New Orleans Real Estate News

April 20, 2017

Craig Mirambell Presents Leigh Brown and Nobu Hata at Realtor Appreciation Day

The Hilton Riverside Ball Rooms were sold out March 30, 2017. The room was filled with Realtors over 600 of them, highly anticipating gaining continuing education credits from 2 of the best speakers in the Real Estate Speaking circuit.  Mirambell Realty's Broker/Owner, Craig Mirambell helped host the event and announced the dynamic speakers.  Losing his voice the evening before at an alumni cookoff, Craig took the stage and quickly handed it over to the experts, Leigh Brown of noflufftraining.com and Nobu Hata from the National Association of Realtors.

Both speakers kept the crowd entertained and surely impacted their thoughts (and hopefully actions) on how to be a better Realtor.  Surely, this was the best Realtor Appreciation Day put on by The New Orleans Metropolitan Association of Realtors (NOMAR).  With national vendors ranging from Zillow to Corelogic in town and the always supportive local vendors, it was an all around informative day for local Realtors.  

Posted in In the News
April 12, 2017

Home Prices Slowing in New Orleans, while Suburbs are Increasing


Home prices slowing in New Orleans, suburbs see increase

Although home prices continued to climb in the second half of 2016, the rate of growth has started to slow even further from the first half of 2016 in Orleans Parish, according to a new report.

New Orleans CityBusiness file photo

New Orleans CityBusiness file photo

Meanwhile, the housing stock in suburban parishes in the metro area has seen its largest gains in years.

That’s according to data released this month by local real estate consultant Wade Ragas, who looked at numbers from the New Orleans Metropolitan Association of Realtors and Gulf South Real Estate Information Network. The figures exclude sales of multi-family homes and condos.

New Orleans home prices increased from $172 to $177 per square foot, or 2.6 percent, for the final six months of 2016. That’s compared with an increase of $151 to $172 per square foot, or 13.9 percent, in 2015.

Latter & Blum president Richard Haase, who saw his company’s revenue increase from $106.9 million to $112.3 million in the last year, said the slower rate of appreciation represents a much more sustainable level of growth than the record increases the city witnessed in the last four years. Homes in the bellwether markets of Uptown, Garden District, the Marigny, Bywater and the lakefront continue to be at a premium, forcing buyers to consider other options.

This lack of supply has outpriced many potential homeowners from these neighborhoods and shuttled that demand to the outlying suburbs – increasing the prices there, according to Haase.

Two parishes in the metro area were the biggest beneficiaries of the migration. Jefferson Parish home prices increased from $107 to $116 per square foot, or 8.2 percent, and St. Bernard Parish home prices swelled from $79 to $90 per square foot, or 13.5 percent.

The area around Lafreniere Park in Metairie saw the biggest jumps in terms of sales volume and appreciation, with 252 units sold in 2016 and an increase of $107 to $117 per square foot, or 9.7 percent, from the previous year.

“Homebuyers are realizing they can get more house for their money in these suburban parishes,” Haase said.

Haase said another reason for the surge in prices in St. Bernard Parish is the “natural and ongoing recovery from Hurricane Katrina.” He added that the addition of New Orleans East Hospital as well as retail and other critical infrastructure has contributed to the gains in the area.

One thing that could slow the growth is predicted interest rate hikes from the Federal Reserve in 2017. Glenn Gardner, president of operations for Gardner Realtors, said increases have already started to occur.

Gardner said the interest rate for a 30-year fixed mortgage six months ago was 4.375 percent. Today, the rate is 4.625 percent. The gradual increases will create a sense of urgency among buyers and encourage them to get off the sidelines, Gardner said.

“Buyers will realize they won’t be able to get these bargain-basement rates anymore,” he said. “The sale is about to be over, so to speak.”

Another trend the local real estate market is embracing is virtual online tours for their properties. Craig Mirambell, owner of Mirambell Realty, said his company implemented the method three years ago and has cut down on the number of actual open houses.

“I think it is neat (that) as we promote, we are always holding an open house,” he said. “Don’t wait until Sunday. See it now.”

Haase said Latter & Blum offers both the online virtual tour as well as a slideshow for all its properties. Consumers are 600 times more likely to click through the photos in a slideshow than to sit through a 3-minute virtual open house presentation, he said, citing statistics he recently saw.

“Many customers feel that the slideshow is the quickest way to view a house,” he said. “There are also issues with internet speed.”

