New Orleans Louisiana Real Estate and Community Blog 

Having been raised in New Hampshire, we were pretty much used to seeing houses painted white with dark green or black shutters. Not all houses, but a good majority.

Well, it was a shock when I moved to New Orleans and witnessed the variety of colors coating all types of homes from the single shotgun to the Uptown mansions. Colors which liven up the house, the block, and the neighborhood.

So, when you’re ready to paint your home, drive around town and take a survey of the colors you like best. Make a list. Then knock on the doors of the homes you like. Most homeowners will be delighted to share the brands of paint and the color names. If you are unable to find the homeowner, take a digital photo and go to your nearest paint store to check out the color charts. The staff will be more than happy to assist you and may even suggest colors you never dreamed of.


And, remember, you don’t have to have gaudy or garish colors; simple pastels do the trick quite nicely.


Here are a few of my favorite New Orleans homes with eye-opening hues.

Posted by:Lane Lacoy

Those three words, contaminated Chinese drywall, strike fear in every homeowner in the New Orleans or surrounding area who underwent renovations following Katrina. Although there is a lot we don’t know about Chinese drywall and its ultimate fate in the legal system, we do know a few things about it that might be of help as you navigate this tricky and dangerous issue.

Currently we know the following:

• The Federal Government has no guidelines for the chemical composition of drywall.
  
  
• Most contaminated Chinese drywall was used between 2004 and 2008
  
  
• Most claims are emerging from Florida and Louisiana. With multiple hurricanes in 2004 in Florida and 2 hurricanes in Louisiana in 2005, the majority of contaminated Chinese drywall was shipped to those areas.
  
  
• Enough of this drywall was imported to complete 35,000 homes. It was often used with non-contaminated American drywall, therefore, the impact to homeowners, is much greater than the 35,000 number indicates.
  
  
• Not all Chinese drywall is contaminated.
  
  
• Chinese drywall is labeled PRC for the People’s Republic of China, but again not all Chinese drywall is contaminated.
  
  
• Nobody knows where this drywall was used. There is no paper trail.
  
  
• The contaminated drywall did not make it into retail establishments such as Lowe’s or Home Depot; however, again, a number of contractors used drywall from many different sources in many different homes so we are unclear where it was used and by whom.
  
  
• Contaminated Chinese drywall contains elevated amounts of sulphur which in a gas form is slowly released over time.
  
  
• High temperatures and high humidity will affect the release of these gases.
  
  
• The smell of rotten eggs is one indicator of contaminated Chinese drywall, but a homeowner may become desensitized to this smell as time passes. An air condition system will also lessen this smell of rotten eggs.
  
  
• Another indicator of contaminated drywall is the corrosion of metals such as copper wiring, copper A/C coils, nails, televisions, and any electronics.
  
  
• Health risks such as headaches, eye irritation, skin irritation, nausea, and respiratory problems can be an indicator of contaminated drywall.
  
  
• A normal home inspection does not evaluate for contaminated Chinese drywall.
  
  
• There is a separate screening process for contaminated Chinese drywall by several reputable home inspectors, such as Gurtler Bros. here in N.O. At a cost of $450 for a 2,000 square foot home, the process involves several different inspections including examination of every outlet in the home, examination of the ac unit, interviewing the current homeowner, and multiple other processes.
  
  
• Litigation is ongoing as there has been no determination by a judge what tests are required or what proof is needed to determine damages by contaminated Chinese drywall.
  
  
• Websites that may help you stay current on contaminated Chinese drywall issues are:
  

www.cpsc.gov/info/drywall/index.html

www.doh.state.fl.us/environment/community/indoor-air/drywall.html

The use of contaminated Chinese drywall in renovating homes throughout our area following the destruction of Hurricane Katrina has proven a difficult path both financially and emotionally that we are being forced to deal with. Hopefully this information can be of benefit.

