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

I recently was asked about how the real estate market is doing in Algiers Point, specifically for doubles and other multi-family properties.  Well, I’m sorry to say, that it’s not good news for sellers in the community – too much competition and too few sales.

Multi-Family Property in Algiers Point (including doubles)

While the trend line may indicate increasing values, there have been only 3 multi-family properties sold in the Point in the last 6 months and none as of 3/31/2010.  With 23 active listings at this time, there is a lot for the buyers to choose from, making them more likely to walk away from a deal if they don’t feel like they are getting a “bargain”.

Sales of Doubles in Algiers Point

Prices of doubles in the Point have followed the same trend line over the past few years.  There are currently 16 properties listed for sale, while there have been only 2 successful sales in the last 6 months and none in 2010. 

Only 7 of the available properties are generating any rental income at this time, making it a harder sell to investors who are attempting to determine whether a property will cash flow according to their standards.  There are 14 rental listings in the Point, priced from a low of $600 per month for a one bedroom to a high of $4500 per month for a 2 bedroom single family home, so obviously determining a real rate of return is easier on properties that are already tenant occupied.

Need more information?  We’ll be happy to take a look at your property and give you an honest opinion about a probable sale price.  Just call Lisa at (504) 616-6262 or drop us an email. 

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 English Turn:

26 homes are for sale

• High list price $1,799,000
• Low list price $400,000
• Average list price $734,962
• Median list price $654,000

6 homes are under contract or pending sale, priced from $394,900 to $1,699,000

Based on the number of March sales (4), there is a 6.5 month supply of homes for sale in English Turn

English Turn | Number of Homes Sold | March 2010

As of the end of the first quarter of 2010, there have been 7 homes sold in English Turn, the same number as sold in the first quarter of 2009.  With 6 homes currently pending sale, English Turn has the potential to surpass sales for the last 2 years if they all successfully close.

Days on market is continuing to trend upward as some of the older inventory is sold.  The average days on market for active listings stands at 200 days, while the average for homes pending sale is 144 days.

English Turn | Average Home Sale Prices | March 2010

The average home selling price in English Turn so far this year is $505,145, a slight increase over the 2009 average.  As of 3/31/10, the most expensive home sold in English Turn was 77 English Turn ($690,000) and the least expensive sale was 4 Fairway Oaks ($385,000).

Get a free report of home listings and sales in English Turn

More about March 2010 English Turn home sales:

• Every seller provided a home warranty to the purchaser
• 1 seller (25%) provided closing cost assistance to the buyer
• There are no foreclosure properties listed in English Turn or sold in the community this year

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

You might also be interested in:

• 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

If you are in the market to buy a home, you can’t throw a stick without hitting a REALTOR who is waving a sign and screaming about the end of the world first time home buyer’s tax credit on April 30th.  Overlooked in their zeal to rope in as many buyers as possible is the fact that there are exceptions to the rules and it’s a big one for members of the US military.

With a steady stream of service members relocating to and from NAS JRB New Orleans and NSA New Orleans, it’s important for you to know that military home buyers with a period of duty outside the United States can still qualify for the tax credit provided you meet the following criteria:

From Federal Housing Tax Credit site:

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
• A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

• “Qualified service member” means a member of the uniformed services of the US military, a member of the Foreign Service of the US, or an employee of the intelligence community.
• “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

More information about the Federal Tax Credit

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 Belle Chasse LA:

51 single family homes are for sale in Belle Chasse

• High list price $1,700,000
• Low list price $130,000
• Average list price $341,271
• Median list price $290,000

10 homes are under contract or pending sale, priced from $85,000 to $450,000

Based on the number of March sales (5), there is a 10 month supply of homes for sale in Belle Chasse

Belle Chasse LA | Number of Single Family Home Sales | March 2010

Year to date, there have been 7 single family home sales in Belle Chasse, compared to 11 at the same time last year. The decrease in the number of sales seems to be targeted towards the higher end of the Belle Chasse price range, as reflected in the continued drop of the average sale prices.

Days on market plunged to 63, but look for this number to go up – the average days on market for all listings (active, under contract, etc) is 115. What I see happening is that buyers are quick to move on homes in the lower price ranges (bringing down the sold days on market) while the higher end homes are taking longer to sell (pushing up the active days on market).

