New Orleans Real Estate News

April 8, 2024

Commission Accomplished: Old Metairie home on Mulberry Drive sells for $2.11M

Address: 222 Mulberry Dr., Metairie, 70005

Sales price: $2,110,000
List price: $2,495,000
Date sold: March 28
Days on Market: 32

Listing agent: Alex GuidryKeller Williams Realty New Orleans
Sales agent: Carol Jambon and Ajae HardemanMirambell Realty

The desired location in Old Metairie, the custom-built luxury home with modern amenities, the pool and outdoor kitchen, the third-floor media room, and the new roof installed in 2023, were all driving points for realtor Carol Jambon’s clients on the sale of 222 Mulberry Drive.

The 4-bedroom, 6-bathroom home – designed and built in 2009 by the renowned builder Hyman Bartolo Jr. – sold for $2,110,000 on March 28. Jambon, of Mirambell Realty, was the sales agent, while Alex Guidry, of Keller Williams Realty New Orleans, was the listing agent.

The home has 5,790 square feet of living space and is on a massive, 8,999 square foot lot. It is in the Cottam Park subdivision near Pontiff Playground.

“My clients are local buyers who loved the location, moved, and always wanted to return. They looked specifically for a pool with an outdoor kitchen, and the media room with the big screen and seating on the third floor was also a big plus,” said Jambon, who has lived in Old Metairie for 39 years and a real estate professional for 43 years. “I have sold thousands of homes, and I’ll sum this one up by what the inspector told me, ‘I have done over 15,000 inspections, and I have never seen a home with so many top-of-the-line amenities and sheer quality throughout. When this home was built, there was no expense spared.’”

The interior of the home was recently painted in 2023, reflecting a modern and fresh color palette. The front and backyards feature professionally landscaped grounds by The Plant Gallery. The new exterior paint was also completed in 2022, along with a new roof installed in 2023. “A new roof always helps to bring down the insurance costs, which is critical given the situation of rising insurance costs right now,” said Jambon.

The 2,400-square-foot, first floor features 12-foot ceilings, and an open floor plan with a foyer connecting to the dining room to the immediate left, office to the immediate right, and living room, breakfast nook, and kitchen towards the rear of the house. The kitchen has an island and wet bar. The kitchen opens into both the living room and breakfast nook that have windows overlooking the pool and backyard. The first floor also consists of an attached garage, and bedroom towards the rear with access to the covered patio and backyard that has a heated saltwater pool, hot tub, cabana, cemented pavers, and an outdoor kitchen.

The 2,400-square-foot second floor has three bedrooms, including the primary bedroom with a master bathroom that features heated floors. There are walk-in closets throughout the second floor. There is a sitting room and a laundry room, also on the second floor. There is a double staircase leading to both the second and third floors.

The state-of-the-art media room is on the third floor, which measures 655 square feet. The media room has two rows of movie theatre style seating and a big screen. The floor also has a storage room, bathroom, and wet bar. The house is equipped with hurricane-rated shutters and a 48-kilowatt standby Generac generator.

 

read more here.

Posted in In the News, News
April 4, 2024

Insurance costs pricing out first-time homebuyers in Greater New Orleans region

By David Jones

Published: Apr. 3, 2024 at 10:43 PM CDT|Updated: 17 hours ago

NEW ORLEANS (WVUE) - Some realtors and real estate analysts said the increasing cost of home insurance is driving first-time homebuyers out of the New Orleans market, but steadily increasing home prices have led to greater equity for current homeowners.

But that equity is being wiped out by the high costs of home insurance, said local real estate analyst Arthur Sterbcow.

“While there are a lot of people who are angered, who refinanced their homes at two percent, three percent, even four percent, they’re now seeing a lot of those savings disappear because their insurance premiums have risen so high that it’s taken that disposable income away from them,” Sterbcow said.

Sterbcow said insurance costs are crucial for the vast majority of homebuyers, particularly first-time homebuyers.

“The biggest impact we’re seeing locally, as opposed to the rest of the country, has been insurance rates,” he said. “The number of insurance companies that have just left Louisiana has been dramatic and significant.”

“Longtime insurers with the same families have basically said, ‘We’re just not going to insure you anymore.’ No claims, nothing, and there’s no amount of rate increase that they’re willing to accept. They just don’t want to write anymore policies; they don’t want any more exposure.”

According to data from the New Orleans Metropolitan Association of Realtors, average home prices are up nearly eight percent from February 2024 compared to February 2023.

The average cost of a home in the Greater New Orleans market in February was $335,492.

Meanwhile, the number of days homes are sitting on the market before sale is also up.

