Find out about the latest news in Madisonville, Louisiana as well as St. Tammany Parish. We will keep you “tuned in” to all of the information about Southeast Louisiana as well as the real estate industry in general. Many new home buyers are concerned about the market, mortgage information, and builder trends. We plan on keeping you as up to date as possible on these and many more topics. There is a lot going on in the Greater New Orleans area, so you will have plenty to read!

Another Economic Corridor For St. Tammany

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Wadsworth Estate and another adjacent property might just be the next economic corridor in St. Tammany. Wadsworth Estates, north of Mandeville, was sold last week at auction to Mandeville developer John Crosby for $9-million. The 65 acres adjacent to the property is owned by Azby Fund. St. Tammany Parish economic development agency’s CEO Chris Masingill and St. Tammany Parish President Michael Cooper are talking with both parties about using the land for an economic corridor.

“We plan on really leaning in on this site development,” said Masingill. “We see it as a significant step in a much bigger initiative.

All three parties are in agreement to develop the 160-acres into a commercial hub. The development would include some combination of advanced manufacturing, transportation and distribution, which they say would create hundreds of new high-paying jobs for the area.  The development will more than likely be eligible for tax breaks and other incentives. Masingill hopes that the tax breaks and incentives will entice manufacturers and distribution facilities.

“That is the largest … development tract in south Louisiana that has wetlands and zoning approval,” said Beau Box, a commercial real estate broker who is advising the Azby Fund. “There is a lot of positive momentum behind development there now that there is a new owner for Wadsworth.”

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The Chef Soiree Moves Back To Bogue Falaya Park This Year

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This year the Chef Soiree will be this Sunday, June 13, 2021, from 5pm – 9pm. It will be moved back from the Covington Trailhead to Bogue Falaya Park. The Youth Service Bureau, the event’s beneficiary, decided to move the event back to the park to all more social distancing. More space will allow the 50 plus restaurants and purveyors to serve food and beverages.

“We’re excited to be back at the park, which will have a new look, but the same feel,” Chef Soiree organizer Bobbie Calandro said.

Calandro, who has helped organize Chef Soiree for the past 25 years, is excited that the event will take place this year in June instead of its regular time in March. Patrons will now have the opportunity to wear linen to the soiree. A new 2021 Ford Mustang or Escape will be won by drawing at 8:30 pm before the fireworks. The car raffle tickets are $25 each or five tickets for $100.

Last year the Chef Soiree was cancelled due to COVID-19. The event organizers are following the Centers for Disease Control and Prevention guidelines. The layout will be a little different this year due to the guidelines. This year there will be walkways, tents and tables for eating and enjoying two stages of continuous music and a festival-style dance area.

Patrons can purchase tickets for $145 per person which includes all the amenities that are offered. The two stages will host live music by The Dominoes, Sweet Crude, Deja Vu and Nashville artist Jake Gunter.

This year mark’s the Youth Service Bureau’s 40th anniversary. The Youth Service Bureau is a St. Tammany organization that helps youth and their families reach their full potential. The service does this through programs for advocacy, counseling, education and intervention.

“This is their 40th year and they are doing something right,” said Calandro.

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Madisonville Town Council Looks at Allowing Golf Carts Permission To Use Town Streets

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The Madisonville Town Council wants to discuss allowing golf carts and other low-speed vehicles to cross La. 22 where it runs through Madisonville. Louisiana Transportation Department gave a third ruling that will not allow golf carts or other low-speed vehicles to cross La.22.

Town attorney Bruce Danner introduced the letter that was signed by the Louisiana Department of Transportation and Development Deputy General Counsel Jason Bruzik at the council’s May 12, 2021 meeting. The letter does confirm that the District 62 office located in Hammond ruled not to allow golf carts or low-speed vehicles to cross the highway for safety reasons.

The federal and state law defines low-speed vehicles as four-wheeled motor vehicles that have a top speed of 20 to 25 miles per hour. Danner will research whether this is official without a public hearing and comment period. If he finds the public is allowed a hearing, it will then go back up for discussion.

