New Orleans West Bank Living and Real Estate News: Louisiana: New Orleans: Algiers

Current real estate activity in Algiers LA 70131 (excluding English Turn):

182 single family homes are for sale

• High list price $895,000
• Low list price $29,900
• Average list price $181,517
• Median list price $155,000

29 homes are under contract or pending sale, priced from $50,000 to $325,000 Based on the number of January sales (9), there is a 20 month supply of homes for sale in Algiers

Algiers LA 70131 | Number of Single Family Home Sales | January 2010

The 70131 zip code of Algiers started off the year with 9 homes sold, up from 7 in January 2009. The days on market dropped substantially, but that is mostly due to the sale of several bank owned homes that were aggressively priced and moved very quickly.

Competition from foreclosures should be a factor when pricing your West Bank home to sell, so be sure that you have information on all of your competition before putting your house on the market. Get your free report of recent listings and sales in your New Orleans West Bank neighborhood

Algiers LA 70131 | Average Single Family Home Price | January 2010

The average single family home in Algiers sold for $147,758 in January, up over $20k from December, but still below the 2009 average shown above. Conventional loans and cash were the most popular forms of payment, since many of the homes sold in January were in less than excellent condition, keeping them from being financed with VA or FHA loans.

Some more details about January home sales in Algiers

• 33% of the sales were of bank owned or foreclosed properties (33% is the average across the West Bank)
• 11% of sellers provided some type of closing cost assistance to the buyer
• 11% of sellers paid for a home warranty for the purchaser

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 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 Algiers LA 70131 (excluding English Turn):

173 homes are for sale in Algiers 70131

• High list price $895,000
• Low list price $37,900
• Average list price $183,380
• Median list price $155,000

28 homes are under contract or pending sale, priced from $40,000 to $429,000

Based on the number of December sales (13), there is a 13.3 month supply of homes for sale in the area

Algiers LA 70131 | Number of Homes Sold | December 2009

2009 home sales in Algiers fell just short of those in 2008, ending the year with 208 successful sales.  This is the second year of severely reduced home sales in the area and it’s reflected in the average days on market (see chart below).

I wish I had a crystal ball for why Algiers is performing so poorly, but I don’t.  What I am hearing from home buyers is a combination of schools, taxes, insurance and the poor perception of the City of New Orleans are pushing them to nearby areas in Plaquemines Parish or Jefferson Parish.

Days on market (the length of time it takes a home to sell) has been on the increase in Algiers for the last several years, ending 2009 at 137 days.  Remember, this is just an average.

• The home on the market the longest sold in 935 days.
• The home on the market the shortest period of time sold in 1 day.

Algiers LA 70131 | Average Home Sale Prices | December 2009

Home prices in Algiers remained fairly steady through most of 2009, ending the year with an average sale price of  $155,362.  This is a 4.9% decline from the 2008 average, putting home values below those of a pre-Katrina market.  While we were hopeful at the beginning of the year that we would begin to see a recovery in the Algiers market, it’s not happening yet.

• The most expensive home sold in Algiers in 2009 was a 7 bedroom, 4.5 bath home in Lakewood Estates that sold for $519,000 in November, 2009.
• The least expensive home sold in Algiers in 2009 was a 3 bedroom, 1 bath home that sold for $8,000 in February, 2009.  (This particular property was purchased by the seller at a tax sale)

FHA is the most popular financing choice of Algiers home buyers, with 39% opting to use that type of loan for their home purchase.  Of note is that 41% of home sellers in Algiers provided some type of closing cost assistance to buyers when selling their home.  It’s important to be sure that you know all of the details about comparable sales in your area when pricing your home to sell.

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

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

Related Articles:

Home buying tips
Home selling tips

West Bank 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!

Current real estate activity in Algiers LA 70114:

121 homes are for sale in Algiers 70114

• High list price $599,000
• Low list price $13,000
• Average list price $147,446
• Median list price $119,900

16 homes are under contract or pending sale, priced from $28,000 to $399,000 Based on December 2009 sales (6), there is a 20 month supply of homes for sale in the area

Algiers LA 70114 | Number of Homes Sold | December 2009

After a brief uptick in 2008, the number of home sales in the 70114 zip code of Algiers dropped almost 37% in 2009, ending the year with 73 homes sold. Much of this can be attributed to declining sales in Algiers Point, which has been hard hit by the changes in the West Bank real estate market.

Interestingly, the days on market for homes sold in the area has remained flat for the last 3 years. When priced right for the neighborhood and condition, homes are selling in an average of 102 days.

• The home on the market the longest in 2009 sold in 463 days.
• The home on the market the shortest period of time in 2009 sold in 1 day.

Algiers LA 70114 | Average Home Sale Prices | December 2009

Prices in the 70114 zip code of Algiers continue to decline, dropping over 10% from 2008 to 2009. Besides the impact of fewer high end sales in the Point, there are a good number of homes in need of restoration or renovation that are being purchased for cash by investors or buyers who have the time and money to put into a fixer-upper.