In February 2023, the average number of days was 53, compared to 72 this February, a nearly 36 percent increase.

“Insurance is probably our biggest factor that’s hindering sales,” said Craig Mirambell, President of Mirambell Realty and Board President for NOMAR. “Insurance prices are still the sticker shock. What we might used to see at three-to-five-thousand-dollar premiums are now 10-thousand-dollar premiums, and it’s really slowing down the progress that we’re making here in New Orleans.”

Mirambell said realtors across the region have been seeing an uptick in sales post-Mardi Gras, although that data is not yet reflected in NOMAR reporting.

“End of last year, things really started slowing down for us. We just kind of assumed, beginning of this year after Mardi Gras, that we would start seeing those numbers kind of climbing again, and sure enough that’s what’s happening,” he said. “Soon as Mardi Gras stopped, we started getting all sorts of calls again.”

But Sterbcow said those first-time homebuyers, typically younger people with less disposable income, are the cornerstone of the real estate market.

And with insurance prices as high as they are in South Louisiana, he said first-time homebuyers are becoming rarer and rarer in the New Orleans area.

“We’re certainly seeing some home sales, some sellers reducing their properties as the new buyers get the new insurance rates and go, ‘Wait a minute, that’s almost twice what I was paying as a seller,’” Sterbcow said. “And they’re going, ‘Yeah, but we didn’t factor that in.’”

The measure of affordability, called the Housing Affordability Index, also decreased from February 2023 to February 2024 by more than eight percent.

“We’re seeing some people say, ‘Ok, buying’s not for me right now. I’m going to go back to rent.’ The thing is, the rental market is really high too. So they’re not in a position that’s enviable for anyone,” Mirambell said.

Sterbcow said homes which underwent recent renovations are selling at a greater clip, as well as homes with roofs less than five years old.

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Posted in In the News, News
March 19, 2024

Commission Accomplished: Metairie lakefront home sells for over $1.3M

These homes represent the top sales for the week of March 3-9. 

CityBusiness Staff Reports//March 15, 2024//

Address: 4809 Beau Lac Lane, Metairie, 70002

Sales price: $1.375 million

List price: $1.475 million

Date sold: March 7

Days on Market: 5

Listing agents: Lindsay Santana and Bianca Bonilla, Latter & Blum Inc. 

Sales agent: Brittany English, Mirambell Realty

From the exterior columns and balconies to the interior antique brick, natural wood, winding staircase, and large fireplaces, 4809 Beau Lac Lane has "all of the Southern charm of a French Quarter home that you could possibly imagine, combines with an incredible lakefront view in Metairie," said Brittany English, of Mirambell Realty. 

English was the sales agent on the March 7 transaction in which the three-story, New Orleans-style home at 4809 Beau Lac Lane in Metairie sold for $1.375 million. Realtors Lindsay Santana and Bianca Bonilla, of Latter & Blum, were the listing agents. The home, built in 1979 but recently renovated, features five bedrooms, 41⁄2 bathrooms, and 5,636 square feet of living space. “It’s charming all over. This is a forever home for my clients. It’s private, at the end of a cul-de-sac, and the backyard has a pool, yard space, access to the levee, and a balcony that overlooks the lake,” said English. “The home checked all the right boxes.”

The first-floor entryway features a winding staircase, combined with pine wood and marble flooring.

There are two living areas, a dedicated office space, and a butler’s pantry equipped with terracotta wine storage racks and an island. The second floor features a bonus room connected to the primary bedroom, two additional bedrooms, and a balcony. The third floor features two bedrooms. The gated backyard has a pool, yard space, bathroom, and access to the levee.

“The exterior, panoramic views are impressive off the lake,” said English.

The front and back of the house both feature porches and balconies. Recent upgrades include a new roof, whole-house generator, and new water heaters. English said the nearby market in Metairie is doing well to start the new year, but insurance rates remain a major obstacle.

“Our transactions are still unfortunately hit or miss because of high insurance rates, but hopefully the new commissioner comes in and knocks it out the park to improve the market for single-family homes and first-time homebuyers,” said English. 

Posted in In the News, News
March 19, 2024

We looked at 2023 home prices in every New Orleans area neighborhood. High costs are taking a toll.

Cody Mills spent months browsing listings and walking through open houses in Metairie and on the West Bank last year. With bank approval to borrow as much as $500,000, he and his fiance had plenty of homes to choose from in their price range.

 

But when he tallied up the soaring cost of insurance and the monthly payments on a mortgage note at current interest rates, Mills decided that for now, it made more sense to stay in the four bedroom house he rents in Old Gretna.

