A Donation for STEM NOLA

 Boeing has given a $1 million dollar donation to STEM NOLA’s new project the New Orleans East science education building. The $15 million project is headed by Calvin Mackie who is STEM NOLA’s founder and CEO.

STEM NOLA was founded in 2013 and has expanded since its beginning in Mackie’s, a former engineering professor at Tulane University, garage. Mackie began the program with $100,000 of his own money. Since then, there have been several who have made donations to help the project grow and run. In fact, the US Department of Defense has granted $2.79 million so that the group can reach students across the Gulf Shore that are military connected.

The group now reaches kids from all around the New Orleans metro area providing them with weekly science tutorials. The groups will meet virtually, at parks in the area or during and after school programming. So far, the program has helped 125,000 students since its conception.

“We have to get our kids tinkering, building stuff with their hands, critically thinking, asking why it worked, why it didn’t work….. that’s gonna give rise to the mindsets and skills that are needed in the 21st century,” Mackie said.

The new science building will be built on property that was given to the STEM (acronym for science, technology, engineering and math by Oschner Health. The building will house classroom space and tons of up-to-date technology. So far STEM NOLA has not set a date for the groundbreaking.

So far, along with the $1 million from Boeing, the STEM group has been given $1.25 million from WK Kellogg Foundation, $1 million in CARES Act omey and $2 million in state capital outlay funding. The funds given from Boeing has helped with starting the process of fundraising for the building.

“For the children of New Orleans to have access to this type of space, and the type of equipment and this type of technology hopefully from cradle to career. I think we could change the trajectory of many families, if not the community,” says Mackie.

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Is the Housing Market Both a Seller’s and a Buyer’s Market?

 The pandemic hit and the housing market went crazy with buyers. In fact, many potential home buyers felt desperate and defeated due to all cash offers and multi-bidding wars. Those in the industry say that this is not the case anymore as the market is starting to become an even playing field.

“Those moments of…..there are 20 offers coming in are gone now. Buyers can take a bit more time . The buyer has a little bit more power or control on their side, ” says Jay Farner with Rocket Mortgage.

This is the 10th month in a row that home sales have dropped due to the rise in the mortgage rates. This has been the longest decline in home sales since around 1999. The market is not as hot as it was during the pandemic for sellers, but still is not a buyer’s market either due to the still historically low housing inventory.

“I’d say it’s an even market. A few years ago, it was clearly a seller’s market. We were doing verified approvals, people were getting a full underwrite within 24 hours to ensure they could present almost like a cash buyer to make an offer on that home. Now, they have a bit more time. They have more homes they can look at…..We’re not seeing 15 offers on one home,” replies Farner.

Even though the home prices are slowing down, they are not dropping. Since the demand is decreasing a bit, so is the supply. Higher mortgage interest rates have caused a slump in the market due to high inflation. The 30-year fixed at the week ending January 12 was around 6.33% which was down from last fall but up from this time a year ago.

“A recession here is on the horizon. People are changing their spending habits, credit card debt is rising, savings and bank accounts are dropping. All of those things tell me that we’ve set the table for a recession here in 2023,” says Farner.

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Changes to the New Orleans Housing Market

 A Bucktown resident put their house on the market in January hoping the nice three bedroom home would sell fast after witnessing the explosion of buyers in the housing market since the Pandemic. After sitting on the market for two weeks with no offers Roxanna Campos was surprisingly disappointed.

“I would have thought we’ have multiple offers by now. If we haven’t had any movement in the next week, we might have to rethink things,” said Campos.

Sellers across the country are facing this same situation. They are having to lower their asking prices and agree on concessions to buyers. In 2022 the volume of home sales was down, and homes were sitting on the market longer according to the Gulf South Real Estate Information Network.

Although home prices did keep rising even with the slow down in the market. In fact, the median sale price in the New Orleans metro area was up 7.8% year over year to $277,000. This was up 24% from the pre-pandemic that was reported at $219,400. The biggest drop in pending sales was in outlying Plaquemines, northern St. Tammany, Tangipahoa and the River parishes.