This section of Algiers is the only area on the West Bank that is seeing cash as the primary purchasing tool.FHA is right behind with 34% of the market. Of note is that 30% of home sellers provided some type of closing cost assistance to the purchasers in 2009, so be sure that your agent is providing you with all of the details on comparable sales in your neighborhood.

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

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

Related Articles:

Home buying tips

Home selling tips

West Bank 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’ve been told that photos are one of the most important things I can provide here for people considering a relocation to the West Bank of New Orleans.   Being able to really see the area, not just some bad MLS photos of houses, seems to be helpful.

With that in mind, I’m trolling through the hundreds of photos that I’ve taken over the last year in the various communities.  I’ll be sharing them with you, hopefully a new one each day, but I’m sure that sometimes life and business will get in the way.

This shot was taken at Woodland Park in Algiers.  The park is located on the corner of Woodland and Patterson (known locally as River Road), directly across the street from the Mississippi River levee and next to the Pakenham Oaks subdivision.  It’s not a fancy park, basically just an open space with plenty of trees to picnic under when the weather is nice.  I sometimes see folks there with their dogs, tossing balls and frisbees, since there are no dog parks on the West Bank that I know of. 

It seems that not too many people take advantage of this little park, so if you are looking for a quiet place to spread a blanket and read a book, it might be just right for you.

For more information about living on the West Bank, feel free to contact the West Bank Living Team.  We live, work and play here and would love to welcome you to our community.

Search New Orleans West Bank homes for sale

Current real estate activity in Algiers LA 70114 (including Algiers Point):

115 homes are for sale

• High list price $425,000
• Low list price $13,000
• Average list price $146,748
• Median list price $119,900

8 homes are pending sale or under contract, priced from $30,000 to $399,000

Based on the number of homes sold in November (6), there is a 19.2 month supply of homes for sale in the 70114 zip code

Algiers LA 70114 | Number of Homes Sold | November 2009

It’s pretty obvious that home sales in the 70114 zip code of Algiers are suffering.  Year to date, there have been 67 successful single family home sales, compared to 108 at the same time last year.

There are, in my opinion, a couple of reasons for this:

1. Sales in Algiers Point have dropped to a very low level
2. The condition of many of the properties being sold makes them attractive only to investors.  Given the difficulty in obtaining financing (higher down payments, shorter time for repayment) for investment properties, the majority of the buyers of these homes are dealing with cash.  Typically, a cash investor is looking at the lower end of the inventory, so the homes that sit in the middle are languishing on the market.

Algiers LA 70114 | Average Home Sale Prices | November 2009

There was a spike in November of the home sale prices, mostly due to a couple of higher end homes selling We aren’t seeing too much of that, so it has a greater impact on the averages.   Year to date, the average home sale price is at $117,680, down 10.5% from 2008.  The combined drops in both the number of sales and the average sale prices present an opportunity for buyers in the area.

Even within the zip code, there are pockets of areas that are performing both better and/or worse than the averages.  Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

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

Algiers LA homes for sale
New Orleans West Bank Homes for Sale

Home buying tips
Home selling tips

Need more information about buying or selling a home on the West Bank of New Orleans?  For professional buyer and seller representation, please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.

Current real estate activity in Algiers LA 70131:

197 homes are for sale in the 70131 zip code (excluding English Turn)

• High list price $895,000
• Low list price $35,000
• Average list price $178,774
• Median list price $152,000

32 homes are under contract or pending sale, priced from $27,500 to $429,000

Based on the number of homes sold in November (12), there is a 16.4 month supply of homes for sale

Algiers LA 70131 | Number of Homes Sold | November 2009

Sales in Algiers took a dip in November, bringing the year to date number of homes sold to 194, an average of 17.6 homes per month.  If that average holds, we will end the year just slightly below the 2008 total.

The average days on market as of 11/30/2009 was 124, but don’t count on selling in that amount of time….the longest a home was on the market before selling this year was a whopping 935 days (over 2.5 years).

FHA loans continue to be the most popular financing option for buyers, making up 39% of the sales in Algiers this year, with conventional loans coming in second at 26%.  The surprise in the numbers below is the small amount of VA loans given the proximity of Algiers to NAS JRB New Orleans.  As the Federal City moves closer to completion, I would anticipate seeing an increase in the number of military buyers in the area.

Algiers LA 70131 | Average Home Sale Price | November 2009

The average home sale price in November was $184,070, up substantially from last month.  But, year to date, the average price of $155,362 is still down almost 5% from 2008.

Your particular neighborhood may be performing differently, so get this week’s free market snapshot for an up to date report on listings and sales in your area.

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

Algiers LA homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

The West Bank Living Team provides professional real estate services to home buyers and sellers on the West Bank of New Orleans.  It would be our pleasure to assist you with any of your real estate needs.

Living in a sub-tropical climate is a definite plus if you love to spend a lot of time in your garden or yard. Despite the fact that it is November, there are still blooming flowers throughout my West Bank garden.

