New Orleans Louisiana Real Estate and Community Blog 

Home sales are still terrific in these two neighborhoods! Lots of first-time home buyers and lots of out-of-towners. Some of the more romantic buyers moving to Marigny/Bywater include a famous author, a camera man for major motion pictures, and one of New Orleans’ most prominent real estate developers! Come on and move into two of America’s most exciting areas located adjacent the Mighty Mississippi River and minutes to the World-Famous French Quarter!

Take a look at the statistics below.

SINGLE FAMILY

2009 (Jan. 1 – Nov. 20)

Singles SOLD: 43 houses
Sold Price Range: $25,000 - $1,000,000
Number under $100K: 7
Number over $100K: 16
Number over $200K: 14
Number over $300K : 4
Number over $400K : 2

2008 (Jan.1 – Nov. 20)

Singles SOLD: 53 houses
Sold Price Range: $60,000 - $584,999
Number under $100K: 3
Number over $100K: 21
Number over $200K: 18
Number over $300K: 4
Number over $400K: 7

MULTI FAMILY HOMES

2009 (Jan. 1 – Nov. 20)

Multi-Families SOLD: 36
Sold Price Range: $41,000 - $556,500
Number under $100K: 4
Number over $100K: 16
Number over $200K: 12
Number over $300K: 3
Number over $400K: 1

2008 (Jan.1 – Nov. 20)

Multi-Families SOLD: 37
Sold Price Range: $40,000 - $530,000
Number under $100K: 6
Number over $100K: 18
Number over $200K: 8
Number over $300K: 2
Number over $400K: 3

Posted by:Lane Lacoy

The FHA has backed off the stringent condominium financing guidelines that were supposed to take effect on November 2, 2009 much to the relief of condominium owners and buyers everywhere. FHA financing is important to the condo market because they only require a 3 ½% down payment and a minimum 620 credit score—a great vehicle for first time and lower income homebuyers. Here are the important points…

• All currently approved condo projects will remain on the FHA approved list.
• Projects approved prior to October 1, 2008 will require recertification by December 7, 2010.
• Projects approved after October 1, 2008 will require recertification 2 years from the initial approval date.

Now here’s the not so great news…

• Spot loans are eliminated on case numbers on or after February 1, 2010.
• On each loan file, a lender must certify that currently approved condo projects continue to comply with the following to be eligible for FHA financing…
  • No one investor may own more than 10% of the units in a condo project
  • No more than 15% of the total units can be delinquent (more than 30 days past due) on the condo association fees
  • A minimum of 50% of the units must be owner-occupied
  • FHA will now allow 50% of the units to be FHA financed or up to 100% of the units to be financed with allowance (except for new construction and conversions) when all of these criteria are met, the condo project was completed more than 12 months ago and all of the units have been sold, the Homeowners’ Association is controlled by the owners and the project budget shows at least 10% in capital reserves.

It may seem overwhelmingly complicated but both your realtor and your lender can help walk you through the process of using FHA financing for your condominium purchase. Don’t hesitate to call me at 504-613-7902 to find out more or for help in purchasing your condo.

Posted by:Kelli Wright

Sometimes hidden behind the drywall of our historic homes in New Orleans lies a secret. Could the handsome Creole Cottage be something more than it appears? Could it be one of the first recycled homes in the United States? Quite possibly, as the home could be a barge board home. So what is a barge board home and how did New Orleans end up on the forefront of recycling back in the 19th century?

As expected in New Orleans, the Mississippi River played an integral part in the establishment of barge board homes. During the 1800’s, flatboats transported goods and materials down the Mississippi River from the Midwest. Once in New Orleans, these flat-bottomed boats could not navigate back up river, so they were broken apart and the lumber was either discarded or sold. From this lumber construction of new homes began.

The thick irregular sized barge boards were placed vertically along the sills to form the walls of the home, and then the exterior of the barge boards was covered usually with clapboard. Over time the interior walls were often covered with sheetrock, and, for all practical purposes, the evidence of a barge board home disappeared. However, a barge board home that has been covered can still reveal its secrets. Look for extended window frames and electric outlets that jut from the flat of the wall, a definite sign that the home was of barge board construction.

On occasion you can still find a few homes that still have the exposed barge board walls. As the heyday of flatboat traffic and barge board home construction occurred between 1790 and 1880, historic districts such as Bywater contain a great many of these type of homes, the first homes made with reclaimed recycled materials.

Posted by:Carol-Jean Dixon

When I begin to work with new clients, I’m amazed at how many current homeowners are still unaware of the Homebuyer Tax Credit Program recently passed by Congress. And it’s understandable since the first time homebuyer credit received so much press over the past year and the tax credit for current homeowners just passed in the last few weeks with very little press or explanation.

So as an overview, let’s recap the Homebuyer Tax Credit program the US Congress passed on November 7, 2009. For first time homebuyers, the $8000 tax credit for married couples ($4000 single) earning less than $225,000 ($125,000 single) per year was extended into 2010. It requires first time homebuyer contracts be signed by April 30, 2010 and closed by June 30, 2010. To qualify as a first time homebuyer, you can not have owned or held a majority interest in a principal residence for three years prior to your purchase. See IRS form 5405 for more information as to how they classify a “first time homebuyer” to make sure you qualify.

