New Home Sales Enjoy a 12.2% Increase in May

1st quarter results are reporting an 11.3% increase in new home sales for the first 3 months of the year and a phenomenal 12.2% increase in new home sales compared year-over-year to May, 2016.  April’s home sales numbers increased the total amount of homes sold to 593,000, and the number of total new homes sales is 210,000. More good news for new home sales is that there has been a 2.9% increase in contracts for new homes for the month of7-12 Bedico Creek Butler's Pantry with Glass Front Cabinets May, bringing new home contracts to 610,000.

New home sales numbers are also calculated by a 3-month moving average that advances each month to encompass a new data set.  According to this moving average, new homes sold stood at 616,000, which compared to all post-recession numbers is near the high of 619,000. And, the month of May makes the third consecutive month of calculating 3-month moving averages that new home sales have been over 600,000.

According to a joint report by HUD and the Census Bureau, home inventory is on the rise, increasing from 240,000 where it stood for most of 2016 to 268,000, which averages out to a 5.3-month inventory, which will give home buyers a bit more breating room as they place bids and write contracts on homes for sale.

Builders, however, have gotten the message and a good start on new homes being built.  Homes under construction are up by 6% compared to last year, and completed builder new homes are up by 5% last year for a total of 62,000.  In St. Tammany Parish, building permits have increased by 23.6%, which matches the national reports of not-yet-started homes increaseing by 43% for a total of 53,000 in May.  May, 2016 only saw 37,000 homes-to-be-built.  The southern region saw a 6% increase in home sales during the month of May. Predictions of successful sales of single-family homes in the upcoming months are punctuated by solid builder confidence and tight inventory on existing and new homes for sale.

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It’s a Seller’s Market

Home pricing, fast home sales, bidding wars, and tighter inventory are the national trends for people selling their homes in 85% of the major markets around the United States. As the housing recovery has had a steady and substantial upward trajectory since its crash in 2008, home pricing has been both a boon and a warning for 1-50 Natchez Trace Exterior Fronteconomists worried about too much, too fast causing a double-dip Recession scenario.  For now, for the first time in a long time, sellers have the advantage with a reported $44,000 increase in equity in a home sale during the 1st quarter of 2017.

This means that price gains from a purchase increased by $44,000, according to Attom Data Solutions’ report. There hasn’t been a sales gain this high since 2007.

“I am guessing we will see it get even better before it gets worse,” said Daren Blomquist, senior vice president at Attom. “If you are considering moving this spring, it could be a really good time to sell.”

This type of return on investment real estate sales results has caused bidding wars in competitive markets that have very low housing inventories. The time on the market for a home for sale has been a factor with an average of 45 days Large Rec room that can be converted to many different living spaces.for “normal” markets and an average of just 21 days for fast-moving markets. Some homeowners thinking about selling are holding on a bit longer to see if this home pricing increase trend continues before they are willing to sell – getting the most bang for their buck. Also, “warnings” in the industry are indicating that if they do sell their home and sell it quickly, they may be stranded looking for a place to buy as the inventory is so tight. So, it can be blessing and a curse – a two-edged sword.

According to the report, the median home price for the 1st quarter of 2017 was $225,000, which is a shocking 13% increase from just a year ago. For those homeowners who went “underwater” with their mortgages during the Recession, the increase in home pricing / home equity has been a huge help, but some markets such as Las Vegas and Miami are still struggling with their housing recovery. Las Vegas is still showing a 26% decline in home pricing and Miami is at 22%.

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Mandeville Trailhead Acquires Italian Cuisine

The Mandeville Trailhead will soon enjoy the authentic Italian cuisine of a local restaurant owner – Giovanni “Gio” Vanchere – who was also a high-profile chef in Vegas while operating award-winning restaurants and briefly acting as the catering director at Caesars Palace. Vanchere will be moving his 10-year-old restaurant Gio’s Villa Vancheri to the corner of Woodrow and Lafitte Streets at 690 Lafitte St. in Mandeville.

This well-known Mandeville treasure has been located on the East Causeway Approach next to a Vietnamese

restaurant for over 10 years and has had a steady and loyal clientele, especially considering that getting to the restaurant was sometimes hampered by the road construction that had been an almost 3-year ordeal for people living and working off of Florida St. and Hwy. 190.  The new location previously housed the Opal Basil restaurant, which served its last meal April 29th.

The new location of Gio’s Villa Vancheri will open around June 17th. Vanchere is pleased to now own a location, instead of renting one, and he is going to use all of the available square footage to showcase his wares.  The bottom level of the new restaurant will features tapas – European-style – and an antipasti bar.  Outdoor seating will be available on the second floor and will be the main part of the restaurant serving the authentic Italian dishes that have made Vanchere popular over the last 10 years.