Belle Chasse LA | Average Home Sale Prices | March 2010

As of the end of the first quarter of 2010, the average single family home in Belle Chasse is selling for $237,571, the lowest average we’ve seen in the area in the last 5 years. With only one sale over $300k so far this year, sellers in the upper end of the price ranges could be in for fairly long marketing times. Sellers who are considering selling in the $250,000 price range are in the best position.

More about March 2010 home sales in Belle Chasse:

• 80% of the homes were less than 18 years old, indicating a buyer preference for newer homes
• 60% of home sellers paid for a home warranty for the purchaser
• The $225,000 - $275,000 price range is the most popular with buyers and the easiest price range to sell in

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

You might also be interested in:

• Home buying tips
• Home selling tips
• Belle Chasse 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

This week’s video tour takes place in the Belle Chasse neighborhood of Pleasant Ridge Estates.

Located in the upper part of Belle Chasse, Pleasant Ridge is just off of Woodland Highway and boasts some of the finest homes in the area. Gated and secure, the community has very little turnover…a testament to how much the home owners love living there. Join us on a drive through this lovely neighborhood.

Can’t see the video above? Click here.

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

Current real estate activity in Algiers Point:

21 single family homes are for sale in the Point

• High list price $389,000
• Low list price $187,000
• Average list price $276,910
• Median list price $275,000

6 homes are under contract or pending sale, priced from $113,400 to $287,900

Based on the number of homes sold in March (6), there is a 3.5 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Homes Sold | March 2010

Algiers Point ended the first quarter with a total of 11 single family home sales, compared to 3 at the same time last year.  Already in 2010, the Point has sold more than 50% of the total sales recorded in 2009 – great news for sellers who watched sales dip dramatically last year.  Since the Point is not the typical first time home buyer market, I would not expect to see a drop off in sales when the tax credit ends on April 30th. 

I’m excited about the increase in the number of sales but I’m still hesitant to call it a recovery, choosing instead to spotlight it as a shifting market until we have more data in.  Potential home buyers and sellers can keep up with new listings and sales by getting this week’s free home value report.

Days on market has increased as some of the homes that have been listed for a longer time are finally selling.  I expect to see this number continue to go up since the average active listing has been on the market now for 196 days and the average home that is pending sale has been on the market for 139 days.

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

The average sales prices have been dropping month to month in 2010, but are still almost 16% higher than in 2009.  With only 1 bank owned foreclosure sold in the area this year, the average paints a fairly accurate portrait of home values for owners in the Point.

More about March 2010 home sales in Algiers Point:

• 1 bank owned foreclosure was sold
• 33% (2) of sellers provided some sort of closing cost assistance to the buyers
• Conventional loans are the standard financing option in the Point, typically due to either the renovations needed or the age of the home presents some challenges for FHA financing because of the code requirements.

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

You might also be interested in:

• 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 Algiers, 70131 (excluding English Turn):

195 single family homes are for sale

• High list price $895,000
• Low list price $22,500
• Average list price $174,729
• Median list price $154,900

37 homes are under contract or pending sale, priced from $26,600 to $367,500

Based on the number of sales in March (18), there is a 10.8 month supply of homes for sale in Algiers

Algiers 70131 | Number of Single Family Homes Sold | March 2010

As of the end of the first quarter of 2010, there have been 42 single family homes sold in Algiers 70131 (excluding English Turn) compared to 38 during the first quarter of 2009. Foreclosures and bank owned properties have definitely had an impact on sales in Algiers, with 15 of these homes sold as of March 2010.

The year to date days on market average has dropped to 99, mostly due to (again) the bank owned and foreclosure homes skewing the average. For non-foreclosure properties, the average days on market was 125, while bank owned homes are selling in an average of 53 days. It can be difficult in some cases for sellers to compete with the value that these third parties can offer, so proper pricing to reflect what is happening in your West Bank neighborhood is critical.

Get this week’s free Algiers home value report

Algiers 70131 | Average Single Family Home Sale Prices | March 2010

While we saw a dip in the average sale price from February to March, the year to date average has increased slightly from 2009 to 2010. As of March 2010, the average Algiers home is selling for $158,912. Again, foreclosures are having an impact and need to be taken into account when pricing your home or considering whether that “bargain” you are considering buying is really a bargain.

Foreclosure properties are selling at an average price of $120,287, while non-foreclosures are selling at an average of $175,924. Not only is this important for home sellers to know, but buyers should be aware that homes that are not owned by banks and in good condition will command a substantially higher price.