Posted in In the News
April 12, 2017

Realty Experts See Cloud on Horizon, an article with Craig Mirambell

Home / News / Construction and Real Estate / Realty pros see cloud on horizon

Realty pros see cloud on horizon

Earlier this month, New Orleans-based real estate and insurance professional Louise Kennedy began a statewide search for agents interested in joining her as part of the Louisiana branch of the “cloud-based” virtual brokerage eXp Realty International.463326519 (1)

The industry veteran will manage a team of agents from across the state who will work remotely and process all transactions through her small office. In exchange, agents will have unlimited access to training tools through a virtual office that can be accessed at any time from any location via the Internet.

Local real estate companies have also embraced websites and equip, or at least encourage, their agents to conduct business digitally. But they insist their office space won’t be put on the market anytime soon.

Kennedy, who has more than 25 years of experience in real estate and insurance, said the growth of web- and email-based tools has enticed real estate agents to embrace new technology. She predicts the cloud office trend will change the way Realtors do business.

“The industry is nearly there,” Kennedy said. “More than 90 percent of all buyers start their search online, and many of them already have a personal contact with an agent or broker who can help them look where they want to look. I think there will come a point where the industry has to think about the viability of physical broker offices.”

Since eXp Realty was founded in 2009, the brokerage has recruited about 400 agents across 29 states. President Jason Gesing said the company’s business model keeps its physical profile low in an effort to minimize overhead costs from maintaining a traditional storefront office.

“Clients are already dictating to agents where they want to meet,” Gesing said. “Documents are signed through email or at a coffee shop. We just don’t see the value in a ‘brick and mortar’ office. The question is how soon will agents be willing to make that shift.”

While many agents in the New Orleans area will concede that technology has changed the industry, very few will say they are prepared to leave the confines of the brokerage office.

“The industry has been saying for years that bricks and mortar are on the way out, but we are all still here,” said Margie Inman, president and broker for the New Orleans-area branches of Coldwell Banker. “You don’t have to be lavish, and none of us really area. But your agents need that place to collaborate face to face.”

Inman said there is a certain level of isolation working in the cloud, and agents don’t get the chance to bounce around leads or other information.

“Some of my agents are in the office every day, while others come in once a month, but there is still some level of interaction,” she said. “Agents offer tips on neighborhoods and where to find other properties to show. It also benefits those newer agents looking to seasoned veterans for advice.”

Chip Gardner, special initiatives director for Gardner Realtors, said physical brokerages in the New Orleans area are more viable because of the atmosphere of the market. He describes it as more “neighborhood-centric” where a physical presence is beneficial for the client and agent.

“We have 24 offices all over the metro area, and we utilize that footprint to the fullest,” Gardner said. “Agents from one office can meet with clients in another office across town and get sales leads and other info about that part of the neighborhood.”

Some smaller, independent broker/owners concede that the landscape is changing and that there is no longer a need for a sprawling brokerage with multiple desks. But they say their agents are still looking for a physical presence where they can link to the Internet.

“It doesn’t hurt to keep a small satellite office with a couple computers where agents can stop in to ask questions or get information,” said Craig Mirambell, owner and broker for Mirambell Realty. “Agents still want a place where they can talk to a broker and drop off a check.”

Agents who have been in the industry a while could probably get along fine on their own without an office, Mirambell said, but a newer agent just getting started needs to have that interactive atmosphere for training.

“It can be tough to gain momentum as a newer agent,” he said. “There are studies that say only about 33 percent of those who go through the licensing course make it through the process. There is so much to learn and it takes time to build a client base. Physical interaction is key.”

Reporter Robin Shannon can be reached at robin.shannon@nopg.com.

To sign up for free CityBusiness Daily Updates, click here.

The initial version of this story incorrectly identified eXp President Jason Gesing as the company’s founder. Glenn Sanford is the founder.

Posted in In the News
April 7, 2017

For Sale: 7104 Wilty St Metairie $199,999.00

Mirambell Realty & Craig Mirambell Present:

7104 Wilty St

Metairie, LA 70003

$199,999.00

3 bedrooms, 1.5 baths

1,475 Living Sq Ft & 1,939 Total Sq Ft

Contact Craig Mirambell for more information. 504-908-6777

Take a 3D Virtual Tour Right Now, our homes are always having an Open House , Virtually!

 

Posted in In the News
April 3, 2017

Michelle Rousse Named City Business Ones to Watch in Real Estate

Congratulations to Michelle Rousse, of Mirambell Realty, for being recognized by New Orleans City Business as "Ones To Watch" in Real Estate.  Michelle humbly accepts the recent recognition of her success, while keeping her focus on bringing her buyers and sellers to the closing table.  

 

Keep up the good work Michelle!

 

Posted in In the News
March 31, 2017

Christian Prats is Mirambell Realty's Newest Realtor

Mirambell Realty is excited to welcome Christian Prats to the brokerage.   Christian brings a dominant sales background to the Real Estate industry and he looks to apply some of his best methods immediately to his new career .  

