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

I don’t know about anyone else, but if I was relocating to a new city one of my first questions about getting around would be “where can I buy ____?” Part of getting acclimated is finding out where to shop in your new community and the West Bank has plenty of choices within a short drive of both military bases or wherever else your relocation might land you.

Shopping Mall

Oakwood Center in Terrytown is the only true mall on the West Bank. With department stores Dillard’s, JC Penney’s and Sears as anchors, the mall is still filling spaces left after the extended closure and renovations from hurricane damage. Some of the stores that have returned are Old Navy, Victoria’s Secret and Forever 21. I’m still waiting for someone to figure out that there is a lot of disposable income on the West Bank - until then, if you want a Restoration Hardware, Pottery Barn or William-Sonoma, you’ll need to take a 15-20 minute ride to Lakeside Mall in Metairie.

Discount Shopping

Who doesn’t love a good bargain? In addition to Target (on Manhattan Blvd. in Harvey) there are multiple WalMart locations, a Sam’s Club on Manhattan and a KMart on Belle Chasse Highway. If you enjoy the thrill of the hunt, check out Burlington, Marshall’s, Ross (all on Manhattan) and TJ Maxx on Lapalco Blvd.

Home Improvement Stores

Once you’ve settled into your new West Bank home, you’ll more than likely be making a few changes. Whether it’s painting a room or renovating the entire space, it’s handy to have Lowe’s on Manhattan and 2 Home Depot locations on both the Westbank Expressway (Gretna) and Lapalco Blvd. (Harvey, LA) Of course, if you just need a few small items, look for your neighborhood hardware stores, since they are still alive and well and usually offer the best advice and customer service around.

Home Decorating

Nothing is more satisfying than putting those final touches on a room with the perfect accessories. West Bank choices range from Bed, Bath & Beyond to Pier 1 to World Market, all located on the corner of Manhattan and the Westbank Expressway in Harvey. Then there are the boutique shops that feature decorative items with a local twist. One of my favorites is Frames Inc in Algiers, because they manage to pack a huge number of unique items into a cozy, welcoming shop.

What are you waiting for? Let’s go shopping!

 

---

For information about military or other relocations to or from the West Bank of New Orleans, please contact the West Bank Living Team. It would be our pleasure to assist you with all of your real estate needs and help you sell your home or find the perfect West Bank Home for Sale.  Need to sell your home in another state first?  Let us know...we have a network of agent partners across the country that can help!

The headlines and newscasts keep repeating doom and gloom for the real estate market from sea to shining sea.  Obviously they missed the breaking news that all real estate is local and not every seller is ready and willing to take a rock bottom price for their home.

This week, I received an offer on a great home for sale in Harvey.  I have a motivated seller who has looked closely at the market and what homes are selling for in the neighborhood.  He then made a deliberate choice to price his home lower than any of the others in order to make it appeal to the largest number of buyers.  And it’s working.  I’ve had more showings on this home than on almost any other house I have listed, and I’m sure that it will be sold soon since it’s priced right, clean as a whistle and move in ready. 

So I really felt sorry for the young couple who came with their agent and fell head over heels in love, only to find out that their very low offer was flat out rejected after we determined it was the most they could afford to pay.  It was a waste of time all the way around for everyone involved and it could have easily been avoided.

When working with home buyers, one of the first things we do is arrange a meeting with a local lender who can pre-qualify them.  It’s not a hard process…you give them your financial information in exchange for a loan approval and a budget for what you can afford to pay for a house. 

Things we do to help you find a home

• Find out what type of financing you’ll be using (conventional mortgage, FHA or VA financing)
• Determine if you have enough funds for the closing or if you need a little help in that area 
• Ask a lot of questions about your wants and needs
• Use all of our resources to provide you with a list of homes that meet as many of your wants and needs as possible while staying within your budget
• Use our market expertise to bring to your attention those homes that may be slightly out of your price range, but that we know are priced too high and probably have room for negotiation

Things we DON’T do to help you find a home

• Bring you to a neighborhood that is way out of your price range
• Allow you to get excited about living in a home that you can’t afford
• Write an offer that we know has a snowball’s chance in hell of being accepted
• Set you up for rejection and disappointment

It is your agent’s responsibility to represent your best interests, not to be the cook throwing spaghetti against the wall to see what sticks. Let’s sit down, determine your wants, needs and budget and keep you from getting this response on your next offer…

 

---

For professional real estate services across the West Bank of New Orleans, please contact the West Bank Living Team.  It would be our pleasure to help you buy or sell your next home.

