It is our goal at The Parks at Plaquemines to keep our buyers informed about the latest information from the local, state-level, and national real estate industry. We post content to our blog that we hope that you as our custom home buyer will find helpful. Look here for information about financing your new home, building restrictions for new homes, and real estate legislation that will impact you as you are looking to buy or build a new home in the Greater New Orleans area.

Bipartisan Efforts Spur Home Builder Lending Legislation

S. 1002, the Home Building Lending Improvement Act of 2013 will give more flexibility for banks with regards to construction loans.  Specifically, the bill would discourage lenders from calling construction loans where payments are current and establish regulatory guidelines to allow the banking industry to restore lending for viable home building projects.  This bill is unique in that it specifically addresses one of the main stressors of builders which is capital to start a building project.  Also, the bill is unique in that it was drafted “bi-partisanly” by Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.). With the “gap” in the housing market of an estimated 2 million “non-started” households because of what some are now calling the Great Recession, there is a low supply of new home inventory and a high number of families looking for a home in which to live.

Because of economic constraints, studies show that instead of children growing up, going to college, and leaving the house to establish their own families and homes, college kids, instead, were unable to find employment and ended up moving back home.  In some instances, there would be 2 to 3 generations of families living under one roof.  The National Association of Home Builders (NAHB) has been working hand in hand with Congress to push through common sense legislation that will free up lending for the housing industry.

Statistics show that the construction of 100 homes will merit approximately 300 new full-time jobs and add $8.9 million in federal, state, and local tax revenue.  Interest rates have been historically low throughout 2013 which has spurred the purchase and refinancing of thousands of loans across the country.  The mortgage industry seems to have stabilized in their regulations, although getting qualified for a home loan can seem like an act of Congress to some new home buyers.  However, the numbers don’t lie.  The faster that builders can get back to work on new home construction, the more the economy will be stimulated by not only job growth and revenue but also by new homeowners spending money on all of the niceties that are purchased with the purchase of a new home.

It is no secret that new home buyers spend additional money on new furniture, accessories, fixtures, paint and hardware supplies, appliances, and much more after the purchase of their new home.  A NAHB analysis shows that during the first two years after closing on the house a typical buyer of a new single-family detached home tends to spend on average $7,400 more than a similar home owner who does not move, including $4,900 in the first year after purchase.

Consumer Spending drives Wall Street because it is measured and evaluated each month.  Wall Street drives interest rates, and the economy comes full circle.  It may not be THIS simple, but loosening up lending requirements for builders is a good start to the cycle. Here at The Parks of Plaquemines, we have seen an increase of interest in new lots and new home building.  Both home buyers and builders have been buying up our lots so much so that Phase I of our Villas Lots is sold out. We are currently finishing out development of Phase II.  For More Information about buying a home in the Greater New Orleans area, Contact Us at 504-364-2350 or E-mail [email protected].

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House Prices Sustain Affordability

The National Association of Home Builders keeps a running “journal” of home affordability throughout the United States.  They do this in conjunction with Wells Fargo Bank, and the result is a quarterly report called the NAHB/Wells Fargo Housing Opportunity Index (HOI).  This particular index is a measure of the percentage of homes sold in a given area that are affordable to families earning the area’s median income during a specific quarter.  The information is collected from the recorded mortgages – which is public information – by Core Logic, a research and statistical analysis company.  Any information gathered on interest rates is done so through the Federal Housing Finance Agency.

According to the HOI, home affordability in 2013 remains on the upswing as 73.7% of new and existing homes sold in the first quarter were affordable to a family making the national median income of $64,400.  This income is an average of the median incomes of individual cities throughout the United States.

Interestingly, Ogden-Clearfield, UT has had the most affordability in new and existing home prices for 3 quarters running with 93.4% sold to families of a median income of $70,800.  Unfortunately, San Francisco-San Mateo-Redwood City, CA has had the least affordability coming in at just 28.9% affordability based on a median income of $102,000.

Many reasons are given for the current home affordability including stabilizing home prices, super low interest rates, and the “buyer’s market” during and after the Recession as the housing market slowly recovers from the 2008 crash.  One factor that may cause the affordability percentage to stagnate is that the cost of building a new home has gone up with rising gas and oil prices as well as current inflation.  Housing materials cost more than they did even 3 years ago, and the president of the NAHB does not see them coming down any time soon.

However, affordability is always something to celebrate, and the home buyers at The Parks of Plaquemines in New Orleans have prices to be happy about.  They have shown us this by helping us sell out Phase I of all of the lots in our garden home section of our subdivision – The Villas.  Our Traditional Lots are also selling well, and new homes are being contracted to build every quarter.  Come out and see what all the fuss is about!! Call 504-364-2350 or E-mail [email protected] to get more information on taking a tour of our community.

Click Here for the Source of the Information.

Bloomberg Lists New Orleans Among the ‘Top 12 American Boomtowns’

The Bloomberg news service has listed New Orleans among its “Top 12 American Boomtowns,” citing the city’s population recovery from Hurricane Katrina.

“The area is growing as it rebuilds from Hurricanes Katrina and Rita,” the article says. “Tourism is booming, and the New Orleans area gained more residents than any other in the U.S. from 2007 to 2011. The population rose to 1.2 million in 2012.”

The article refers to and counters the recent controversial comments by Fox News television pundit Geraldo Rivera, conversing with Fox commentator Bill O’Reilly, calling most of New Orleans “a vast urban wasteland.”

“There’s plenty of job growth in heavy construction and even the television and motion picture industry, according to New Orleans demographer Allison Plyer,” the report says. “The unemployment rate, at 5.9 percent, is below the national average.”

It also mentions recent uncertainty over the fate of the state’s tax credit for film productions, although Gov. Bobby Jindal has since dropped his tax swap plan that proposed a less generous credit.

