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

There are a couple of kinds of people who help their neighbors sell their home.

The first kind is the neighbor we all want to have.

Their yard is perfectly landscaped, the trash cans are never left out by the curb, the cars are tucked safely into the garage instead of parked on the street, they don’t have dogs that would even think about barking or cats that consider your garden a litter box.

They are friendly, courteous and can’t wait to tell anyone they meet what a great neighborhood they live in, including the people who are considering moving to the block. They are the cheerleaders for the community, make everyone feel welcome and are the best advertisement for a new neighbor you could ever hope for.

The second type of neighbor is just as nice.

Although they are trying to sell their home too, they still love their neighborhood and they are going to miss their friends after they relocate. They also take great care of their lawn and wouldn’t even think about allowing home maintenance to go undone.

Beautiful flowers by the front door, a freshly pressure washed sidewalk and driveway and a butterfly garden that would make the greenest of thumbs envious.They are friendly, courteous and…

…their home is way over priced for the neighborhood.

Now, if I was selling my house, I would want both of these types of neighbors. Heck, I’d love to have them anyhow.

But, if I had to choose just one, I would definitely cross my fingers and thank my lucky stars for Mr. and Mrs. Overpriced.

Why, you ask? Because no matter how lovely the landscaping, no matter how shiny the fixtures, how new the appliances, how clean the floors, how uncluttered the closets and cabinets and how nice the people…overpriced is still overpriced - and usually serves to make your neighbor’s homes look like much better deals.

Buyers are doing a lot of research before making offers on homes and you can bet that if your price is significantly higher than the others in your neighborhood, you are at a disadvantage.

So, are you priced right or are you just helping your neighbors sell their homes?

Run your free report of home values in your New Orleans West Bank neighborhood

Originally published at West Bank Living

The Jefferson Chamber is collecting items to assist the Terrebonne-Barataria National Estuary Program in the rescue and recovery of oiled wildlife.

Photo credit: Greenpeace USA 2010 on flickr

There is an immediate need for some items and two convenient drop off points for all donations. If you can help, please bring your items to:

East Bank Location

Jefferson Chamber Office
3421 N Causeway Blvd
Suite 203
Metairie LA

West Bank Location

Gretna Economic Development Assocation
711 Second Street
Gretna LA

The Gulf Response Involvement Team needs:

• Clorox Wipes
• Plastic Measuring Tapes (like ones used for measuring fabrics/sewing)
• Knee-high Rubber Boots
• Duct Tape
• Clear Plastic Storage Bins with LATCHABLE lids
• White Terrycloth Towels
• Solid Foam Camping Mats (for cutting to line turtle cages)
• Yellow Kitchen Cleaning Gloves
• Safety goggles/glasses
• Bug Spray
• Aveeno face sunscreen
• Coppertone spray sunscreen
• Zip Ties/Cable Ties
• Heavy Mil Lawn Trash Bags
• Hand Saws
• Blue Tarps
• Ratchet Straps
• Bungee Cords
• Nets (all shapes and sizes for catching wildlife)
• Ziploc Bags (gallon and quart-double zipper seal for preserving samples)
• GPS Units
• Baby wipes
• Orange soap hand cleaner soap
• Binoculars
• Dry Bags
• Grease Pens
• Mechanical Pencils
• Clickable Sharpies
• Waterproof Paper
• All-in-one Printer & Copiers
• 1" & 2" 3-ring Binders
• Printer mailing labels
• Scissors
• Large Ice Chests
• DC to AC Power Inverters
• Paper Towels
• Disposable Blue Shop Towels
• Bolt Cutters
• Box Cutters
• 3 gallon Lawn Sprayers
• Plastic Folding Tables
• Heavy Mil Visqueen Plastic Roles
• Rope
• Dawn soap
• Large Trash Cans with Lids
• Garden hoses
• Leatherman Multi-tools
• Waterproof Digital Cameras
• 2 GB SD memory cards
• Video cameras
• Pliers
• Mustang Lifejackets
• Rain gear
• Chest Waders
• Nitrile gloves
• Gauze pads
• Forceps
• Mini hand-held propane torches
• 8" x 10" dry erase boards and markers
• Disposable sterilized scalpels
• Clipboards with internal storage
• Letter Sized File folders
• Backpacks for making field kits
• Mini pelican cases
• Aluminum foil
• Small ice chests
• Small hard-plastic swimming pools
• 300 gal Rubbermade Tanks