Within 2 weeks of licensing, he has already attended classes on Dominating as a Real Estate Agent and that has already  paid off with writing 2 offers and a acquiring his first listing. Needless to say, Christian has hit the ground running, and we are honored he chose to start this journey with M Bell.

 

Posted in In the News
March 27, 2017

Mirambell Realty Welcomes Naomi Corass to the Firm

Naomi brings energy and dedication to real estate and looks to hit the ground running.  She has already begun networking and holding Open Houses, which is a great sign of her enthusiasm. 

 

Be sure to refer your friends and family to Naomi Corass and help her kickoff her real estate career in Metro New Orleans.

 

Posted in In the News
March 22, 2017

Hottest Neighborhoods of Metro New Orleans in 2017

City Business New Orleans recently published an article with Realtors predictions on what neighborhoods will be hot in 2017. Craig Mirambell, of Mirambell Realty had a great write up on Maple Ridge in Old Metairie and Buccaneer Villa North, a new development by Corne Construction in St Bernard Parish.

 

Craig Mirambell Jr.

Broker/owner 

Mirambell Realty

“One neighborhood that jumps out immediately to me is Maple Ridge in Old Metairie.  Maple Ridge is a one entry neighborhood off of Airline that is sandwiched between the gated Metairie Club Estate, Pontiff Playground and South Beverly Knoll.  The reason I see this small subdivision exploding is the new construction. Years ago when this neighborhood was built, there were hundreds of small cottages, but since Katrina the neighborhood has seen great progression.  Several of the homes received water during Katrina and either sold or tore down.  One by one, there are new mega- homes popping up.  There are always at least two to three homes in the subdivision being constructed, and there are still several lots with the potential to break ground at any moment.  The conveniences and luxuries of Old Metairie are obvious, including living in Jefferson Parish and being only five minutes from Orleans Parish.  We continue to see prices increase with each new home being sold. The slow and steady growth has really benefited those who have bought in, versus a market that explodes in a quick amount of time.

Additionally, we are seeing tons of new development in St. Bernard Parish. Our agent, Andrea Corne, is listing 21 properties that are being developed by Corne Construction in Buccaneer Villa North.  The prices can’t be touched for new construction in this area, and we are seeing plenty of homebuyers returning to the area they once called home.”

 

The entire article can be seen below. 

 

Hottest neighborhoods for 2017

Where’s the action in this year’s local real estate market?

If you listen to the real estate brokerage firm Redfin, it’s in the Treme. The firm has named that neighborhood No. 10 on its list of “Hottest Neighborhoods of 2017.” (The Bushrod neighborhood in Oakland, California topped the list.) The original report can be found at: https://www.redfin.com/blog/2017/01/the-hottest-neighborhoods-of-2017.html#NewOrleansLA

This restored three-bedroom, three-bath cottage at 437 Vallette St. in Algiers is on the market for $469,000. Photo courtesy Michael Verderosa

This restored three-bedroom, three-bath cottage at 437 Vallette St. in Algiers is on the market for $469,000.

Redfin agent Caren Morgan said the Treme is somewhat less expensive and “historically not as trendy,” with turn-of-the-century homes that lure out-of-state buyers. The nearby St. Claude-Rampart streetcar line offers a new way to get to other neighborhoods, she said.

“Many of the buyers moving to Treme are in search of more affordable city living and don’t want to give up amenities like walkability, great nightlife and superb restaurants,” she said.

The median sale price of a home in the Treme is $199,200 and spends 261 days on the market, according to Redfin. The firm also names Algiers Point and Milan as popular neighborhoods.

Michael Verderosa, a realtor with Latter & Blum, said that while residential single-family home listings in the Treme are up 28 percent over last year, sales haven’t increased substantially. Multi-family listings remained almost the same from 2015 to 2016, he said.

He said that Redfin, a newbie to the New Orleans real estate scene, could be basing its projections on the number of page views the properties have received. But those “don’t necessarily reflect the patterns or projections of actual legitimate buyers in our historic downtown market.”

Meanwhile the Mid-City area surrounding the new University Medical Center and Veterans Affairs Hospital is ripe for an increase in renovation and sales in 2017, he said.

Available housing stock and properties that have not yet been renovated remain very accessible as the hospitals continue to staff up, and demand in the surrounding blocks –as well as values- are expected to increase accordingly.

Latter & Blum’s Historic Districts Office has also seen a “substantial uptick” in sales and values in Algiers Point, he said. The neighborhood “remains one of the last bastions of an affordable and relatively safe neighborhood with easy access to downtown,” he said.