For current or previous homeowners, Congress passed a $6500 tax credit for married couples ($3250 single) who have earned less than $225,000 per year ($125,000 single). As with the first time homebuyer tax credit, you must have a binding contract to purchase a primary residence dated no later than April 30, 2010 and you must close on the home purchase by June 30, 2010. To qualify, you must have lived in the home as your primary residence for 5 consecutive years out of the last 8 years.

As a current homeowner, can you keep your current primary residence, buy another home and still receive the tax credit? Yes, as long as you use the current home as your primary residence and will use the new home purchased as your primary residence once you close. As another example, maybe you lived in your home for ten years until a year ago when you sold it and moved into an apartment which you now lease. Do you qualify for the credit? Yes, because you lived in the home you owned for more than five consecutive years out of the last eight years.

For anyone to claim the credit, you must attach documentation of the purchase to your tax returns as evidence that you met the requirements. You may also need to provide evidence that you used your previous home as your primary residence for the time frames stipulated to obtain the credit for current homeowners.

Any way you look at it, it’s a great deal for homebuyers looking for their first home or hoping to move into a new home that better fits their lifestyle and/or needs. Ask your tax professional for more information to see if you qualify. You can also check out the IRS website or the Federal Housing Authority website.

I’d love to hear your comments on this blog! Feel free to contact me also with questions, call me at 985-707-5035 or email me at pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

As a client recently stated, “Man! You guys have a festival for everything!” Well, compared to the rest of the nation we probably do, and what began as an impromptu celebration of that quintessential Thanksgiving vegetable known locally as the Mirliton, and everywhere else as the Chayote squash, The Mirliton Festival has survived and flourished since its inception 20 years ago. This year promises to be even better! On Saturday November 7 from 11-7pm at Markey Park located at Piety St and Royal St in Bywater, the celebration begins for that uniquely New Orleans vegetable in a uniquely New Orleans neighborhood in a uniquely New Orleans fashion.

A diverse and talented musically lineup including The Valapariso Men’s Chorus featuring Alex McMurray, DJ Jubilee, Happy Talk Band, R. Scully Rough 7, Guitar Lightning Lee, Hurray for the Riff Raff, Panorama Jazz Band, King Louie One Man Band and Ratty Scurvics promise great musical entertainment. A wide array of artists including Dr. Bob, noted folk artist in Bywater who designed the 20th Anniversary t-shirt, will be in attendance along with David Bergeron, Drunk Monkey, Porche West, Kabuki Hats and many others. Food featuring a Mirliton dish on the menu will be available from local restaurants such as The Country Club, Jack Dempsey’s, The Joint, Markey’s Bar, Karma Kitchen, Sally’s Country Gourmet Foods, Café Roux, and Frady’s. And with an entrance fee of $5 this is one festival sure to be a draw!

   

Posted by:Carol-Jean Dixon

Over the years, New Orleans Saints fans, among the most rabid in the NFL, have endured their share of frustrations and disappointments, but under the leadership of Sean Payton and with Drew Brees at the helm on the field, this is a team on a mission. I think all of us knew things had changed when the Saints returned from their Katrina exile and delivered a welcome respite that year from our rebuilding efforts. We knew this team was different and we were grateful they came and stood with us. Even now 4 years later it’s hard not to be touched by memories of that Superdome return.

By showcasing New Orleans in a positive light, the Saints have done much to erase the negative images left behind by Katrina. They have impacted the city in numerous ways, not the least of which is real estate. New Orleans will be showcased over and over in the coming weeks, and it will strike some people there may be a place for them in this wild and wonderful city. They will come for a visit. They may come again. And then New Orleans will weave her magic, and they will start contemplating a permanent move to the city. So with the help of the Saints the whole city benefits again, this time through more homes being sold!

Posted by:Carol-Jean Dixon

A Mediterranean beauty rests in a quiet corner of Eden Isles right on the edge of the water. With its own dock and large screened patio, it’s the perfect spot to track the boats going in and out to Lake Ponchartrain or watch the sunset as the day comes to another great end. If you decide to jump on your own boat and go out onto the water, it will only take you 5 minutes to get to Lake Ponchartrain. Deep channel access gives you even more freedom, allowing you to easily steer your sailboat or larger motorized vessel out to the lake to enjoy the sun.

With four bedrooms and two and a half baths, this fully renovated, open floor plan home has granite counters in a kitchen that comes with all of its stainless steel appliances – including the refrigerator, as well as a washer & dryer. The laundry area is huge, with space for a home office and there’s a fourth bedroom large enough to be a man cave/entertainment/play area for all your friends and family to enjoy.

Best of all, your boat awaits you out back on your own private dock. Priced very competitively at $270,000, this ready to move in home is located at 405 Moonraker off the Eden Isles/Oak Harbor exit in Slidell. This owner is ready to start the next phase of their life. Aren’t you? Call me at 985-707-5035 today and see what living the ‘good life’ looks like.

I’d love to hear your comments on this blog! Feel free to contact me also with questions call me at 985-707-5035 or email me at pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett