Cash Sales Are Beating Out FHA-Backed Sales In Today’s Market

ccording to the National Association of HomeBuilders’ study of the U.S. Census Bureau’s Quarterly Sales by Price and Financing more homes were purchased by cash in the third quarter of 2022.  This is the first time a cash sale has beat out an FHA loan since 2007.  The share of cash purchases climbed 9.5% to a 20-year high which amounted to 14,000 sales. 

New home sales through the Federal Housing Administration (FHA) came in only at 11,000 sales which was 7.5% of the total sales in the third quarter of 2022.  The share has dropped close to two-thirds since spring of 2020.  Conventional loans made up 77.6% of new home sales in the third quarter of 2020 while VA loans declined to 5.4%.

The national median sales price of a new home was $454,900 in the second quarter of 2022.  This was a 5% increase but there is still a big difference in the type of financing percentages.  New home sales with all-cash increased 27.3% since the beginning of while FHA-backed sales have decreased 7.6%.  The median prices varied for new homes by the type of financing, conventional $503,200, FHA, $340,300, VA $432,200 and cash $494,200.

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Celebration in the Oaks, A City Park Tradition

The pandemic put a damper on almost all of the events that were traditions around the country. This year, Celebration in the Oaks will return to City Park in New Orleans. The 2.25-mile driving tour has over a million lights along with a walking tour, amusement rides and the Botanical Garden.

The tour began this Thanksgiving and will run through New Year’s Day this year nightly from 6pm to 10pm every Wednesday, Thursday and Sunday and 5pm to 11pm every Friday and Saturday. This is New Orleans City Park’s largest annual fundraiser. The proceeds help with the park’s maintenance, care and beautification year round.

Celebration in the Oaks brings in over 135,000 visitors from all over the world. The park’s annual holiday event began in the late 1980’s. The park is over 170 years old and is managed by the City Park Conservancy. The park also includes the New Orleans Botanical Garden, Couturie Forest and Arboretum, the New Orleans Museum of Art, the Louisiana Children’s Museum, and trees over 800 years old.

There are a limited number of tickets sold per day so hurry to purchase your tickets and choose your time slot. Cars and SUVS begin at $25, walking tours begin at $25 and Limousines and vans start at $150. Bike tours begin at $5 and will only be held on November 29th, December 6th and December 13th.

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What Will Become of Emril Laggasse’s French Quarter Restaurant NOLA?

NOLA, has been a French Quarter staple for close to 30 years but has been closed since March of 2020 due to the pandemic.  It has left many wondering if the restaurant will reopen?  The question has been answered as a different local restaurant company has leased the building that NOLA is located in at 534 St. Louis Street. 

NOLA will be turned into Boulevard American Bistro by Creole Cuisine Restaurant Concepts.  The group owns over 20 different restaurants and bars around the New Orleans area.  The Boulevard brand which currently has locations in Metairie, Elmwood and Covington, will now have a fourth location in the French Quarter.

The new restaurant is slated to open its doors by January 2023.  The restaurant will serve cuisine between high-end Creole and casual Creole which is a perfect fit for the French Quarter.  "We want to bring something fresh to the French Quarter, something needed in the selection of restaurants here.  It's going to be an All-American, polished casual restaurant," says Marv Ammari CEO.

The new restaurant will still have the same structure to it, with just renovations to the decor and furnishings. The wood-burning oven, open kitchen and elevator will still be there.  The bar will be larger in the new restaurant like the bar in the Boulevard American Bistro in Covington.  In fact, the company started up with bars and then went into the local restaurant business.  Their restaurants include Broussards, Cafe Maspero and the Bombay Club which are all located in the French Quarter and Tommy's and Ernst Cafe in the Warehouse District.

"At the end of the day, we owe it to New Orleans, and we need to be part of building the city," Ammari says.
Boulevard first opened in 2015 after the group took over the Houston's in Metairie.  All the locations share the same American temporary flare with dishes including prime rib, seared tuna salads, crab cakes, cedar plank salmon and barbecue ribs. The new restaurant will have a slightly different take with more steaks and a bigger wine list.