I know we have some of the most generous people in our community and I hope that everyone can make some type of donation, no matter how small.

The good folks at GEDA have agreed to transport all donations to the East Bank location, so you don’t even have to cross the river to help out!

We’ve all seen the heartbreaking photos and news footage of the affected wildlife.  Please give.

Originally published at West Bank Living

Picture yourself relaxing under the shade of a cypress tree, sipping iced tea on the front porch of this beautiful home for sale in the historic McDonoghville neighborhood in Gretna, LA.

Only 5 years old, the architecture is reminiscent of old New Orleans, while the interior of this 3 bedroom, 2 bath is filled with all of the modern conveniences that today’s home buyers are looking for.

NOW OFFERED AT $259,000

10 foot ceilings throughout give an open feel to the entire home. The side hall entry grabs your attention as soon as you open the front door, displaying the gorgeous scored and stained concrete floors that tie every room together. Special touches like crown moldings, 4” baseboards, recessed and pendant lighting add a little luxury to your life.

The open kitchen/dining/living area makes entertaining a breeze and a side door to the patio gives you room to spread the party right into the fenced yard. Beautiful granite kitchen counters meld right into the wraparound breakfast bar and the walk in pantry provides plenty of storage space in addition to the cherry finished cabinets. Under cabinet lighting brightens up the work space, while windows galore let the sun shine in.

The master suite is located at the rear of the house, giving you all of the privacy you could hope for along with french doors leading to the back yard. Custom finished walk in closet, garden tub and separate shower finish out the perfect place to lay your head at the end of a long day.

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

More about 1312 Jefferson Street

For more information or to schedule a private showing of 1312 Jefferson Street, please contact the West Bank Living Team.

I’ve spent a lot of time writing here about selling New Orleans West Bank homes. How to get them ready, how to get them staged, how to price them right and how to be sure that, as a seller, you are appealing to the broadest home buying audience possible.

Sometimes I feel like I’m talking to the wall, especially when I meet with home sellers who want a sign in their front yard right now, but they are no where near ready to go on the market and put their best foot forward.

Recently, one of my listings (which was perfectly prepared, by the way) had an issue with the air conditioner. While at the house, I realized that it just wasn’t cooling correctly. So, I let the owner know that it needed to be checked out. Within 2 days I had an email telling me that the repairs had been completed and everything was working properly. I responded to the owner, thanking her for taking care of the issue so quickly.

Here was her response:

Your job is to get it sold but it is my responsibility to make sure it is in the right condition to sell.

Ta da! The heavens opened, the sun shined down on me and I did a little happy dance because I have a home seller that gets it!! There is hope yet…

Recently, I listed and sold a condo in New Orleans. Now, the entire condo buying and selling experience has changed from years past, with fewer lenders willing to step up and do the necessary work to get a complex approved by FHA. It used to be that by answering a few quick questions a lender could get what was called a “spot approval”. Those days are gone and while the rule changes may have been made for valid reasons (although I’m not quite sure what they are), they have served to make the entire process a little more cumbersome, especially for the seller and the condo association.

Jumping through all of the FHA hoops was tiring enough, but dealing with an out of state Wells Fargo underwriter served to make almost everyone involved in the process want to scream…including the loan originator who worked for the same company.

