Avenue Pub Will Have New Owners

 The Avenue Pub in New Orleans went up on the market for sale and now has new owners. The Blue Oak founders Ronnie Evans and Philip Moseley and the owners of Frenchmen Street bar the Rambler, Steve Jeffcoat and Ryan Noland have purchased the bar and will still call it Avenue Pub.

The new owners paid $1.7 million and beat out all the other bids, mainly because they plan to keep it Avenue Pub. The bar will runs similar to how it ran under owner Polly Watts and will also retain the current staff.

Staff are excited because of the great benefits that Blue Oak offers. These include medical and dental and paid time off plus above average pay. Blue Oak also helped hospitality workers during the panedemic by giving free meals away.

Avenue Pub first opened its doors in 1987 and is loved locals. It is known for a 24-hour haven for late shift workers; a cutting-edge beer hub for enthusiasts; and one of the city’s leading pub food destinations. The sale took place this month but Watts will still be on hand to help with the annual Zwanze Day event.

There will be some changes according to the new owners. The food menu will be the biggest change but will stay focused on smoked meat dishes. Meat from Blue Oak smokers will now hit the menu. Dishes will include tater tot poutine, stuffed boudin balls, a fried chicken sandwich, shrimp tacos, and smoked chicken wings, which is one of few items borrowed from the original Blue Oak menu. There will also be more TV’s added making it a perfect Saints game day spot.

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Steps to Take When Buying A House

 The best way to start your house search is to work with a local sales agent who can help you navigate the home buying process. Here is a list of the steps you and your realtor should take when going through the homebuying process.

1. Make sure you’re ready

You not only need to be financially read, but also emotionally ready when it comes to purchasing a home.  It is said that buying a house is one of the most stressful things to do when it comes to life events.  With that being said, you are going to be at your home for a good amount of time so there are questions to ask yourself.  What are your goals for the next few years?  Are you going to be purchasing a home with a partner, if so, are you all in agreement on how much you want to spend?  Is there a chance that you might need to relocate for work?  Are you thinking about starting a family?  These are big life questions that can help you determine if this is the right time to purchase a home.

2. Get your finances in order

Again this is one of the biggest financial decisions you will make in your lifetime.   Before you take the plunge, make sure you are 100% financially stable.   A great resource is a home affordability calculator.  With this tool, you can help determine your budget by listing your income, debts, location and down payment amount.  You can compare how much your mortgage would be versus how much income you bring in.  This will help you keep your housing hunting to a home you can realistically afford.   Along with this, check your credit score too.  A high credit score will allow you to get a lower interest rate.

3. Make a plan for the down payment

After you figure out what you can afford, then you want to determine your down payment. The norm is to put down 20% but nowadays many potential home buyers are opting to put down less.  The downfall to this is you will have to pay private mortgage insurance (PMI) when you put less than 20% down.   Note that certain loans require a minimum downpayment.  There are many programs out there that can assist with a downpayment.

4. Create a wish list

List some things you would love to have in your new home (a wish list). Things to think about when creating a list are, detached or attached unit, ideal location and move-in ready or fixer-upper.  If you have a big family and pets, your best choice would be a single-family home with a yard.  You will want to choose a neighborhood that best fits your lifestyle.  If you love the outdoors, you should look for a neighborhood with tons of greenspace and walking trails.  If you are good with your hands, then a fixer-upper could be right for you.

5. Find the right mortgage

There are several different types of mortgages.  A conventional loan offers a low minimum down payment but is strict with qualifications.  An FHA loan is backed by the Federal Housing Administration and is usually easier to qualify for but you will more than likely have to have mortgage insurance.  A VA loan is backed by the Department of Veterans Affairs and is only for active or former service members. A jumbo loan is used when the home that is being purchased is more than standard lending limits.  A renovation loan will allow you to combine the costs of your home improvements with the home loan.  Depending on your situation and your credit score there is a loan that is right for you.

6. Find the right Realtor

Once you have your mortgage pre-approval and you know what you are looking for, it is time to find an agent who can help you with your search.  You will want to interview several agents to find one that fits you.  Professionals in the industry say that it is a good idea to at least interview three different agents.   Word of mouth is a way to find an agent.

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New Orleans Will Now Have A Green Hydrogen Initiative

 A Fifty Million grant has been given to New Orleans in order for south Louisiana to become the “hub of green hydrogen activity.” The grant comes from the Biden administration and the project will be headed by H2theFuture.

H2theFuture is run by Greater New Orleans Inc. The money won for the project will pay for the transition the state’s economy away from hydrogen produced by fossil fuels toward “green hydrogen,” a cleaner form of hydrogen created using renewable energy. H2theFuture is one of the winners of the grant money accross the country. The project will help find ways to also reduce hydrogen costs, build a center for hydrogen-fueled ships and barge, and build a central campus for all the states hydrogen cluster ecosystem.

“This EDA investment will advance regional economic competitiveness in the clean energy space with a focus on equity … creating a resilient regional economy for the future,” Alejandra Y. Castillo, assistant secretary of commerce for economic development at the EDA, said in a statement.

Hydrogen has been used for petroleum refining and fertilizer production. Now it will also be used as a fuel. When burned this way it produces clean electricity through water and also heats as byproducts.

“With clean hydrogen, we can remain an energy state — but become an energy state of the future that has less impact on the environment,” said Michael Hecht, president and CEO of Greater New Orleans Inc., a regional economic development agency told The Associated Press. “When money and morality come together, you get stuff done.”

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Is the Artificial Real Estate Market Over?

 Stephanie Vitacco, a real estate broker with Equity Union, says that the artificial housing market is over. During the past two years there has been an artificial market, and we have gotten spoiled by this. The bidding wars are over and buyers should “get picky again.”

As the interest rates begin to rise, the homebuying market is slowing down. The market is currently transforming and buyers are slowly getting buying power back. “We were used to getting 10, 20 to 30 offers on a property. Now we’re back to the point where condition matters a whole lot more as well as the floor plan. Buyers are being picky – and they can be picky”, Vitacco said.

According to Redfin this summer a listing spent 19 days on the market which was one day longer than the summer of 2021. “Buyers, who earlier this year had to race to beat the competition, can now take their time touring homes and perhaps even wait to see if sellers drop their price, ” says Daryl Fairweather, Redfin chief economist.

Redfin shows that home prices are falling and less buyers are out there competing for a home. Sellers are now having to lower their home prices and the listings that were selling above asking price decreased. Many professionals in the industry are telling their sellers to price their homes realistically from the start so they will not sit on the market. “The market slowdown is giving buyers more opportunities to negotiate, especially with sellers whose homes have been on the market for a while, ” says Jessica Nelson, a South Carolina real estate agent with Redfin.

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