 

"I looked at buying, building, all those things," said Mills, 31, a regional manager of several area car dealerships. "Anything I would have been able to afford would have been a downgrade from where I'm living now.

 

Many potential home buyers like Mills are sitting on the sidelines in the New Orleans area these days, according to brokers and other market watchers. And their decision to try and wait out sky-high interest rates is a key reason that the white-hot local real estate market of a few years ago has chilled.

 

Home sale prices across metro New Orleans fell in three out of every four ZIP codes last year, according to data compiled by the New Orleans Metropolitan Association of Realtors, with median home sale prices down 4% compared to 2022.

 

Homes are taking longer to sell once they're listed, too, with the average time on the market rising to 51 days compared to 33 days a year earlier. The number of completed sales tumbled 20%.

 

Even some of the area's typically high-dollar neighborhoods - Old Metairie, Lakeview and parts of Uptown - saw home prices decline at a time when inflation, though down from its 2022 highs, is still chipping away at the amount of house a dollar will buy.

 

"It's not like people were ditching houses and going into foreclosure," said Craig Mirambell, of Mirambell Realty. "But activity definitely slowed."

 

The real estate trends in New Orleans echo what’s happening across the U.S. On Friday, the National Association of Realtors reported that in 2023, sales of existing homes fell to the lowest level in nearly three decades as high interest rates made buyers reluctant to jump into the market and homeowners unwilling to list their properties.

 

In the New Orleans area, there are still pockets of activity, of course.

Prices were up across much of western St. Tammany Parish and, as usual, in the French Quarter and parts of the Marigny, which remain popular with out-of-town investors.

 

St. Charles Parish also saw prices increase as the area continued to rebound from Huricane Ida. And the heart of the Central Business District saw a double-digit percentage increase in median sale prices, due largely to investor activity in a single building at 1111 Tulane, where condos are being aggressively marketed as short 

 

By comparison, median sale prices were up in parts of St. John the Baptist and St. Charles parishes by 4% and 7% respectively. Those increases were driven by the recovery of housing stock in areas that were hard hit by Hurricane Ida two years ago, brokers say.

 

St. Tammany Parish sale prices remained flat, but several areas on the western side of the parish - Mandeville, Madisonville, north Covington and Folsom - saw single-digit price increases. Those gains were offset, however, by modest decreases on the eastern side of the parish in Slidell, Pearl River and Lacombe.

 

Long-term growth

 

While home prices slipped in 2023, veteran brokers note that prices are still higher than before the pandemic-era buying frenzy that set off bidding wars and sent prices skyward. Orleans Parish homeowners felt that impact of that surge when they received sharply higher property assessments this year.

 

The median sale price of a home in Orleans Parish, $337,500, was 18% higher in 2023 than in 2019. In Jefferson Parish, it was 21% higher than four years ago. In St. Tammany Parish it was up 26% to nearly $287,000.

Other regional parishes have experienced similar long-term growth.

 

Waiting to jump

 

Local brokers are optimistic 2024 will be better than 2023. Part of that optimism is based on the seasonal uptick in listings and showings that always follows the holiday season.

 

"I've already had more activity in the first two weeks of the year that I did from October through December," King said.

 

Meanwhile, the Federal Reserve has signaled it may look to cut interest rates later this year. Even just a quarter of a percentage drop in the lending rate will nudge a lot of potential buyers off the sidelines, Humphrey predicted.

 

"These market changes happen quickly," he said. "We went from this boom to suddenly slamming on the brakes. It could switch back that fast again."

 

Mills is among those waiting to jump back in.

"I'm content in this place until I see rates drop," he said. "Once they drop back to around five percent, I'll make a move."

 

Editor's note: The story has been updated to correct Mike Humphrey's name.

 

 

 

 

Posted in In the News, News
Feb. 27, 2024

‘Hit from all sides’: Younger New Orleans homebuyers struggle to move from renting to ownership

Patrick Weaver and his wife, Leah, knew their growing family would soon burst the seams of their two-bedroom rental house in Metairie.

They had two children under five and a third on the way, and the 900-square-foot house on Codifer Road already felt like it could barely contain the energy of their rambunctious sons, now aged five and two.

 

So, they began house hunting last June for something within their $200,000 price range. Patrick Weaver, 32, is an associate pastor at Metairie Baptist Church in Old Metairie, so they wanted something close to his work.

Leah Weaver, 34, needed a place close to her job as a teacher at Haynes Academy. They also sought something close to their son's kindergarten at Metairie Academy, hoping at the very least to stay east of Power Boulevard.

 

But everything they liked in their desired neighborhood was out of reach. There were few homes in their budget that didn't have major structural issues.

