Real Estate Investment Opportunities - New Orleans West Bank
December 3, 2007 by lisa
Filed under Blog, For Buyers, Real Estate Talk
Have you considered buying investment property on the West Bank?
As the home sales market has slowed, there is still a demand for rental properties across the West Bank of New Orleans.
Since 9/1/2007, there have been 84 units rented on the West Bank, including single family homes, condos, townhouses, doubles and apartments. Note: These are only rental units listed in the MLS. Private rentals are not included. Of the 84 units leased in the last 90+ days, 68 units (81%) are commanding rents of $1,000 per month or more.
A rental property can be a good investment, even in a slow real estate market. While West Bank homes may not be appreciating at the same rapid pace as in the past, buying a multi-family property to live in one unit and renting the remaining unit(s) is a good way to offset some of your monthly mortgage payment.
New Orleans West Bank Multi-Family Properties for Sale
| Area | # For Sale | Low Price | High Price |
| Algiers | 41 | $50,000 | $1,800,000 |
| Belle Chasse | 3 | $259,000 | $550,000 |
| Gretna | 8 | $64,900 | $350,000 |
| Terrytown/Gretna | 5 | $224,900 | $1,800,000 |
| Harvey | 14 | $119,500 | $1,800,000 |
| Marrero | 11 | $129,000 | $1,650,000 |
| Westwego | 4 | $149,900 | $1,100,000 |
If you need more information on purchasing a home or an investment property on the West Bank, please contact Lisa Heindel, Realtor®.
Copyright 2007. Lisa Heindel, All rights reserved.
Gretna Real Estate Market Report - November 2007
December 1, 2007 by lisa
Filed under Blog, City of Gretna, Market Updates
Homes Sales in the City of Gretna (zip 70053)
After a small increase in sales from 2005 to 2006, the real estate market in the City of Gretna seems to be tracking the West Bank downward trend in 2007 sales.
Single family home sales in Gretna have dropped by over 34% in 2007, marking the slowest home sales since 1995.
What does this mean to home sellers? If your home is currently for sale in Gretna, pricing has become the most important factor in closed sales. While location and condition are always a factor, overpriced listings are lingering on the market and growing dusty, while aggressively priced homes are continuing to sell.
An absorption report can show you what price ranges are selling quickly and give you insight into how the current inventory of homes for sale is distributed.
City of Gretna Average Home Sale Prices
Average sale prices in the City of Gretna have risen by 5%, after dropping in 2006. As the sale prices have gone up, the number of sales have gone down. SELLERS: Are you willing to hold onto a property for an extended period of time for that small 5% increase? Your cost of making mortgage payments, maintaining insurance, utility costs and taxes for a year may outweigh your higher sale price.
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®. or feel free to leave a comment!
Copyright 2007. Lisa Heindel, All rights reserved.
Terrytown and Gretna Real Estate Market Report - November 2007
December 1, 2007 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
In the 2006 post Katrina market, Terrytown and unincorporated Gretna saw a huge 52% increase in the number of homes sold and 16% jump in the average sales price. This type of growth, with a reduced metropolitan area population and declining real estate market, could not be sustained through 2007.
Terrytown and Gretna Real Estate Market Report as of 11/29/2007
The number of homes sold in Terrytown and unincorporated Gretna fell from the record 2006 level by almost 41%, recording the lowest number of home sales in the area since 1993. Tighter lending requirements and negative national media attention on the real estate market have pushed many potential buyers to the sidelines.
Sellers must be realistic about the amount of competition they are facing when supply is high and demand is low. Price adjustments may be in order for a large number of properties in order to stimulate interest from qualified buyers. An absorption report can be a valuable tool in determining if a price reduction would put sellers in a better position within the current market.
After double digit increases in average home sale prices in 2005 and 2006, the average sale price for 2007 has decreased by 0.15%. Although this is a small decrease, I anticipate that prices will continue to be pushed downward as the number of qualified buyers is limited and the number of active home listings has remained steady for almost 2 years.
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®. or feel free to leave a comment!
Copyright 2007. Lisa Heindel, All rights reserved.
Harvey and Marrero Real Estate Market Report - November 2007
December 1, 2007 by lisa
Filed under Blog, Harvey, Market Updates, Marrero
As the West Bank real estate market continues to slow, I took the time to research long term real estate trends in Harvey and Marrero. Due to overlapping MLS areas, I could not completely separate Harvey and Marrero statistics, but I was able to divide them based on their location East of Barataria Blvd. and West of Barataria Blvd.
Harvey and Marrero Home Sales as of 11/29/2007
East of Barataria Blvd.
East of Barataria Blvd. there has been a more than 47% reduction in the number of homes sold in 2007 when compared to 2006. This is the largest decrease in sales on the West Bank with the exception of Belle Chasse, which decreased by more than 49% and is the lowest number of home sales in 15 years. Additionally, the average sales price declined by .04%. As homes remain on the market for longer times, pressure is being placed on home sellers to reduce their prices in order to appeal to the limited number of qualified buyers shopping in the area.
An absorption report can be a valuable tool in taking a bird’s eye look at the current market conditions and determing where to price your home to maximize it’s appeal.
West of Barataria Blvd.
West of Barataria Blvd. there has been a 10.74% increase in sales prices, but a decrease of over 33% in the number of homes sold. Homes in this area have historically been very reasonably priced. However, the double digit increases in average sales prices for the last 4 years, in addition to tightening lending requirements and increased insurance costs, are having a negative effect on the number of homes being sold.
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®. or feel free to leave a comment!
Copyright 2007. Lisa Heindel, All rights reserved.
November 2007 Real Estate Market Report - Westwego, Avondale and Bridge City LA
November 30, 2007 by lisa
Filed under Blog, Market Updates, Westwego, Avondale and Bridge City
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!
Copyright 2007. Lisa Heindel, All rights reserved.
