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!

Student Debt Is Not an Obstacle to Homeownership

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According to a study done by Zillow.com, the only way student debt can negatively impact young professionals interested in starting a family and “settling down” to buy their first home is if that debt is combined with no degree at all.  According to the study, student debt is not an obstacle to homeownership with those students who finished with a bachelor’s degree or higher for the amount of debt they acquired.  Home buyers that are college graduates and never had to take on student loans have a higher chance (70%) of becoming a homeowner than home buyers that have student debt and at least a bachelor’s college degree, but not by much – the statistic only drops to 66% for these types of buyers.

Young professional first time buyers find student debt is not an obstacle of homeownership because a bachelors degree can mean a great job.Because of the Recession and the lack of jobs for college graduates upon completing college, many young people did not get married and start a family right away, so household formation was also a considering factor in the study done by Zillow.com.  The study seemed to indicate that people were waiting until their 30’s to have children, and the study included those couples that had actually started a family with at least one child.

High rents were also a factor as being a deterrent for young professionals to be able to buy a home.  The payment of higher rent made it impossible for them to get the larger down payment together upon trying to get financing for a conventional mortgage.  The FHA just recently reduced the percentage of down payment required for both FHA and Rural Development loans, so this factor will not be as pertinent moving forward.

The truth about young professionals becoming homeowners is that student debt is not an obstacle to homeownership, and the possession of a bachelor’s degree or higher and the acquisition of a good job after college has made it possible for these students to be able to buy a new or pre-existing home upon graduation (or later).  This is good news for the housing market as one more positive sign that the real estate market is moving in the upwards direction.

 

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Newly built home sales in the Greater New Orleans increased significantly in July, 2015.

Newly Built Home Sales Rise 25.8% Year-Over-Year

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Just like summer here in New Orleans, July’s housing market was hot! The new home sales activity is on its way back to normal with annual home sales already reaching 507,000. The Census Bureau and HUD reports that newly built home sales rose 5.4% from June of this year and 25.8% from July of last year.  New home inventories were reported at 218,000 in July which is the highest level that have been seen in over five years.

This increase can also be seen in private residential construction spending where the high was at an annual rate ofNewly built home sales in the Greater New Orleans increased significantly in July, 2015. $387 billion in July.  This solidifies the continuing economic growth in the construction industry.  Single-family homes have pushed construction expansion 15.8% on a year-over-year basis and multifamily new home construction spending is 21.2% higher than it was reported a year ago.

Developers are not the only ones that are seeing a positive growth, the National Association of Realtors (NAR) reports increase in existing home sales.  Existing home sales increased in July 0.5% from June and 7.4% from July of last year. Completed sales (closings) were reported at the highest since February 2007.

The confidence for home buyers stems from the strengthening economy.  The Bureau of Economic Analysis reports that the global economic developments (GDP) growth is at a strong 3.7% rate.  These findings were based on several factors including investment, faster growth for consumption, government spending and trade components.

Now is the time for buyers buying new homes or existing homes to tap into the housing market. Sales are solid which makes the real estate market a stable venture. New home prices are continuing to strengthen making real estate a great investment.

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Old Mandeville Residents Discuss New Ordinance

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The Mandeville city’s lakefront, known as the “crown jewel” of Mandeville and St. Tammany Parish is quite the talk of the town lately. On July 23, 2015, the Mandeville City Council  voted 3-1 to establish an ordinance that will allow special events at four designated areas The Mandeville Trailhead of the Tammany Trace, Sunset Point, the east end at the harbor, and about a three-and-a-half block area just west of Girod St. to the east of Ravine aux Coquille.  The ordinance will not block the public events such as festivals, concerts and road races, but will mandate the exact area in which the events will be held.

The City Council believes that the ordinance will help to “preserve and protect the lakefront for the entire community.” Many Old Mandeville residents feel it will help preserve the grand homes and the irreplaceable oak trees around the lakefront, which will help ensure the city’s old world charm and unique character. Homeowners Old Mandeville Lakefronthave concerns regarding noise levels and crowds. Numerous complaints from homeowners have been received by the city regarding lakefront events with concerns such as noise, traffic and trash. An amendment to prohibit “amplified music” was proposed but dropped for fear of the negative impact it would have on big events such as the annual Louisiana Philharmonic Orchestra concert on the lakefront.

On the flip side, Donald Villere, Mandeville’s mayor, vetoed the ordinance approval that restricts where special events can be held in the city. He believes that it will only hinder the community by eliminating a nice portion of the lakefront where people hold special events.  The majority of the area specifically prohibited by the ordinance’s includes the widest and shadiest portion of the shoreline.

Villere commented that, “This ordinance is not only bad policy; it stands against the core values Mandeville was founded on.”  The Mandeville Family Reunion event held every year uses the lakefront as their picnic area. Members are distraught with the idea of having to lose the lakefront spot.

Even with homeowners’ concerns, the land which consists of the Mandeville lakefront is zoned as mixed use of residential and commercial developments. Because of this Mandeville’s growing population and the lakefront’s popularity is bringing a demand for more development. Younger families are attracted to the live, work and play feel of the community.  Brad Del Rio says he likes the neighborhood’s “walkability,” which allows him to amble to restaurants, retail shops and other businesses.

The fight might be a moot point as a new residential and retail development, Port Marigny, with approximately 500 housing units, retail outlets including a grocery store, four restaurants, a boutique hotel, a public park, a marina and promenade is slated to be built on 78-acres west of the Mandeville Lakefront. New Urbanism expert Steven Oubre says, “Old Mandeville is one of the most unique and special places in all of Louisiana. We are taking that context and expanding it to create Port Marigny.” Port Marigny will be built where the old Pre-Stressed Concrete Products plant sits. The new community will highlight the Old Mandeville charm, observing its ambiance and nuances.  Mandeville’s lakefront and city might very well be redefined by the Port Marigny project.