 

"To say we were priced out of the neighborhood is an understatement," Weaver said.

 

A lack of affordable housing for sale, combined with higher interest rates and skyrocketing insurance premiums, have kept many buyers like the Weavers out of the New Orleans area housing market in recent years.

 

It's a problem for people of any age, but first-time buyers, traditionally in their late 20s and early 30s, face an additional set of challenges. They're saddled with more student loan debt than their parents or grandparents and their earnings are not rising fast enough to keep up with the increase in home prices. Younger buyers today typically don't have as much saved up for a down payment and are subject to stricter loan requirements than buyers in earlier generations.

 

"I feel sorry for younger buyers," said Kenny Taylor, an Allstate Insurance broker. "They're being hit from all sides."

 

National crisis

 

The problem is not unique to New Orleans.

 

Millennials and older members of GenZ nationwide have higher rates of student debt than any other generation in history, according to the Education Data Initiative, siphoning off money that could be going towards a down payment or monthly note on a house.

 

Another major obstacle facing younger buyers is the gap between the rise in home prices compared to the growth in wages. From 2000-2022, home prices across the U.S. increased 162%, according to a report from online realtor Home Bay that was compiled with data from the Federal Reserve and the National Association of Realtors. That's more than twice as much as income, which increased 78% during the same period.

 

Though that widening gap affects everybody, younger buyers, new to the work force, have not had an opportunity to build up their savings.

 

"At the end of the day, the price of housing has gone up and wages haven't" said Phillip Ewbank, a New Orleans-based Keller Williams realtor.

 

Then there's a shortage of affordable housing inventory in New Orleans and other markets across the country, particularly in the kind of desirable, trendy or family friendly neighborhoods that are often in demand from young people.

 

The result is that the age of the average buyer is inching up. Three decades ago, the average age of a first time homebuyer was 29, according to the National Association of Realtors. Now, it's 35.

An added problem for the New Orleans area - and across south Louisiana - is the double-digit increase over the past year in homeowners and flood insurance rates, which have come at a time when, interest rates art also double what they were just three years ago.

 

"A few years ago, you could buy a 1,500-square-foot house and insurance would've been about $2,000, adding $190 a month to your note," said Mary Dominach, a veteran realtor with Craig Mirambell Realty. "Now the insurance alone is $500 or $600 a month."

 

Those increases hit younger first-time buyers particularly hard.

 

Different priorities

 

The pressure points are keeping many buyers on the sidelines. Molly Chapman, 31, and her husband are among them. The couple have kept tabs on the market since moving back to the city during the pandemic in 2020, when the airline they were working for as flight attendants furloughed them.

 

The prices they have seen in the Mid City and Uptown neighborhoods they'd like to buy in has made them shy away from launching a serious hunt.

 

"Anything with walkability where we want to be is not in our price range," said Chapman.

 

Admittedly, the Chapmans are picky about the neighborhood they want to live in, and since they like where they're renting, they're not desperate to buy. Ewbank said that compared to older generations, Millennials don't view purchasing a home as a critical step of early adulthood.

 

"They don't have a fire underneath them that says, 'I've got to buy this house or it's going to disappear; "

Ewbank said. "Their priorities are different."

 

Sometimes, buyers don't have a choice.

 

In the Weavers case, the clock was ticking and their third child was due in January. So, they ended up widening their search area, even though it meant their morning routines and rush hour commutes would be all the more hectic.

 

In the end, they found a three bedroom, two bathroom home with a backyard and plenty of space in a quiet neighborhood in Kenner near Williams Boulevard and Napoleon Avenue. The seller, the son of a Baptist minister, offered them a good deal.

 

"It was a God-ordained story," Patrick Weaver said.

 

Solutions aimed at first-time buyers

 

The situation is worrisome to policymakers.

 

Young buyers bring life and vitality to Communities, not to mention a healthy tax base, that keeps them thriving. Jefferson Parish Council member Scott Walker grew up in Metairie in the 1980s and remembers when there were kids playing outside on every corner. Today, many of his childhood friends have migrated to the northshore where they were able to afford bigger homes. 

 

"Attracting young people is vital, Walker said. "It's for the future of the parish.'

 

Experts are trying to find solutions specifically for first-time homebuyers. The Jefferson Parish Finance Authority offers a 30-year, fixed-rate mortgage and a second, five-year, forgivable mortgage to help with payment and closing costs for first-time buyers who make less than 80% of the area median income.

 

The agency also has grant programs available to education and healthcare employees, first responders, and active or former military members. Other agencies, including the City of New Orleans, offer similar programs.

 

But some buyers make too much money or have too much wealth to qualify for some programs. Others have strict requirements.