Posted by:Carol-Jean Dixon

I often wondered if it was possible to acquire a piece of property at a good price through the civil sheriff‘s sale of seized property, aka a foreclosure sale? No doubt it once was, but in Orleans Parish at least, those opportunities are fewer and fewer. Initially, it may sound like someone is getting a deal, but in my experience, it is not the potential homeowner. Usually the creditor is bidding the auction price to the writ amount of the property or sometimes even beyond that amount. It may sound tempting to hear an opening bid on a property whose writ amount is $290k to open at $10k, but very quickly the creditor is driving the price up after every bid until he reaches his designated writ amount. If the bidding ends before the writ amount is achieved, the creditor is the one with the final bid. To further complicate the situation, over the past several years, homeowners pulled lines of credit from their homes and with a less than robust growth in value to those homes, the current writ amount is close to or even greater than the true value of the home in the open market. Coupled with the fact that the sale is not conditional on a home inspection, and that property taxes may be owned on the property as well, the potential buyer is really in an awkward position.

So perhaps it is better for the potential homeowner to go the traditional route and work with a Realtor^® to find a home, whether it would be a a primary residence or an investment property. Contact a Realtor^® of your choosing and let that Realtor^® work through the available inventory and find the best property for your needs. That may be the best deal of all.

Posted by:Carol-Jean Dixon

I mentioned in an earlier blog that usually at some point in a conversation with a potential buyer or seller I am asked, “So, how much do you think this house is worth?”

Unfortunately, the truth is that it doesn’t matter what I think. And unfortunately it doesn’t matter what the buyer or seller think either. The only thing that matters is what the real estate appraiser thinks since their review and estimated value of the property will determine how much a financial institution will lend a buyer.

How does an appraisal work? There is some judgment required by an appraiser when assessing a home’s value in accordance with government and bank specific requirements. But one primary guideline is to look at what nearby homes of similar condition and size sold for within the last 3-6 months. By looking at the price of these recently sold homes and making adjustments for any differences in quality, size, etc., appraisers will estimate the value the current “market” has placed on your potential new home.

Often these calculations end up breaking down the value on a “price per square foot” basis, whereby the final sales price of the comparable home is divided by its living square footage and then compared to price per square foot result of the home you hope to buy.

Before putting in offer in on a home, ask your real estate agent to look at sales of similar homes in the area of where you want to buy. This should help determine if, on a price per square foot basis, the house you are interested in is listed above or below what recent sales have valued property at in the area. It should also help you determine if your agreed to offer price will be at or hopefully even below what the home should appraise for in this market.

If you are selling a house, it’s also a good idea to make sure your real estate agent regularly provides this same price per square foot information for homes that have recently sold in your area. This will provide insight when determining if you need to lower your asking price to stay in line with the market. I always tell my listing clients that they can ask anything they want for a house but if the home won’t appraise and a buyer can get financing as a result, what’s the point? Thus it’s always important to look at recent sales in your area and adjust your asking prices accordingly to ensure a home’s price not only stays competitive but a buyer can get financing.

The market is evolving daily. Appraisals are only “snapshot” of value established for housing in that area at that point in time. Work with a real estate agent to understand the current market factors and how you can make sure you aren’t surprised when you get an appraisal done.

As always, if you have any questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

Who has the second lowest default rate on FHA loans in Louisiana?

Essential Mortgage does.

Of all the FHA-approved lenders in Louisiana, Essential Mortgage Company is the second lowest in buyer defaults!

Because of this exceptional performance, Mike Anderson of Essential Mortgage has been able to secure an unbelievably, outstanding FHA loan program.

Now for more breaking news…

Essential Mortgage has been selected to offer FHA financing with credit scores as low as 560!

There are only 2 other lenders in Louisiana who are allowed to offer this unique program. If you are a buyer or know a buyer who could not consummate a sale due to financing or been turned down because of credit scores…CALL ME at 504.616.3539

Call for more information. Some restrictions apply. But, this is the 1st significant breakthrough in loosening of credit restrictions in Louisiana.

This is for real.

Contact me immediately for more information.

Continue to visit this site for more information on real estate in The River Parishes. If you have specific questions, please contact me at vscott@latterblum.com or 504.616.3539. I’d be delighted to assist you with your real estate needs in my service areas.