"We're working with a menu we know and execute very well. It's a matter of getting the right team together, Ammari commented.

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The Current New Orleans Housing Market

 Many buyers have become very frustrated with the housing market within the past two years.  Buyers are in crazy bidding wars making it hard to find a home. One home buyer, who has a price range of $400,000 to $450,000, is surprisingly being outbid the last several attempts and purchasing a home. 

“There is not a lot of property on the market that is viable and when they do come up, they sell within a matter of days.  I even offered all cash, full asking price recently and it got bought out from under me,”  says a current renter.

New Orleans and the surrounding neighborhoods have seen their share of quick home sales and high bids on properties.  This scenario has been the same whether a homebuyer is purchasing a starter home or a luxury home.  Professionals in the industry say there are many determining factors that say a change is ahead.  In 2021 a 30-year mortgage was at 3% while current rates are averaging around 6.3%.  The higher monthly payment cost coupled with the rising inflation is making buying power weaker.  The U.S. inflation has climbed above 8% which was around 5% this time last year.

All of these occurrences have caused a slump in the number of home sales.  In fact, the New Orleans metro area which includes nine parishes, is seeing a 10% decrease in the number of home sales compared to the home sales of the same time last year.  This is also confirmed by the number of homes on the market.  The market is up 14% compared to last year but the sales are down from last year.  Currently, we are also increasing the months’ supply of inventory from 2 months to 3 months.

Even though the market is becoming less and less of a seller’s market, it is still not seeing the sales.  The most demand seen is in Mid-City, Uptown, parts of the Bywater and Old Metairie.  “It’s probably the strangest housing market I’ve seen in 20 years. Some houses now are sitting for 30 to 60 days, and offers fly off the market overnight with multiple offers. It’s house by house, block by block, and it doesn’t make a lot of sense,” said Craig Mirambell, a Metairie area broker.

“Anything that is well priced, realistically priced, goes fast.  Some of the frenzy has died down.  But anything well priced will sell,” says Bron Hebert, a realtor with Francher Perrin Group.

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Shingle and Paint Pairings to Boost Your Home’s Curb Appeal

 One of the most dramatic changes to a home’s curb appeal is replacing the roof. Choosing the right shingle is a must when it comes to replacing your roof. Here are five shingle and paint pairings that professionals suggest.

1. Warm, Earthy Neutrals

Earthy neutrals are one of the most popular trends of 2022. Shingles that are dark and light brown with tonal variation present a warm and welcoming feel. These colors blend into the surrounding environment giving the home’s exterior a natural feel. Not only to do they blend into nature, but they also hide dirt well so you do not have to clean your roof all the time.

For paint colors, earthy brown shingles are complemented by shades of beige, taupe, or hunter green for the exterior. The brown shingles also pair well with warm brick or stone facades. A classic, Craftsman, farmhouse or cottage-style home looks great with this shingle.

2. Bold Black

You can never go wrong with black. A nice black or charcoal will definitely make a statement and give a timeless appeal. If you are using solar panels, a black shingle can help the panel recede into the background.

A white siding or trim with a black shingle is a classic look that will never go out of style. Warm cool grays, soft blues and seafoam green can also work well with a black shingle. Black shingles compliment a contemporary and midcentury modern style home.

3. Light Tones

These tones include cool soft blue or pale gray. This looks great with white, stone, or dark blue paint on a coastal or traditional home. If your roof has a lot of architectural detail, this tone of shingle will not be visually dominant. Shingles nowadays will also not stain as much as the older roofs. They are built to resist blue-green algae growth.

4. Rustic Combination

Homes that have dark red brick or beige stonework give off a bold and rich vibe. Again, rich brown is a perfect match. Organic and earthy roof colors go well with Colonial-style, classic farmhouse and heritage cottage.

To give an old-world feel choose the hand-cut look for your shingles. This gives a modern shingle a charming handcrafted look. When going for this look, use a mixture of warm, cool and brown-toned shingles.

5. Monochromatic

If your home uses several different colors on the siding and trim a monochromatic roof color will work best. For example, if you have a home with a medley of greenish grays and white, you will want a mid-tone or cool gray shingle. A uniform shingle look goes best on Colonial Revival or Tudor Revival architecture.