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Commercial Development in Covington Offers Shopping / Dining

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Conveniently located off Interstate 12 in Covington near Madisonville, Pinnacle at Nord du Lac Shopping Center has just about anything you might need. The 300,000 square-foot main district shopping center made its debut in the fall of 2010 and includes big retailers such as Academy Sports and Outdoors, Kohl’s, Kirkland’s, Petco, Hobby Lobby and restaurants that include Texas Roadhouse, Olive Garden and Cracker Barrel.

The commercial development in Covington is owned by MAA, a Memphis, Tennessee, based company but the local Louisiana Gulf States Real Estate Services has taken over leasing, sales and on-site management. Many retailers have been scoping the New Orleans market and the north shore as a great spot for them to open new stores. In fact, Gulf States Real Estate Services has been talking to new tenants who might indeed choose Pinnacle at Nord du Lac Shopping Center to open their new locations.

Gulf States Real Estate Services President, Mike Saucier, has big plans to entice potential tenants to the shopping center. Part of the plans includes a “town center-type” retail development that will incorporate small parks on theCommercial Development in Covington west side of the property. The local management company, along with Mike Saucier, already paved the way for the shopping center’s success when it first opened by participating in the rest stop conversion on I-12. The land east of Pinnacle at Nord du Lac Shopping Center is the location of the St. Tammany Parish future cultural district. The district will consist of a children’s museum and performing arts center. The convenience for many neighborhoods makes the Northshore a great place for new retail.

The new commercial development in Covington  of Pinnacle at Nord du Lac is located only 5.8 miles from Bedico Creek, a master planned community located in Madisonville, LA. Even though the shopping center’s location address is Covington, this shopping and dining facility is convenient for home buyers looking to buy or build a new, custom home in St. Tammany Parish. For More Information, Call 985-845-4200 or E-mail [email protected].

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Side entry garage that can store two cars. The garade with a side entry does not take away from the front exterior view. This new construction home is located close to New Orleans.

Builders & Buyers Enjoying Robust Real Estate Market

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Builders and buyers alike are optimistic that the recovery of the real estate market nationwide is here to stay as new home sales increased 18% year-over-year in June, 2015 compared to 2014, and new home inventory also increased by 3.4%.  Builders are discovering that bank construction loans are easing slightly on credit requirements and equity, and also with the increasing number of new home sales, builders are “turning over” the new homes that they are St. Tammany Parish real estate market thriving at Bedico Creek Preservebuilding so they are freeing up capital to invest in new lots for sale in traditional as well as master planned developments.

However, all of the great news regarding the real estate market was tempered by a slight drop in sales from May to June, 2015, for a total drop of 6.8%, down from 517,000 in may to 482,000 in June.  However, the summer months sometimes experience a lag because of school getting out, and potential home buyers going on vacation in the early part of the summer.  Overall, new home sales have been increasing both incrementally and expotentially since 2012.

Good news for builders is that there is an increasing demand from new home buyers for homes to purchase. This demand has not tapered off or decreased since the housing market started its recovery.  This trend has especially been noticed in the new, master planned community of Bedico Creek Preserve in St. Tammany Parish which features 11 Neighborhoods of new homes for sale, lots for sale, and new homes under construction.  Buyers living on the 0-277 W. Longview Front ExteriorNorthshore already find that this new home community is convenient to the cities of Mandeville, Madisonville, Covington, and Abita Springs in West St. Tammany Parish.

New lots are constantly being developed as new neighborhoods within the subdivision are opening with available lots for those new home buyers interested in building their own custom home.  There is no shortage of new homes to buy and new lots to buy at Bedico Creek in the Greater New Orleans area.  Contact Bedico Creek to schedule a tour of this Conservation Community by calling 985-845-4200 or E-mailing [email protected].

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New Traffic Circle at Highway 1077 Eases Traffic for Bedico Creek

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The much anticipated traffic circle at Highway 1077 and Bootlegger Road (Highway 1085) has been started by the St. Tammany Parish Department of Transportation.  This crucial junction adjacent to the Archbishop Hannan High School, a renowned private school just south of Bedico Creek, has much traffic as subdivision and industrial growth continues construction north on Highway 1077.  There are actually 2 major intersections on 1077 which greatly affect the traffic for residents and employees that use this road.  The second junction is north on 1077 at Highway 190.  Although there has been much talk of building a second roundabout at Highway 190, the only one currently under construction is the one at 1077 and Bootlegger Road.

Bedico Creek Preserve, a new home, masterplanned community in St. Tammany Parish, is located out Bootlegger Road (Highway 1085) just 3.2 miles from Interstate 12.  This new community features lots and new homes for sale, and 11 individual Neighborhoods have been built and developed with lots for sale with 2 more Neighborhoods coming online during 2016.  Bedico Creek already has over 200 new residents in our community, so the traffic circle being built at 1077 and 1085 is a welcome relief for those residents that commute to work and have to travel that road twice a day.  With a convenient location near the city of Covington, Highway 21 and all of the new and existing shopping and dining, and its short distance from the interstate, Bedico Creek offers “ease of use” for our homeowners.

The road construction is being done by Kort’s Construction Services with land clearing and utility relocation being completed in the first phase of this $3.2 million project.  The St. Tammany Parish government plans for the utility location to be done by the end of 2015, and all road construction to be done by fall of 2016.  In addition to being a huge benefit for the current and future homeowners at Bedico Creek Preserve, the new traffic circle at Highway 1077 should also help with school traffic and industrial traffic north of the traffic circle.  In fact, a new Fed Ex distribution center is being built just northwest of the private high school as well.

Click Here for the Source of the Information.