“It’s been very gratifying to have the following of friends we have now and our new location will have more room for them,” he said. “And, it will be my own building.”

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St. Tammany Parish Is in the Top 3 Fastest Growing Parishes

St. Tammany Parish is in the top 3 fastest growing parishes in Louisiana.  The entire Baton Rouge area (Ascension & Livingston Parishes) had the highest amount of growth in 2016 at 3.66% and 3.27% respectively.  St. Tammany Parish grew by 3.08% from 246,026 residents in 2014 to 253,602 in 2016. The census shows that there is a lot of

“Southshore / Northshore movement” with people moving into St. Tammany Parish from Jefferson and Orleans parishes.  There are also new home residents moving in from Tangipahoa and Washington parishes, adjacent to St. Tammany Parish.  People from Pearl River County (Picayune, MS) also reported moving to St. Tammany Parish in 2016.

St. Tammany Parish has been on a progressive growth trend since 2010 with 7.5% growth from 2010 to 2016.  There are two main reasons for this – the birth of new children and the steady incoming tide of new or returning St. Tammany homeowners.  The actual numbers that show this growth are 234,568 residents in 2010 grew to 253,602 residents reported on the census during 2016.  This growth is not overshadowed by the “Katrina effect” where we

saw a surge of home buyer and renters from the Southshore right after the storm.  This growth is independent and accounts for 2,000 to 3,000 people moving to St. Tammany Parish annually over the last 16 years.

St. Tammany Parish also has a high “retention rate” with more people staying in the parish than moving out of it.  In 2016, for instance 2,416 more people moved into the parish than those moving out. Also, St. Tammany Parish has proven to have the ability to attract a “brand new audience,” attracting more people moving into the parish from out-of-state than any other parish in Southeast Louisiana.

Other facts to note include that births in St. Tammany Parish have been approaching the amount of 3,000 since 2011.  In 2016, that birth rate amount finally topped 3,000, so that has accounted immensely for growth in St. Tammany Parish. The “small town feel” with all of the trappings of commercial development, retail, entertainment, dining, and services of the cities of Slidell, Covington, and Mandeville are the draw of people moving into the parish.  Although still considered a “bedroom community,” St. Tammany Parish also offers homeowners pretty much any lifestyle amenity they could need.

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Interesting History of the Bank Building in Old Mandeville

The Candy Bank, located in Mandeville at the corner of Claiborne and Carroll Street, famous slogan is “Put Your Money Where Your Mouth Is!” This sweet filled store sells candy and ice cream and is owned by Thomas and Lisa Keiffer. Why they chose this catchy phrase can be explained by the history of this well-known Old Mandeville

landmark.

St. Tammany Banking Company and Savings Bank was founded in 1905. The first president and one of its founders was Harvey E. Ellis.  The bank opened a branch in Mandeville and was the first tenant to occupy the building in 1907.  The company opened its doors with $5000 in stock on January 1, 1907.

The building was built in the Beaux Arts style that was popular from 1880 to the 1920’s and was not only the largest building around but also the sturdiest.  Along with its decorative touches such as a gable roof with exposed rafters and intricate cornices, the building was built like a “German Bunker.”  Locals knew this was the place to go when inclement weather was upon them. “The old vault is the place to go,” said current owner Thomas Keiffer. A well-known 20th century author Arthemise Goertz refers to the large bank building in her novel, “New Heaven, New Earth.” The main character, Dr. Victor duRocher, declares: “When the fences go, we must go too. We must get out. We must go to the bank building.”

With the change in the commercial corridor of Old Mandeville from Carroll Street to Girod Street the bank building has since housed many different tenants and businesses. The building has been a previous owner’s residence, a legal office, a medical office, a photography studio, a pet supply store and a coffee house. Many Mandeville residents even remember when the building was part of Windhaven Antiques owned by Ms. Dale Gale. Luckily this old historical landmark has kept up with the times and has held its purpose.

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Builders See an Almost 13% Increase in New Home Sales

Throughout all regions of the United States in February, the real estate industry had something to celebrate. All regions increased new home sales compared to the same time in February, 2016.  In the South, new home sales increased 3.6%, which was 7.9% higher than the past year.  Approximately 592,000 new homes sold in February, 2017, which was 12.8% higher than last year and 6.1% higher than January new home sales.  6-50 Natchez Trace Brilliant Kitchen Lighting

Bloomberg analysts had estimated 565,000 in new home sale for this time period but reporting from the Census Bureau and Department of Housing showed differently.  The number of new homes available for sale going into the month of March, 2017 was approximately 266,000, which is a 5.4 month’s supply of new homes for sale.  In January, this amount was a 6.4 month’s supply, but February’s new home sales numbers trimmed this amount substantially.