 

"On some of these loans, the buyers have to agree to keep the house for 15 years and live in the house or the bank could claw back some of the money and they usually pro rate it," Dominach said. "So it's not as helpful as it would seem."

 

Some see new construction as a possible source of relief, though that means moving to the outskirts of the city or neighborhoods that were damaged in storms and are now being rebuilt. 

David Favret, a realtor with Reve Realty, pointed to areas in Arabi and parts of Gentily that have seen new construction in recent years. An awarded advantage of those houses is that they have new roods, which helps lower property insurance costs. 

 

"I think that is going to be the answer for first time homebuyers long term," he said.

 

Others have more of a strategic approach of practical tips, such as creative financing arrangements with sellers like asking them to help cover closing costs.

 

Jacob Freedman, a realtor with French Quarter Realty, advises his clients to be patient and keep shopping. He also encourages them to pursue a house they like, even if slightly out of their price range, because sellers these days aren't getting as many nibbles and may be more inclined to come down.

 

“A good house at $350,000 might have five buyers,” Freedman said. A house at $500,000 might not have as many offers so you can work the seller down. 

 

 

Posted in In the News, News
Jan. 23, 2024

Mirambell Realty welcomes Hailey Schroeder!

We are excited to welcome Hailey Schroeder to our team! While Hailey is new to our industry, we believe in her potential and are confident that her fresh perspective and enthusiasm will bring new energy to our dynamic team. Together, we look forward to achieving great things.

 

Posted in In the News, News
Nov. 20, 2023

Commission Accomplished: In a tie, Bayou St. John home, Old Metairie teardown both sell for $1.55M

These homes represent the top sales for the week of October 29-November 4

Address: 5724 Bancroft Drive, New Orleans, 70122
Sales price: $1.55 million
List price: $1,595,000
Date sold: Oct. 30
Days On Market: 79
Listing agent: The GiGi Burk GroupBurk Brokerage Real Estate

Sales agent: Michelle SolimanMirambell Realty

 

Address: 154 Brockenbraugh Ct., Metairie, 70005
Sales price: $1.55 million
List price: $1,749,000
Date sold: Oct. 30
Days On Market: 19
Listing agent: Shaun McCarthy, McCarthy Group Realtors

Sales agent: Trisha Faliveno, Talbot Realty Group

There is a tie atop Commission Accomplished this week with 154 Brockenbraugh Court in Metairie and 5724 Bancroft Dr. in New Orleans both selling for $1.55 million on Oct. 30.

5724 Bancroft Drive

The backyard trifecta of an in-ground saltwater pool, significant yard space, and a waterfront deck that overlooks Bayou St. John are the impressive highlights of the Mid-Century Modern style home at 5724 Bancroft Drive in the Bancroft Park subdivision.

 

“The sunsets are spectacular, the backyard is incredible, and it’s such a unique opportunity to purchase this secluded location with a waterfront view because there is typically not much turnover in Bancroft,” said Michelle Soliman, realtor with Mirambell Realty.

 

Soliman was the sales agent on the transaction, while The GiGi Burk Group, with Burk Brokerage Real Estate, served as the listing agents.

 

Soliman said the sellers are local and the buyers are local – “relocating to a different part of the city and looking for their forever home.”

 

The home is one-story and features 4 bedrooms, 3½ baths. 3,415 square feet of living space, and an oversized 0.35-acre lot. It was originally built in 1959, but renovated in 2010, including the pool addition. The backyard also contains a large covered patio and detached pool bath house.

 

The interior has an open floor plan with vaulted ceilings, gleaming tile and wood floors, several of the original architectural features, wood burning fireplace, Grasscloth wallpaper and light-filled rooms, and a remodeled kitchen with granite countertops and stainless steel appliances. The kitchen overlooks the living and dining rooms and also enables views of the bayou. The private primary suite has a spa-like bathtub, walk-in closet, and access to the backyard and pool.

 

“This was a move-in ready home with personal touches and beautiful, modern upgrades throughout the interior, combined with the wow factor of the backyard on the waterfront property. It’s a gorgeous home throughout,” said Soliman.

 

154 Brockenbraugh Ct.

 

Both a rare situation and unique opportunity describe 154 Brockenbraugh Ct., off Metairie Road in Old Metairie.

 

A home originally built in 1933 still exists on the 19,132 square foot lot, but the house will have to be torn down, and a new one built because many of the home’s original, historical features and parts – doors, baseboards, floors – have been sold, making it currently inhabitable. The seller is an older gentleman selling his parents’ former home and his original childhood home.