St. James Parish
The Bonfire Capital of the World
www.stjamesla.com

St. John the Baptist Parish
The Andouille Capital of the World
www.sjbparish.com


Posted by:Vanessa B. Scott

From the traditional family celebration of grilling in the backyard to the Southern Decadence celebration with its gay parade in the French Quarter, New Orleans always offers a unique way to celebrate a holiday. Next year why not enjoy the Black Men of Labor and their annual Labor Day second line from Sweet Lorraine’s Jazz Club? Emerging in resplendent colors and moving in time with the accompanying brass band, the Black Men of Labor, a long time social aid and pleasure club, second line down St Claude Ave to St Bernard Ave and throughout Treme. Seen working the crowd was local favorite musician, Kermit Ruffins who enjoyed the second line as it passed his bar, Sydney’s on St Bernard Ave, part of the BMOL’s traditional second line route. This Labor Day tradition is one filled with sights and sounds not soon forgotten and uniquely New Orleans!

Coming Attractions: What’s green and wrinkled and migrates to the Bywater in November? The Mirliton! And the Mirliton Festival is coming November 7! More information to follow!

Posted by:Carol-Jean Dixon

Construction is well under way for one of the largest homes in St. Charles Parish.

At 34,986 total square feet, this home will have 25 rooms, consisting of :

8 bedrooms, 7 and a half bathrooms, and a theatre!


St. Charles Parish - the place to be!

Posted by:Chuck Sheefel

For 1st time visitors, WELCOME. For those who have patiently waited for updated information, Thanks A Bunch. I want you to know you can always contact me at vscott@latterblum.com.

Send me your questions about real estate in The River Parishes.

Actually, I’ve been selling The River Parishes. From bank-owned properties to luxury homes and everything in between. The bank-owned properties range from those sold for land value only to those located on the golf course.

I am very excited to announce that I have just listed and sold the 1st Garden Home in St. James Parish. Bells and whistles? More. There is custom-built wood cabinetry in the baths, laundry area and the kitchen. The kitchen has granite countertops, stainless steel appliances and a custom backsplash of ceramic tile. Some features include crown molding throughout, tray ceilings, wood-burning fireplace, walk-in closets, covered patio, courtyard, and more. The master bath has a custom-built ceramic tile shower, jetted garden tub, water closet and separate vanities. There is so much more.

This home is the 1st of over 40 garden homes in a gated community within a gated community. Call now. Select your lot. Meet with the builder to customize your plans.

Enjoy the home-building process. Move in and enjoy what is truly “the best of country living with easy access to the big cities.” New Orleans, Baton Rouge, Thibodaux, Houma and Hammond are all within an hour’s drive.

I know what I’m talking about. How do I know? I am a lifelong resident of St. James Parish. I live, love and sell the River Parishes…and more.

Continue to visit this site for more information on real estate in The River Parishes.

If you have specific questions, please contact me at vscott@latterblum.com or 504.616.3539. I’d be delighted to assist you with your real estate needs in my service areas.

St. James Parish
The Bonfire Capital of the World
www.stjamesla.com

St. John the Baptist Parish
The Andouille Capital of the World
www.sjbparish.com

Posted by:Vanessa B Scott

FHA has announced a new set of guidelines for financing condominiums that will be put into place November 2, 2009 and will make it much more difficult to finance condominiums through the FHA. If you are considering purchasing or selling a condo in the near future you may want to consider these eligibility requirements…

• The condominium project must consist of two or more units.
  
  
• The condo project must be covered by hazard and liability insurance, and flood insurance if applicable.
  
  
• The property must have a minimum of 75% of its square footage used for residential purposes and no more than 25% for commercial purposes. The commercial units must not adversely affect the residents.
  
  
• A single investor may not own more than 10% of the units. This applies to the developers/builders that rent vacant and unsold units. If there are only two or three units in the project, no single entity may own more than one unit, all units and common areas must be 100% completed and only one unit can have non-owner occupants.
  
  
• No more than 15% of the units can be more than 30 days past due on their condo association dues.
  
  
• A minimum of 50% of the units must be sold prior to the endorsement of any mortgage on a unit. A valid presale must include an executed sales agreement and evidence that the lender is willing to make the loan.
  
  
• A minimum of 50% of the units must be owner-occupied or sold to owners who intend to occupy the units.
  
  
• In condo projects of three or fewer units there will be no more than one FHA insured unit. In projects of four or more units, there will be no more than 30% of the total units insured by the FHA.
  
  
• A study of the current reserves must be performed to insure that adequate funds are available for funding capital expenditures and maintenance. The current study must be no more than twelve months old.
  
