New Orleans West Bank Living and Real Estate News: February 2010

Current real estate activity in Algiers LA 70114:

112 single family homes are for sale

• High list price $390,000
• Low list price $10,000
• Average list price $144,144
• Median list price $118,750

19 homes are under contract or pending sale, priced from $13,000 to $425,000

Based on the number of homes sold in January (7), there is a 16 month supply of homes for sale in the 70114 zip code

Algiers LA 70114 | Number of Single Family Homes Sold | January 2010

The 70114 zip code of Algiers started out the year with 7 single family homes sold, up from only 2 in January 2009, so it’s a nice start to 2010 after disappointing sales last year.  3 of the sales were in Algiers Point, while the other 4 were in various neighborhoods in the area.

The average days on market for homes sold in January was 80, while the average days on market for active listings is at 155.  This is a good indicator that some of the homes that have been on the market for awhile may be overpriced or in not so great condition.  If you are selling your home, you need to know your competition.  Find out what's going on in your West Bank neighborhood with this week's free market snapshot

Algiers LA 70114 | Average Sale Price of Single Family Homes Sold | January 2010

The average sale price jumped up to $154,707 in January, mostly due to the number of homes sold in the Point, which always commands a higher price.

The split between conventional and cash sales tells me that there are very few entry level homes being sold in the area, which would more than likely be financed with FHA loans.  Instead, it appears that either investors or stronger buyers are the ones more interested in these properties.

A few more facts about January home sales:

• 29% of the sales were of bank owned or foreclosure properties (compared to 33% across the West Bank)
• 29% of sellers provided some type of closing cost assistance to the buyers
• 14% of sellers paid for a home warranty for the purchasers

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

Related Articles:

Home buying tips
Home selling tips
Algiers homes for sale
West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Westwego, Avondale and Bridge City:

139 single family homes are for sale

• High list price $330,000
• Low list price $24,900
• Average list price $130,840
• Median list price $119,000

23 homes are under contract or pending sale, priced from $19,900 to $299,000

Based on the number of homes sold in January (8), there is a 17 month supply of homes for sale in the 70094 zip code

Westwego Avondale Bridge City | Number of Single Family Homes Sold | January 2010

The 70094 zip code started the year with 8 home sales in January, compared to 10 in January 2009. This marks the slowest January sales in the last 5 years. But, with 23 homes under contract, I expect to see an increase in closings for February.

Days on market took a jump, up to an average of 107 days for sold listings. Active listings have been on the market for an average of 129 days, so look for this trend to continue.

Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

Westwego Avondale Bridge City | Average Single Family Home Price | January 2010

While the number of sales was down, the average price for homes sold in January was up to $120,850. This is the highest monthly average we’ve seen in the 70094 zip code since 2007.

FHA continues to be the financing option of choice for the majority of buyers in the Westwego, Avondale and Bridge City communities. With the stricter condition requirements for FHA loans, sellers should be aware that deferred maintenance can make their homes ineligible for this type of financing.

A few facts about January sales:

• 37.5% of homes sold were bank owned or foreclosure properties (compared to 33% across the West Bank of New Orleans)
37.5% of sellers provided some type of closing cost assistance to the buyers
• 25% of sellers paid for a home warranty for the purchasers

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

Related Articles:

Home buying tips
Home selling tips
Westwego homes for sale
West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Marrero LA:

257 single family homes are for sale

• High list price $2,450,000
• Low list price $24,500
• Average list price $167,294
• Median list price $140,000

48 homes are under contract or pending sale, priced from $16,900 to $273,000

Based on the number of homes sold in January (10), there is a 25.7 month supply of homes for sale in Marrero (over 2 years)

Marrero LA 70072 | Number of Single Family Home Sales | January 2010

What the heck happened?  Marrero started out the year with 10 homes sold in January, compared to 31 in January 2009, resulting in the lowest number of monthly home sales in the 70072 zip code in over 5 years.  With 48 pending sales, I can only assume that the holidays have stretched out some closing times.  We will continue to keep a close eye on this trend over the next couple of months to see if it balances out or if it’s a sign of a significant change in the Marrero real estate market.

Days on market for sold homes dropped to 51, and days on market for active listings is now at 115.