Lapses in communication by the underwriter, repeated requests for documents and information that had already been provided and an apparent inability to actually review the documents they had in hand all served to draw out a closing a full 30 days past the date set in the original purchase agreement. Keeping the buyer from moving in, the seller from moving on and everyone else in a reactive mode, cringing at what new hell they might dream up as the torture de jour.

While the loan originator (who is the front line contact with the buyer and the agents) has a local office, the underwriter sat waaaaay over in Jacksonville, Florida. They didn’t have to make small talk at the water cooler with the originator, they didn’t pass each other in the hall and get a quick update on the status of the loan approval. The underwriter had no incentive to actually get the deal done within the deadlines of the contract. Instead, they focused on the minutiae and stopped or stalled the process over and over again as they requested item after item above and beyond their original request list.

I got tired of asking “is there anything else you need to finish processing this loan?” only to find out days later that yet another document was required – or, even worse, that they were asking for things that had already been sent to them. They even had the gall to throw in a last minute, previously undisclosed seller FHA fee while we were sitting at the closing table signing the settlement statement.

Get to the point, Lisa

The point is that when a buyer uses an out of state lender, everyone in the transaction is faceless to the underwriting staff. You are just another file that they have to get processed instead of being a customer.

That’s why we always, always, always advise our buyers to use a local lender. Someone you can get face to face with. Someone who is working with you, not just on your file. Someone who isn’t reliant on phone calls and email to communicate with the underwriter, but instead can walk down the hall and poke their head into an office for an update.

If you need someone like that, we’d be happy to give you a referral to some New Orleans area lenders we have successfully worked with in the past that didn’t make everyone want to beat their head against a wall.

Buying a home is supposed to be fun and we don’t like to work with people who suck the fun out of it. You shouldn’t either.

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 English Turn:

35 homes are currently listed for sale

• High list price $1,799,000
• Low list price $400,000
• Average list price $742,254
• Median list price $649,000

4 homes are under contract or pending sale, priced from $395,000 to $549,000

Based on the number of April home sales (1), there is a 35 month (2.9 year) supply of homes for sale in English Turn

English Turn | Number of Single Family Home Sales | April 2010

With 8 successful home sales this year, English Turn is holding steady with only 1 less sale than at the same time in 2009. It appears that the market in English Turn has stabilized, but at a lower level of sales than in 2005-2007. The single English Turn home sold in April was a smaller residence in the Villas.

While the level of sales seems to be stable, the days on market continues to go up, ending April at 253 days. Active listings have been on the market from 10 to 759 days, with an average of 169 and a median of 95. The higher end homes almost always take much longer to sell, but when they do it causes the average to jump up significantly. The average under contract home was on the market for 179 days.

Run your own report on home values in English Turn

English Turn | Average Single Family Home Prices | April 2010

The average April home sale in English Turn was $410,000, while the year to date average is $493,252. Sales of homes under $500,000 are ruling the market in the subdivision, while higher end homes are a bit more challenging to move.

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

Search homes for sale in Algiers LA

Search New Orleans West Bank homes for sale

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 Belle Chasse LA:

48 single family homes are listed for sale

• High list price $1,700,000
• Low list price $149,000
• Average list price $356,492
• Median list price $298,750

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

Based on the number of April sales (3), there is a 16 month supply of homes for sale in Belle Chasse

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

Year to date, there have been 11 single family homes sold in Belle Chasse, compared to 17 at the same time last year. The first time buyer tax credit has had little impact on the Belle Chasse market because the average prices are higher than most of the rest of the West Bank of New Orleans, pushing it out of the reach of many of those buyers.

Days on market for homes sold in 2010 has dropped dramatically from the 2009 average, currently standing at 50 days. Homes still on the market have been listed for an average of 145 days and a median of 75 days, so expect to see this number jump around as some of the older inventory sells.

Belle Chasse LA | Average Single Family Home Prices | April 2010

Average home prices in Belle Chasse leaped up to $462,167 in April, mostly due to the sale of home in Thousand Oaks for $700,000. The average pending sale is well below that, so we’ll see this number drop off again by the end of May. Year to date, the average is $294,136, a decrease of 2.6% from the 2009 average.

