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

Current real estate activity in Belle Chasse LA:

53 homes for sale

High list price $1,700,000

Low list price $127,000

Average list price $416,343

Median list price $320,000

10 pending home sales, priced from $125,000 to $375,000

Based on the number of homes sold in July (3), there is a 17.6 month supply of homes for sale in Belle Chasse

Belle Chasse LA | Number of Homes Sold | July 2009

Belle Chasse ended July with 3 homes sold, bringing the year to date total to 36 homes sold in 2009 (down from 50 sales at the same time last year).

Conventional financing ruled July – all of the sales were to buyers using conventional loans, which means they had to have at least a 10% down payment.  These are strong buyers that are choosing homes in the $300-$400k price range which currently accounts for about 21% of the Belle Chasse real estate market.

The drop in the number of sales pushed the absorption rate up from 7 months to 17 months, showing what a delicate balance there is between supply and demand in today’s market.

Belle Chasse LA | Average Home Sale Prices | July 2009

The average Belle Chasse home sale in July was for $330,833, while the 2009 year to date average is $269,336, down almost 19% from the 2008 average.  While the average list price is skewed by that one listing for $1.7 million, the median list price (half of the homes are priced lower, half are priced higher) is still higher than what the average Belle Chasse home buyer is spending.

What sold in July?

Address	# Beds/Baths	Square Footage	List Price	Sale Price
Cazalard	3/2	2,110	$339,900	$312,500
Dr Gorman	4/3.5	2,816	$350,000	$315,000
Jasmine	4/3	2,700	$415,000	$365,000

 

It’s interesting to note that every sale in July was a home between 4 and 6 years old.  If you are selling an older Belle Chasse home, be prepared to have either already done your updates and renovations or to settle for a lower sales price.  Read: Home Selling Tips

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

Related Reading:
Belle Chasse Real Estate Market Reports
Home Buying Tips

Find a Home:
Belle Chasse LA homes for sale
New Orleans West Bank Homes for Sale

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When people think about what they are looking for in a home purchase, there are a few things that are common to almost every list….large living room, space for an office, a private master suite and a backyard with room for either the kids to play or the adults to entertain in. 

Look no further, because 3108 Nature Drive has all of that and more!

Clean, clean, clean and move in ready, this adorable home in the Oak Cove subdivision is new on the market and priced to sell at only $154,900.

Large living room?  It’s got it, along with wood floors and a beautiful bricked fireplace.

Room to enjoy the outdoors?  It’s got that too, including a patio, a storage shed and a 6 foot fence for privacy.

Private master suite?  You bet, including a full bath with updated vanity and a flat screen TV that remains.

 

There are 2 more bedrooms, a formal dining room and an air conditioned garage space that could easily be turned into a home office, playroom or gym.

It’s got everything that buyers are looking for….so come take a peek…and bring your checkbook so you don’t let this one get away!

Take a virtual tour of 3108 Nature Drive

Community Information:

Jefferson Parish public schools
Jefferson Parish website
Jefferson Parish Assessor's Office

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JUST LISTED!

It’s a pleasure to find an almost new home that has been cared for, well maintained AND is priced to sell. All of that and more can be found in a beautiful piece of real estate right in the curve of Ames Blvd. in Marrero LA.

New on the market at only $175,000!

This is one instance where you can judge a book by it’s cover. If you think the yard is neat, clean and well manicured, wait until you see the inside. Pride of ownership in this 5 year old home shows from the gleaming hardwood floors to the crown molding that caps off the 9 and 11 foot ceilings.

What does 4204 Ames have to offer?

• 3 bedrooms
• 2 baths
• Formal dining
• Fireplace
• Master suite with sitting area
• Sunken pool
• Hot tub
• And more, more, more

For more photos and details, visit 4204 Ames Blvd on the web. Then call the West Bank Living Team to schedule your private showing of this practically perfect Marrero home before some other smart buyer scoops it up and calls it home.

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We are full time agents.  This is our job, our career, our livelihood, our chosen profession.  As we make our way through listing appointments, showings and phone calls, we sometimes run across those agents that make us say “What the…??” 

So in the interest of the public good (or maybe just to blow off a little steam), we conducted a poll of professional Realtors across the country, asking them to finish the statement “You might need a new REALTOR if…”.  Here are the responses we compiled during our completely unscientific survey.  These are all real life examples of why you need to do a little research before choosing your REALTOR.

You Might Need a New Agent If….

Your agent doesn’t have a lockbox key to actually get you into the homes you want to see.  That’s OK, you don’t mind working your appointments around the schedules of the 12 different listing agents that have to meet you and let you into the houses while secretly rolling their eyes at your agent, do you? 

