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!

All of Tammany Trace Is Now Open For Summer

/in

This spring the entire length of Tammany Trace has now been fully opened to the public. The new bridge that runs over Little Bayou Castine in Old Mandeville, part of Tammany Trace, is now open. The ribbon cutting was April 20th on the $1.7 million bridge project. The bridge is one of the thirty two bridges that run along the thirty one miles of Tammany Trace.

Tammany Trace is actually Louisiana’s first Rails to Trails conversion that began in 1992 with federal money. The parish purchased the abandoned rail line from the Illinois Central Railroad for $1.4 million. The project was completed and opened in 1994.

The bridge that was there was a wooden structure that was not in good condition and needed to be replaced. In fact, there are other bridges along the trail that will also need to be replaced in the future. The area that was replaced was a 265-foot span that is over the marshy area that crosses over Jackson Ave. The bridge was redone with metal and concrete that was built offsite to reduce the cost. The design is not impacted by pilings so there is no negative environmental impact.

Click Here For the Source of the Information.

Brasa Will Open A New Location

/in

If you live in Old Metairie then you are familiar with Brasa. The steakhouse will be expanding and will now have a second larger location in New Orleans. The new location will occupy the old Morton’s steakhouse in the Canal Place shopping center.

Owners Edgar Caro and Antonio Mata will renovate the space and hope to open its doors in October 2023. Brasa is a local concept that was the idea of the business partners. They want to change the space to have a Latin American flare. The original Old Metairie location was named Brasa Churrasqueria and is now called Brasa South American Steakhouse. ” This is the same menu, concept and vibe as Brasa, but we can do more here,” explains Caro.

The renovation will start with putting in open windows that will bring in tons of natural light. The space will also be painted in brighter colors and there will be tropical plants added for the Latin American design. They will add a huge dry-aging case and a display of high-end spirits at the entrance when you first walk into the restaurant. There will also be a dedicated lounge and three private dining rooms. The biggest change will be the added outdoor dining patio by the Canal Street Entrance.

“The idea is to keep the bones of Brasa, the essence of Brasa, and bring it here to downtown New Orleans,” Caro says. “We’re very excited about being part of the revitalization down here.

The partners are excited and look forward to the opening. They know that the downtown location will bring in the tourists who tend to spend more money when on vacation. The new location will add Wagyu steaks and grilled oysters among other seafood dishes.

“This will be the flagship for us,” Mata says. “I think we paved the road for what we want Brasa to be with the first restaurant, and it’s been successful. Now we’re ready for this,” added Caro.

Click Here For the Source of the Information.

Housing Market Report for the Beginning of the New Year

/in

The New Year rang in with home values dropping 0.1% which made the average home value at $329,542 according to the Zillow Home Value Index (ZHVI). This is down from the record-high of 18.8% that was reported last April.

This Zillow Home Value Index was the first reported on the new version. The new version is now based on the neural network-driven Zestimates that Zillow produces for nearly every home in the United States. So this means that the ZHVI closely tracks the vitality in the market when it is changing very fast and will be able to report a better picture for higher-priced sellers.

The mortgage rates are dipping which is great news for both buyers and sellers in the housing market. Year-over-year home value appreciation is highest in Florida. For the 50 largest metro areas the leaders included Miami (12.8%), Jacksonville (9.3%), Hartford (8.6%), Richmond (8.6%) and Orlando (8.4%). On the other end were Western and tech-centric metro areas the prices were down with San Francisco (-4.9%), Sacramento (-2.6%), San Jose (-2.3%) Austin (-1.1%) and Seattle (0.8%).

Buyers did begin to return to the market at the beginning of the year but the newly pending listings were still 20% lower than the same time last year. January saw a 30% increase from December when it came to newly pending listings. The strongest winter season was still reported pre-pandemic.

Unfortunately, sales were down the lowest this January since 2018. The year began with only 232,000 new listings where it was reported at 328,000 new listings in January 2021. The listing pool will probably stay on the low side due to a much lower “normal” volume of homes listed.

If you are in the market to list or buy a home, it is still a good market. Choosing a local real estate agent to help you with the process is a wise decision, especially in the current housing market.

