Home builders nationwide have a reason to celebrate – it’s beginning to look a lot like a seller’s market once again in the current real estate market. According to statistics, the monthly supply of homes ready to be purchased on the market has dropped below a 5 months supply. The tightening of inventory will promote quick sales as well as an eventual increase in home prices as demand will soon outweigh supply.
Potential home buyers will be able to purchase these new homes for sale as well as existing homes for sale because 
of an easing of credit requirements and down payment requirements both for FHA and Freddie Mac and Fannie Mae loans. Decisions are being made to introduce loan packages that will offer down payment assistance to home buyers as well.
Another huge factor in supply and demand is the dramatic increase in household formation which means that more people will be out looking to establish a residence whether it is in an apartment or buying a home. Millennials that were unable to get a job “right out of college” have started to move out of roommate or parent / relative living arrangements because of the new availability of employment nationwide. The percentage of Millennials looking to get their own place increased by 11% from November to March according to surveys.
Finally, even though housing starts have been stymied by the unusually brutal winter weather, housing sales as of February reported a 7.8% sales increase on a monthly basis for new home sales and a 1.2 sales increase on a monthly basis for previously owned homes.
Wall Street is reflecting this sentiment with the iShares Dow Jones U. S. Home Construction ETF (ITB) showing a new 7.5 year high which is a reflection of the averaging out of home pricing gains which were on a roller coaster ride as the economy recovered. Investors are interested in housing shares once again as the real estate market is showing true signs of recovery. Overall there are multiple reasons for optimism in the housing market
Where: Riverside Park by the Bogue Falaya River
At the South End of Columbia Street
Columbia St. Landing
100 N. Columbia St.
Covington LA 70433
When: Friday, May 15, 2015
6pm-9pm
Free Admission!
985-892-1873
gottaluvcov@covla.com
Click Here for More Information.
Madisonville Historic MuseumWhen: Every Saturday, 12:00pm – 4:00pm
Saturday Dates in May, 2015
May 2, 2015
May 9, 2015
May 16, 2015
May 23, 2015
May 30, 2015
Where: 201 Cedar Street
Madisonville, Louisiana
What: Museum Hours Every Saturday and Sunday in Madisonville, Louisiana
Call 985-845-2100 for More Information.
Business After Hours St. Tammany Home Builders Association
Where: Heritage Bank
205 North Columbia Street
Covington, LA 70433
When: Thursday, May 7, 2015
5:30 – 8:30 pm
Click Here for More Information or Call 985-882-5002.
Mandeville Trailhead Community MarketWhen: Every Saturday, 9:00am – 1:00pm
Saturday Dates in May, 2015
May 2, 2015
May 9, 2015
May 16, 2015
May 23, 2015
May 30, 2015
Where: 675 Lafitte Street
Mandeville, LA 70448
What: A Farmer’s Market and Craft Market held at the Mandeville Trailhead.
For More Information, call 985-845-4515 or E-mail mandevillemarket@gmail.com.
The term, traditional neighborhood development, evolved out of the concept of urban planning which included designing a “small town” within larger cities that has its own town center as well as commercial, retail, residential, and sometimes rental opportunities for its residents. Walk to where you work and play became the buzz words for
these urban and suburban communities. Now, in Mandeville, Louisiana urban architect Steve Oubre, of Architects Southwest is set as the designer of terra bella village to create lakefront traditional neighborhood development plans for the site of the now abandoned industrial concrete plant.
Located just east of the Causeway Bridge, the plant was used to fabricate the concrete sections and pillars for the Causeway Bridge, which was originally built in 1956. The plant has not operated as an industrial concrete fabrication site since 1984. Drs Michael and Marcus Pittman purchased the property at sheriff’s auction that same year. In 2011, they commenced a massive cleanup effort to prep the land for development.
Three planning meetings have been scheduled by Architects Southwest, the developers, and interested community groups and residents of Mandeville on April 7th, April 9th, and April 13th. Steve Oubre spoke at the first meeting on April 7th and presented a 90-minute powerpoint explaining the vision of this new community. After extensive market studies, high-rise towers were eliminated from the plan, and the vision now includes retails shops, housing units, a hotel, and a marina on the lakefront location all centered around the town center, just like the traditional neighborhood developments he designed both in Lafayette, LA and Covington, Louisiana.
Once community feedback has been received, it’s “back to the drawing board” to actually draw up plans and renderings to present to the Mandeville City Council and the St. Tammany Parish government for ultimate approval to begin construction. Homeowners in Mandeville can expect property values to appreciate with the construction of several hundred housing units if the engineered plans are approved.
Where: 200 thru 500 block Columbia St.
Covington, LA 70433
When: Friday, May 29, 2015
6:30pm-9:30pm
FREE FAMILY EVENT
(985) 892-1873
gottaluvcov@covla.com
Click Here for More Information.
Christ Church 25th Anniversary
Third Sunday Concert Series Presents
Chris Talley and Friends
When: Sunday,
May 17, 2015
5:00pm – 7:30pm
Where: Christ Episcopal Church
120 S. New Hampshire Street
Covington, Louisiana 70433
Wine & Hors d’oeuvres Reception Following Concert.
What: Contact Margaret Mashburn at mmashbur@bellsouth.net or Click Here for More Information.
The Covington Farmer’s MarketWhen: Every Wednesday, 10:00am – 2:00pm
Wednesday Dates in May, 2015
May 6, 2015
May 13, 2015
May 20, 2015
May 27, 2015
Where: The Covington Trailhead
419 N. New Hampshire
Covington, Louisiana 70433