The other cities on the list are Austin, Texas; Raleigh, N.C.; San Antonio; Houston; Washington, D.C.; Oklahoma City; Nashville, Tenn.; Portland, Ore.; Charlotte, N.C., Dallas; and San Jose, Calif.

Click Here for the Source of the Information.

Belle Chasse, Louisiana in the running for “Cleanest City”

belle-chasse-cleanest-city

Cleanest City Chairman Joy Palazola presents a “Louisiana Garden Club Federation Inc Certificate of Merit” to Parish President Billy Nungesser, Belle Chasse Garden Club Chairman Mary Hazen, Director of Public Works Byron Williams, and Recreation Department Superintendent Corey Buie. Photo by Jessica Gonzales

Judges from the Louisiana Garden Club’s “Cleanest City Contest” met with members of the Belle Chasse Garden club, Director of Public Service Byron Williams, and Superintendent of the Recreation Department Corey Buie Thursday April 6 at the Plaquemines Parish Government office for the initial judging process, and a tour of Belle Chasse.

The judges calculated the scores based on several criteria including approaches (welcome signs, etc.), public and municipal buildings, parks & recreation areas, cemeteries, business establishments, residential areas, streets, sidewalks, neutral grounds, community involvement and more.

The contest has been inspiring cities across Louisiana to beautify since 1958, and this is the first time Belle Chasse has entered. The initiative is a co-effort of the Belle Chasse Garden Club and the Plaquemines Parish Government.

“Our mission statement is ‘Litter Free, Plaquemines Proud’,” explained Belle Chasse Garden Club Chairman Mary Hazen. “The Louisiana Garden Club Federation Inc. and the Belle Chasse Garden Club encourage residents, businesses, clubs, and visitors to our parish to be Plaquemines Proud and litter-free.”

During the April 5 initial meeting at the Parish Government Office, Judge Joe Baucum explained to Belle Chasse Garden Club members that judges look for city’s with year-round dedication to beautification.

“Garden Club focus should be encouraging that year-round beautification by encouraging public planting and doing some litter campaign with schools, not just beautification around the contest judging period,” said Baucum.

Director of Public Service Byron Williams explained to the judges that the recreation department does a tremendous job maintaining the parish’s many public grounds, as well as regularly maintaining the parish’s ballfields.

In terms of public works, Garden Club member Mary Ann Relle told the judges of their February 23 oak tree planting at Medal of Honor Park and a “welcome sign” project that has taken 3 years to complete due to many DOTD and government compliance rules.

“We’ve completed the design for a brand new Welcome Sign that will be placed at the entrance of the parish in the Hwy 406 area, and we just finished the Belle Chasse High School lands,” Relle stated. “We usually take on 1 or 2 learner projects per year.”

Cleanest City Contest Chairman Joy Palazola explained that entering cities compete against cities with similar population numbers, and Belle Chase is in Category G. The Category G winner for the last two years has been Pineville, LA, located in Rapides Parish– two hours south of Shreveport.

Belle Chasse Garden Club members will find out in May if they can take home the ‘Cleanest City’ title, and they remain optimistic about a cleaner future for the entire parish.

“We’re just entering Belle Chasse in the contest this year, but our goal is to see the entire parish get into it and be litter free,” said Hazen.

Litter Free, Plaquemines Proud Tips: 5 Ways to Control Litter from the Belle Chasse Garden Club

  1. Set an example by not littering.
  2. Pick up one piece of litter every day.
  3. Every week, pick up all the litter in front of your house, including the street
  4. Ask your neighbors to properly dispose of their trash. Show them the difference between a clean area and an area spoiled by litter, and stress why it’s important to put trash in proper containers.
  5. Make sure that your trash cans have lids that can be securely attached. If you have curbside trash service, don’t put out unopened containers or boxes filled with trash.

Click Here for the Source of the Information.

Port Sulphur Library Back With New Technology

For the first time since Hurricane Isaac, the Port Sulphur Library opened its doors last week and the small facility is now equipped with some major computing technology.

library“Isaac ripped through here, and took a bunch of the metal off the building, a lot of water got in which led to mold,” explained Library Director Todd Schouest.

But with a little ingenuity, the library staff members were able to salvage many of the books and DVDs at a relatively low-cost: instead of renting expensive climate-controlled storage units, Schouest opted for refrigerated trucks to store the reading materials.

However, the library’s computers weren’t so lucky, and needed to be replaced. Schouest looked at the loss as a chance to enhance the offerings of the facility. While the library was closed for repairs, Schouest and his staff took the opportunity to equip the facility
with new Virtual Computing Technology. Besides the State Library, Plaquemines Parish libraries are the first in the state to have this technology, which allows users to browse the internet and use a variety of computer programs at lightning-fast speed. Instead of bulky computer towers, each station is equipped with N-drives—compact storage devices that sit on the desktop and allow users to operate a variety of programs and functions.

“We are now working on the State Library’s huge server, so the whole system is incredibly fast now,” said Schouest.

For months he has been working with the State Library’s IT department to get N-drives and fiber optic internet hooked up at Plaquemines Library computing stations, and
as a self-proclaimed “tech nerd,” Schouest is thrilled to bring the technology to Port Sulphur residents.

“Through a federal grant and help from AT&T we now have fiber optic internet running from Belle Chasse to Buras, which is faster than the internet I have in my house,” Schouest said excitedly. “And now we have the Port Sulphur computers
tapped into that too.”

A former Jefferson Parish Library director, Schouest came to Plaquemines in 2008 and made it his mission to upgrade the parish libraries’ offerings.

“We used to have people from Plaquemines coming up to Jefferson all the time because they didn’t have a lot of what they were looking for. I really wanted to change that and this is a big step.”

Click Here for the Source of the Information.