The average price of a new home sold for the month of February stood at $296,200, which was lower than January’s average price of sold new homes which was $308,200.  The total average sales price increased substantially month-over-month from $355,300 to $390,400.  It increased even more when compared to February one year ago – up from $349,400.

All of this is great news for new home builders and custom home builders building new homes for sale throughout Southeast Louisiana and the rest of the Gulf Coast.  Ron Lee Homes is a St. Tammany Parish custom home builder who is building and selling new homes throughout West St. Tammany Parish.  For more information about building your new home, Contact Us at 985-626-7619 or E-mail Info@RonLeeHomes.com.

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Streetscapes on Interstate 12 Interchanges in St. Tammany Parish

As Andrew Grant the famous author puts it, “You never get a second chance to make a first impression.”  This is a focal point when it comes to the streetscapes on Interstate 12 interchanges in St. Tammany Parish.

“The first impression of St. Tammany needs to be a positive one. We want them to like it and come back. This is our one good chance to make a good first impression”, says administration spokesman Ronnie Simpson.

 

St. Tammany Parish has six economic districts that are focusing on improving.  Parish officials point out that improving these districts by giving each district their own unique design standards will enhance St. Tammany’s appearance making it more attractive for residents, visitors, and potential home buyers. Each district will be given its own name, custom sign, unique banners, landscaping, tree preservation, sidewalks and the use of swales and rain gardens to manage the storm water.

“The vision for each of these districts is to underscore the distinctive identities of each of these communities and to entice the visitor or the resident driving by to come into that community,” Parish President Pat Brister. “This is a proven strategy for increasing economic development by enhancing the attractiveness of the community and the businesses within the community, and as a result, commerce and revenue are increased.”

Potential names and designs are already on the horizon for the six districts’ I-12 interchanges.  A list of names include, Coquille District at the interchange of Louisiana 1077, Arts District at the interchange of Louisiana 21, Little Creek District at the interchange of Louisiana 59, Fontainbleau District at the interchange of Louisiana 1088, Centerpoint District at the interchange of Louisiana 434 and Crossroads District at Airport Road.  Concept designs

are already in place for some which include Coquille District’s logo of the lighthouse along Lake Pontchartrain in Madisonville and Little Creek District’s logo which shows a bicyclist along Tammany Trace.

A 3/4 cent sales tax, approved by the parish earlier this year, is anticipated to bring in approximately $4 million which will be allotted to economic development projects.

“Essentially what we’re talking about is each of these districts are the front door of our parish as people come in and out of our parish,” Simpson said.

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New Wedding Venue in Mandeville

In 1990 both Mandeville City Hall and St. Tammany Parish governments agreed to split taxes that came out of the City of Mandeville. The catalyst for this tax sharing agreement was from annexation growth. As of November 2016, 6 1/3 acres of land that sits on the east side of Mandeville has been annexed into the city limits. The land will be the future home of The Greystone, an events hall and gardens. The city and the parish will split all sales tax

revenue that is generated by The Greystone.

Currently under construction, The Greystone is located at the intersection of Florida and Clausel Streets and is slated for completion March 2017. The main structure will be approximately 11,000 square feet which will include a 5,500 square foot grand ballroom and banquet area.  There will also be an outdoor ceremony area, a complete kitchen and a private bridal suite.  The remaining grounds will include gardens, gazebos, flowers, ponds and a rocky creek.

Owners Keith and Lynda Young, who also own Keith Young’s Steakhouse and The Crabby Shack in Madisonville, plan to use the site for corporate events, conferences, seminars, other large events and weddings. The Greystone will be able to hold 350 guest and Young hopes this will attract couples and organizations who want a larger venue to stay on the northshore and not venture to the south shore of Lake Pontchartrain.   “We’re very excited about how this is turning out,” Keith Young said. “It’s a great piece of property with a great layout for weddings or any large event.”

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Archdiocese of New Orleans Has Built a Unique Senior Living Community

When it comes to the bustling population of a community, senior citizens are often over looked but the 55 and over make up a good portion of the St. Tammany population.  With this in mind, the Archdiocese of New Orleans has built a unique senior living community in Covington called St. Anthony’s Gardens. The community is located on 24 acres and sits approximately 100 yards from Most Holy Trinity Catholic Church. The $40 million dollar community will rent the apartments on a monthly basis with no large cash buy-in required making it the only private pay senior living community on the Northshore.