  

It’s not as complicated as it sounds, and many existing condominium projects will be eligible but if you need help negotiating your way in the purchase of a condo call Kelli Wright at 504-613-7902.

Posted by:Kelli Wright

At some point during the conversation with a potential buyer or seller, the question always gets asked, “How much do you think this house is worth?”

Truthfully, it doesn’t matter what I think. And unfortunately it doesn’t matter what the buyer or seller think either. The only thing that matters is what the real estate appraiser thinks since their review of the property will determine how much a financial institution will lend a buyer. (Unless, of course, a buyer is paying cash, in which case 99% of the time they still obtain an appraisal to ensure they aren’t overpaying.)

For example, if the buyer and seller agree to pay $250,000, but the appraisal comes back stating the home is worth $225,000, the bank will only lend the buyer funds based off of the $225,000 appraised value. If the buyer still wants to pay the $250,000, they will then have to add $25,000 to the total funds they bring to the closing to make up for this difference. Ouch!

In Louisiana, when the appraised value is less than the agreed to price, the buyer should notify the seller. The seller then has a set amount of time to decide if they want to reduce the price to the appraised value, work out some type of compromise with the buyer or leave the original agreed to price as is. Once this response is received by the buyer, they then have the option of accepting the seller’s response or walking away from the deal entirely.

Sound frustrating? It can be, particularly in such a tight pricing environment as we are currently in. But in the end, it benefits all parties involved to have an objective third party look at the value of a home and assess if it is in-line with what the market has already determined…..unless you have some extra money lying around!

As always, if you have any questions call me at 985-707-5035 or email me a pbennett@latterblum.com. Let’s get you moving! Anywhere in the country, I can get you there.

Posted by:Patricia Bennett

So, you’ve had your home on the market for 60, 90 or even 180 plus days and things aren’t moving as fast as you want them to. Sound scary? It may be but it’s also the reality of today’s real estate marketplace.

If you are thinking of putting your home on the market or already have your house listed for sale and things aren’t going well, it might be good idea to have a little heart-to-heart talk with yourself on the following to understand what your next steps should be:

1. Do I REALLY need to sell my house? I ask my listing clients this every time we meet because it determines everything. Truthfully, if you want to put your house on the market just to see what you can get, this isn’t the best time to get top dollar. If you must sell because you’ve gotten a job in another area, that’s another matter entirely. Either way (or even somewhere in between), you need to talk to your agent about your real reasons for selling so you both can plan accordingly.


2. What offer amount can I LIVE with when I sell my house? Notice how I didn’t ask what you want to get when you sell or even how much you need to pay off your debt. This is not the time to dream that you will get a ‘beyond wonderful’ offer that will make your friend’s envious and your neighbors happy. More than likely you will have to take something less than that – maybe so much less that you have second thoughts about selling your home at all. So know what that pricing “floor” is for you and then go even further by asking yourself the tough question – are you willing to go below that “floor” just to get out of the house?


3. Can I be PATIENT and PERSISTSENT when my home is listed and there’s little activity occurring? You may be tired of cleaning for an open house, tired of leaving so the house can be shown, tired of lowering the price again to attract potential buyers with no end in sight. If you need to sell, patience and persistence are key to your sanity. To balance your frustrations with reality, make sure you regularly talk to your agent to understand the sales activity in your area, if other competitors have dropped their prices and what additional pricing and marketing strategies can be deployed to create interest. Always think of how you can take that next step forward in selling your home.

Buck up little camper! Homes are selling everyday – even in this environment. But be honest with yourself to understand if you really want to try to sell a home now versus later. Get the facts by working with a real estate agent to know what to expect.

As always, if you have any 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

This Mediterranean beauty rests in a quiet corner of Eden Isles right on the edge of the water. With its own dock and large screened in 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 wonderful end.

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

Best of all, your boat awaits you out back on your own private dock, ready to explore the waters of the lake. Located at 405 Moonraker, this owner is ready to start the next phase of their life. Aren’t you? We are having an open house this Sunday, September 13, from 12:00-2:00 or call me at 985-707-5035 and we can set up a private appointment.

Stop by and see what the ‘good life’ looks like.

As always, if you have any 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