SOLD! 2708 Bayou Cane Marrero LA 70072 | Marrero Home for Sale
June 29, 2009 by Lisa Heindel
Filed under Featured Listings, We Sold It!
Nestled at the end of Ames Blvd., there is a collection of streets with some of the newest homes in Marrero on them. If you don’t ever drive down to the end of the road, you’re missing out on a great little neighborhood where all of the streets are named for bayous, the lawns are neatly manicured and an outstanding opportunity to buy your next home is now available.
New on the market and priced at only $148,000, this 5 year young house is waiting for a new owner to come along and make it a home again.
- 3 bedrooms
2 baths
1,165 square feet living area
Large backyard with room to add a pool, gazebo or play area
Sparkling clean, with new carpet and fresh paint, it’s perfect for buyers who are looking to take advantage of the first time home buyer’s tax credit before it expires on November 30th.
Interested in seeing more? Visit 2708 Bayou Cane for more photos, details and community information, then contact the West Bank Living Team to make your appointment today!
Do you have questions about the Marrero real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.
What’s Happening to Home Prices on the West Bank of New Orleans?
June 29, 2009 by Lisa Heindel
Filed under For Sellers, Market Updates, Real Estate Talk
That’s the question I get from almost everyone I meet these days. People know that prices have come down, but not exactly how much they have dropped in some areas.
So, I thought I would compare the 2008 average home sale price to the 2009 average (as of 5/31/2009). What an eye opener it was for some communities on the West Bank!
The result: EVERY part of the West Bank has lower average sale prices for the last year.
Data provided by GSREIN and is deemed reliable, not guaranteed
Don’t let this scare you too much. Many of these communities have had a minimal number of homes sales this year, so the numbers may be skewed just a little. What’s most telling to me is that with the exception of English Turn, Algiers Point and Belle Chasse (typically among the highest priced areas on the West Bank), buyers are choosing homes around or under $150,000.
This should serve as a warning to home sellers in higher price ranges that it may take a little longer to find the right buyer and that patience is not just a virtue, it’s a requirement in today’s real estate market. You can have the most experienced, successful agent in the world on your side, but if there is not a demand for the product you are selling you setting yourself up for disappointment if you expect a quick sale. I’m not saying that fast sales don’t continue to happen – they do – but they are not the norm anymore.
Remember that these numbers are for the entire community – your neighborhood may be performing better or worse than this. Get this week’s free market snapshot of listings and sales in your community.
For more detailed information about sales in your area, take a peek at our recent Market Reports:
All Algiers Real Estate Market Reports
Algiers Point real estate market updates
English Turn real estate market reports
Belle Chasse Real Estate Market Reports
City of Gretna home sales and real estate market reports
Terrytown/Gretna real estate market reports
Harvey LA Real Estate Market Reports
Marrero Real Estate Market Updates
Westwego, Avondale & Bridge City Market Reports
Do you have questions about the New Orleans West Bank real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.
English Turn: May 2009 Home Sales and Real Estate Market Reports
June 29, 2009 by Lisa Heindel
Filed under English Turn, Market Updates
Current real estate activity in the English Turn subdivision New Orleans LA:
45 homes for sale
- High list price $1,595,000
- Low list price $399,000
- Average list price $683,728
- Median list price $599,000
2 pending sales, priced at $325,900 and $599,000
In 2009, the average home sold in English Turn was on the market for 285 days
Based on the number of homes sold in May (2), there is a 22.5 month supply of homes for sale in the English Turn community
English Turn – Number of Homes Sold – May 2009
Year to date, there have been 11 homes sold in English Turn, compared to 10 sold at the same time last year. While it’s not a big rebound, at least the number of home sales is remaining steady following the huge dropoff experienced in 2008.
What sold in English Turn?
- 199 English Turn was originally listed for $788,000 and sold in May for $725,000
44 Fairway Oaks was originally listed for $418,500 and sold in May for $407,000
English Turn – Average Home Sale Price – May 2009
Average prices in English Turn are continuing to run about 10% lower than 2008 prices as the under $500k homes are selling faster (faster being a relative term) than those in the upper end of the price range and make up over 50% of the sales this year.
All data provided by GSREIN and is deemed reliable, not guaranteed
Related Reading:
Getting Your Home Sold in This Market – 10 Steps to Success According to Professional Home Stagers
Choosing a Tech Savvy REALTOR to Sell Your West Bank Home
Find a Home:
Algiers homes for sale
West Bank Homes for Sale
Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.
Do you have questions about the English Turn real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.