If you are in the market for a new roof, you can’t go wrong with any of these combinations. Remember climate used to play a big part in what color and kind of roof you had to use. Today’s modern technology such as high-performance cool roof shingles can reflect the sun to help it stay cooler in hotter climates.

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A New Craft Beer Headquarters in New Orleans

Four breweries have planned to combine and move to a single headquarter in New Orleans. Faubourg Brewing Co., a New Orleans-based brewery, has merged with three breweries that are owned by an Alabama private equity firm. The goal of the merger is to “build a regional craft beer powerhouse.”

The Faubourg Brewery in New Orleans is owned by Tom and Gayle Benson and will be the new headquarters. The Benson Group and Wiregrass Equity Partners of Montgomery who own craft breweries in the Carolinas and Florida will relocate there. The deal will be a 50/50 partnership and will also include future mergers and investments made by the Benson Group.

“Our goal is to help New Orleans become as well known for its beer as it is for its cuisine and to see the local craft beer industry continue to grow and create quality jobs,” said Gayle Benson in a prepared statement. “Our partnership with Made By The Water allows us to grow the Faubourg brand, and bring in a partner that is a leader in building craft beer brands.”

The Bensons purchased Faubourg in 2017 which was called the Dixie Brewing Company. Dixie was originally founded in 1907 but it was shut down because of Hurricane Katrina. The huge facility, 275,000 square feet is located at the junction of Interstate 10 and the Industrial Canal on a 15-acre site.

Combining the companies into this one brewery will make this the 46th-largest craft brewer in the United States. “This is not just a merger,” said Ben Hales, chief operating officer of the New Orleans Saints and Pelicans. “We’re all doubling down and making additional investments, and not just in the Made By The Water headquarters but in other breweries that are a cultural fit for us over the coming years.”

“New Orleans and its culture and history is an ideal base for us to build on that,” Alexi Sekmakas, CEO of Made By The Water said.

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Two Important Factors a Home Inspector Notices In a Bathroom

 A homebuyer always looks at the style and upgrades of a bathroom when touring a listing. A home inspector looks for two things, safety and water. A home inspector always has the worst scenario in mind and the bathroom tends to be where one would occur. The Centers for Disease Control and Prevention did a study that showed in 2008 emergency department doctors treated 234,094 non-fatal injuries that occurred in the bathroom.

“There are so many ways to be injured: slipping on wet tiles, scalding water that is too hot, and electrical shock from improper wiring are all common occurences,” Welmoed Sisson, a certified home inspector says.

The water coming from the faucets in a bathroom should never go over 120 degrees out of the sink and 106 degrees in the bathtub. Other issues that will be noted are cracked tiles with sharp edges, loose toilets, poor clearance, loose grab bars, small shower doors and non-tempered shower door glass. Another potential hazard can be the electrical outlets. A home inspector will make sure there are GFCis located in the bathrooms. A ground fault circuit interrupter will protect against electrical shocks.

Water can cause a damp environment which is not a good sign in a bathroom. This can cause thousands of dollars in repairs. A home inspector will look for gaps between tiles and missing caulk around bathroom fixtures. They will also look underneath the sink to make sure the drain is plumbed correctly.

“Many people assume that a bathroom is waterproof-it’s not. It’s water-resistant. Water is persistent and will find any available opening to flow into. Any tiny gap in caulking or grout can lead to massive amounts of hidden damage to the framing inside the walls,” she says.

Another thing is to make sure the base of the toilet is secure and there is no softening of the floor. The softening of the floor can indicate water damage. They also want to make sure the toilet does not shimmy.

“It should not move at all. Any movement could indicate a weakening of the seal at the floor, which can lead to leaks,” Sisson states.

Remember if you are looking for a new home, make sure to not just look at the aesthetics in the bathrooms, but the caulk and grout condition as well. Home inspectors warn that buyers get distracted by things such as trendy light fixtures and upgrades.

“They should get up close to the walls and floors, looking for signs of poor maintenance,” Simmons suggests.

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