West Bank Homes for Sale

2009 Homebuyer Tax Credit

Home Buying Tips

Belle Chasse LA:  Current real estate market activity

• 54 active listings, priced from $85,000 to $1,700,000
• Average list price $396,198
• Median list price $298,500
• 5 pending sales, priced from $140,000 to $569,000
• Based on the number of homes sold in February (4), there is a 13.5 month supply of homes for sale in Belle Chasse

Belle Chasse LA – Number of Homes Sold February 2009

Belle Chasse is starting 2009 off a little slower than last year, with 7 sales so far compared to 15 at this same time in 2008.  The 7 homes sold this year were on the market for an average of 156 days, compared to the average of 106 days in February 2008.

I still anticipate an increase in the number of sales during the peak selling season of spring and early summer as more incoming transfers to NAS JRB New Orleans arrive and choose a place to live, with Belle Chasse always being among their top destinations. 

Belle Chasse LA – Average Home Sale Price February 2009

Average home sale prices have dropped significantly from 2008, but much of this can be attributed to a couple of low end sales that skew the average.  If those sales are removed, the average goes up to $257,400.  While still below the 2008 average, it’s more in line with the mid-range of home prices in the area.

Belle Chasse remains one of the few communities in the metro New Orleans area that still qualifies for 100% USDA financing, allowing home buyers to get moved in without as much money out of their pocket.  (Ask us about lenders who offer this financing)  Insurance costs continue to remain a factor for many buyers, since Plaquemines is a coastal parish and the rates can be substantially higher than many surrounding towns.

Are you considering buying or selling a home in Belle Chasse?  Contact the West Bank Living Team for more information about how to prepare yourself to compete in today’s real estate market.  It would be our pleasure to assist you.

• Belle Chasse homes for sale
• Belle Chasse Real Estate Market Reports
• Find out what's going on in your West Bank neighborhood with a free online market analysis

---

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

 

The West Bank Living Team provides professional real estate services to home buyers and sellers on the West Bank of New Orleans.  For answers to your real estate questions, please contact us today.

Westwego, Avondale and Bridge City LA – Current real estate market activity

 

• 110 active listings, priced from $29,900 to $398,995 (down from 118 last month)
• 35 pending sales, priced from $29,900 to $216,125 (up from 30 last month)
• Based on the number of homes sold in February (11), there is a 10 month supply of homes for sale in the area

Westwego, Avondale and Bridge City LA – Number of Homes sold February 2009

Year to date, there have been 22 homes sold in the 70094 zip code, compared to 30 at the same time last year.  The investors are out in force, with over 40% of this years sales being paid for in cash.

The interesting data is that only about 1/3 of the contracts being written are closing within 30 days.  Part of this is the stricter lending criteria that buyers must meet – lenders are taking longer to approve mortgages and deals are taking longer to close.  Another part is that buyers are much more willing to walk away from a home that they find problems with during inspections….yet another reason to have your home ready before putting it on the market.

Are You REALLY Ready to Sell Your West Bank Home?

 

Westwego, Avondale and Bridge City LA – Average Home Sale Price February 2009

Of the 22 sales in 2009, 50% of them have been homes in need of repairs or renovations, holding the year to date average sale price to under $100,000.  As you can see in the chart below, there was a dramatic drop in average home sale prices from 2007 to 2008.  This trend has continued into 2009.

When selling a home in the 70094 zip code that commands a higher than average price, be sure that you know the 4 Things to Expect From Your Agent When Selling Your West Bank Home.

For more information about buying or selling a home in Avondale, Bridge City or Westwego, contact the West Bank Living Team.  It would be our pleasure to assist you.