Algiers LA 70131: May 2009 Home Sales and Real Estate Market Reports
June 29, 2009 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers 70131 (excluding English Turn):
181 homes for sale
- High list price $895,000
- Low list price $27,900
- Average list price $192,292
- Median list price $160,000
65 pending sales, priced from $15,000 to $400,000
Based on the number of homes sold in May (13), there is almost a 14 month supply of homes for sale in the 70131 zip code
Algiers LA 70131 – Number of Homes Sold – May 2009
Algiers 70131 ended May with 70 homes sold year to date, compared to 93 at the same time last year. The number of buyers who are choosing Algiers is dropping each year (see chart below) by a rather dramatic amount.
What is selling in Algiers?
In May, only 3 homes in Algiers sold for more $175,000….not good news for those folks attempting to sell a higher end property in the area. Of interest is the fact that the majority of the financing chosen by Algiers buyers is conventional, which is directly opposite of most other areas of the West Bank real estate market. However, even the conventional borrowers are getting assistance from sellers in the area, with almost 50% of May’s home sellers providing an average of $4,348 towards the purchasers closing costs and prepaids.
Algiers LA 70131 – Average Home Sale Price – May 2009
Watching that average price line drop month after month is a little discouraging. At the end of May, the average home sale price in Algiers for 2009 is $149,004, down over 8.7% from 2008 and even below the 2005 average.
What might change this?
I’m getting a lot of phone calls from agents who have buyers ready, willing and able to purchase with the assistance of the City of New Orleans soft second mortgage program. This program is limited to homes in Orleans Parish that had at least $5,200 in repaired damage from Hurricanes Katrina or Rita. If your home passes this test, be sure that your agent is advertising that fact, since Algiers didn’t have as much damage as other parts of the city and finding a home for sale that qualifies can be tough.
This program may not increase the average sale price, but could be a boost to the number of homes sold.
**The one contract I’ve received that utilized this program was cancelled after several weeks because the buyer’s lender was removed from the approved list of mortgage companies by the city and the buyer could not qualify with another company. It is VERY important to have your agent do their due diligence in checking out the details of any preapproval letter received.
All data provided by GSREIN and is deemed reliable, not guaranteed
Related Reading:
All Algiers Market Reports
5 Dos and Don’ts for Home Sellers
Find a Home:
Algiers homes for sale
West Bank Homes for Sale
Do you have questions about the Algiers real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.
Algiers Point: May 2009 Home Sales and Real Estate Market Reports
June 26, 2009 by Lisa Heindel
Filed under Algiers Point, Market Updates
Current real estate activity for Algiers Point:
22 homes for sale
- High list price $699,000
- Low list price $149,000
- Average list price $299,531
- Median list price $277,500
7 pending sales, priced from $129,000 to $475,000
Based on the number of homes sold in May (1), there is a 22 month supply of homes for sale in Algiers Point
Algiers Point – Number of Homes Sold – May 2009
Home sales in Algiers Point are as slow as molasses, with only 5 homes sold in the community between January and May 2009. Compared to the 11 sold at the same time last year, sales are down over 50% in this historic New Orleans neighborhood.
What sold? 537 Verret St sold for $192,000, with owner paying for a home warranty and $5,000 in closing costs for the purchasers.
The bright spot on the horizon is the fact that 7 homes are pending sale right now (waiting on inspections, loan approval, appraisals, etc) and I’m hoping to see an increase of closed sales in June.
Algiers Point – Average Home Sale Price – May 2009
Obviously, the individual monthly averages are fairly useless with so few homes selling, but Algiers Point has a 2009 year to date average home sale price of $209,600…down 4.6% from the 2008 average. Most neighborhoods on the West Bank are at least back to 2005 prices, but the Point is not there, continuing to record substantial year to year decreases in value.
Just this past week, I received an email from a resident of the Point asking “Why are homes not selling in the Point?”. I wish I knew. It’s a beautiful neighborhood, it’ has some great events happening (that probably need a little more advertising to folks who don’t already live in the Point) and the architecture is some of the best that the city has to offer. The only feedback I could give is that when people have decided to make a move to the West Bank, they are choosing Jefferson and Plaquemines Parishes over Orleans by a large number.
Hopefully the Wednesdays on the Point concert series will bring in some people who will discover this little jewel and decide to call it home.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Related Reading:
5 Dos and Don’ts for Home Sellers
Getting Your Home Sold in This Market – 10 Steps to Success According to Professional Home Stagers
Find a Home:
Algiers homes for sale
West Bank Homes for Sale
Do you have questions about the Algiers real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.