Your agent thinks using email is “high tech” or they only check it once a week.  That whole email thing is just a passing fad anyway, right?

Your agent doesn’t have a website or blog that provides you with good, local information about buying or selling a home.  See email explanation above.

Your current agent answers every single question with “I don’t know…”.  There is a reason they are wearing that giant name tag on their lapel.

Your agent doesn’t know how to fill out the standard real estate forms without asking for help…from the agent on the other side of the sale.  However, I’m sure that other agent has only your best interests at heart when advising them how to structure your counter offer.  You’ll be fine.  Really.

Your agent forgot to send your accepted contract to the lender or title company resulting in a delay of the closing.  What do you mean you already hired the movers?

Your agent doesn’t keep up on changing regulations and is surprised that they can’t do something the way  they’ve been doing it for years.  They are busy setting appointments with all of those listing agents...they can’t be expected to keep up with ALL of those changes, can they?

There are no photos of your house online, or there is just that one of the front.  Truly, your house looks great in that picture that was taken from their car…at dusk…in the rain.  Based on that one grainy shot, I’m sure the buyers will be beating a path to your door that is hidden behind the tree in it.

Your listing in the MLS is full of errors.  You mean you don’t actually have 6 bedrooms and a pool for $99,000?

You find yourself looking at kitchens when you can’t even afford a toaster.  But I’m sure it’s a ton of fun spending all of your spare time looking at beautiful homes that you can’t buy.  Didn't your mom tell you that disappointment builds character?

Your agent doesn’t own a fax machine, a camera or any of the other tools of the trade.  Fred Flintstone called and he wants his stone tablet back.

You are always calling other agents about properties because yours is busy.  Remember, their motto is “You Are Number 1 #184”

Your agent doesn’t answer their cell phone or only returns calls at specific times of day.  If 10 or 2 doesn’t work for you, there’s always tomorrow.  It wasn’t important, was it?

Your current agent has a “real” full time job and can only show you houses on their lunch hour and after work. Psst….this IS a real job.

You are emailing other agents asking if your agent’s behavior is normal.  Now that’s just scary.

Your old agent is now the WalMart greeter.  But they are still handing out business cards with that 15 year old glamour shot on them.

 

Thanks to Paul Slaybaugh, John MacArthur, Heather Rankin, Julie Branum, Ray Nellum, Kristina Cusick, Kristin Esparza, Melina Tomson, and Heather Goodwin for contributing to the list.  

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That’s the question on the minds of both buyers and sellers. There was a great, in-depth report on the metro area real estate market in a recent issue of the Times-Picayune (Read the entire article here) touting the stabilization of the housing market in the New Orleans area.

…..Ragas and area Realtors believe that the housing market is bottoming out because the backlog of homes for sale is declining and about the same number of home sales closed in the first half of 2009 as in the second half of 2008.

While that may be true when the market is looked at as a whole, it can be misleading for an individual seller who is trying to figure out why their house has not sold.

If you’ve been following along at West Bank Living, you’re already keyed into the market for your area. If not, here is a quick recap for the time frame referenced in the article:

Area	# sales July-Dec 2008	# sales Jan-Jun 2009	% Change
Algiers 70114 (entire zip code)	55	39	-29%
Algiers Point	18	6	-66%
Algiers 70131 (excluding English Turn)	99	87	-12%
English Turn	11	14	+27%
Belle Chasse	32	31	-3%
Gretna 70053	34	37	+8.8%
Gretna/Terrytown 70056	95	104	+9.5%
Harvey	125	100	-20%
Marrero	166	176	+6%
Westwego, Avondale, Bridge City 70094	68	69	+1.5%
Total West Bank Sales (single family homes only)	703	663	-5.7%

My initial thought was that there is a seasonal difference between the number of home sales in the first half of any year and the second half of the year. But, although April through July are usually the busiest months of the year for home sales, the division between the 2 halves of the year is mostly balanced.

Area	Average % of annual sales in January – June (2004-2009)	Average % of annual sales in July-December (2004-2009)
Algiers 70114 (entire zip code)	52%	48%
Algiers Point	55%	45%
Algiers 70131 (excluding English Turn)	53%	47%
English Turn	57%	43%
Belle Chasse	50%	50%
Gretna 70053	52%	48%
Gretna/Terrytown 70056	55%	45%
Harvey	53%	47%
Marrero	56%	44%
Westwego, Avondale, Bridge City 70094	54%	46%

In my opinion, the real answer to the question about market stabilization is “It depends”. Clearly, it depends on the location of your home (right down to the subdivision within a zip code). But it also depends on the condition and price of your home when measured against comparable properties.

“Realtors say that houses on the West Bank of New Orleans suddenly look outdated to potential homebuyers compared with gleaming, newly rebuilt properties in eastern New Orleans, and people are flocking back to the East Bank of the city because they can find better value.”