Although Belle Chasse is one of the few areas on the West Bank where home values are exceeding those of 2005-2006, note that the average home sale price has been dropping since it peaked in 2008.

Run your own report of home values in your Belle Chasse neighborhood

More about April home sales in Belle Chasse LA:

• 1 home sold in April was a bank owned/foreclosure property
• 1 seller paid for a home warranty for the buyer
• No closing cost assistance was provided by any Belle Chasse home seller in April

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

Search Belle Chasse LA homes for sale

Search New Orleans West Bank homes for sale

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!

We’re not fooling around here! Where are you going to find a move in ready home for under $90,000? It’s right here at 312 Helis Drive in Waggaman LA.

Now priced at only $89,000

• 3 bedrooms
• 1 bath
• Updated kitchen with all appliances included
• Great covered patio just outside the kitchen door
• Freshly painted and sparkling clean
• Just blocks to neighborhood playground, school and library

Want to see more? Contact Terri Babineaux to schedule your showing today.

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!

There was some interesting information in CityBusiness last week about how fishermen, shrimpers and others in the industry are being financially impacted by the oil spill in the Gulf of Mexico. Everyone is trying to determine how those who have effectively been put out of business or had their business adversely impacted should be paid.

However, according to the article, “sloppy and sometimes fraudulent histories of tax reporting among members of the fishing industry could deny many what they consider fair compensation”. Cash income that was never claimed, poor bookkeeping that doesn’t provide the necessary information…these things may come back to haunt some of the people making claims against BP.

These same practices can have an impact on individuals who are applying for a mortgage to purchase their New Orleans area home.

We are a city full of people who have the opportunity to make a good deal of money “on the side”. Just the fine dining restaurants alone support a large number of people (bartenders, wait staff, etc) and some of them are doing quite well financially even though they are skirting the law about reporting tips as income. The problem comes when they decide it’s time to make a large purchase such as a house.

No documentation = No mortgage

Gone are the days of stated income loans, where an applicant just told the lender how much they make and the loan was approved. In today’s world, documentation is the rule. W2s, bank statements and tax returns are required to prove income and it doesn’t matter what you say you make, it’s what your reported income is that determines your ability to qualify for a mortgage.

Here’s my 2 cents of advice: report all of your income. Yes, it means that you will likely pay more in taxes. But, besides being the law, it can make the difference between owning a home of your own or paying rent for years on end.

Originally published at West Bank Living

Current real estate activity in Algiers Point: (single family homes only)

23 homes are currently for sale in Algiers Point

• High list price $389,000
• Low list price $95,000
• Average list price $276,857
• Median list price $275,000

4 homes are under contract or pending sale, priced from $113,400 to $249,900

Based on the number of April sales (2), there is a 11.5 month supply of homes for sale in Algiers Point

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

While the number of home sales in Algiers Point dropped in April, the good news is that year to date there have been 13 sales, compared to only 4 at the same time last year. This is the best start to the year since 2006.

Get this week’s free Algiers home value report

Days on market has gone up from last year and I expect it to continue to do so since the average listing has now been on the market for 195 days. The average pending sale was on the market for 109 days. The disparity between the time houses are selling and the time active listings have been on the market is usually an indicator that some properties are over priced for the location, condition or amenities.

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

Average sale prices dropped yet again in April, but year to date are still higher than both 2008 and 2009. This appears to be due to the fact that buyers are choosing homes in better condition, instead of investors buying houses that are in need of renovation.

More about Algiers Point home sales in April 2010:

• Both of the April sellers provided closing cost assistance to the buyers
• No home warranties were provided by sellers
• Neither sale was a bank owned or foreclosure property

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

Algiers homes for sale
New Orleans West Bank homes for sale

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Home selling tips

Originally published at West Bank Living