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

As of midnight last night, the National Flood Insurance Program expired and I'm mad as hell.

From InsuranceNetworking.com:

The National Flood Insurance Program expired on Sunday after the Senate failed to pass the latest temporary extension to the cash-strapped program prior to the Easter recess.

Senators are expected to take action on H.R. 4851, the Continuing Extension Act, when they return on April 12th. For the past few years, the NFIP has survived on a series of temporary extensions as legislators have been unable to forge a consensus on the program. The primary point of contention is whether to include coverage for wind damage in the program.

“It’s unfortunate that the NFIP has fallen victim to the political process,” says Blain Rethmeier, spokesman for the American Insurance Association. “Ultimately the people who will suffer the most are property owners who need new coverage or who need to renew their flood insurance policies. One can only hope that Mother Nature is kind until April 12. Otherwise, there’s not much people can do.”

I don’t write about politics, I’m not a political person, BUT…Congress really dropped the ball on this one. And then they all checked out for a 2 week Easter vacation.

Impact on New Orleans West Bank Home Buyers

Many lenders are now requiring flood insurance as a condition for your mortgage loan, whether you are in a flood zone or not. If you are scheduled to purchase a home in the next couple of weeks AND the lender is requiring flood insurance coverage AND you have not already purchased your flood policy then you won’t be closing on your home.

Congress does not go back in session until April 12th, so that is the absolute earliest that we anticipate new policies being issued.

This could have additional fallout in the form of interest rate locks that expire for buyers during this time. Financial experts expect interest rates to rise this spring, so a 2 week delay could also have the unintended consequence of costing a buyer more in the long run with a higher rate on their mortgage.

Impact on New Orleans West Bank Home Owners

No changes are being made to existing policies, so if you were planning to increase your coverage between now and mid-April, put that thought on hold.

The biggest immediate impact, however, is on those home owners with a policy that expires during this period. No policies can be renewed until the program is extended. The risk, of course, lies in the possibility of a flood event.

If that happens, how many people who have paid their premiums each year (and continue to do so through their mortgage escrow accounts) will be left uninsured in the event of a disaster? Will Congress make the program retroactive when it is extended?

I have more questions than answers, but rest assured that I’ll share whatever I learn here in the coming days.  In the meantime, if you are scheduled to close on a home purchase in the next 2 weeks, you need to contact your lender immediately to determine if you will be impacted.

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 Algiers Point:

25 single family homes are currently for sale

• High list price $389,000
• Low list price $113,400
• Average list price $261,336
• Median list price $259,900

3 homes are under contract or pending sale, priced from $123,500 to $239,900

Based on the number of homes sold in February (2), there is a 12.5 month supply of homes for sale in the Point

Algiers Point | Number of Single Family Home Sales | February 2010

As of February 2010, there have been 5 single family homes sold in Algiers Point, compared to 2 at the same time last year.  While it’s still a fairly low number, it does represent an over 100% increase in sales for this time frame.

Days on market for sold homes in 2010 has moved up to 105. Since the average active listing has already been on the market for 171 days, we can expect that number to rise as some of the older inventory is cleared out during the year.

Algiers Point | Average Single Family Home Sale Prices | February 2010

Even though average home sale prices in Algiers Point dropped from January to February, the year to date average of $282,630 represents the highest average we have seen in the neighborhood since 2006.  Given the number of calls we had on a recent listing in the Point, it appears that interest in this historic New Orleans area may be returning.

More details about home sales in Algiers Point

• Both homes sold in February were in Excellent condition
• 1 seller provided closing cost assistance to the buyer
• No home warranties were provided by the sellers
• None of the sales were foreclosures
• A look at the financing methods used by buyers in the Point indicates a return of some better qualified purchasers to the area

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

Just Listed – Waggaman LA home for sale at 312 Helis Drive - only $99,000

New on the market, 312 Helis Drive is a charming home in the Live Oak Manor subdivision in Waggaman, LA.