More about March 2010 home sales in Algiers:

• 33% of the homes sold were bank owned or foreclosed properties
• 28% of sellers paid for a home warranty for the buyers
• 28% of sellers provided some sort of closing cost assistance to the purchasers
• FHA loans remain the most popular choice of buyers, but cash is not far behind

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

You might also be interested in:

• 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 Algiers, 70114 (including Algiers Point):

106 single family homes are for sale

• High list price $389,000
• Low list price $29,000
• Average list price $137,762
• Median list price $112,500

23 homes are under contract or pending sale, priced from $10,000 to $287,900

Based on the number of homes sold in March (12), there is a 8.8 month supply of homes for sale in the area

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

Home sales in the 70114 zip code of Algiers took a jump in March, bringing the year to date total number of single family homes sold to 25 (compared to 14 during the first quarter of 2009).  This portion of Algiers is really a tale of two different markets – the foreclosure market and the rest of the sales – and foreclosure sales made up 58% of the home sold in this section of Algiers in March.

Days on market is still holding steady, but with the average listing already on the market for 153 days, look for this number to increase in the coming months as some older inventory is hopefully cleared out.

Algiers LA 70114 | Average Single Family Home Sale Prices | March 2010

Sale prices increased in March, bringing the year to date average to $125,158.  The increase in sales prices from 2009 to 2010 can be mostly attributed to an increase in sales in Algiers Point since the highest priced real estate in the zip code is in the historic district and a few sales in that area can have a major impact on the average.  Your

More about March sales:

• 3 homes sold were in Excellent or Very Good condition, while the remainder were in Average, Fair and Poor condition
• 33% of sellers provided some sort of closing cost assistance to the purchaser
• No home warranties were provided by sellers in March
• Because of the high percentage of foreclosures and properties in need of renovation, cash is king in the 70114 zip code, used in more than half of the sales so far in 2010.

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

You might be interested in:

• 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:

150 single family homes are for sale

• High list price $330,000
• Low list price $19,900
• Average list price $125,855
• Median list price $116,500

28 homes are under contract or pending sale, priced from $20,000 to $190,000

Based on the number of homes sold in March (9), there is a 16.7 month supply of homes for sale in the 70094 zip code

Westwego, Avondale and Bridge City | Number of Homes Sold | March 2010

Year to date, there have been 25 single family home sales in the 70094 zip code (Westwego, Avondale, Bridge City and Waggaman) compared to 35 at the same time last year.

• 20% of the sales have been homes in Poor or Fair condition, which typically attract investors with the cash to make the necessary repairs and/or renovations
• The average home sold in 2010 had 3 bedrooms, 2 baths and 1,564 square feet of living area
• The average price per square foot in the 70094 zip code is $75

Days on market is remaining steady, holding at 82. Homes currently listed and under contract have been on the market longer than the average, so expect to see this number go up as the year progresses, especially since the number of sales has dropped off from 2009.

Westwego, Avondale and Bridge City | Average Home Sale Prices | March 2010

The average single family sold for $122,33 in March, bringing the year to date average to $123,556. Most of the increase in sales prices can be attributed to a handful of sales over $200,000. With only 25 homes sold, these higher end sales have a greater impact on the averages.

Your neighborhood may be performing better or worse than the average, so get this week's free home value report for your neighborhood for the latest listings and sales in your area.

More about March 2010 homes sales in Westwego, Avondale, Bridge City and Waggaman

• 33% of homes sold in March were bank owned or foreclosure properties
• 44% of sellers provided some sort of closing cost assistance to the buyers
• 56% of sellers paid for a home warranty for the purchasers
• FHA remains the most popular financing method of buyers, making up 48% of sales

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

You might also be interested in:

• 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

Have you looked at the real estate section of the newspaper lately? It’s pretty small these days as fewer and fewer New Orleans REALTORS are willing to plunk down hundreds of dollars for ads that very few people are reading.

Smart agents are focusing their efforts on where the buyers are, and the statistics show that almost 90% of them are searching for homes online. Before they ever call an agent, before they ever make an appointment, they are using their friend Google to help them cull through the mediocre and find the jewels of the market.

Can’t see the video above? Click here.

Are you considering selling your New Orleans West Bank home? Let us show you how we use technology to put our listings at the forefront of all of the major search engines.

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