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.

Mortgage Rate Decreases to Lowest Levels Since March

Between home prices and home inventory, the housing market has been a struggle for those home buyers interested in buying a new home for sale or a previously-built resale. Home inventories has not rebounded from being “wiped out” during the pandemic when interest rates dropped to the lowest levels ever seen. The amount of homes being built by new home builders have not recovered enough to supply the demand that is in the market. Also, homeowners who were thinking about selling their homes are in a holding pattern because the interest rates have been so high that it has been prohibitive to sell a home and purchase a new one with a loan which would have more than double the interest rate of their current home loan.

Good news came to home buyers though when mortgage interest rates dropped to their lowest level in 5 weeks. The average interest rate dropped to 6.35%, down from 6.73% in March, according to mortgage buyer Freddie Mac. Interest rates which are closer to 6% versus 7% are always good news.

“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist.

The focus of interest rates is the debt-to-income ratio which lenders calculate to see how much a home buyer can afford to buy. The increase in interest rates has shown a huge discrepancy in monthly payments because of the difference of hundreds of dollars in monthly loan payment cost. The same house at the same price could be priced out of a home buyer’s affordability range due to it changing the debt-to-income ratio.

So, the decrease in mortgage rates is good news for now. Nationally, inflation is also down, so it will be a game of wait-and-see to see what the Federal Reserve with interest rates now that inflation is cooling.

For now, home buyers have a couple of choices to deflect the high interest rates. The first one is to buy now and refinance later. There are buyers who think that these high rates will eventually come down, so they will go ahead and buy a home at a higher rate and then refinance it later when the rates drop. Another option to purchase a new home is called a mortgage rate buydown. Buyers who qualify can get a lender program, where they pay for a couple to few years at a lower interest rate with an agreement the rate will go up. When the rate goes up, the home buyer has the option to refinance to stay at a lower rate.

So, overall, the decrease in interest rates, no matter how slight, can be a sign of better days to come in the real estate market.

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Gretna City Park $7 Million Overhaul

Gretna City Park was awarded a $7 million overhaul to take 80 acres of undeveloped green space and turn it into a place for stormwater to go. The park now collects an additional 6.5 million gallons of stormwater. This is the perfect example of how we can use nature to help with water management. Mayor Belinda Constant describes it as “nature-based solutions for water management and ecosystem restoration.”

The $7 million was granted to the project by federal funding from Louisiana’s Strategic Adaptations for Future Environments (LA SAFE). There are 10 other projects that are also receiving funding that are located throughout Louisiana. The improvements include 1 1/2 miles of pedestrian trails, a 1,500-square-foot open-air pavilion, a kayak launch, fishing piers, a bog garden, a wildflower meadow, and hundreds of new trees.

“What you’re looking at today is a secret high-performance landscape. This is one of the highest-performing stormwater landscapes in the city, if not the region, if not the state,” says Andy Sternard of the architecture firm Waggonner & Ball.

According to Gretna officials, Gretna Park is located in the area that is described as the city’s resilience district. This district is among the highest concentration of properties with multiple National Flood Insurance Program claims in the state.  The park will also receive a $10 million grant to improve the drainage network along the 25th Street Canal from the Federal Emergency Management Agency.

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Jefferson Parish’s West Bank Expressway Will Get a Facelift

The West Bank Expressway is a corridor for panhandlers who ask vehicles for money but this will go away once a $1.35 million project will enhance the roadway. Projects included include new landscaping and signage at all the intersections from Terry Parkway to Ames Boulevard and new trees that will line the landscaping from Westwood Drive to Nine Mile Point Road. The improvements will also include removing the walkways along the road so that the panhandlers will not have a place to panhandle motorists.

“We’re trying to sell a quality of life and a better place to live here in Jefferson Parish and especially on the West Bank. It doesn’t take much for you to look around at this eight miles and say that you’ve ever been proud with what’s here, because I don’t think any of us have,” comments Parish Council member Ricky Templet.

This elevated part of West Bank Express has been the perfect hub for the homeless. The improvements will help alleviate this problem. Sen. Patrick Connick has filed a bill that will transfer this portion of the land from the state to the parish so that the parish can place ordinances against camping.

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New Library in Jefferson Parish

A new library will be built and named after community leaders Joseph and Constance Caroll. The $2.2 million dollar project will be located in Avondale and will be around 4,500 square feet. “For many years, this community has asked about a library. Our young children who often need guidance…..this is going to be a resource for them and their families,” says Parish Council member Byron Lee.

The library will house meeting spaces, study rooms and a dozen public computer stations and will be located at 588 Avondale Garden Road on the west bank. “Whatever financial gaps or whatever digital that may exist, it won’t exist for very long once this beautiful building is built,” commented Lee.

Joseph and Constance Carroll have been community leaders in Avondale for a long time. They have had a hand in education so this is fitting for them. Their names will be put on the learning institution which is dedicated to education. The library will also have music education in some form or fashion in honor of Mrs. Caroll’s dedication as a music teacher.

The library is needed to fill a gap in the community. It will serve as a safe haven for citizens as well. “Libraries are no longer simply about housing collections. We are about making connections,” boasts Jessica Styons, the new library’s director.

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A New Bakery In Gretna

There is a new Vietnamese bakery in Greta, called Dough Nguyener’s Bakery, named after the family owners, which opened its doors March 17th. The unique business is not only a retail bakery but also a production bakery.

The restaurant serves both American and Vietnamese dishes and has a unique twist on fried chicken. This dish includes a whole fried chicken that is called the Ngyener Nguyener chicken dinner. Their take on the New Orleans style French bread is a little different and made more the Vietnamese way. The differences are in the crust and shape, the crust is a bit softer, the bread more dense and the shape more like a Parisian baguette.

A good portion of the menu for the retail restaurant is more of Vietnamese tradition. These include an iron skillet of beef stew with curry flavor, slices of steak and fried eggs and pate called bo ne. Pastries include pate chou meat pis and steamed buns. For dessert, there is che khuc bach which is a colorful dessert made of tropic fruit salad, jellied fruit garnish and almonds.

“We’re digging into our roots more here. We’re introducing new things from our tradition, says Achote.

The famous fried chicken can also come as Nguyener wings glazed with a soy-based fish sauce chili glaze and a traditional multi piece fried chicken plate with sides. The whole bird dish is coated first with tapioca which makes it a bit more chewy. The sides consist of both east and west flavors including macaroni and cheese, coleslaw, kimchee salad, and garlic noodles to name a few.

Come enjoy some unique and fun bakery items and food items at Dough Nguyener’s Bakery in Gretna. Known for yummy carnival cakes since Carnival season in 2022.

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