Offering country living just minutes from New Orleans, Waggaman is located on the West Bank of the Mississippi River. Quick and easy access to the Huey P. Long Bridge drops you right off in Metairie, while the West Bank Expressway brings you downriver to New Orleans and Highway 90 takes you west into St. Charles Parish. 312 Helis is only a couple of blocks from the levee, offering you a chance to jog, bike, run or just enjoy the view.

About 312 Helis Drive

• 3 bedrooms
• 1 bath
• 1,104 square feet living area
• Living room and den
• Large, updated kitchen with attached dining area
• Covered front porch and rear patio
• Workshop
• Home generator

If you can’t see the video above, click here

About the Community Within a few blocks, you’ll find a neighborhood playground filled with gorgeous oak trees, play equipment and a walking trail. Also nearby is the Live Oak library and a public elementary school. Just down the road is Northrup Grumman, one of the largest employers in the area. With an almost rural feel, Waggaman offers some of the most affordable real estate on the West Bank of New Orleans.

Print a flyer

To schedule an appointment, contact Terri Babineaux at (504) 258-5178 or Lisa Heindel at (504) 616-6262.

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!

Current real estate activity in Algiers LA 70114:

105 single family homes are currently for sale

• High list price $389,000
• Low list price $16,900
• Average list price $140,214
• Median list price $113,400

15 homes are pending sale or under contract, priced from $10,000 to $239,900

Based on the number of homes sold in February (6), there is a 17.5 month supply of homes for sale in Algiers

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

As of February 2010, there have been a total of 13 single family homes sold in the 70114 zip code of Algiers.  While 13 may not seem like a lot, the number of sales is up from 7 at the same time in 2009 – a 86% increase in the number of sales year over year.

Most of this increase can be attributed to investors purchasing property in the area, indicated by the number of sales of homes in Poor or Fair condition that were purchased with cash.

Days on market has dropped to 87 for sold homes.  However, the average active listing has been on the market for 151 days, so I expect to see this number increase as we move further into the year.

Algiers LA 70114 | Average Single Family Home Prices | February 2010

Average home sale prices in the 70114 zip code dropped substantially from January to February, but the year to date average is still higher than what we saw in 2008 and 2009.  We have recently seen a slight increase in calls and inquiries about homes in Algiers Point, so I’m hopeful that this trend leads to an increase in sales as well.

What impacted Algiers home sales in February?

• 2 homes were in Excellent condition, 1 home was in Average condition, and 3 homes were in Poor condition
• 2 homes (33%) were bank owned or foreclosed properties
• 1 seller provided closing cost assistance to the buyers
• No sellers provided a home warranty

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 LA:

143 single family homes are for sale

• High list price $330,000
• Low list price $20,900
• Average list price $127,934
• Median list price $115,000

26 homes are pending sale or under contract, priced from $20,000 to $185,000

Based on the number of homes sold in February (8), there is a 17.9 month supply of Westwego homes for sale

Westwego, Avondale and Bridge City LA 70094 | Number of Single Family Homes Sold | February 2010

Home sales in the 70094 zip code remained flat from January to February 2010, bringing the year to date number of single family home sales to 16.  Sales are down from 21 at the same time last year, a decrease of 24% in the number of successful sales.

Days on market has crept up to 97 for sold homes.  The average days on market for active listings is 127, so I would expect that number to continue to rise this year as some of the older inventory is sold off.

Westwego, Avondale and Bridge City LA 70094 | Average Single Family Home Prices | February 2010

While the number of sales is down from 2009, average single family home prices in Westwego, Avondale and Bridge City have risen to $124,244.  A quick look at the chart below shows that this is the highest average for several years.  Remember, though, that this average is for only 2 months of sales and will be impacted by home sales as the year progresses.