 

“The buyers are essentially purchasing the lot and space, which is a unique opportunity for that much continuous land on one property to come available on the market in Old Metairie,” said Trisha Faliveno, realtor with Talbot Realty Group. “I am excited to see the beautiful home that will be built on that valuable property. Old Metairie has a blend of the historic charm of cottages combined with the newer homes being constructed, and the subdivisions are flourishing.”

 

Faliveno was the sales agent on the $1.55 million transaction, while Shaun McCarthy with McCarthy Group Realtors was the listing agent. The sales price computed to $517 per square foot. The shaded lot has an Oak tree on the left side and a mature grapefruit tree that produces each year.

 

Third high priced home sale in the past week:

 

Address: 6030 Coliseum St., New Orleans, 70115

Sales price: $1.425 million

List price: $1.475 million

Date sold: Oct. 31

Days On Market: 15

Listing agents: Mat Berenson and Maddie Lazar, Latter & Blum

Sales agent: Sissy Blewster, Rêve Realtors

 

A 3-bedroom, 4-bathroom, 2-story Uptown home at 6030 Coliseum St. – blocks away from Audubon Park, St. Charles Ave, and Magazine St. – sold for $1.425 million. The home has 3,259 square feet of living space.

 

Originally built in 1923 and renovated in 2004, the home features formal rooms with wood floors and fireplaces, large den with custom shelving, and sunroom overlooking the pool. The primary suite has a balcony, large closet and luxurious bath with tub and shower, double vanities, and marble counters. There are three bedrooms and three bathrooms on the second floor.

Additional amenities include inviting porch, side-by-side parking in the front and carport in the back, large side yard, mature landscape, and in-ground pool.

 

 

Information provided by Kelleye Rhein & Stephan Mock of Reve Realtors.

 

 

Posted in In the News, News
Oct. 27, 2023

New Orleans area real estate market continues to hold steady, goes ‘toe to toe’ with high interest rates, insurance

The September New Orleans metro home real estate numbers are in, and the local market continues to “go toe to toe in a 12-round fight with two of the biggest fighters in the industry – highest interest rates in 20 years, combined with the highest insurance prices and deductibles seen since Hurricane Katrina, if not in the history of our market,” said Craig Mirambell, president/broker of Mirambell Realty and incoming Board President of the New Orleans Metropolitan Association of Realtors (NOMAR).

NOMAR reports that the New Orleans metro average home sales price in September 2023 was $319,902, down just 3.7% year-over-year from $332,120 in September 2022, according to the September 2023 “Local Market Update”. The average sales price is down 3.6% YTD at $329,711 through the first nine months, compared to $342,036 in the first nine months in 2022.
“To be down just 3.6% on average across metro New Orleans is negligible,” Mirambell said. “Our housing market amidst all the obstacles we are facing has squared up and held its own. Homes are still moving, equity is holding strong, and insurance competition is slowly coming into the market to help lower premiums.”

Much like the national trend, the number of closed sales remains down across New Orleans metro. In September 2023, there were 976 closed sales, down 16.9% YOY from the September 2022 number of 1,175. Closed sales YTD is down 21.8% with 9,617 homes sold in New Orleans Metro through the first nine months of 2023, compared to 12,296 in the same timeframe in 2022.
There were 1,669 new listings in New Orleans Metro in September 2023, down 3.6% YOY from 1,731 in September 2022. Through the first nine months of 2023, there have been 16,008 new listings in New Orleans Metro. That is down 6.7% from the same timeframe of 2022 when new listings totaled 17,166.

In September 2023, homes spent an average days on market of 55, up 57.1% YOY from 35 DOM in September 2022. Through the first nine months of 2023, homes have spent an average of 50 DOM. That is up 61.3% compared to the same timeframe in 2022 of 31 DOM.

“Yes, its slower, less homes are being listed, with that less homes are sold, but the market is going to finish the fight and hope to see a brighter 2024 with lower interest rates and lower insurance premiums — even if not substantial decreases, any retreat in those numbers will only help our homeowners,” Mirambell said.

Orleans Parish had the highest average sales price in September among the 10 parishes reported at $413,976, down 7.2% YOY. St. Tammany Parish had the highest number of closed sales with 265 in September, followed by 247 closed sales in Jefferson Parish and 230 closed sales in Orleans Parish. St. Charles Parish saw a 23.3% increase in YOY average sales price for September, vaulting to $307,424.

 


 

NOMAR considers New Orleans metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington.
You can find all the parish reports here.

 

Posted in In the News, News
Oct. 4, 2023

Greater New Orleans average home sales price remains steady at $318,000

Despite all the curveballs thrown at the New Orleans metro area housing market – soaring homeowners insurance and flood insurance quotes, higher interest rates, and a growing inflation problem – the average home sales price has remained consistently steady.