• Westwego and Avondale homes for sale
• West Bank Homes for Sale
• Find out what's going on in your West Bank neighborhood with a free online valuation of your home

---

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

The West Bank Living Team provides professional representation for home buyers and sellers on the West Bank of New Orleans.  For all of your real estate needs, please contact us.

Algiers LA 70114: Current real estate market statistics

• 80 active listings, priced from $23,000 to $699,000
• 15 pending sales, priced from $39,000 to $269,900
• Based on the number of homes sold in February (5), there is a 16 month supply of homes for sale in the area
• This report covers the entire 70114 zip code and includes Algiers Point Home Sales

Algiers LA 70114 – Number of Home Sales February 2009

Sales in Algiers 70114 increased from January to February 2009, but the majority of the sales were of properties in need of repairs or remodeling. 3 of the 5 sales were to cash buyers, 1 was conventional financing. No FHA or VA financing was used during the month of February in this area.

The number of sales in the 70114 zip code is 50% lower than at the same time last year (7 year to date 2009 compared to 14 year to date 2008).

 

Algiers LA 70114 – Average Home Sale Prices February 2009

Home sale prices in the area are substantially below the 2008 average at this point, but part of this is due to an inaccuracy in one of the sales reported in January. I’m trying to get the accurate sale price recorded in the MLS so the true numbers can be reported. Hopefully this will be resolved by the time the 1st quarter numbers are ready.

In the meantime, it’s important to note that only 1 home has sold over $100,000 in the area this year. So far this year, the most common buyer in the 70114 zip code seems to be an investor.

Need more information about buying or selling a home in Algiers? Contact the West Bank Living Team. It would be our pleasure to assist you.

• All Algiers Market Reports
• Algiers Point real estate market updates
• Algiers homes for sale
• Find out what's going on in your West Bank neighborhood with a free Market Snapshot

---

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

The West Bank Living Team provides professional real estate services across the West Bank of New Orleans. For answers to your real estate questions, contact us.

Algiers LA – Current real estate market activity

(excluding English Turn – you can find the English Turn home sales here)

• 184 active listings, priced from $32,000 to $950,000
• 41 pending sales, priced from $48,552 to $349,900
• Based on the number of Algiers homes sold in February (9), there is a 20 month supply of homes for sale in the area

Algiers LA 70131 – Number of Homes Sold February 2009

The number of homes sold in Algiers in February creeped up to 10 from the 7 January sales, putting the total for 2009 at 17 so far. (Compared to the 28 sales at the same time last year)

The most startling number for Algiers has to be the days on market though. In 2008, the average days on market was 119. The 2009 average as of the end of February is 191. Some of the homes that have been on the market for an extended period of time are selling as the owners become more realistic about pricing. In February, sellers received an average of 87% of their asking price, indicating that they were either testing the market or were just priced too high and ended up accepting a lower price after an extended listing period.

The bottom line is that over pricing your home results in a longer marketing time.

Algiers LA – Average Home Sale Price February 2009

Average sale prices in Algiers declined from January to February, following the downward trend that we’ve been watching for the past 4 years.

When deciding on a price for your home, it’s critical to look at what has actually sold in your neighborhood for the last 90-120 days. The price your neighbor got for his house last year may very well be a completely unrealistic number in today’s market, and the high price your other neighbor is asking likely has nothing to do with what the home will actually sell for.

Are You REALLY Ready to Sell Your West Bank Home?

If you need more information about buying or selling a home in Algiers, please contact the West Bank Living Team. It would be our pleasure to assist you.

• Algiers homes for sale
• All Algiers Market Reports
• Find out what's going on in your West Bank neighborhood with a free Market Snapshot

---

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

The West Bank Living Team provides professional representation for home buyers and sellers across the West Bank of New Orleans. Contact us today for answers to your real estate questions.

Algiers Point: Current real estate market activity

• There are currently 22 active listings in Algiers Point, priced from $149,900 to $699,000
• 2 sales are pending, priced at $185,000 and $269,900
• Based on the February 2009 sales (2), there is an 11 month supply of homes for sale in Algiers Point.