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

More details about February 2010 home sales in the 70094 zip code:

• FHA loans and cash are the most popular purchase options in Westwego, Avondale and Bridge City.  Cash is typically used by investors purchasing properties to renovate or flip, while FHA is the financing option of choice for most of today’s buyers.
• 37.5% of February sales were bank owned or foreclosed properties
• 12.5% of sellers provided some type of closing cost assistance to the buyers
• No sellers in the area provided a home warranty in February

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

Related Reading:

• Home buying tips
• Home selling tips
• Homes for sale in Westwego, Avondale and Bridge City LA

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

Sellers Divorcing! Must sell!!

That was what I read recently in an agent’s remarks in our local Multiple Listing Service (MLS). Now, I’m all for agents communicating with each other that a seller is motivated (although you would think that the mere act of putting their home on the market would mean they want to sell), but this one made me scratch my head and say “really?”

When an agent lists a home they (should) have a few goals in mind:

• Net the best price for the sellers
• Sell it in the shortest amount of time
• Make the process easy for the seller

How does informing every agent in the market that there is a pending divorce accomplish any of this?

It doesn’t. In my opinion, it serves as a big, blinking, neon sign that buyer’s agents should come in with low offers because the sellers are desperate enough to take just about anything. Now, that may not truly be the case, but it is the impression that the listing agent is giving. My first thoughts turned to squabbling spouses who just want to be rid of any reminders of a failed marriage at any cost, including a house that is no longer a home.

That’s pretty good information to have if you are representing a buyer…but not such good information to share if you have been hired to get the sellers the best price, in the shortest amount of time with the least amount of stress.

Agents want their clients to be honest with them about their motivation for selling. It makes it easy for us to determine how aggressively to approach pricing their home, since some sellers truly just want to be rid of a property. If that is the case, it should be reflected in the PRICE – not in the marital status of the sellers. Not to mention, there are some rules involving client confidentiality that are part of our Code of Ethics.

I wonder if this couple, who is already dealing with a major life changing event, knows that their pending divorce has just been announced to thousands of local agents who are bargain shopping for their clients?

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

We just listed this adorable house only 3 blocks from Bayou St. John on the outskirts of Mid City in New Orleans.  It’s a gem of a rental, with 3 bedrooms, 2 full baths and loads of extras. 

Not your typical lease property, 3058 Dumaine St. has been renovated and offers a few surprises:

• Hardwood floors
• Pocket doors
• Shotgun layout offers flexibility in how the space can be used
• Updated kitchen with tile backsplash, stainless range/oven and stainless microwave
• Updated bathrooms, including one with an oversized walk-in shower
• Attached laundry room with washer/dryer hookups
• Fenced rear yard
• Off street parking

If you can't see the video above, click here.

This vibrant, centrally located New Orleans neighborhood is close to Bayou St. John, City Park, New Orleans Museum of Art (NOMA), the Fairgrounds, fantastic local restaurants and more. Commuting to downtown and the surrounding areas is a breeze.

View Larger Map

Want more details?  Print a flyer

Available for immediate occupancy and pet friendly, 3058 Dumaine Street is being offered for rent for $1,500 per month. 

For a private showing or a lease application, please contact Terri Babineaux at (504) 258-5178.

For more 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 have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Current real estate activity in Marrero LA 70072:

259 single family homes are for sale

• High list price $2,300,000
• Low list price $24,500
• Average list price $163,682
• Median list price $139,900

64 homes are pending sale or under contract, priced from $16,900 to $349,000

Based on February sales (14), there is a 18.5 month supply of homes for sale in the area

Marrero LA 70072 | Number of Homes Sold | February 2010

As of February 2010, Marrero has seen 24 successful single family home sales, compared to 59 at the
same time last year. This is a decrease of 59% in the number of home sales when comparing year to year. However, with 64 homes under contract at this time, I would expect that gap to narrow over the next couple of months as first
time buyers race the clock against the expiration of the tax credit.

Get a free, up to date report of listings and home sales in your New Orleans West Bank neighborhood

Average days on market for homes sold in February was 97, while the average days on market for active listings is 118.

