West Bank Living

A Bear Stearns analyst has recently predicted that housing prices in the New Orleans area may continue to decline through 2008 and into 2009. A rebound of prices is not expected until late 2009 or early 2010. Read the entire article here.

What does this mean for sellers on the West Bank?

According to my research, NOT A LOT at this time!

Average home prices are holding fairly steady in most areas of the West Bank:

Belle Chasse: Average sale price from 7/1/2007 to present: $300,088. This is an increase of 9% over the average 2006 sales price. Average days on market has increased from 63 to 81.

Algiers, Algiers Point: Average sale price from 7/1/2007 to present: $172,965. This is a decrease of 3% from the average 2006 sales price. Average days on market has increased from 60 to 93.

Gretna and Terrytown: Average sale price from 7/1/2007 to present: $166,957. This is an increase of 0.23% from the average 2006 sales price. Average days on market has increased from 52 to 88.

Marrero, Harvey and Lafitte: Average sale price from 7/1/2007 to present: $181,631. This is an increase of 7.5% from the average 2006 sales price. Average days on market has increased from 52 to 66.

Westwego, Avondale and Bridge City: Average sale price from 7/1/2007 to present: $124,691. This is an increase of 0.83% from the average 2006 sales price. Average days on market has increased from 56 to 68.

While West Bank homes are taking longer to sell, they are continuing to hold their values at this time.

Is it time to sell your West Bank home?

• When putting your home on the market, the best strategy is to price it right from the start. Don’t be one of the highest priced homes in your neighborhood - be one of the lowest! Houses are still selling across the region, but buyers are much savvier and know that some sellers are clinging to a high list price in vain. How much will holding out for a higher price cost you in the long run with continued mortgage payments, taxes and insurance?
• You must closely review your Realtors® market analysis of your home and neighborhood. What are the average days on market for property in your area? What is the average sale price? Unless you are willing and prepared to hold your property for longer than the average, price it to beat out the competing listings.
• Don’t offer buyer incentives such as closing cost assistance or paying for the first year’s insurance premium. Instead, reduce the listing price by how much you are willing to contribute and make your property more attractive to the buyers that are looking now.
• Don’t forget condition! Your home should be in top showing condition before the first potential buyer sets foot across the threshold. Need some guidelines for preparing to sell? Check out these articles:

1. Getting Ready to Sell
2. Getting Ready to Sell - Part II
3. Getting Ready to Sell - Part III

• Stay up to date on the rapidly changing market. For a free report of sales and listings in your area, sign up for my West Bank Real Estate Market Snapshot. You choose how often you would like to receive updates on your neighborhood, delivered automatically to your email.

Whether you are buying or selling a home on the West Bank of New Orleans, please contact Lisa Heindel, Realtor® for all of your real estate needs.

Your West Bank Real Estate Specialist

The spotlight this week is on the Bellemeade subdivision in Gretna, Louisiana.

The Bellemeade subdivision is divided into two sections, Bellemeade North and Bellemeade South.  Conveniently located, Bellemeade has easy access to both Belle Chasse Highway and Lapalco Blvd. making it a snap to get anywhere on the West Bank in minutes. 

Have a golfer in the family?  Bellemeade is just around the corner from Timberlane Country Club and golf course.

Bellemeade residents enjoy an active homeowners association (Bellemeade Civic Association) and a private swim club located inside the boundaries of the subdivision at 501 Brookmeade Drive.  Get more information about the swim club at http://bmswimclub.googlepages.com.

Here is a market snapshot of this year in Bellemeade:

Active Listings

• There are currently 17 homes for sale

• Price range:  $159,900 to $207,000

• Size range: 1,700 square feet to over 2,500 square feet

• All homes are 3 or 4 bedrooms, with 2 to 2 ½ baths

Under Contract Listings

• There are currently 3 homes under contract

• Price range:  $80,000 to $189,900

• Size range:  1,800 square feet to 2,900 square feet

2007 Sales Activity

• There have been 25 homes sold this year

• Price range:  $78,500 to $235,000

• Average sales price:  $179,000

• Average Days on Market:  95

• Homes sold with a home warranty:  16 (64%)

• Homes sold with seller providing closing cost assistance to the purchaser:  11 (44%)

• Average closing cost assistance paid by seller:  $4,507

Interested in buying or selling a home in Bellemeade?  Please feel free to contact me for all of your West Bank real estate needs.

Your West Bank Real Estate Specialist

Rain, rain, go away…come again another day…

Are these your thoughts when you have a showing scheduled? Buyers seem to be hesitant, if not downright reluctant, to keep appointments when it is raining. I know that it is not always convenient to get in and out of the car in the rain and to remove your wet shoes when entering a home. As a matter of fact, these things can be a real chore. But what if they had a list of incentives to keep those appointments?

Reasons to go home shopping in the rain:

• Look for roof leaks. There is no easier way to see an existing interior problem than viewing a house during a rain. For a bonus, climb into the attic and take a look there as well.

• Check all exterior doors and the windows for proper seals. Is there any water being blown underneath the doors? Are the windowsills dry?

• Investigate the gutters. Are they clogged and overflowing or working correctly? Are they intact or leaking? Do the downspouts guide water away from the house properly?

• Are there any drainage issues with the property? Does the yard hold water or is it graded properly? Does water seep into the garage? Does the patio slant away from the house or towards it?

• Don’t forget to check garages and carports as well!

• Are there any drainage issues with the street? Are the catch basins clean or does the street easily flood?

• What about neighborhood drainage issues? Is there a canal or other waterway in the neighborhood? If so, is it rapidly rising during a rain or carrying the water as designed?

Knowing about any of these issues may impact how much a buyer is willing to offer for a property and could save them from making an expensive mistake that isn’t uncovered until after closing. Isn’t that worth getting out in the rain for?

Your West Bank Real Estate Specialist

The question on everyone’s lips these days seems to be "How’s the market?"

In compiling the following information on the West Bank real estate market, I noted the following information:

• The number of under contract listings (those scheduled to close) is significantly higher than the number closed in September, indicating an increase in buying activity
• The average sales price in Algiers increased from August to September
• The average sales price in Harvey/Marrero/Westwego remains steady
• The average sales price in Belle Chasse, Gretna and Terrytown decreased from August to September

Sales activity remains strongest for well priced investment opportunities and for turn-key homes that are move-in ready. Given the large number of homes that have been updated in our area in the last 2 years, it is imperative that you have addressed all repairs, made any improvements that are within your budget and staged your home to sell before putting it on the market.

The competition is still fierce for buyers, who have a large number of properties to choose from. Your home needs to be ready to show and priced right to make the cut in today’s market. Need more information on getting your home ready to sell? See these articles:

• Getting Ready to Sell - Home Staging Tips
• Getting Ready to Sell - Home Staging Tips Part II
• Getting Ready to Sell - Home Staging Tips Part III

Your West Bank Real Estate Specialist