Marrero LA 70072 | Average Single Family Home Prices | January 2010

While the number of sales may be down substantially, the average sale price is holding steady at just over $139,000.  The first time home buyer tax credit has definitely resulted in increased sales in lower price ranges that are most affordable for first time buyers, keeping the average prices down.

More details about January homes sales in Marrero

• 40% of the sales were bank owned or foreclosure properties
• 50% of sellers provided some type of closing cost assistance to the buyers
• 20% of sellers paid for a home warranty for the buyers

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

Related Articles:

Home buying tips
Home selling tips

Find Marrero LA homes for sale

West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Harvey LA:

149 single family homes are for sale

• High list price $549,000
• Low list price $500
• Average list price $175,505
• Median list price $145,000

53 homes are under contract or pending sale, priced from $54,500 to $419,000

Based on the number of homes sold in January (13), there is an 11.5 month supply of homes for sale in Harvey

Harvey LA 70058 | Number of Single Family Home Sales | January 2010

13 homes were sold in Harvey LA in January 2010, compared to 8 at the same time last year, continuing the trend for Harvey as one of the most popular areas on the West Bank.

At the same time, the average days on market for homes sold in January increased to 91.  The average days on market for active listings is now at 112 days and the average for pending sales is 139 days.  After a slight dip in 2009, it looks like it may take a little longer to get homes sold in the area.

Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

Harvey LA 70058 | Average Single Family Home Prices | January 2010

The average sale price for a single family home in Harvey ended January at $144,329, down from the both the December 2009 average and the overall 2009 average.  Part of this drop can be attributed to 4 low end (under $65,000) sales, which accounted for 31% of the January activity.

Some more details about January sales in Harvey

• 23% of the sales were bank owned or foreclosure properties
• 23% of sellers provided some type of closing cost assistance to the purchasers
• 31% of sellers paid for a home warranty for the buyers

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

Related Articles:

Home buying tips
Home selling tips

Find Harvey LA homes for sale

West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Find out more about the West Bank real estate market at West Bank Living

Real estate activity in Gretna LA 70053 as of 2/10/2010:

57 homes are for sale in Gretna, 70053

• High list price $409,000
• Low list price $45,000
• Average list price $153,403
• Median list price $139,900

11 homes are under contract or pending sale, priced from $29,900 to $169,900

Based on the number of homes sold in January (3), there is a 19 month supply of homes for sale in the area

Gretna LA 70053 | Number of Single Family Homes Sold | January 2010

Gretna started off 2010 with a total of 3 home sales in January, compared to 4 in January 2009.  With the first time home buyer tax credit extended, I would expect that we will see an increase in buying activity once we get past Mardi Gras.

Because buyers must have a home under contract by April 30th to take advantage of the credit, there is a short window between the end of Carnival and the deadline for choosing a home.  If you are considering selling during this time, be sure that you have taken care of all of the little details in preparing your home to show and that you are priced right to attract the most attention during the marketing process.

Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

Average days on market for homes sold during January was 98.  Average days on market for active listings is 147, so I would expect to see that number rise during the year as some of the older inventory is cleared out.

Gretna LA 70053 | Average Single Family Home Prices | January 2010

The average single family home sale price jumped to $191,000 in January due to a couple of sales in the Garden Park neighborhood.  Remember, there were only 3 sales, so the numbers can be greatly skewed by just one or two of them.  It will take at least until March or April before we have a good feel for the trends for this year.

FHA financing made up 2 of the 3 Gretna homes sales in January.  Because of the tightening of credit restrictions across the board, I anticipate that will continue to be the case through 2010.

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

Related Articles:

Home buying tips
Home selling tips

West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Data originally published at West Bank Living

Yesterday, New Orleans made history with the largest Super Bowl parade ever held. Even in a city that is used to hosting big events, I don't think that anyone was prepared for the record breaking crowds that showed up along the parade route to cheer for the National Champions, our boys in black and gold - the New Orleans Saints. It must make the whole 11 people who showed up to welcome the Colts home hang their heads in shame....

Were you in that number? I tried my hardest, but sadly, I was not.

Who would have thought that the entire city would become gridlocked and that there would be thousands of people pouring onto the ferries to attend the parade? We parked and got in line at the Gretna Ferry landing as the crowd grew by the minute. When the ferry showed up and allowed boarding to begin, we all moved forward...a whole 4 or 5 feet.

