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!

Builders Cautiously Optimistic as Housing Market Index (HMI) Holds Steady

/in

The National Association of Home Builders in conjunction with Wells Fargo performs a nationwide survey of its builder members to determine the status of the housing market according to the builders’ attitudes towards it.  Their results are published each month in the NAHB/Wells Fargo Housing Market Index (HMI).  According the HMI, builder confidence has been holding steady for the last 3 months with a one point increase in score for the month of April, 2014 to 47.  How the NAHB rates whether or not this is a good number is that anything above 50 will give builders and new home buyers alike to heave a huge sigh of relief.  However, before jumping to conclusions that 47 is still a negative confidence rating for builders at the moment, keep in mind that builders have scored over 50 points from May, 2013 – December, 2013 of last year.  Even if levels have dropped slightly below 50, they are still right near 50 and have been holding for the last 3 months.

It has been proven over and over again that Southeast Louisiana did not go through as severe crash in its real estate market as was felt throughout the rest of the country – even though, it did have to go through its fair share, especially St. Tammany Parish.  Because of this, builder confidence in this area seems to be exceptionally high if the number of new builders by new lots for sale at Bedico Creek Preserve are any indication.  The number of builders in our subdivision have almost doubled over the course of one year, and the number of homes being built and quickly sold is also showing a huge amount of buying activity in our community.  Bedico Creek Preserve is even opening a new Neighborhood within the subdivision called Cypress Crossing which is featuring just 3 builders who are building spec homes for sale for those home buyers who are looking to be able to purchase a home that has already been built.

NAHB Chairman Kevin Kelly predicts that with the advent of spring after such rough winter weather, the real estate industry will continue to show gradual improvement and possibly solidify builders’ opinions about the market.

“Job growth is proceeding at a solid pace, mortgage interest rates remain historically low and home prices are affordable,” said NAHB Chief Economist David Crowe. “While these factors point to a gradual improvement in housing demand, headwinds that are holding up a more robust recovery include ongoing tight credit conditions for home buyers and  the fact that builders in many markets are facing a limited availability of lots and labor.”

There are 3 factors by which the HMI gauges builder confidence – current sales conditions, prospective buyers, and expectations for future sales.  The good news is that 2 out of 3 were above 50 (considered good by builders) with current sales conditions at 51 and futures sales expectations coming in at 57.  The future of new home sales is looking bright not only at Bedico Creek in St. Tammany Parish but also nationwide.

Click Here for the Source of the Information.

New Businesses, New Homes in Covington, Louisiana

/in

The land owned by All State Financial Co. has been approved by the St. Tammany Parish Zoning Commission to be newly zoned as PBC-1 (Planned Business Campus) and HC-3 (Highway Commercial District).  The previous zoning for the 48-acre plot, which isPinnacle Pkwy. Nord du Lac next to Colonial Pinnacle Nord du Lac shopping center above I-12, was  A-3 (Suburban District) and HC-3 (Highway Commercial District).  The suburban district would have prevented commercial development, and the HC-3 designation was only for light commercial such as hotels and restaurants.

The goal of All State Financial was to be able to zone the land so that publicly-owned companies could develop the land.  The reason for this is to make the land usable so that the St. Tammany Parish Government and the Children’s Museum of St. Tammany would finally be able to realize its dream of a cultural arts district which will include a wetland conservatory, an amphitheater and theater for the performing arts, nature trails along the river, and a new children’s museum. The land for this cultural arts district is being donated in part by Bruce Wainer, the developer who is a partner to All State Financial on the project.

childrens-museum-of-st-tammanyOver the past 6 years, The Children’s Museum of St. Tammany organization has raised $620,000 towards the development of kid’s projects in St. Tammany Parish.  During Christmas of 2013, the commencement of the new construction of Kid’s Town was featured as part of The Holiday of Lights Christmas celebration at Koop Drive, which is paid for and sponsored by the Tammany Trace Foundation and the St. Tammany Parish Government. So far, financing for the cultural arts district and The Children’s Museum is undecided, but Wainer says he envisions the money to come from some sort of public/private partnership.

2.5 acres of the land will be used specifically for development and construction of a restaurant.  This land was zoned HC-3 for this purpose.  The rest of the property that is not included in the cultural arts district for St. Tammany Parish will be used to develop and construct mid-rise office and residential buildings, hotels, motels and convention centers; college, universities, and research centers; and public utility facilities.

To the north of this developed land, the St. Tammany Parish Zoning Commission allowed rezoning for All State Financial’s 80-acre property which will be used for a 146-lot residential subdivision.  The community will feature lot sizes from 60 feet by 120 or 130 feet which will allow 1.7 homes per acre.  The subdivision will be independent of any other neighborhoods in the area and will back up to Flower Estates subdivision in Covington, LA.