Marrero LA 70072 | Average Single Family Home Sale Prices | February 2010

The average February sale was $112,910, down from January and bringing the year to date average to $123,971. It appears that there may be an input error resulting in the under reporting of at least one sale, so this average will more than likely go up when the appropriate corrections are made.

More details about February homes sales in Marrero:

• FHA remains the most popular financing choice of buyers
• 29% of the sales were of bank owned or foreclosed properties
• 21% of sellers paid for a home warranty for the buyers
• 21% of sellers provided some type of closing cost assistance to the purchasers

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!

I know, it’s kind of lame that I would get excited that the tree man showed up at my house today. But he’s my favorite guy at this time of year, because he keeps us from being inundated with Buck Moth caterpillars every spring.

See this mean looking little guy? That’s a Buck Moth caterpillar. Not only will he munch on the leaves of your oak trees, he packs a punch in those little spines. Touch one and you’ll quickly find yourself in pain and probably with a whelp to show for it too. If they stayed in the trees it might not be so bad (for me anyway – the tree might disagree), but they have a tendency to drop right out…into the yard and onto unsuspecting people.

flickr photo credit: mullica

If you’ve been stung before, you’ll understand why I was happy when the guys from Tree Man Inc showed up today. In the past, they have sprayed our trees each spring. The downside to spraying is that we would worry about overspray onto vehicles and pets AND it could only be done once the caterpillars were present.

Each year, I’d bring the dogs inside and move my car down the street while they were using huge spray wands to coat the leaves (and caterpillars). If my neighbors didn’t spray as well, then we would still see some of the critters as they migrated over to our trees after the spray wore off in about 3 or 4 days.

Starting this year, they have a very cool new injection application and they were kind enough to explain it to me when I interrupted their work.

First, several small holes are punched in the tree, leaving behind little grommets. I was a little concerned about this at first, but was informed that it’s not a deep hole and doesn’t do any harm to the tree at all.

Next, the tree is injected with the magical stuff that makes caterpillars disappear. (OK, that’s not the scientific explanation, but it’s the end result). Because it’s not a topical application, the tree is resistant to the caterpillars for a much longer time and it can be treated before they make their first appearance.

Now, even if some of those bad boys migrate from a neighboring yard over to our trees we are still protected. While nothing is 100%, I feel better knowing that it won’t be raining creepy, crawly, stingy bugs in my yard.

If you want to get your trees treated, now is the time to do it. Contact the Tree Man and tell him West Bank Living sent you :)

For 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 welcome you to our community, 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 70058:

152 single family homes are currently for sale

• High list price $539,000
• Low list price $500 (HUD property with pre-existing liens on it)
• Average list price $180,946
• Median list price $148,000

52 homes are under contract or pending sale, priced from $50,301 to $339,000

Based on the number of homes sold in February (13), there is a 11.7 month supply of homes for sale in the area

Harvey LA 70058 | Number of Homes Sold | February 2010

Year to date, there have been 28 single family homes sold in Harvey, compared to 20 at the same time last year (an increase of 40%).

Average days on market for homes sold in February was 38, bringing the year to date average to 64 days. Compare this to the average days on market for active listings of 115 and I expect that we will see this number rise over the coming months as homes that have been on the market longer begin to sell.

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

The average Harvey home price took a jump in February, bringing the year to date average to $142,100. Part of the drop in prices when compared to 2009 can be attributed to the fact that 25% of the sales so far this year were of properties in Fair or Poor condition. Homes in excellent condition are continuing to command higher prices.

Get up to date information on listings and sales in your West Bank neighborhood

Some more details about February 2010 home sales in Harvey:

• 6 homes were in Excellent condition, 3 homes in Average condition, 2 homes in Fair condition, 1 home in Very Good condition and 1 home in Poor condition
• 46% of the homes sold were bank owned or foreclosure properties
• 31% of sellers paid for a home warranty for the buyers
• 38% of sellers provided some type of closing cost assistance to the purchasers

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

Related Articles:

Home buying tips

Home selling tips

Homes for sale in Harvey LA

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