With only 233 people allowed on the ferry at one time, it quickly became apparent that we would be waiting for hours and that there was absolutely no way we were getting downtown before the parade was over. So, we made our way down the stairs, through the crowd and back to the car to head home to catch it on TV.

We were so disappointed that we couldn't be there in person to cheer on our team, but seeing the aerial shots on television, I'm almost (not quite, but almost) glad we weren't in the middle of what everyone is claiming to be the largest attendance at any parade ever held in New Orleans - bigger, even, than any Mardi Gras day.

I have a couple of hopes after yesterday. First, I hope that city officials learn how to compensate for these types of crowds in the future. Second, and most importantly, I hope that the feeling of pride in our team and our community that was evidenced yesterday continues throughout the year.

Oh, and WHO DAT!!

For information about home buying or selling in New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs and have a little fun while welcoming you to our community.

Surely, the rest of the country cannot possibly be having as much fun as New Orleans this weekend.  They might getting ready for a couple of days off and even the Super Bowl, but right in the middle of preparations for the Big Game, we have a whole other party starting.

Friday kicks off Mardi Gras 2010 in earnest, with 5 parades rolling in the metro area (plus a couple on the North Shore as well). On the West Bank of New Orleans, this Friday is when folks that haven’t seen each other for a year meet up again on the Krewe of Cleopatra parade route along General de Gaulle in Algiers and Terry Parkway in Terrytown. Getting there early and waiting for the parade to pass is never a waste of time. It’s a chance to catch up with friends and gives you time to sit back and take a deep breath before standing shoulder to shoulder, yelling “Throw me somethin’” over and over and over again until the last float has rolled away.

Friday evening there will be free, live bands at Stumpf and the Expressway in Gretna (The Bucktown All-Stars play at 6:30 pm) and at Terry Parkway and Carol Sue in Terrytown (the Wise Guys perform at 6:30 pm). Live music, friends, floats, beads…who else is having this much fun on a Friday in February?

Saturday is expected to dawn sunny and chilly, perfect weather for the parades rolling on the West Bank. Kicking things off at 10:15 in the morning is the Krewe of Choctaw, followed by the Mystic Knights of Adonis. But wait! It doesn’t end there. Because the Super Bowl falls on a parade day, the Krewe of Alla has moved their parade, complete with a huge marching band competition, to Saturday as well. That’s 3, count them, 3 back to back parades rolling through Algiers, Terrytown and into the City of Gretna.

Pssstttt...look for me in the Krewe of Choctaw on the shrimp boat float, driver's side. I bet yelling "West Bank Living" might snag you a pair of big beads :)

The live music continues on Saturday, with The Topcats playing at 11 am at Stumpf and the Expressway and Amanda Shaw & The Cute Guys kicking off at 10:30 am at the corner of Terry Pkwy and Carol Sue. While the rest of the country is blowing snow or grocery shopping or running other errands, we’ll be partying in the streets all day.

And then there is Sunday.

Oh my gosh, Sunday. The big day. The day that Saints fans have been waiting for over 40 years to see. The day that purple, green and gold is set aside for the Black and Gold of the New Orleans Saints. Churches are canceling evening services, parades are on hold, businesses are closing early and, in some places, school has already been called off on Monday.

The day when an entire city will be crowded around televisions, whether at home or at a party or in the bars that are broadcasting the game, we will all be united with one goal…to watch our boys win the most important game of their careers – the Super Bowl.

Of course, as always, we put our own little local spin on it and I’ll be wearing my limited-edition-sold-out-can’t-get-them-anymore “Supa Beauxl” shirt from local designer Fleurty Girl.

The newspaper warned travelers this week that Miami doesn’t allow the kind of tailgating we are used to. Hmphf. Well, Miami, we don’t need to be there in person to cheer our team on.

We will have the biggest citywide party of any team ever to hit the Super Bowl and you can bet that even though the NFL thought they could rip it off (and failed), we will WHO DAT! our way to the end of the game and on into the night.

Here’s wishing you a safe start to your Mardi Gras and GEAUX SAINTS!!!!

2010 Mardi Gras Parade Schedule

For information about home buying or selling in New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs and have a little fun while welcoming you to our community!