Advice for sellers

As noted in the article, sellers are competing with homes that had hurricane damage and have now been renovated and updated. If all other things are equal, buyers will choose the updated, ready to move in home over the dated or not-quite-as-nice house 99.9% of the time.

This should serve as a wake up call to sellers to know what your competition is and either bring your house up to snuff or reduce the price to attract the bargain hunters that are sniffing around the edges of the market, waiting for the next great deal.

Having a house hanging out on the market for an extended period of time is not fun for anyone, whether it has stabilized or not.

Advice for buyers

Rarely do buyers have the good fortune of low interest rates combined with lower housing prices. If you are considering buying a home, now really is the time to do it. While getting past the more stringent lending criteria can be a challenge, it will be worth the time and effort invested when you can look around and say “I’m home”.

Related Reading:
Home selling tips
Home buying tips
West Bank real estate market reports

Find a Home:
West Bank homes for sale

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Originally published at West Bank Living

Do you have questions about the West Bank real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

I live in a house that was originally built in the 1950s.  Over the years, the original owners added on (and added on and added on) as their family outgrew the existing space.  Lucky for me, by the time they were ready to sell the house, it clocked in at well over 2,500 square feet of living area.

Not so lucky for me, they weren’t as concerned with energy efficiency during their expansion spree.

When we originally bought the house, we knew it would need work.  It was definitely what a Realtor would call a “handy man special”, a “fixer upper” or a “diamond in the rough”.  But we were captivated by two huge living spaces, a larger than average lot size and a location with family and friends all in the same block.

So, we bought it and embarked on our own spree – this time of updating and renovating.  We updated electrical systems, painted, changed floors, painted, renovated bathrooms, painted, changed out a broken air conditioner, painted, replaced the roof and painted some more.  After several months of work, we were finally able to move into our home and begin to really make it our own. 

After we occupied the house, we were disappointed to find that running 2 air conditioners and cooling a large single story house in the New Orleans heat was a little harder on the budget than we planned for.  Even with the addition of insulation, we were being hit with summer time electric bills that were running over $400-$500 per month.  But then winter came and the bills settled back down to normal.  As summer approached each year, we kept saying that we needed to change out all of the old windows in the house.  Like so many other projects that cost more than a couple of hundred dollars, it kept getting pushed to the back burner.

This year, we decided that there would be no more procrastination.  As we were painting and replacing flooring in one of the bedrooms, I decided to get a price on having the windows replaced at the same time.

I called my favorite contractor and he sent the window guy out to measure and prepare a quote.  Thankfully, it wasn’t as expensive as I was afraid it would be, so we bit the bullet and ordered the windows.

After waiting for a couple of weeks for delivery, the day finally came when the sounds of construction filled my house and those old, crank out, casement monstrosities were removed to make way for double insulated, low E, energy credit at tax time windows.

Within a couple of days, all of the windows were installed and caulked, windowsills and casings were retro-fitted and the appearance of the front of our house took a giant leap into the 21st century.   We had just paid an enormous electric bill, so we couldn’t wait to see what the next billing cycle would bring.

Finally, that Entergy envelope arrived in the mail.  What we usually viewed with dread, we were excited to  see…hoping for any reduction in our bill, but assuming that the recent hot, hot weather would mean another sky high bill.  The envelope please…I ripped into the bill…scanning the date to be sure that it was for the time since the windows had been installed…looking for that heart stopping number that meant another big deduction from the checking account…

To find that our bill had been cut by more than 50%!!  Yep – and that’s for a month when we had record heat and no rain.  I can only imagine how small they will be during the winter months when we use very little electricity beyond our appliances.

If you are looking for an easy way to reduce your monthly utility expenses and make your home more energy efficient, changing your windows is definitely an improvement that will pay for itself over time.

Related Reading:

• Rebates and Tax Credits for Windows, Doors, and Skylights
• Federal Tax Credits for Energy Efficiency
• Tax Credit FAQs

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This article originally published at West Bank Living

Are you considering buying or selling a home and need some help getting ready? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

June 2009 New Orleans West Bank Home Sales

 

The June home sales reports are now online at West Bank Living.  How did your neighborhood do?

Algiers 70131
Algiers 70114
Algiers Point
English Turn

Belle Chasse

City of Gretna 70053
Gretna and Terrytown 70056

Harvey

Marrero

Westwego, Avondale and Bridge City

 

If you need more details on listings and sales in your West Bank neighborhood, sign up for a free Market Snapshot.  Up to the minute reports will be delivered to your email address with no obligation and no sales calls.

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Do you have questions about the New Orleans West Bank real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.