Here at Bedico Creek Preserve, we are about information for our builders, our buyers, our homeowners, our partners, and our vendors. If you are looking for a dependable source of information about real estate in Southeast Louisiana, specifically the Greater New Orleans area, please use our blog as much and as often as possible to read informative and timely real estate information. We promise you, you won’t be disappointed!

High Housing Starts In May 2018

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According to the NAHB both the single-family and multifamily sectors saw an increase in total housing starts in the month of May 2018. In the Census Bureau and HUD report, data shows that housing starts increased 5% month-over month to a 1.35 million seasonally adjusted annual rate.

Single-family starts hit 3.9% in May 2018 with a 936,000-annual rate.  NAHB/Wells Fargo Housing Market Index reports a healthy score of 68 for single-family starts growth trends.

Reports show on a year-to-date basis that single-family starts are up 9.8% in the first five months of 2018 in regards to the data released in May of 2017. Multifamily starts were up 11% in May with a 404,000-annual rate, making multifamily construction the highest thus far in the year 2018. As for a comparison to 2017, multifamily is up more than 13% this May 2018.

Out of the housing starts reported in May 2018, 54% were multifamily making the total 612,000 while single-family report 515,000 under construction.

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Property Taxes: A Steady Income for Local and State Revenue

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Property tax shares have been on the rise for the past five and a half years.  NAHB reports that the Census Bureau’s quarterly tax data concludes that $573 billion in property taxes were paid in the four quarters of 2017. While individual income tax receipts grew 5.4%, property tax revenues were the biggest increase at 6% as major income sources of state and local tax revenue.

State and local share of total receipts include property taxes at 40.4%, individual income taxes at 28.5%, sales taxes at 27.3% and corporate taxes at 3.8%.  Property taxes has remained steady above 40% for four consecutive quarters since 2012-2013.  Non-property tax receipts that include individual income, corporate income and sales tax revenues change often and have been sensitive to the market while property tax collections have been stable.

Property taxes stability stems from the long-term stable property values and the lagging time in assessments and annual adjustments. According to NAHB property taxes have increased the majority of the past ten quarters.  The ratio of property tax revenue to total tax revenue is stable at more than 3% points above its pre-housing boom average of 37%.

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Generational Amenities Wanted in New Home Community

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You wouldn’t think that 20-year-old home buyers would have the same desires in their new home community as, say your 85-year-old neighbor across the street, but according to a study done by the National Association of Home Builders (NAHB) called Housing Preferences of the Baby Boomer Generation, all age groups showed a strong inclination about the following three factors when deciding where to buy a new home:

  • Live in a Suburban Community
  • Close Proximity to a Park Area
  • Access to Walking / Jogging Trails

While there is not much else that Seniors (born before 1946), Baby Boomers (born between 1946 and 1964), Gen-Xers (born between 1964 and 1979), and Millennials (born after 1979) have in common.  There are a plethora of seminars and self-help classes that employers can attend to “understand” the Millenials and what they want.  However, when it comes to the concept of homeownership, there seems to be common ground about how home buyers perceive the lifestyle and community in which they want to live.  It seems common sense that homeowners don’t want to spend a lot of time in traffic traveling to suburban areas to purchase groceries, go out to eat, go shopping, or have a night on the town.  Also, an active lifestyle encourages better mental abilities, better physical shape, and simply makes you feel better as a person.  It’s not such a stretch to think that a person considering buying a new home wouldn’t look for these qualities in a new home community.

The entire concept of these amenities is how Bedico creek Preserve’s “community construction” was designed.  Instead of clearing a space for “humans” to live, Bedico Creek decided to build and adapt to nature’s landscape by constructing a lifestyle community into a wildlife habitat and nature preserve.  The development of this master planned community is called Conservation and Green Living and is purposeful in its preservation of the green spaces, wetlands, trees, waterways, and ponds and lakes that make up the community.  When you buy a lot and build a new home in Bedico Creek Preserve, you not only get to enjoy your own backyard, you also get to view and enjoy 500 acres of open space.

The designers of Bedico creek also built walking, jogging, hiking, & biking paths throughout the community for our residents to take full advantage of nature.  Offering 9 different Neighborhoods of lots and new homes for sale, our community is also located in close proximity to a huge retail complex, “big-box” store, stand-alone “mall stores,” and dining, shopping, and entertainment in Covington, Louisiana.  Be close to town, but also enjoy the parks and recreation at our new home community in St. Tammany Parish.  For More Information, Call 985-845-4200 or E-mail Info@LiveBedico.com.

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Protection of the Impact of the Housing Market on the Global Economy

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In the United States economy, the real estate industry is a vital component of the amount of money that is brought into not only our local, national economy but also the world economy.  The impact of the housing market on the global economy was felt worldwide when that market crashed and caused the worst Recession since the Great Depression. Even before the crash, the National Association of Home Builders (NAHB) has been a steadfast organization in promoting the health and well-being of the home building industry to national leaders of Congress.  On an almost quarterly basis, the NAHB schedules meetings with leaders in both houses of Congress to go over the latest trends, legislations, regulations, and overall health of the housing market.

