Darryl Glade ~ New Orleans Real Estate

New Orleans Real Estate Market Report March 2009

This market report focuses on Single Family Homes.

March 2009 - 1878 properties for sale in New Orleans. -7.6%

March 2008- 2032 properties for sale in New Orleans.

196 properties sold in New Orleans in Mar. 2009. -8%

213 properties sold in New Orleans in Mar. 2008 .

The average price for sold properties was $217,000 in Mar. 2009. -1.1%

The average price for sold properties was $219,000 in Mar. 2008.

The average days on market for sold properties was 96 in Mar. 2009. -7.7%

The average days on market for sold properties was 104 in Mar. 2008.

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans real estate market report was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

New Orleans Real Estate (Condos) Market Report March 2009

This market report focuses on Condos in New Orleans.

March 2009 - 736 condos for sale in New Orleans. -15.4%

March 2008 - 870 condos for sale in New Orleans.

35 condos sold in New Orleans in March 2009. -20.5%

44 condos sold in New Orleans in March 2008 .

The average price for sold condos was $253,000 in Mar. 2009. 4.1%

The average price for sold condos was $243,000 in Mar. 2008.

The average days on market for sold condos was 138 in Mar. 2009. 25.5%

The average days on market for sold condos was 110 in Mar. 2008.

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans real estate condo market report was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.

New Orleans Real Estate - Learn more about FHA-Insured Mortgages

Today's New Orleans Real Estate blog post is all about FHA-Insured Mortgages. With the credit market as tight as it currently is, it helps to understand all of your options...and FHA is a very strong option.

According to Realtor.org, since FHA was created in 1934, it has helped over 34 million families buy a home. First of all, FHA stands for Federal Housing Administration. So, what does FHA actually do? They basically insure mortgages backed by banks and other lending institutions and because these loans are backed (insured) by the U.S. Governement, banks are able to extend loans to more of the community. Since the governement backs the loans banks are willing to give loans to applicants with perhaps less than perfect credit and little money to put down. Who is eligible for an FHA loan:

• Must occupy the home as a principle residence
• Have a valid social security number
• Have 2 year employment history
• Not be delinquent on other Federal debt such as student loans
• Meet credit requirements

Other important facts:

• Buyer's entire investment can be a gift
• Seller can contribute up to 6% of sale price in buyer's closing costs
• US citizenship is not required but must have a SS#
• A minimum credit score is not required
• No prepayment penalties

As always, contact your lending professional for more details.
You may also be interested in: New Orleans Real Estate – The Definitive Blog
__________________________________________________________________________ This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.
For New Orleans and the metro area real estate info, please see New Orleans Real Estate.
To search New Orleans Properties, please see New Orleans Property Search.
Click here to view Darryl Glade’s Real Estate Profile.

New Orleans Real Estate - 1031 Exchange - Tax-Deferred

Have you ever heard of a 1031 Tax-Deferred Exchange? I would bet that you have...to a certain extent. This New Orleans Real Estate blog post is intended to give a very general and basic look at 1031 exchanges. As always, please consult with your tax professional or attorney for more specifics.

So first of all, what is a 1031 Exchange? According to 1031.org, a 1031 exchange is "a method by which a property owner trades one or more relinquished properties for one or more replacement properties of "like-kind", while deferring the payment of federal income taxes and some state taxes on the transaction." Basically, it seems like you sell a property and then buy another immediately in order to defer paying taxes on the proceeds from the sale of the first property.

What are the requirements for a valid exchange?

• Qualifying Property - Certain types of property are specifically excluded from Section 1031 treatment: property held primarily for sale; inventories; stocks, bonds or notes; other securities or evidences of indebtedness; interests in a partnership; certificates of trusts or beneficial interest; and chooses in action. In general, if property is not specifically excluded, it can qualify for tax-deferred treatment.
• Proper Purpose - Both the relinquished property and replacement property must be held for productive use in a trade or business or for investment. Property acquired for immediate resale will not qualify. The taxpayer's personal residence will not qualify.
• Like Kind - Replacement property acquired in an exchange must be "like-kind" to the property being relinquished. All qualifying real property located in the United States is like-kind. Personal property that is relinquished must be either like-kind or like-class to the personal property which is acquired. Property located outside the United States is not like-kind to property located in the United States.
• Exchange Requirement - The relinquished property must be exchanged for other property, rather than sold for cash and using the proceeds to buy the replacement property. Most deferred exchanges are facilitated by Qualified Intermediaries, who assist the taxpayer in meeting the requirements of Section 1031.

There are many more questions and answers regarding 1031 Exchanges at 1031.org. I encourage you to go take a look!

You may also be interested in: New Orleans Real Estate – The Definitive Blog __________________________________________________________________________

This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade’s Real Estate Profile.

New Orleans Real Estate - Solar Water Heater

Just like everyone, I am continually searching for ways to reduce my monthly energy bills. Yesterday, I heard an ad on the radio talking about the benefits of solar power. I did a bit research and found out that installing a solar water heater is a pretty good idea.

Most of the solar products out there seem to be a bit cost prohibitive, but the solar water heaters actually are not so bad. While prices vary, South Coast Solar said prices start around $9,000. They, of course, stressed that they would need to come out to give a true price (further research found cheaper companies). So I can hear you thinking already, "didn't he say that it wasn't cost prohibitive?! 9 grand for a hot water heater?!?" Let me explain further...

Living in the state of Louisiana actually benefits us when it comes to solar energy! The Louisiana Solar Tax Credit gives residential owners and commercial (multi-unit apartment buildings) owners a tax credit equal to 50% of the installed cost of the system and can be claimed for multiple systems until 100% of the home's energy needs are addressed. And that is not it! There is a Federal Solar Credit that you can claim. This credit is in the amount of 30%. That means if you install a solar water heater in New Orleans (or anywhere else in Louisiana) you can claim 80% of the installed cost of the system. What a great deal!

Once you take the tax credits in to account, that $9,000 water heater turned into a $1,800 water heater. Plus you get the following additional benefits:

• Potential longer lifespan than a normal water heater
• Cheaper operating costs
• Reduces dependence on fossil fuels
• Reduces energy bills!

I am going to look into it myself!

You may also be interested in: New Orleans Real Estate - The Definitive Blog

__________________________________________________________________________

This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

For New Orleans and the metro area real estate info, please see New Orleans Real Estate.

To search New Orleans Properties, please see New Orleans Property Search.

Click here to view Darryl Glade's Real Estate Profile.