The average home sales price is $318,104, down 0.6% year-over-year from $319,963 in August 2022, according to the August 2023 “Local Market Update” published by NOMAR (New Orleans Metropolitan Association of Realtors). The average sales price is down 3.5% YTD at $331,080 through the first eight months, compared to $343,085 in the first eight months in 2022.

“It has been impressive that despite all of the factors we are up against, including homeowners insurance still being our number one hurdle locally, the average sales price remains strong and continues to hold steady in New Orleans. We are holding our equity as homeowners,” said Craig Mirambell, president/broker of Mirambell Realty and incoming NOMAR Board President.

In its monthly report, NOMAR considers New Orleans Metro as 10 parishes – Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John, St. James, St. Tammany, Tangipahoa, and Washington. Orleans Parish, with an average sales price of $410,878, had the highest average sales price in August among the 10 parishes reported. Through the first eight months, the average Orleans Parish sales price stands at $434,737, down 5.2% from the same timeframe in 2022. St. Tammany Parish had the highest number of closed sales in August at 324.

The number of closed sales remains down across the New Orleans metro area. In August 2023, there were 1,159 closed sales, down 1.2% YOY from the August 2022 number of 1,173. Closed sales YTD is down 17.6% with 9,165 homes sold in the New Orleans metro area through the first eight months of 2023, compared to 11,127 in the same timeframe in 2022.

Inventory down; days on market up
New listings are down, while days on the market have increased in New Orleans metro. There were 1,731 new listings in August 2023, down 8% YOY from 1,881 in August 2022. Through the eight seven months of 2023, there have been 14,310 new listings in New Orleans Metro. That is down 7.3% from the same timeframe of 2022 when new listings totaled 15,434.

In August 2023, homes spent an average days on market of 49, up 58.1% YOY from 31 DOM in August 2022. Through the first eight months of 2023, homes have spent an average of 49 DOM. That is up 63.3% compared to the same timeframe in 2022 of 30 DOM.

“There is definitely a housing shortage across New Orleans than in years past, and that’s reflective of the low inventory across the national market as well,” Mirambell said.

Mirambell said he just returned from a national realtors conference in Chicago, and he said the keynote economist predicted that interest rates may take one more uptick before the end of the year, and then in 2024, those rates will hold steady. “He was bullish that not a lot of inventory and consistent interest rates will continue to result in a steady average sales price for your home, even in what appears to be a slower market,” Mirambell said. “I think we will see the same across New Orleans for the near future, and that can even be improved if we get more competition in the market for homeowners insurance.”

 

Below are separate parish statistics with links to each parish’s NOMAR August 2023 report. You can find all the parish reports at https://gsrein-public.stats.showingtime.com/reports.

 

Posted in In the News, News
Sept. 14, 2023

Commission Accomplished: Former Pelicans player Anthony Davis’ home nets $1.77M

One of the “coolest” sales of Michael Styles’ career as a realtor had a bit of a full-circle feeling.

The Metairie Club Estates home of former New Orleans Pelican and current Los Angeles Lakers’ superstar Anthony Davis – 9 Forrest Court – sold on Sept. 1 for $1.77 million.

Styles was the sales agent on the transaction. Ten years prior, Styles worked as an account executive for the then New Orleans Hornets, which drafted Davis before the 2012-2013 NBA season. Styles was in New York sitting behind Davis’ dad when Davis was called on stage.

“This is definitely one of the coolest sales of my career. It is very interesting how it all came full circle with Anthony Davis,” said Styles, a realtor with Engel & Voelkers New Orleans. “The home is in a highly coveted, private-gated community with a landscaped backyard and pool overlooking the Metairie Country Club golf course. My client is a local resident, huge golf fan, big local sports fan, and likes to host gatherings. He needed more space for a primary residence, and this property is perfect for him.” Listing agent Patti Faulder, a realtor with Christian Shane Properties, represented Davis on the Sept. 1 transaction. Faulder also represented Davis in his original purchase of 9 Forrest Court in 2013. Since Davis was traded to the Lakers in 2019, the home has been rented out to local athletes and stayed in by Davis’ family members, said Faulder.

“Anthony Davis is a pleasure to represent; he had a beautiful property that offers an exquisite living experience with postcard-perfect views of 180-feet golf course frontage and a backyard that feels like an outdoor oasis,” Faulder said. “It’s rare that this kind of Metairie golf course property in a very desirable, private gated community comes on the market, and I’m excited for Anthony to pass it on to a new owner who will make it his own.”