For residents of Bedico Creek, the development of this land and the new cultural arts district in St. Tammany Parish will mean a convenient drive from 1085 to Hwy. 21 for our families to conveniently enjoy all that the arts district will offer.  Also, with all of the shopping and dining off of Hwy. 21, our residents can enjoy all that St. Tammany Parish and Covington, Louisiana have to offer while still being able to live in our private, secluded nature conservatory – Bedico Creek Preserve.  To make your home in this subdivision, Contact Bedico Creek at 985-845-4200 or E-mail [email protected].

 

Click Here for the Source of the Information.

A Maltese Falcon an Afternoon at a St. Tammany Parish Library

/in

Beginning March 14, 2014, children in Madisonville, Louisiana, will get to learn more about the mystery novel, Maltese Falcon, by Dashiell Hammett in the commencement of The Big Read program for St. Tammany Parish.  According to its website, The Bigst-tammany-parish-library-2 Read supports organizations across the country in developing community-wide programs which encourage reading and participation by diverse audiences.  The program offers a selection of books which children can read and then encourage community organizations to expanding childrens’ knowledge of concepts from the books.

In St. Tammany Parish, the program will begin on Friday evening with a talk from Julie Rivett, the author Dashiell Hammett’s granddaughter.  This talk will be held at the new library in Madisonville, Louisiana, at 1123 Main St., Madisonville, LA 70447.  On Saturday, March 15, 2014, there will be a series of events throughout the entire day for children to attend which talk about different aspects of the book.  Below is a list of those activities:

At 1pm on Saturday, children will get to learn firsthand knowledge of falcons, which is a type of raptor, from Sally Farrell with Wind in my Feathers.  Sally Farrell is a raptor rehabilitator and educator and her program lasts about 45 – 60 minutes.  Sally will bring actual, live, non-releasable raptors so that kids can learn more about the birds.

At 3:30pm, the St. Tammany Parish Crime Unit will be onsite at the Madisonville Library to teach the children about crime labs, how crime scenes are processed, and the implications of finger printing.  The library is requiring registration for this event.  Children can register at http://register.stpl.us/evanced/lib/eventcalendar.asp or by calling 985-845-4819.

st-tammany-parish-libraryTo wrap up their day, the Madisonville Library is sponsoring a Swing Dance Costume Party which is a fabulous party for all ages.  Teens and adults are invited to attend the party, and then The New Orleans Jazz Vipers will be performing swing dance music from 7:30pm – 9:30pm Saturday night.  To attend this event, you can register at http://register.stpl.us/evanced/lib/eventcalendar.asp or by calling 985-845-4819.

As one of 77 communities which are participating in The Big Read reading program, St. Tammany Parish and its library system encourage local children to learn to read more and to use reading as a source of knowledge and entertainment.  The program runs from September, 2013 – June, 2014.

Click Here for the Source of the Information.

Home Affordability in St. Tammany Parish

/in

With news that has the real estate market is finding a balance between pricing and interest rates, home buyers will be glad to know that in the 3rd and 4th quarters of 2013, housing affordability country-wide has increased.  This is especially good news for builders with homes for sale in St. Tammany Parish.  Most of the country has experienced the dramatic increase in home pricing in 2013, which has pulled the housing market out of the Recession and back into a semi-normal steady flow of purchases and sales.  Because of this increase in home prices, sellers have begun to enjoy a “seller’s market,” and existing homes have begun to sell.  Both new home sales and resales have decreased the supply of home inventory to a 2 – 3 month supply which is considered “normal.”

The interest rate has risen over 1% up from its low of 3.55% for conventional mortgages to 4.24% – 4.35% depending on the area of the country in which you live.  The reason for the increase in the interest rate was 1) the financial market could not sustain this low interest rate for such a long period of time and 2) the Fed scaled back on its bond buying program at a small but promised rate which raised alarm in the stock market and caused the interest rates to rise.  People that were able to take advantage at the record low interest rates – some as low as 2.5% for 15-year ARM mortgages – for both new home purchases and refinances were able to reduce the amount of interest and principle owed on their loans.  With home prices rising and interest rates remaining low, homes that had once been “under water” during the Recession were able to regain the lost values of their homes, reduce the amount of their monthly payments (due to refinancing at the record-low interest rates), and increase their usable home equity.

These circumstances made it so that people that were once “stuck” in their homes now had the option to sell their home, move, and not lose money on their home sale.  Now, with the stabilization of home affordability as well as home pricing, the real estate market is primed for amazing movement in the housing market in 2014.  Builders in St. Tammany Parish are once again freed up to purchase new lots for sale and build new and custom homes in subdivisions throughout the Greater New Orleans area.

