Occasionally, because Bedico Creek Preserve is such a popular neighborhood on the northshore of Lake Pontchartrain in New Orleans, Louisiana, we will have newspaper, magazine, and online articles and blogs written about our master-planned community. We feature these articles in our Press Room area. Also, we sometimes create press releases for special news and events that are happening at Bedico Creek Preserve. You can find all of this information, plus make media inquiries all right here in our Press Room.

Three Rivers Art Festival Huge Success in St. Tammany

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After narrowing down the field of prospective participating artists for the Three Rivers Art Festival from 400 to 200, 3 judges spent countless hours evaluating and viewing with unbiased eye the artwork of these 200 talented artists that were part of the festival on November 14th and 15th.  Judges were Cindy Pulling, executive director of the St. Tammany Art Association, STAA board member Jessica Danby, and STAA Advisory Council member Sarah Sparkman-Boyd.

“The goal is that all the artists feel heard and seen,” said Peggy Schoen Des Jardins, the festival’s coordinator for jurying and judging.

The first day of the Three Rivers Art Festival was spent visiting each artist to go over the presentation of their booth Three Rivers Art Festivalsetup and then to judge their artwork for its creativity, craftsmanship, and concept, and how the artist “tied it all together.”  The 2nd day of the festival, the judges were tied up themselves using a computer program to assign a score to each artist.  Artists were scored on a scale of 1 to 10 for multiple categories.

Winners included artists from all genres from jewelry making, to sculpting, to metalwork, to painting.  There were 5 main awards including the Best of Show and City of Covington Awards.  The Best of Show Award went to Susan Elnora of Minneapolis, MN, who presented her jewelry and metalsmith skills.  The City of Covington Award went to Katie Burckel, a sculptor who constructs sculptures using different items that have been discarded or donated to thrift stores.  Ethan Lillemoe of Norcross, Ga., won the Three Rivers Award for his unique sculpture. Jessica Stoddart Ladd of Cookeville, Tenn., garnered the St. Tammany Award for her colorful paintings in distinct stainless steel frames, and James Bird won the Bogue Falaya Award for his colorful photography.

In addition to the main awards, there were 15 Awards of Distinction given out during the Three Rivers Art Festival. Artwork from students from the Center of Performing Arts were also displayed – approximately 400 pieces, and the St. Tammany Art Association’s gallery exhibitions as well as local galleries were also available for visitors to peruse.  For more information on the Three Rivers Art Festival, visit www.threeriversartfestival.com.

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Consumer Credit Expands – Lending Standards Tighten

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For the economy, surprising, debt can be a good thing.  Surveys show that consumer credit expanded and lending standards tightened in the 3rd quarter of 2015.  Whether it is a construction or land loan, an auto loan, a student loan, a mortgage, or even credit card debt, the expansion of credit overall shows that the economy is on an upward trend for consumer and business credit.  Consumer credit grew 8.5% and 7.5% in the 2nd and 3rd quarters of 2015.  What accounted for most of this debt was non-revolving credit such as mortgages, auto loans, and student loans.  This non-revolving credit rose 7.9% in the 3rd quarter.  Revolving consumer credit also grew by 6.5%, and credit limits have been on the rise for all of 2015.  Total credit limits have increased by 5.1% since the 1st quarter of 2014.

On the flip side, credit requirements have continued to be challenging for builders and developers alike while banks are constantly adhering to new lending standards issued by the federal government including the latest release of the Closing Disclosure which has now replaced the traditional HUD-1 Settlement Statement typically used in all real estate closings.

Lending restrictions by the 20 largest documented banks have actually eased more than credit restrictions of smaller banks.  This would be excellent news except that the large banks do not hold a big majority of real estate loans – only 33% over the last 7 years.  The senior loan officers of other banks that do hold the majority of land loans, loans, and construction loans were surveyed to find out if lending had eased on these types of loans.  6.7% of loan officers said that restrictions had tightened compared to 2.7% of loan officers at the larger banks.  According to the survey, overall 4.4% of loan officers surveyed said that lending standards had tightened.  However, there was a big discrepancy between the answers of those surveyed, and the conflicting answers showed that many senior loan officers felt that standards had actually eased during the third quarter of 2015.  Regardless, lot sales and construction loans have increased over the past 3 years, and builders and developers are now having a hard time with finding sub-contractors to build their houses – a good problem to have!

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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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Good News for the Single-Family Housing Market in New Orleans

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After the devastating blow of Hurricane Katrina, local residents were worried about the recovery and “return” of New Orleans.  Luckily there is good news to report about the recovery of the real estate market from the decade-old storm. The New Orleans Metropolitan Association of Realtors reports home prices are up 46% since Hurricane Katrina, and the average price per-square-foot has jumped up 8.5% in the last six months in the community.  Many predicted that the price growth would slow down this year but that is just not the case.  The single-family housing market in New Orleans is seeing a significant increase in the price per square feet for new homes.

The single-family housing market in the New Orleans metro area has an average selling price of $121 per-square-foot which is an 18.6% increase since the storm. The average house sold for $339,743 in the city between January and June of this year. On the Northshore in St. Tammany Parish there has been a 10% increase since Katrina. The average home in the parish sold for $243,770 this year which calculates out to $113 per-square-foot.

The prediction for this year is to see about 2,800 homes for sale which is close to the 3,300 sales in 2005 before Katrina. Rick Haase, President of Latter & Blum Inc., had expressed concern that household members in New Orleans’ neighborhoods are still worried about affordability in the housing market.  Fortunately he believes this will not be an issue as the mortgage lending standards for credit 176 St. Calais Place Front Exteriorscores are beginning to slacken, making it easier for first time homebuyers to be able to purchase and finance a new or previously owned home.

“Rates are low, job creation is continuing to happen, consumer confidence is high and improving, and the Millennial marketplace, which represents a huge slice of the population in greater New Orleans, is now able to get financing even though they haven’t had a lot of time in life to build their credit scores,” Haase said.

In St. Tammany Parish, not only has the new, masterplanned community of Bedico Creek seen an increase in new home prices, but it has also seen a huge surge in home buying in the 10 available Neighborhoods for sale.  Many home buyers are also delving into the custom home market and are buying lots for sale and then hiring one of the qualified St. Tammany builders of Bedico Creek to build their new home.  If you are interested in acquiring a home in the Greater New Orleans area, Contac Bedico Creek at 985-845-4200 or E-mail [email protected].

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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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