West Bank Living

As 2007 comes to a close, I’m taking a look back at historical home sales on the West Bank of New Orleans.  Unfortunately, it’s difficult to separate data for Westwego, Avondale and Bridge City, so they are combined to give the most accurate picture of home sales in the area.

Real Estate Trends in Westwego, Avondale and Bridge City, LA

The number of units sold in 2007 is running about 38% lower than the number of homes sold in 2006.  While 2006 was an incredible year for sales on the West Bank, this is a dramatic decrease in a short time period and marks the lowest number of homes sold since 1998.  With drastically fewer buyers entering the market, it is critical for home sellers to price their homes properly.  An absorption report will give you an overview of what’s selling in your market - what price ranges are most popular, the number of competing listings in each range and how many months of inventory is currently on the market.

Average Home Prices in Westwego, Avondale and Bridge City, LA

After double digit increases in 2005 and 2006, average sale prices increased by less than 1% from 2006 to 2007.  With 30 days remaining in the year to close pending sales, this small increase may be negated if December prices drop.  The pressure is on home sellers to reduce their listing prices in order to compete for the limited number of qualified buyers.  Tightening lending guidelines and increased insurance premiums will continue to have an effect on the West Bank market.

Buyers have a huge number of homes to choose from in today’s market and are quickly moving on from overpriced listings and are opting to purchase homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions (such as closing cost assistance or repair allowances) as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®. or feel free to leave a comment!

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.  Please visit my website to view homes for sale or get a free home evaluation of your West Bank property.

Copyright 2007.  Lisa Heindel, All rights reserved.

Belle Chasse Louisiana Real Estate Market as of 11/29/2007

As 2007 winds down, I have spent some time researching and analyzing sales trends for the last 15 years on the West Bank.

Here are the current real estate market conditions for Belle Chasse, Louisiana:

Single family home sales in Belle Chasse have dropped dramatically from 135 homes sold in 2006 to 68 homes sold so far in 2007, a decrease of over 49%.  While 2006 was a banner year for home sales and would be hard to match, this is the lowest number of homes sold in Belle Chasse since 1998.

What do decreasing home sales mean?  Lower numbers of home sales result in a longer marketing time for properties for sale and downward pressure on home prices.  While the average home price in Belle Chasse has continued to rise (see chart below) the number of people investing in Belle Chasse real estate continues to drop each month.  Proper pricing is crucial in the current market to make your home stand out above the competition.

The average home price in Belle Chasse has continued upward, from the 2006 average of $277,226 to the current 2007 average of $294,466, an increase of more than 6%.  As the number of sales continues to decrease, prices will more than likely follow.

Tightened mortgage lending guidelines and increased insurance costs are making it more difficult for borrowers to qualify at the same levels as in years past.  Home sellers in Belle Chasse should keep a close eye on the absorption rates to be sure that their homes are priced to sell, rather than priced to sit.

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®.

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel  provides full time, professional real estate services to home buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2007. Lisa Heindel, All rights reserved.

In an email from the Captain of the Krewe of Choctaw this morning, it was announced that the annual River Parade may be in jeopardy…another victim in the aftermath of Hurricane Katrina.

Prior to the 2006 Mardi Gras season, the River Parade was held on one of the ferry boats that usually travels between Algiers and Canal Street on the Mississippi River.  A unique event, the ferry boat would cruise up and down the river, followed by the fire boats, Coast Guard and tug boats.

Post Katrina, with no ferry boat available to use, the River Parade was moved onboard the Steamboat Natchez and Choctaw continued to hold the parade, starting from the Gretna ferry landing.  This 70 year tradition of the only krewe to hold a River Parade in the New Orleans area may, sadly, be coming to an end.

For the 2008 Carnival season, there is still no ferry boat available for the River Parade.  The Steamboat Natchez has almost doubled the price of renting the vessel for this event.  Choctaw has been dedicated to remaining a family friendly krewe and has kept their dues low to encourage participation in the West Bank Mardi Gras celebration.  This price increase by the Natchez has resulted in a budget shortfall that may mean the cancellation of this decades long tradition.  The krewe, which is a non-profit organization, has insurance coverage for docking and other fees already in place, but cannot absorb this price increase that the Steamboat Natchez blames on rising fuel and labor costs.

If ANYONE knows of a local business that would be willing to help in sponsoring or co-sponsoring this traditional West Bank Mardi Gras event (scheduled to take place on January 19, 2008) please contact the Captain of the Krewe of Choctaw at (504) 364-3963 or (504) 616-3710.  Help keep the West Bank Mardi Gras tradition alive!

An absorption report is a tool used to determine trends in your real estate market.

• How many homes are for sale in the area?  Note:  Homes listed with an agent only - For Sale by Owners are not included in these reports.
• How long is it taking them to sell? 
• How many have sold in the last 90 days? 
• What price ranges are selling fastest? 

It is basically a bird’s eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions.  Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.

Belle Chasse - Zip code 70037

(as of 11/24/2007)

As always, price is key to getting your home sold quickly.  A poor location or less than perfect condition can be overcome with the appropriate price.  Resist the temptation to price it high and wait for offers!

Sign up for Market Snapshot, a free report on recent sales and listings in your area provided by Lisa Heindel, Latter & Blum Inc/Realtors®.  Your Snapshot will be delivered directly to your email monthly and you can unsubscribe at any time.

Your West Bank Real Estate Specialist

An absorption report is a tool used to determine trends in your real estate market.

• How many homes are for sale in the area?  Note:  Homes listed with an agent only - For Sale by Owners are not included in these reports.
• How long is it taking them to sell? 
• How many have sold in the last 90 days? 
• What price ranges are selling fastest? 

It is basically a bird’s eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions.  Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.

Westwego - Zip code 70094

(as of 11/24/2007)

As always, price is key to getting your home sold quickly.  A poor location or less than perfect condition can be overcome with the appropriate price.  Resist the temptation to price it high and wait for offers!

Sign up for Market Snapshot, a free report on recent sales and listings in your area provided by Lisa Heindel, Latter & Blum Inc/Realtors®.  Your Snapshot will be delivered directly to your email monthly and you can unsubscribe at any time.

Your West Bank Real Estate Specialist