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.