Algiers Point – February 2009 Number of Homes Sold

February 2009 ended with 2 home sales in Algiers Point, which were also the first recorded for the year in thecommunity. Active listings have remained steady with 19-21 homes on the market for the last 4 months at an average listing price of $281,800 or $126.27 per square foot.

Here is a quick comparison of January and February sales in Algiers Point for the period of 2005-2009:

# homes sold	2009	2008	2007	2006	2005
January	0	1	3	2	2
February	2	0	1	1	2

 

Algiers Point – February 2009 Average Home Sale Price

February home sales in Algiers Point ended with an average sale price of $220,000, right on par with the 2008 annual average. Note that this is substantially lower than the current average listing price of $281,800, indicating that some sellers may continue to have their homes priced too high for today’s buyers.

The 22 homes currently on the market have been listed for an average of 135 days, while the homes sold in February were on the market for an average of 49 days. What does this mean? Simply that homes that are priced the most competitively will be the first to sell.

Related Reading: 5 Dos and Don’ts for Home Sellers

If you need more information about buying or selling a home in Algiers Point or would like a professional market analysis of the value of your home, please contact the West Bank Living Team. It would be our pleasure to assist you.

• Algiers Point home sales
• West Bank Homes for Sale
• Find out what's going on in your West Bank neighborhood with a FREE online valuation

---

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

The West Bank Living Team specializes in representing home buyers and sellers on the West Bank of New Orleans. Please feel free to contact us with any questions about buying or selling your West Bank home.

New on the market, this Avondale home is being sold subject to the lender’s approval of a short sale.  Featuring 3 bedrooms, 1 1/2 baths and a bonus room above the garage, it’s an opportunity to live in an updated home at a bargain price.

With a cozy living room, a spacious dining room and a huge remodeled kitchen, 616 Pat Drive in Avondale would be great place to call home.  Neat, clean and well maintained, the owners hate to leave a place that they have loved living in.

For details, photos or to schedule an appointment, visit 616 Pat Drive Avondale LA 70094.

• West Bank Homes for Sale
• Westwego and Avondale homes for sale

---

Whether you are buying or selling a home on the West Bank of New Orleans, the West Bank Living Team offers professional real estate service and advice.  It would be our pleasure to assist you.

This seller is serious!

Where else will you find a 2 year young home, in a gated community, with a view of the ships passing on the Mississippi River...all for only $299,000?

Take a quick video tour of 36 Seaward Court, and then pick up the phone to schedule your private showing today.

---

For more more information or to schedule an appointment for this Algiers home for sale, contact the West Bank Living Team.  It would be our pleasure to assist you.

Search Algiers Homes for Sale
Search West Bank Homes for Sale

English Turn real estate market activity

• 45 active listings, priced from $415,000 to $1,595,000
  Average list price is $678,528
  Median list price is $599,000
• 7 homes are under contract or pending sale, priced from $361,900 to $699,000
• Based on February sales, there is a 15 month supply of homes for sale in English Turn

English Turn – Number of Homes Sold

English Turn ended February 2009 with 3 closed sales, marking the first homes sold in 2009 in the community.  This puts the area right on par with the number of sales at this time last year.

The number of pending sales is up from 7 in January to 8 at the end of February.  As listing prices continue to drop slightly from month to month, I expect to see an increase in activity on the lower end of the price range in the area for the spring.

English Turn – Average Home Sale Prices

The average home sale price in English Turn for February 2009 was $535,000, below the 2008 average sale price of $590,365.  Of course, it only takes a couple of higher end sales to impact the average, so keep an eye on those over $750,000 homes.

We’ve been getting more calls about homes in English Turn lately and I believe it’s due to the fact that luxury living is becoming just a little more affordable as a larger number homes have sold below $500,000 in the last year.

Questions?  Feel free to call Lisa Heindel at (504) 616-6262 or Terri Babineaux at (504) 258-5178.

Related Reading:

Previous English Turn Market Reports
English Turn golf course
Find out what's going on in your West Bank neighborhood with a free Market Snapshot
West Bank Homes for Sale

---

Are you considering buying or selling a home in English Turn?  Contact the West Bank Living Team for local, professional real estate advice.  It would be our pleasure to assist you.