St. Anthony Gardens can be compared to a resort with its many resort style features and amenities.  The Garden Center Commons area has it all.  As with any resort, there is an elegant dining room and private dining room. Residents can stay fit and healthy in one of the multiple exercise rooms, cardio and strength training rooms,

walking paths and Wellness clinic with medical exam room.  They can stay busy at the theater, library with resident business center, beauty salon, barber shop, and arts and crafts studio.  For solitude and reflection there is also an On-site chapel and covered porch.

Archbishop Aymond said, “There is a great deal of growth that continues on the northshore, and we, as church, realized there was a demand for a senior living facility. It’s important for the church to reach out and create a home for its citizens.” There are three new home residential options.  According to Ken Swartzfager, asset manager for the project, “This is considered a Continuous Care Residential Community (CCRC), where you can easily transition from one stage of life to the next.”

The first option is “Independent Living” where residents can enjoy a healthy, active independent lifestyle along with the amenities and services provided by St. Anthony’s Gardens.  Residents will be provided with housekeeping, lawn service, 24-hour concierge service, complimentary transportation to scheduled events, basic cable, HDTV digital audio/video output, high-speed internet, free local/National long distance calling and home repairs.  The 120 independent living units (studio, one bedroom or two bedroom) feature 9 ft. ceilings with crown molding in living and dining areas, gourmet style kitchen with island and breakfast bar, full-sized kitchen appliances plus washer and dryer, generous walk-in closets and best of all they are pet-friendly.

The second option is “Assisted Living” which consists of 57 studio, one bedroom or two bedroom floorplans.  According to the community website, residents are “Home but Never Lonely.”  The assisted living residents will enjoy a kitchenette, 24-hour security and emergency call system, individual heating and cooling controls and plenty of storage space in each unit.  The residents will be provided with assistance with activities and daily living, medication management, weekly housekeeping and linen services, three meals daily in restaurant-style dining room or room service, transportation to (medical care, stores and community services), and social and recreational activities.

The third option is called “Memory Care” and is dedicated for residents with Alzheimer’s disease and other related dementias.  The 36 spacious suites include 24-hour security and emergency call system, three meals a day served family style or room service, medication administration, weekly housekeeping and linen services, daily activity programming, physical and occupational therapy, and a full calendar of resident activities. This area not only has full time loving care staff, but also keeps their special residents in mind with dedicated secure walking areas, scheduled transportation and specialized activities in the craft room.

John Eckholdt, former chief executive officer of the archdiocese says, “It’s state of the art and very safe. There’s a nice neighborhood and a major hospital almost within walking distance. The church is there. And, the fact that the archdiocese’s name is attached to it is a sign to people that it’s going to be well-done and people will be cared for.”  Those that are looking to downsize from a larger home and live on the Northshore now have a new residential option. In fact, Covington’s new development already has its first resident.  Stanley and Frances Bridges have moved into an independent living home and feel blessed that they are able to stay in the community they have lived in.  Stanley Bridges grew up in Covington and retired as a pharmacist at Herbert Drugs. When asked about his new home, he said, “It’s fantastic – they treat you like royalty.” The development is not only a great place for Northshore senior citizens but will also be a hub for employment for Northshore residents. “When the community is fully occupied, St. Anthony’s Gardens should employ nearly 100 people”, Swartzfager said.

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New Mandeville Subdivision Near Archdiocese Land

Brentwood Land Development LLC of Mandeville plans to build a new subdivision off Sharp Road near Mandeville.  The new community is slated to bring 103 new homes to the area.  The 104-acres, just south of Most Holy Trinity Catholic Church, is under contract and is presently owned by the Archdiocese of New Orleans.

The land is currently zoned A-1 but a request has been approved by the St. Tammany Parish Zoning Commission

to change the zoning to A-2 with a Planned Unit Development (PUD) overlay in place.  A-2 zoning will allow one home per acre and the PUD overlay will sanction for smaller lots with 25% of the land used as green space.  The developers plan to keep 66% of the tract green space which honors the New Directions 2025 land use plan. The new project proposes one home per acre which is less than most subdivisions which are built along Sharp Rd. Brentwood Land did a study that revealed the density in 450-acres of subdivisions in the area is two homes per acre.

Traffic and drainage, two issues that have many residents concerned over, have been addressed by Brentwood Land. The drainage from the new community should be 25% less than what is currently draining from the site. Attorney Jeff Schoen, who represents the archdiocese and Brentwood Land, supports that the home builder’s drainage report is currently being completed and the traffic study which was completed this summer support that the subdivision would not have a huge impact on these two concerns.  “This subdivision should have a place along Sharp Road,” Schoen said.

This new community will have a great impact on the New Orleans area real estate market.  The builders plan to construct 36 new houses on estate-size lots that are priced from $400,000 to $450,000, 17 smaller new homes priced from $350,000 to $400,000 and 50 new construction garden homes priced from $325,000 to $350,000.

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