Single-Family Homes in the Greater New Orleans Area

New home starts for single-family homes in the Greater New Orleans area are on the rise, according to Jon Luther with The Home Builders Association of Greater New Orleans.  New construction starts were at 1.21 million last month, and that included single-family home starts of 600,000 – 700,000.  Between commercial building conversions and new construction, apartments are leading the race on new construction in New Orleans simply because the opportunity to build new homes is more limited within the city limits because of the lack of land to build.  However, even if builders cannot start and build out full-scale, new home developments, there is plenty of new construction going on in the city

in the form of tearing down blighted housing and even taking an existing home “back to the studs” and starting over again as a complete rebuild.

“Anytime you see 600,000 to 700,000 new (single-family) starts, home builders are going to be pretty damn happy,” Luther said. “They’re the best numbers we’ve seen in about 10 years.”
According to Luther, the best chance that New Orleans has of starting and building a large scale development would be to utilize the 5,000 acres of land near the Avondale shipyard.  Officials in Jefferson Parish have had several meetings about rezoning this property which is owned by several different owners.  If they were to release the land for building purposes, New Orleans would be able to develop and build either a Traditional Neighborhood Development (TND) or similar master planned community on this property.

Another obstacle for providing new homes for home buyers on the Southshore in New Orleans is that it is difficult for builders to provide housing for first-time home buyers.  According to Luther, the appraisal system in New Orleans recently went through an overhaul to ensure that appraisers knew how to appraise a new home for sale in New Orleans because the values given during appraisals were losing local builders a lot out of their profit margins.  Also, with the recent concessions by the

Department of Housing and Urban  Development in lowering the down payments on FHA loans for first time home buyers, there is now a possibility of Millenials being able to move out of apartment living in owning their own home – as long as affordable housing can be built in New Orleans.

If you are interested in living close to New Orleans but not having to “pay for it” with higher taxes, higher utilities, and city rents, you should consider moving to The Parks of Plaquemines, a masterplanned subdivision located just 10 miles from the Central Business District in New Orleans, across the Intercoastal Bridge.  With a convenient location, safer neighborhood proximity, and a little bit more lot space on which to play, The Parks of Plaquemines offers lots for sale and homes for sale at competitive new home pricing.  Contact Us at 504-364-2350 or E-mail Info@TheParksLifestyle.comInfo@TheParksLifestyle.com for more information.

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Plaquemines Parish Experiences a Growth in Home Prices

Plaquemines Parish, specifically Belle Chasse, saw a 7.9% growth in home prices during the first 6 months of 2015 according to Wade Ragas, local real estate consultant and expert.  The 7.9% growth was based on numbers pulled just before Hurricane Katrina, and overall in the Greater New Orleans area, home prices have jumped 50% since just before Katrina.  On the Southshore, the average sale price for a single-family home in New Orleans went from $114 / square foot to $166 / square foot which was a different in home pricing of $228,620 vs. $339,743.  Belle Chasse in Plaquemines Parish saw the 2nd highest increase in home prices in Greater New Orleans followed by a 6% increase in St. John the Baptist Parish.

Home prices on the Southshore in New Orleans have risen on average 4.6% per year for a record-high increase of 46%.  All numbers culminated for the 8-parish region surrounding Lake

Pontchartrain in the Greater New Orleans area saw an increase in home prices of 18.6%, which is still a pretty significant increase for a 10-year period.  However, interestingly, Jefferson Parish home pricing has not “moved” very much at all since Hurricane Katrina.

Homes for sale in Jefferson Parish have remained nearly the same pricing overall in this period with only a 1% growth in 10 years.  The average price of a home in Jefferson Parish is $194,510 which equals approximately $106 / square foot.  Spikes of home pricing in Jefferson Parish can be seen in prominent neighborhoods such as Old Metairie and Bucktown where the average price of a home is $494,724 amounting to $204 / square foot.

The Greater New Orleans area can actually be compared to larger metros in its growth rate.  These metros, such as Dallas, Houston, or Miami were seeing similar growth according to Ragas.
“We have a surge in demand, but we don’t have enough inventory to keep that at an affordable level,” Ragas said. “Problems like this tend to solve themselves if markets are left alone.”

Ragas claims that there is a supply of buyers but not such a large supply of homes to be purchased, which have led to bidding wars for homes located in safe and quality neighborhoods in the city.  The Parks of Plaquemines, located just across the river from New Orleans offers new lots for sale as well as new homes for sale.  When buying a new home in our master planned community, you can avoid the high price of purchasing a home in the city of New Orleans with lower taxes, lower utilities, and a much higher level of safety.  For More Information about purchasing a home at The Parks of Plaquemines, Contact Us at 504-364-2350 or E-mail Info@TheParksLifestyle.com.

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