 24 hour party and last night we able to soak in some culture of another type.

Since Hurricane Katrina, the Mahalia Jackson Theatre has been shuttered due to storm damage. Flooding and wind damage left the electrical and mechanical system in ruins and mold began its march up the aisles, and across the seats, curtains and walls. The New Orleans Opera Association was forced to move production to the much smaller McAllister Auditorium on Tulane's campus...until this past week.

The theatre reopened with a free concert on January 8th, performances by Itzhak Perlman and the San Francisco Ballet on January 10th and ended it's inaugural week by welcoming Placido Domingo to perform at the dedication of the "Placido Domingo" stage last night.

I'll be the first to admit that when hubby said he bought season tickets to the opera, I wasn't exactly thrilled. As a musician, he has an appreciation for so many types of music that I don't typically listen to.

But, the first two performances that we attended at McAllister were so enjoyable that I found myself really looking forward to seeing Placido Domingo perform. In addition to the opportunity to hear a world renowned tenor performer, what can beat a night out as grown-ups with the chance to dress up thrown in as well? Before we even got off of the interstate, we could see the spotlights flashing through the air, beckoning everyone to the theatre.

Security was plentiful, parking was easy and as we walked up to the theatre entrance, I was extremely impressed with the renovation of both the building and the grounds.

Pools of water with bridges over them, lines of fountains, paper lanterns that looked like they were floating on air...it actually didn't even feel like we were in New Orleans!

Entering the theatre, we were immediately surrounded by all of the other attendees, dressed to the nines and sipping wine before taking their seats. I was reminded of how small town New Orleans really is as we ran into friends along the way, some who don't even live here anymore but returned for the concert (now that's a dedicated opera fan!).

The evenings master of ceremonies was Academy Award nominated actress Patricia Clarkson, daughter of New Orleans City Council President Jackie Clarkson and a native of not just New Orleans, but right here on the West Bank, having grown up in Algiers. She kept the show rolling, from the opening number by the New Orleans Opera Chorus (with around 100 members) to the presentation of proclamations to Mr. Domingo during the stage naming ceremony (who knew you could get a key to the entire state?) to the closing toast by the performers that included a little ditty poking fun at FEMA.

As the night ended, we made the quick ride back to the West Bank, arias still ringing in our ears and thrilled that we were able to personally witness the return of opera in New Orleans to it's rightful home.

Relocating to New Orleans? You might also enjoy reading:

A history of the New Orleans Opera

You Want Culture? New Orleans Has Got It!

New Orleans - More Than Just a Party Town

 

All content copyright 2009. Lisa Heindel  Originally posted on West Bank Living. All rights reserved.