Post-Katrina, custom-built home in a private, gated community

A post-Katrina build in 2006, 9 Forrest Court is a custom-built home – 5 bedrooms, 3.5 bathrooms, 4,800 living, and 6,540 total square feet. “It was a no expense spared custom-built home that features uncompromising quality on an oversized lot,” Faulder said. The first floor features a family room and kitchen that overlooks the patio, backyard, and golf course. The backyard has a pool, veranda, and patio for al

fresco dining. The kitchen has a Sub-Zero fridge and 60” 8-burner Wolf range. The first floor has a living room, dining room, primary bedroom, office

room, brick doors, and exposed beams. The adjoining garage is an impressive size, measuring 25’5”x22’3”.

The second floor has four bedrooms, and an outside balcony that spans the entire floor measuring 44’3”x5’10”. There is an expansive media room with

multi-level seating on the third floor and an adjoining bathroom.

Metairie Club Estates is a controlled access community of about 60 residential homes. The community is owner-managed by Metairie Club Estates

Homeowners Association. It is adjacent to Airline Drive and Metairie Country Club. “Even though it is a private, gated community, inside is a very social

community with a lot of long-term residents,” Faulder said. “That concept of a gated, private community is still a major appeal for homeowners.”

Styles said higher-end properties are still maintaining their momentum in the greater New Orleans real estate market. “These higher-priced homes tend to be impervious to the challenges of interest rates and insurance prices that currently affect most transactions,” he said. “What also helps the market are properties that are in good condition, ready to move in, and priced well.” 

Other high priced home sales in the past week: Address: 343 Elmeer Ave., Metairie, 70005 Sales price: $940,000

List price: $1,545,000

Date sold: Aug. 29 Days On Market: 59

Listing agent: David Claus (https://gnorealty.com/gno-realty-agents/david-claus/), GNO Realty LLC

Sales agent: Michelle Rousse (https://www.mbellrealty.com/rousse-michelle/), Mirambell Realty

A 5-bedroom, 3.5 -bathroom, 3,925-square-foot home at 343 Elmeer Ave. in Metairie sold for $1,415,000 on Aug. 29 after spending 59 days on the market. 

Luxury home featured in 2023 Parade of Homes situated in a sought-after location, close to renowned schools, upscale shopping, and fine dining establishments; home has high-end fixtures, finishes, and upgrades

First floor has grand foyer that leads to living space featuring soaring ceilings and custom-designed elements, including unique ceiling treatments; spacious and opulent primary bedroom retreat has an en-suite bathroom; replace in the living room; gourmet kitchen has stunning countertops and a hidden walk-in pantry with wine storage; and attached garage features a mudroom for organization and storage. Second floor has four additional generously, sized bedrooms; versatile loft area offers possibilities for a game room, a second office space, or a reading nook.

Address: 1520 Washington Ave., New Orleans, 70130

Sales price: $1,325,000

List price: $1,375,000

Date sold: Aug. 28

Days On Market: 16

Listing agents: Jennifer Saltaformaggio (https://jennifersaltaformaggio.latter-blum.com/) and Sam Poche’ (https://www.latter-blum.com/agent- bio/samarapoche), Latter & Blum

Sales agent: Shaun McCarthy (https://www.mccarthygrouprealtors.com/agents/shaun-mccarthy/), McCarthy Group REALTORS

A 4 bedroom, 4-bathroom, 3,523-square-foot, New Orleans Garden District home at 1520 Washington Ave. sold for $1,325,000 on Aug. 28 after 16 days on the market.

An 1860 New Orleans, Garden District Victorian home, on the tree-lined Washington Ave., is one-half block off St. Charles Ave. and the streetcar line and on the parade route. Restored in 2014, the home is recognized by the New Orleans Historic District Landmarks Commission as a contributing structure of historical significance.

Formal living (or office) and custom-painted dining room separated by original cypress pocket doors; featured attributes include decorative replaces, original ceiling medallions, crown & picture moldings, sparkling chandeliers, high ceilings, and abundant natural light; luxurious kitchen with stainless Thermador & Bertazzoni appliances, marble countertops and backsplash, and an open floor plan expanding into a large living room adds a modern touch; full bathroom downstairs has marble and stone; French doors lead out to the backyard that has an outdoor kitchen with Blaze grill and Kamado Joe smoker, and built-in kegerator; Tuff Shed provides storage.

Four bedrooms and three full baths upstairs; primary bedroom features a spa-like en suite bath, massive walk-in custom closet and balcony views; third floor bedroom can function as a home office, gym, playroom, etc.

Information provided by Kelleye Rhein & Stephan Mock of Reve Realtors. 

 

 

Posted in In the News, News