July 29th, 2008
A reporter called me yesterday to get some information about sales prices in Bywater and Marigny, and after researching the data for awhile, I saw an encouraging trend. Although the prices seemed to drop at the beginning of the year, activity has really picked up, as have sales prices, indicating that our short market downturn in these neighborhoods may already be over.
In the last half of 2007 28 listings sold at an average price of $144 per square foot versus an average of $134 per square foot in the first half of 2008. That’s a drop in price for sure, but there are a number of factors that help explain what’s going on.
First, it’s only been recently that foreclosures and fixer-uppers have come into the Bywater and Marigny markets at such great prices. Lisa and I recently sold some houses that were such great deals, we would have bought three of them ourselves if we didn’t have clients lined up for them!
There are many more foreclosures and houses that need work that sold in the first half of 2008 which accounts for the lowered price. And these deals have been attracting buyers - renters from the neighborhood and investors from out of town - who see the value in these prices and realize they won’t be around long.
Also, while the first couple months of 2008 were very slow, June and July have seen a flurry of activity. Just in the past couple months we’ve had multiple offers on some of our listings as well as some properties going under contract before we can even show them. So that’s always a good sign!
How do I interpret the statistics as well as what Lisa and I are seeing out on the street? I think Bywater and Marigny are amazing neighborhoods that have a lot of value, and people can see that. It seems the market in Bywater and Marigny has hit its low, and it really wasn’t that painful for us, which is the good news.
I guess you just can’t keep a good thing down!
Here are the statistics for area 70 in the MLS which includes the river side of Bywater and Marigny (Poland Ave to Esplanade, St. Claude to the river). These are for single family homes in any condition.
July-December, 2007
Average sold price/sf: $144
Average Days on Market: 126
January-June, 2008
Average sold price/sf: $134
Average Days on Market: 144
Posted in Newsletter | No Comments »
June 5th, 2008
It’s hard to find a home in New Orleans if you’re searching from out of town, but one website just made it a little easier, www.walkscore.com Walk score makes it easy to figure out what kind of amenities are near any given address, and it’s unbelievably easy to use. All you have to do is type in your address with the city and state, and then view a map and a list of all the different services within walking distance of you.
From schools to bars to fitness clubs and theatres, this comprehensive listing will tell you where the amenities are, as well as how far they are, in miles, from your starting address.
The mission of the website is to help encourage more walkable neighborhoods and to let agents, homebuyers and others know just how walkable any neighborhood is. In that spirit, each address will get a walkability scale from 1-100, letting you know how it rates in terms of local amenities.
Let’s face it, with $4 a gallon gas, this site couldn’t have come a moment too soon! Just another tool to help you on your home search. Enjoy!
Posted in Newsletter | No Comments »
March 15th, 2008
The City is taking a survey to determine interest in recycling - I noticed it today in the paper on the second-to-last page of the New Orleans “Picayune” section. Unless it is better publicized, I’m afraid there will be a low response which the sanitation department will interpret as a lack of interest by the citizens, as opposed to a lack of promotion by the city. So, let’s try to give them a good response. Here is the link to download the survey:
http://www.cityofno.com/Portals/Sanitation/portal.aspx
Unfortunately, you have to mail it in when you are done. Or it says you can call the info hot line at #311 and do it that way.
Posted in Newsletter | No Comments »
March 10th, 2008
I was reading an article this morning by cnn money writer Les Christie, and it talked about now being the best time to buy a home in the past four years. For those of you who read my blog “2008, Last Chance for deals,” you know I feel the same way.
For years we saw double digit home equity increases in home values and so everyone kept buying. Now we’re suddenly seeing home prices stay stagnant, so everyone wants to sell or to keep on renting for awhile until prices stabilize. But that doesn’t follow market economics. Markets are one of our few chances to be contrarians. If everyone is doing something, you should probably do the opposite!
In this case, if you can afford to buy, now’s the time. Lending requirements have gotten stricter, so I would absolutely recommend talking with a lender first to find out what you qualify for, and more importantly, what you’re comfortable with.
The interest rates are low and the sellers are motivated. Check out the article. It names Louisiana as one of the top undervalued markets in 2008:
http://promo.realestate.yahoo.com/housing:-best-time-to-buy-in-four-years.html
Posted in Newsletter, Home Sales | No Comments »