Click Here For the Source of the Information.

Another Drop in Mortgage Rates

/in

The end of March saw another rate drop for the second week in a row even with the uncertainty stemming from the economy and bank failures. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.42% which was down from 6.60% the week prior. Unfortunately, this is still no match for the 30-year fixed-rate mortgage rate from a year ago at 4.42%.

“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s chief economist.

“If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season,” replies Khater.

The Fed will still likely boost the rates a little to offset the volatile economy we are currently in. Robust economic data suggested the Federal Reserve was not done in its battle to cool the US economy and would likely continue hiking its benchmark lending rate. The rate was raised by the Feds at the end of March by a quarter point but the Fed also said that the aggressive rate hikes will more than likely stop.

“Depending on the extent of the impact of a tighter banking sector, Powell expressed a ‘wait-and-see’ approach to further contractionary policy. However, the federal funds rate is expected to remain elevated through the end of the year, meaning that a higher interest rate environment is here to stay for the time being, including for home loans,” says Hannah Jones with Realtor.com.

The rate is based on the yield on 10-year US Treasury bonds which will move according to the Fed’s action. Basically, when the Treasury goes up, mortgage rates will also go up and when the Treasury goes down, so do mortgage rates.

“At the current price and mortgage rate level, the typical housing payment on a median-priced home is 43% higher than one year ago,”said Jones.

Click Here For the Source of the Information.

Where To Go in Covington To Get Israeli and Lebanese Dishes

/in

Tavi, located at 330 N Hampshire Street in Covington is a Northshore cousin to Shaya. Chef Fariz Choumali, the executive chef at Tavi, has worked for BRG Hospitality as an executive chef. He and his wife moved to New Orleans after visiting the city and felt like it was home.

“Beirut, where I’m from, shares a French culture and vibrancy with New Orleans. The first time I went to the French Quarter, with its architecture, music and culture, I felt at home. People come from all over the world to eat food here. I knew this city was for me,” explains Choumali.

Tavi opened its doors in January in Covington and shares many dishes with Shaya but he has also added some Lebanese street dishes. “Here we have so many regulars. People were waiting for this food. Covington doesn’t have a place like New Orleans, so our opening was a big deal to the community,” he says.

Tavi is located in a former barber shop that has been converted into the 85-seat restaurant. There is tons of natural lighting along with a 10-seat bar and a wood-fire oven. Tavi is named after one of the partner’s grandsons and is the Hebrew word for good.

Patrons will enjoy foods like buttermilk-soaking fried chicken spiced with turmeric and coriander, hummus, house-pickled vegetables and wild mushrooms with sage brown butter in za’atar-spiced hazelnuts. The Lebanese dishes include arayes, a grilled pita sandwich stuffed with ground kafta or seasoned lamb. Confit chicken is another dish that is cooked in duck fat and served with basmati rice.

The 10-seat bar offers some unique cocktails for patrons. The Road to Kfar is made of sumac-infused tequila, pom liqueur, lime juice and hibiscus syrup. Wines are also served that are Californian, Lebanese, French and Israeli along with beer from Greece and Lebanon.

“I still call my mom with questions about recipes. She can cook everything,” says Choumali.

Click Here For the Source of the Information.

St. Tammany Invests in Water and Sewage Upgrades

/in

St. Tammany Parish, with the help of the American Rescue Plan Act, will embark on water and sewage infrastructure projects. The projects, estimated at $48 million, will be done over the next several years, explains the Parish President Mike Cooper.

“This allocation renews my commitment to ensuring that every citizen of St. Tammany Parish has safe drinking water and reliable water and sewer infrastructure,” Cooper said.

The initial project estimated to cost $20 million, will upgrade water and sewage for around 6,400 St. Tammany residents located in the west part of the parish around Brewster Road. Seven new wastewater pumping stations, five miles of force main, new emergency generators and monitoring technology will be part of the project.

The east side of the parish which will include residents from Cross Gates and River Oaks and the surrounding areas will have $20.4 million in upgrades. The current water system has been having a hard time supporting the area’s fast population growth. This project will include two new elevated water towers, eight miles of water main, two generators and remote monitoring technology.

Click Here For the Source of the Information.