Tag Archive for: single-family homes

Household Growth in New Orleans Increases over the Past 5 Years

Not only have the New Orleans house prices increased 46% since Hurricane Katrina hit 10 years ago, but the city has also seen a 90% recovery rate. Many believed that the tens of thousands who fled the area after Hurricane Katrina would not return, and this was simply not the case. A report which came out on July 13, 2015, from Data Center shows that between 2010 and 2014, the growth in New Orleans was 12%, making the city 28th in population growth among 714 cities with more than 50,000 people nationwide. The study also indicated there was an additional 1% growth between 2014 and 2015.

In the New Orleans area, households that received mail increased by 19,651 since June 2010, with 65 out of 725-085 neighborhoods seeing some sort of increase. In general, 40 of the 72 neighborhoods have already recovered 90% of the population pre-Katrina and 16 neighborhoods have actually exceeded their pre-Katrina population.

The neighborhoods which saw the fastest recovery rate of at least 30% were ironically the most heavily flooded areas. These include households in Filmore, Holy Cross, Lakeview, Lower 9th Ward, Pines Village, Pontchartrain Park and West Lake Forest. Between 2010 and 2014, the areas known as the “sliver by the river”, added 1,355 households in the Central Business District (CBD), 545 households in Treme/Lafitte, 321 households in the Lower Garden District and 297 households in Bywater. Eight neighborhoods have increased by at least 100 households which include the Central Business District (CBD), Central City, St. Roch, Little Woods, Lower 9th Ward, B.W. Cooper, 7th Ward and Treme/Lafitte.

Only four of these neighborhoods have less than 50% pre-Katrina households. These include B.W. Cooper, Florida, Iberville and Lower 9th Ward. Not to worry, B.W. Cooper, Florida and Iberville are housing developments that have mostly been demolished or are being redeveloped so they cannot be considered households until completed. The Lower 9th Ward was the worst damaged from the storm and is making a slower recovery than most. Only seven neighborhoods lost households between 2010 and 2015. Many are relocating to the city of New Orleans “proper” and its surrounding or suburb neighborhoods, placing a great demand on new housing developments. In general, New Orleans is making a great recovery and is holding steady with its population numbers.

 

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9 Acres of Land for Sale Purchased for Mixed-Use Development

Land for sale which was purchased from the New Orleans Terminal Co. and Alabama Great Southern Railroad by New Orleans local Sidney Torres will eventually be developed into a high-end Bayou St. John real estate development.  The land borders a stretch of the Lafitte Greenway in Mid-City in New Orleans.  Sidney Torres purchased the 9 acres if land by using his company IV Capital, a venture capital firm.  This plot is also bounded by Mid-City’s Rouses Supermarket and Bayou St. John, so some of the development will have a waterfront view.

Plans for the land that was bought include 380,000 square feet of “high-end, mixed-use residential and commercial”Land for sale was purchased by Sidney Torres near the Lafitte Greenway for a new, master planned community along Bayou St. John. property.  Because of its proximity to the new University Medical Center and the Veteran Affairs hospital, housing and retail is being planned as a TND (Traditional Neighborhood Development) to include housing and retail in walking distance within this master-planned community for potential employees of these two medical facilities.

The advantage to this land purchase is that the land itself already has “built-in” amenities with the bicycle and pedestrian paths and trails of the Lafitte Greenway which connects the French Quarter to City Park.  This planned natural recreational park should be finished at the end of 2015.  Housing will include both single-family homes as well as apartments.  Some of the planned retail aspects include a gymnasium, cafe, and boutique hotel.  Other amenities planned for this master planned development include fire pits along the bayou, playgrounds, and additional bike paths.

Torres said the development team welcomes input from the surrounding community. “We encourage people to bring their best ideas to the table,” Torres said. Partners in the deal include hotelier and developer Joe Jaeger and Hicham Khodr, owner of Camellia Grill.

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Good News About Home Pricing in the United States

Economic triggers can be confusing for the lay person in understanding why some price increases are better or worse than others.  Higher oil prices are good for Wall Street but bad for people that buy gas.  Higher priced stocks for Apple are great for stock holders and Wall Street and also good for consumers because it makes Apple products more affordable.  So it is with home prices.  Higher home prices can be bad for home buyers but good for home sellers.  Home prices that show steep increases month-over-month can indicate an “out-of-control” housing market which would mean that the real estate market was unstable.  OR, it could mean that housing prices were rising after a steepNew Home on Traditional Lot drop to sustainable levels.

The good news about home pricing in the United States now is that home prices are slowly drifting to an average level comparing month-to-month pricing nationwide.  During 2012, home prices dramatically increased for months at a time, sparking concerns that the housing market was headed to “bursting the housing bubble” – the problem that caused the Recession to begin with.  However, throughout 2014 and 2015, home prices have stabilized to a slow growth pattern, and in some cases, a no growth pattern where prices stay the same for a few months at a time.

According to the Federal Housing Finance Agency (FHFA) and the Standard and Poor’s/Case-Shiller reports, home pricing for both new single-family homes and pre-existing single-family homes has shown a steady recovery with annual growth rates of 4.1% and 3.4% in March and April, 2015, down from a growth rate of 8.6% in February.  Home pricing in New Orleans has increased year-over-year from 2014 – 2015, but it has been an increase that has trended more towards “normal” than excessive growth – matching the national trend.

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