In other council news, an agreement to assign leasing rights for the next 50 years to a disclosed company to Madisonville’s cell tower was also discussed. Danner was assigned to come up with the agreement that will in turn give Madisonville a lump sum payment of around $701,000 from the disclosed company. This is good news for the town since the tower brings in around $38,000 a year in revenue.

The majority of the council agreed to the lump sum over an annual payment for 50 years. They want to take the lump sum and turn it into grant matching funds to further help with capital improvement projects. Danner believes this is a good idea given that there is some uncertainty in a stream of revenue would continue at the level it is currently generating. Corporate consolidations and technological changes that are taking place in the cellular industry.

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March 2021 Sees Gains for Private Residential Spending According to the National Association of Home Builders

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The NAHB analysis of Census Construction Spending data revealed that March 2021 saw an increase of total private residential construction spending by 1.7% to a seasonally adjusted annual rate of $725.3 billion. This is 23.3% higher than reported this time in 2020.

Along with the pandemic’s stay-at-home orders, homeowners put remodeling and improvements on the forefront. The gains seen in March were mostly attributed to a large amount of spending on single-family and improvements. Single-family construction spending rose to a $389.9 billion annual pace in March, up by 2%. The report also showed a 2% increase in single-family home remodeling.

This spending increase runs along with the single-family housing starts which also jumped in March. According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, overall housing starts increased 19.4% percent to a seasonally adjusted annual rate of 1.74 million units. They have not seen such a fast pace since June 2006.

Housing starts are also on the rise with 636,000 single-family homes currently under construction which is 19% higher than this time last year. NAHB reported that combined housing in the Midwest 28%, the Northeast 23%, in the South 10% and 5% in the West. Permits were higher in the Midwest and South, lower in the Northeast and the same in the West.

Now is a good time to purchase a new home. If you are in the market for a home, go through a local sales agent who knows the market in your area.

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Rezoning Moratoriums in St. Tammany Parish Will Stay the Same for the Time Being

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December 2020 began a debate among the St. Tammany council whether to proceed with an amendment that would have fewer restraints on establishing or extending a moratorium. The St. Tammany Parish Council has decided to table the amendment that would change  how rezoning moratoriums are adopted and extended.

In April 2021, council members narrowly voted to introduce a version that would remove the requirement that the council member requesting a moratorium present a written justification and a timeline and process for addressing the reasons for applying it, and an account of any progress being made toward addressing the issues when requesting that the moratorium be renewed.  It was again set aside on May 6th’s meeting, and another version of the amendment was moved by District 11 Councilman Steve Stefancik and seconded by District 14 Councilman T.J. Smith.

This newer version would change the requirement for written justification regarding the enacting moratorium. The time for which a member would have to update the council regarding a new moratorium would be pushed back from three months to six months. Among them were several council members, District 7’s Jimmie Davis, who did not agree with changing the time frame from three months to six months.

District 13 Councilman Jake Airey moved to remove the amendment from the table completely. “What’s existing in law will stay there. If people then want to make changes, so be it, but this alphabet soup is just too hard to follow,” Airey commented. This motion was seconded and passed unanimously.

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2021 Will See Another 7% Surge In US Home Prices

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Home prices are rising the fastest we have seen in 15 years. According to Goldman Sachs, US home prices will rise another 7% in 2021. In fact, Goldman upgraded its 2021 house-price appreciation forecast to 6.8% from 4.7% previously.

January 2021 saw the fastest rate since 2006 stemming from the low-interest rates and low inventory. The S&P CoreLogic Case-Shriller house price index increased 11.2% in January 2021 year on year. James Orlando, senior economist at TD Economics gives credit to the pandemic. Since spending more time at home during the pandemic, people want to improve on their living situations. Now more than ever, we are seeing more buyers entering the market.

“Underwhelming supply appears to be the primary driver of continued high levels of house price appreciation,” noted Apurva Gundaria and Marty Young who lead Goldman Sachs.

“In our view, this supply crunch is driving another leg up in home prices,” the analysts said. “Though mortgage rates have backed up in recent weeks, they still remain below their pre-pandemic tights and the backdrop for housing demand remains supportive.”

If you are in the market for a new home, now is the time to take advantage of the low-interest rates. Be sure to purchase through a local sales agent who can help you navigate this aggressive current market.

Click Here For the Source of the Information.