Residential Construction Spending Reflects in Real Estate Sales
Many of the new homes built at The Parks of Plaquemines, located in Belle Chasse and bordered by Timberlane, Terrytown, Algiers, Gretna, and Harvey, are built by either private builders or individual lot buyers who purchase lots in our new home community and qualify as residential construction. People who buy lots are interested in building a new, custom home in the subdivision because of its location near New Orleans, as well as the lifestyle that
the neighborhood provides.
The lot sales in The Parks of Plaquemines have been on the rise with builders also interested in building new homes for sale on the homesites for sale in our community. These builders typically will either build a home, contracted for a specific home buyer, or to sell specifically customized homes to potential custom home buyers. Custom home builds and purchases have been on the rise with the revitalization of the Greater New Orleans area in the past 10 years.
According to the National Association of Home Builders (NAHB), private residential new home construction spending has increased to a rate not seen since November, 2007, which is a benchmark date of many new home and home sales records in Southeast Louisiana. Specifically, money spent on single-family homes has increased 10.6% since 2015 and is up 1.2% compared to numbers calculated in January, 2015.
The good news is that the NAHB is also projecting a rapid increase in this residential spending from now until the end of 2016. For our New Orleans area subdivision, there is good news from lot and new home sales that have been continuous since the beginning of 2016. New phases of both our Villas (garden homes) and Traditional Neighborhoods are in the works for this year as well.