Why is New Orleans seeing a slowdown? This can be blamed on the rising interest rates, high inflation and the big jump in property and flood insurance rates.

“The insurance rates are literally killing deals. I had a quote for a $10,000 premium for property insurance on a 2,800-square-foot house in Metairie. We couldn’t do the deal. The buyer had to walk away from their dream house,” said broker Jiarra Rayford of Rayford Realty.

Even with the total inventory of homes for sale is up due to the cooler market, the home prices in the area are still reflecting the rise. In some areas, like St. Charles Parish, the home prices doubled. Tangipahoa had the biggest increase up 15%, St. Tammany up 11%, Orleans up 5.8%, and Jefferson was up 5.5%.

In the New Orleans metro area, homes that were priced between $224,000- $350,000 sold the quickest. The average days on the market for these homes was around 32 days. Many agents throughout the area are seeing a shift in sellers. They are being a bit more realistic about their pricing.

“It’s not like the market is dead,” Mirambell said. “I had nine offers last week on a house in Old Metairie. Another one in New Orleans had an escalation clause for $40,000 above list price. So, houses that are updated and have a lot of appeal are still flying off the shelf.”

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Seven Small Changes That Will Make A Big Statement

 The housing market is still booming and many homeowners are still turning to renovations vs. buying a new home. In fact, budgets for renovations are rising due to the need for larger kitchens, outdoor spaces and smart home innovations. Here are some small changes that you can have done to your existing home that will make a big impact on the style and look.

Silestone for Countertops

Instead of using granite or marble, use Silestone for new countertops. Granite and marble are desired high end materials, however they are hard to maintain. The new Silestone is made using a patented HybriQ+ technology meaning the products are made out of 20% recycled raw materials, 99% recycled water and 100% renewable electricity.

LED Bulbs and Lighting Made with Responsible Materials

LED light bulbs are a fabulous way to help the planet because they consume less energy. There are many independent companies that will use eco-conscious materials to make lamps, pendants and chandeliers. Bicycle Glass Co. is one that makes high-end fixtures out of 100% recycled glass and David Trubridge makes pendants out of sustainable wood. If you are purchasing wooden items, always look for the Forest Stewardship Council- certified (FSC) label.

Silestone for Tile Backsplash

Ceramic tile has been the go to for a backsplash, but the process of making tile can be a little harsh on the environment. It uses a lot of energy to fire, press and dry the tiles and then the grout and the grout sealer that is used to install the tile can possibly have high levels of VOC’s (volatile organic compounds). These VOC’s can cause health issues for homeowners. Using a Silestone backsplash is the solution to eliminating these problems. The product is made out of renewable resources and can be custom sized so the slab fits the whole area.

Opt for Eco-Friendly Paint

Paint is an easy way to spruce up a space in a short period and with little out of pocket. Traditional paint contains high levels of VOC’s that are emitted in your home while the paint dries. A great greener and healthier option is Clare Paint which has zero VOC’s and is Greenguard Gold-certified and The Real Milk Paint Co with zero VOCS that is made with 100% organic materials. Look for the Greenguard Gold- certified label which means the products have low chemical emissions.

Silestone for Flooring

Concrete floors are made with natural elements but are not carbon-friendly. In fact, around 8% of the world’s greenhouse gas emissions come from the production of concrete. It also accounts for one-tenth of the world’s industrial water use. Silestone floors come in several different hues and are made with a carbon neutral process.

Natural Fibers and Textiles

Instead of using synthetic fabrics that are treated with chemicals, use natural fibers and textiles that are composed of recycled materials. Certain chemicals like adhesives and flame retardants let off harmful VOC’s. Textile waste is also bad for the environment but is being eliminated by using recycled fabric and mixing them with new materials. If you are interested in a rug, get one that is made out of organic cotton, linen, jute or sisal.

Remember to look for labels that say the materials are safe for you and for the environment. Using materials that are made out of recycled materials are a great way to help with the environment. The greener we are today, the better life will be tomorrow.

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