The average sold price in December showed a 16.9 percent increase in Algiers Point over what the average sold price was just one year before.

Condos at Union Lofts, a complex in the former Western Union Telegraph Building in the Central Business District, start at just over $250,000.

Condos at Union Lofts, a complex in the former Western Union Telegraph Building in the Central Business District, start at just over $250,000.

The area is attractive to buyers priced out of other historic East Bank neighborhoods, like Uptown, the Irish Channel and the Lower Garden District, and Bywater.

“While the market in these other neighborhoods might slow or even plateau eventually, I won’t be at all surprised to see values in the Point continue to rise at a faster rate than most other historic New Orleans neighborhoods,” he said.

 

Other areas to watch in 2017, according to New Orleans-area realtors:

 

GiGi Gaubert Burk

owner

Burk Brokerage

“St Roch.  The historic homes and the location just across from Marigny/Bywater.  The spillover effect started just after the St Roch market was built.”

 

Tangie Stephens

Broker associate

Seller representative specialist

Keller William Realty

Surely, Holy Cross, Mid City, Bywater, Marigny will continue their appeal.  However, I think Old Jeff is going to flourish.”

 

Craig Mirambell Jr.

Broker/owner 

Mirambell Realty

“One neighborhood that jumps out immediately to me is Maple Ridge in Old Metairie.  Maple Ridge is a one entry neighborhood off of Airline that is sandwiched between the gated Metairie Club Estate, Pontiff Playground and South Beverly Knoll.  The reason I see this small subdivision exploding is the new construction. Years ago when this neighborhood was built, there were hundreds of small cottages, but since Katrina the neighborhood has seen great progression.  Several of the homes received water during Katrina and either sold or tore down.  One by one, there are new mega- homes popping up.  There are always at least two to three homes in the subdivision being constructed, and there are still several lots with the potential to break ground at any moment.  The conveniences and luxuries of Old Metairie are obvious, including living in Jefferson Parish and being only five minutes from Orleans Parish.  We continue to see prices increase with each new home being sold. The slow and steady growth has really benefited those who have bought in, versus a market that explodes in a quick amount of time.

Additionally, we are seeing tons of new development in St. Bernard Parish. Our agent, Andrea Corne, is listing 21 properties that are being developed by Corne Construction in Buccaneer Villa North.  The prices can’t be touched for new construction in this area, and we are seeing plenty of homebuyers returning to the area they once called home.”

 

Martha Eager Allen

Associate

Re/Max N.O. Properties

“I think Bayou St. John will continue to be a hot market in the upcoming year. There continues to be development and new renovations hitting the market under $500,000.  The new infrastructure in Mid-City has added a lot of appeal and also contributed to the walkability of the neighborhood. The proximity to City Park and the bayou appeal to a generation who enjoys exercise and outdoor activity. Homebuyers can find historic homes that have New Orleans charm, but new interiors and little maintenance required. The area is very appealing to first-time homebuyers looking to grow into a home, as well as empty nesters who have grown tired of large homes.”

 

Tom Giroir

Broker/owner

RE/MAX Real Estate Partners

“I feel that perhaps the hottest neighborhoods and type of property will be the condo market in the Warehouse District as well as the CBD. I am basing this opinion on the influx of millennials and young professionals moving into New Orleans for employment in the technology companies as well as the new medical complex in New Orleans. Recent history shows that these young professionals do shun the traditional suburb type of living arrangement, but prefer more of a limited maintenance environment that is convenient to restaurants, shopping and nightlife.”

  • Valerie Huntley contributed to this report.
Posted in In the News
March 17, 2017

For Sale 625 Pine St, New Orleans, LA 70125 $799,000.00 Virtual Open House

Mirambell Realty & Craig Mirambell Present:

2625 Pine St

New Orleans, LA 70125

$799,000.00

4 bedrooms, 3.5 baths

4,765 Living Sq Ft & 5,047 Total Sq Ft

Contact Craig Mirambell for more information. 504-908-6777

Take a 3D Virtual Tour Right Now, our homes are always having an Open House , Virtually!

 

Posted in In the News
March 14, 2017

For Sale & Virtual Open House Now 1720 Missouri $185,000 3 Beds 2 Baths

Mirambell Realty & Christopher Cazenave Present:

1720 Missouri Ave

Kenner, LA 70062

185,000.00

3 bedrooms, 2 baths

1,182 Living Sq Ft & 1,447 Total Sq Ft

Contact Christopher Cazenave for more information. 504-296-3812

Take a 3D Virtual Tour Right Now, our homes are always having an Open House Virtually!

Posted in In the News