However, the periwinkles are starting to get leggy, the coneflowers are gone and the basil has started to flower and is done for the year. Before the holiday madness starts, I need to find time to get outside in the gorgeous weather we’ve been having and start the winter garden.

I stopped in to visit my favorite Algiers nursery this week – New Orleans Garden Center and Landscape on Huntlee Drive, just off of General Meyer. The fall and winter plants have arrived and wherever you decide to buy them (although I hope it’s from someone local) there is a profusion of color that can quickly take your garden from the end of summer blahs to the winter aaaaahhhhhs.

What I’m Planting This Winter

Pansies are probably the most traditional of the winter flowers, although we have to be careful not to plant them too early in New Orleans. They will survive the coldest of winters with ease, but our climate can be a little more challenging for them. The lovely ladies at the garden center shared this tip with me: if you want show stopping pansies, they love blood meal as a soil additive.

Most people think of petunias as a spring time flower, but in the south they are a perfect addition to your garden after the long hot days of summer have ended. Cool days and nights allow them to flourish and they can provide blankets of color for the next few months that will make all of the neighbors jealous :)

Snapdragons are one of my favorite winter flowers. A few years ago, I replanted my entire front garden in white – white petunias, white snapdragons and white pansies. I threw in a few sparkly Christmas lights and voila! A winter paradise, right in my own front yard.

I plan to finish off my winter garden with ornamental cabbage. The colors range from almost white to deep green to purple and the texture they bring to the space is fantastic.

Some other winter gardening tips from New Orleans Garden Center and Landscape

• Roses need to be pruned in January, but how much depends on the type of rose. If you are a novice rose grower (like me), check with a professional before you start chopping off branches!
• It’s time to winterize your lawn whether you have St. Augustine sod, centipede grass or even if you’ve seeded with winter rye
• Mulch is just as important in the winter as in the summer and can help protect the roots of your plants during those rare freezes on the south shore
• Once you’ve watered your plants in well, there is no need to water as much as in the summer. Of course, common sense rules and if they are looking a little droopy, give them a drink!

Hopefully, I can get all of this work done before the Thanksgiving holiday, because after that it will be time for a return visit to pick up poinsettias in every color for Christmas. Whew…I better get to work. Happy gardening!

New Orleans Garden Center and Landscape is located at 210 Huntlee Drive in Algiers. Call (504) 366-2017 for winter operating hours or more information and tell Blair HELLO for us!

Who needs an apartment when you can rent a single family home on the West Bank for only $1,000 per month?  With 3 bedrooms, 1 bath, an updated kitchen and a modern bath, 102 Kingston Court is a perfect leasing alternative. 

Only 3 miles from the Crescent City Connection, 6 miles to downtown New Orleans, and minutes away from both the Naval Support Activity in Algiers and NAS JRB New Orleans in Belle Chasse. 

Long term lease available and the owner will consider a lease/purchase option for qualified buyers since this home is also for sale for only $125,000.

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

For more information about this or other properties for lease or for sale on the West Bank of New Orleans, please contact the West Bank Living Team.  It would be our pleasure to assist you!

Current real estate activity in Algiers LA 70131 (excluding English Turn):

198 homes are for sale

• High list price $895,000
• Low list price $35,000
• Average list price $188,261
• Median list price $154,950

39 homes are under contract or pending sale, with an average list price of $144,823

Based on the number of homes sold in September (25), there is a 7.92 month supply of homes for sale in the area

Algiers LA 70131 | Number of Homes Sold | September 2009

September saw the highest number of home sales in Algiers for all of 2009 AND the most homes sold since April 2008.  While we are still running behind this same time last year (160 this year compared to 175 in September 2008), it does appear that the market is flattening instead of continuing the steep drops that Algiers has experienced for the last couple of years. 

BUT (there’s always a but), remember that for a period of time this summer Algiers was included in the City of New Orleans soft second mortgage program for homes that suffered more than $5,200 in repaired hurricane damage.  When that money ran out, showing activity softened and slowed.  The majority of those allocations have now been closed, so we’ll have to keep an eye on the trends to see what impact that has on the sales numbers going forward.

Algiers LA 70131 | Average Home Sale Price | September 2009

In another bit of good news, the average home sale price in Algiers is less than $1,000 lower than the 2008 average and is almost on par with 2005 (our last normal market).   The expiration of the $8,000 tax credit for first time home buyers at the end of November may impact this as well, unless the credit is extended.

The choice of financing can tell you a lot about who is purchasing in a community.  FHA continues to be the choice of the majority of home buyers due to the low down payment requirements and the ability to have home sellers provide some assistance with closing costs.

So far in 2009, 53% of FHA buyers in Algiers have received closing cost assistance from sellers.  The amounts ranged from a low of $2,000 to a high of $11,500.  The average amount of closing cost assistance provided to FHA buyers in 2009 is $5,581 or 3.71% of the purchase price.

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

Related information:

Algiers LA homes for sale

Home buying tips
Home selling tips

If you are considering buying or selling a home in Algiers and have a question or just need a little advice, please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.