About New Orleans' Algiers Point

I recently was asked about how the real estate market is doing in Algiers Point, specifically for doubles and other multi-family properties. Well, I’m sorry to say, that it’s not good news for sellers in the community – too much competition and too few sales.

Multi-Family Property in Algiers Point (including doubles)

While the trend line may indicate increasing values, there have been only 3 multi-family properties sold in the Point in the last 6 months and none as of 3/31/2010. With 23 active listings at this time, there is a lot for the buyers to choose from, making them more likely to walk away from a deal if they don’t feel like they are getting a “bargain”.

Sales of Doubles in Algiers Point

Prices of doubles in the Point have followed the same trend line over the past few years. There are currently 16 properties listed for sale, while there have been only 2 successful sales in the last 6 months and none in 2010.

Only 7 of the available properties are generating any rental income at this time, making it a harder sell to investors who are attempting to determine whether a property will cash flow according to their standards. There are 14 rental listings in the Point, priced from a low of $600 per month for a one bedroom to a high of $4500 per month for a 2 bedroom single family home, so obviously determining a real rate of return is easier on properties that are already tenant occupied.

Need more information? We’ll be happy to take a look at your property and give you an honest opinion about a probable sale price. Just call Lisa at (504) 616-6262 or drop us an email.

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Algiers Point:

21 single family homes are for sale in the Point

• High list price $389,000
• Low list price $187,000
• Average list price $276,910
• Median list price $275,000

6 homes are under contract or pending sale, priced from $113,400 to $287,900

Based on the number of homes sold in March (6), there is a 3.5 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Homes Sold | March 2010

Algiers Point ended the first quarter with a total of 11 single family home sales, compared to 3 at the same time last year. Already in 2010, the Point has sold more than 50% of the total sales recorded in 2009 – great news for sellers who watched sales dip dramatically last year. Since the Point is not the typical first time home buyer market, I would not expect to see a drop off in sales when the tax credit ends on April 30th.

I’m excited about the increase in the number of sales but I’m still hesitant to call it a recovery, choosing instead to spotlight it as a shifting market until we have more data in. Potential home buyers and sellers can keep up with new listings and sales by getting this week’s free home value report.

Days on market has increased as some of the homes that have been listed for a longer time are finally selling. I expect to see this number continue to go up since the average active listing has been on the market now for 196 days and the average home that is pending sale has been on the market for 139 days.

Algiers Point | Average Single Family Home Sale Prices | March 2010

The average sales prices have been dropping month to month in 2010, but are still almost 16% higher than in 2009. With only 1 bank owned foreclosure sold in the area this year, the average paints a fairly accurate portrait of home values for owners in the Point.

More about March 2010 home sales in Algiers Point:

• 1 bank owned foreclosure was sold
• 33% (2) of sellers provided some sort of closing cost assistance to the buyers
• Conventional loans are the standard financing option in the Point, typically due to either the renovations needed or the age of the home presents some challenges for FHA financing because of the code requirements.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

You might also be interested in:

• Home buying tips
• Home selling tips
• Algiers Homes for sale
• West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Algiers Point:

25 single family homes are currently for sale

• High list price $389,000
• Low list price $113,400
• Average list price $261,336
• Median list price $259,900

3 homes are under contract or pending sale, priced from $123,500 to $239,900

Based on the number of homes sold in February (2), there is a 12.5 month supply of homes for sale in the Point

Algiers Point | Number of Single Family Home Sales | February 2010

As of February 2010, there have been 5 single family homes sold in Algiers Point, compared to 2 at the same time last year. While it’s still a fairly low number, it does represent an over 100% increase in sales for this time frame.

Days on market for sold homes in 2010 has moved up to 105. Since the average active listing has already been on the market for 171 days, we can expect that number to rise as some of the older inventory is cleared out during the year.

Algiers Point | Average Single Family Home Sale Prices | February 2010

Even though average home sale prices in Algiers Point dropped from January to February, the year to date average of $282,630 represents the highest average we have seen in the neighborhood since 2006. Given the number of calls we had on a recent listing in the Point, it appears that interest in this historic New Orleans area may be returning.

More details about home sales in Algiers Point

• Both homes sold in February were in Excellent condition
• 1 seller provided closing cost assistance to the buyer
• No home warranties were provided by the sellers
• None of the sales were foreclosures
• A look at the financing methods used by buyers in the Point indicates a return of some better qualified purchasers to the area

All data is provided by GSREIN and is deemed reliable, but not guaranteed

Related Articles:

Home buying tips
Home selling tips
Algiers homes for sale
West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team.

It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Next week the kids are out of school and the grocery stores will be packed with folks hunting and gathering all of the things they need to prepare too much food for too few people. For many, it's a stressful time, trying to do everything just so. I don't know about you, but I usually need a break from all of the preparations and look forward to some time out of the house just to have a little fun.

What could be more fun than Turkey Bingo?

The Sunshine Club of Algiers is sponsoring it's annual Turkey Bingo on Tuesday, 11/25/2008 in the Holy Name of Mary School cafeteria in Algiers Point.

Since the 1930's, the Sunshine Club has distributed holiday baskets to between 150-200 local families in need. The big, annual spaghetti dinner was canceled this year due to Gustav, so Turkey Bingo needs your support!

Winners of the bingo games get their very own turkey to take home and it's a wonderful way to spend a little quality time with friends, family and neighbors. Here's a thought - if you win, the Sunshine Club will gladly take that turkey as a donation towards the Christmas baskets that will be distributed on December 20th.

The first game starts at 7:30 pm and bingo cards are only $1.50 each. Watch out for those power players that can play a table full of cards at once! Kids, as always, are welcome and there will be food, drinks and sweets available along with a parade of prizes and a 50/50 raffle.

For more information, contact Gary Laigast at (504) 450-7460.

Happy Thanksgiving!

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.

I can't begin to express how pleased I am that the proposed Federal City in Algiers seems to be moving forward!

What is the Federal City? 

Scheduled to open on the existing Naval Support Activity in Algiers, the City is expected to house multiple military offices, with 2,000 Marine personnel to be transferred to the installation and the eventual addition of other federal, state and local offices.  The plan was developed when the NSA facility was slated for closure as part of BRAC (Base Realignment and Closure).  I'm actually already seeing the results of BRAC in other states with many new military families being transferred to NAS JRB in Belle Chasse recently and more scheduled by the end of the year.

As a resident, I'm thrilled at the prospect of the positive impact that potentially thousands of new jobs will have on the area.  As a REALTOR, this project gives me reason to envision a light on the horizon for the Algiers real estate market which has taken such a hit in the last year.  More jobs means more people coming into the area every day.  With high commuting costs today it only makes sense that many of these employees will choose to live close to their jobs, especially with the reasonable housing costs offered by so many neighborhoods.

The city has a real opportunity during the planning and development stages to encourage the revitalization of General Meyer and Newton Streets.  Where there are jobs there is always a need for services, so opportunities for local small businesses should increase as well.  Think about all of the little errands that you try to get done on your lunch hour and those are the business owners and entrepreneurs who should be considering investing in the area in the upcoming years.

I'm not a Pollyanna, and I have no doubt that there will be bumps along the way.  But, I think that Algiers is being presented an opportunity that shouldn't be wasted.  I, for one, am glad to see progress in one of the best kept secrets of New Orleans.

Here are some of the local media takes on the news of the project:

http://www.nola.com/news/index.ssf/2008/08/jindal_federal_city_in_algiers.html

Funding For Federal City Project Approved

Copyright 2008.  West Bank Living  All Rights Reserved