Unlike other areas of the country which experienced a complete “blackout” of their real estate markets, St. Tammany Parish had builders who were able to consistently build a few homes at a time, sometimes annually, throughout the Recession.  Because of this, cities like Mandeville, Covington, and Madisonville did not “lose” its new home contractors and sub-contractors.  These companies were able to be “kept employed” throughout the last 5 years.  Most markets nationwide are experiencing a backlog of homes-to-be-built orders because of a labor shortage.  Also, because so many developed subdivisions went bankrupt, there is also a shortage of land for sale on which builders can build.  In St. Tammany Parish, Bedico Creek Preserve not only has plenty of available lots for sale, because of the quick sale of lots in most of our Neighborhoods, we are actually adding a new Neighborhood of lots for sale. So, now that homes are affordable, interest rates are low and somewhat stable, and home pricing has stabilized, now is the best time to buy or build your new home – right here at Bedico Creek in Madisonville, Louisiana.  Contact Us Today to Get Started!!  Call 985-845-4200 or E-mail [email protected] for more information.

 

Click Here for the Source of the Information.

Twelfth Night in St. Tammany Parish Begins Mardi Gras

/in

A krewe that models itself after the New Orleans Mardi Gras krewe of Phunny Phorty Phellows was organized on the northshore of Lake Pontchartrain in Covington, Louisiana during 2012.  This new krewe calls itself the St. John Fools of Misrule and is a

St. John Fools of Misrule march through the streets of Covington in 2013. (Photo by Tana R.H. Stevenson)

St. John Fools of Misrule march through the streets of Covington in 2013. (Photo by Tana R.H. Stevenson)

marching club that specifically launches Mardi Gras in St. Tammany Parish the same day as 12th Night in New Orleans.

Twelfth Night is normally the night that is the end of the Christmas season according to many denominations of Christianity, but the St. John Fools of Misrule celebrate the commencement of the Mardi Gras season the first Saturday after the Epiphany.  Beginning with 75 members is 2012, the krewe of the St. John Fools features 220 members this year, which increased from 150 members last year, which are pretty good numbers for the 3-year-old krewe.

This year’s Twelfth Night parade will begin with the Feast of Fools at the Columbia Street Tap Room’s Seiler Bar in Covington at 4pm on January 11, 2014.  The marching will begin at 6:30pm at the corner of Columbia and Lockwood Streets.  The parade will wind through downtown Covington to the Covington Trailhead, the trailhead for the Tammany Trace in St. Tammany Parish.  Then members of the krewe will return through the ox lot behind Buster’s Restaurant, Winos and Tacos, and the Columbia Street Rock N Blues, back to the Tap Room.

The Fools of Misrule ring cowbells to publicly announce the parade, which is a tradition taken from a men’s group in England.  Costumes are required and Venetian, Medieval, and Renaissance themed outfits are encouraged.  The reason why the krewe’s name is for the area of town in which this Twelfth Night group walks in order to celebrate the beginning of Mardi Gras.  The streets used for the parade were a part of the original 1813 grid in Covington, Louisiana, which was called St. John.  The krewe has an annual tradition of picking its royalty.  Pieces of king cake are distributed to all attending members.  A bean is embedded in a piece of cake, and the person who gets that piece of king cake gets to be lord of the “Lord of Fools.”  Last year’s lord was Judge Reginald  Badeaux of the 22nd Judicial District Court.

The Northshore has a strong showing of krewes for Mardi Gras, not as much or as many as New Orleans, but there are many weekends of celebrations for the entire family to enjoy in St. Tammany Parish.

Click Here for the Source of the Information.

Builders Perceive the Real Estate Market as “Good”

/in

For 7 straight months, the NAHB/Wells Fargo Housing Market Index which gauges builder perceptions of current single-family home sales and sales expectations for the next six months has scored above 50 for builders surveyed in all four regions of the United States – the Northeast, the West, the South, and the Midwest.  Beginning in May, 2013, builder perception in the U.S. took a positive turn upward and started to view the real estate recovery as a reality instead of as a dim future hope.  This month, the builders surveyed averaged an overall score of 58 for three index components – current sales conditions, sales expectations and traffic of prospective buyers – with positive improvements in all three categories.

Builders are cautiously optimistic as they are starting to see the supply of spec homes which may have stood on gorgeous lots for months finally making it to closing.  With the supply of new homes available down to just 4.9 months, pretty soon builders will have something else to worry about – how quickly they can start building new homes to supply a market-full of buyers who have now moved off of the fence and are interested in buying a new home.

“The recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels,” said NAHB Chief Economist David Crowe.  “Following a two-month pause in the index, this uptick is due in part to release of the pent-up demand caused by the uncertainty generated by the October government shutdown.  We continue to look for a gradual improvement in the housing recovery in the year ahead.”

Even though the survey is an internal audit done by the NAHB (National Association of Home Builders) with the assistance of Wells Fargo, the survey has been given for going on 25 years, and the results seem to be accurate in reflecting the attitudes of the survey group of builders nationwide.  With builder confidence on the rise, new homes sales on the rise, building permits on the rise, and home prices stabilizing, it is time for people who are truly interested in buying a home to take advantage of the inventory that is left standing in some markets as well as the historically low interest rates – both of which will not be around for too much longer.

 

Click Here for the Source of the Information.