This constant communication between leaders of the housing industry and leaders of government is an almost unheard of attention to detail of which most everyday citizens in the United States are unaware.  The care and NAHB Government Meetingattention that goes into maintaining the health of the real estate industry must not be underestimated which is why the selection of the Political Action Committee (PAC) for the NAHB is so vital to the industry.

During the 2nd week of February, NAHB Chairman Ed Brady and First Vice Chairman Granger MacDonald met with Senate Majority Leader Mitch McConnell (R-Ky.); Senate Minority Whip Dick Durbin (D-Ill.); House Majority Leader Kevin McCarthy (R-Calif.); House Minority Whip Steny Hoyer (D-Md.); House Appropriations Committee Chairman Hal Rogers (R-Ky.); House Financial Services Committee Chairman Jeb Hensarling (R-Texas); and Rep. Ben Ray Lujan (D-N.M.), chairman of the Democratic Congressional Campaign Committee.  The real estate discussions included home buyer credit, affordable homeownership for the middle class, and the regulation of health care costs to offer reasonable solutions to “balance Americans’ budgets” so that they can afford to pay a mortgage.

This meeting of minds was conducted in order to keep two-way communication open as well as to prep government leaders for the  Bringing Housing Home™ NAHB Legislative Conference during the week of March 7-11 when our members will hold in-district meetings with their lawmakers.  Click Here for More Information about this conference.

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Post Recession Recovery in New Home Sales

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The National Association of Home Builders projected approximately 511,000 new homes would be sold during 2015, and the new home sales numbers surpassed that prediction by a small landslide bringing in 544,000 new home sales on a seasonally adjusted basis in December, 2015.  This was welcome news for home builders showing a recovery in new home sales numbers.  The increase was a 10.8% increase year-over-year, and this also heralded the best year for new home sales since 2007, just before the housing market crash.  In the South region specifically, new home sales were up 17.6% – the second highest percentage in the nation.

In addition to an increase in sales, new home inventory also increased during the month of December by 2.6% toThe single-family housing market in New Orleans is seeing a significant increase in the price per square feet for new homes. 237,000 available homes for sale.  However, the combination of the sales rate and the available inventory shows a trend in supply and demand that is on the rise.  The monthly supply of new home inventory fell from 5.5 months to 5.2 months with the building and selling of these new homes.

The prices of homes being sold are also encouraging.  First-time home buyers have yet to take a strong hold in the market, but second and third-time home buyers are making purchases of new homes in the $200’s – $400’s, which means that they are able to “move up” from their existing homes into their next home.  This also indicates the sale of existing homes for sale, which shows a well-rounded, moving real estate market.

Another positive trend that has emerged is the sale of pre-sold homes.  These are homes that builders are advertising before they ever break ground on the new construction.  The rendering and floorplan, as well as the lot layout may be all the new home buyer has to go on to sign a contract to buy the home, but with the reduction in available inventory, the increase in unused building permits and new home starts, the only explanation is that builders are able to sell their homes before they start building them.  This trend was prevalent during the early 2000’s and shows that the housing market seems to finally be on its way to a full recovery.

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2015 Real Estate Market Statistics

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With the housing market being such an important part of the Gross Domestic Product (GDP), the National Association of Home Builders (NAHB) keeps a constant eye on the real estate industry, taking specific measurements of all vital statistics that will keep industry professionals aware of housing trends either before or as they are happening.  There are many ways to measure the growth or shrinkage of housing by just looking at the numbers.  2-176 St. Calais Place FrontSome of the statistics that are measured monthly include housing permits, housing starts, housing contracts, pending sales, existing home sales, new home sales, and many more.

During the month of January, numbers were complied for housing statistics during the entire year of 2015.  The NAHB reported that housing permits and housing starts were up significantly for the year 2015, compared to 2014.  Year-over-year increases for housing permits were up 12% to 1.18 million permits.  Single-family home building permits were up by 7.9%.  Specifically, December, 2015, saw an increase of 1.8% in building permits compared to November, 2015.

For housing starts, the percentages were also significantly high for 2015 compared to 2014. Total single-family housing starts in 2015 rose 10.4% to 715,300.  At Bedico Creek Preserve, a masterplanned community in the Greater New Orleans area, the completion of 2 more neighborhoods during 2015 with developed lots ready to build has accounted for the significant increase in construction of new homes on our lots.  We have also seen a surge in lot sales to individual owners interested in building a new home on their lot.

With 16 new home builders from which to choose, our home buyers and lot buyers have a selection of styles, quality, and floorplans to begin building their dream home or you can buy a new home for sale that is ready to move in.  If you are interested in a new home community that takes you away from it all with a natural setting and wildlife habitat with quality new home construction, Visit Us at Bedico Creek and Choose Your Lot Today.  Contact Us at 985-845-420 or E-mail Info@LiveBedico.com.

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