From the Baton Rouge Business Report:
In a continuation of a trend seen every month this year, home sales in the eight-parish region tracked by the Greater Baton Rouge Association of Realtors were once again significantly better in May compared to the same month last year. The 729 home sales recorded in May by GBRAR as of this morning represent a 24.6% increase over the 585 sold in May 2011. While the sales increase may have been expected in light of similar monthly gains seen so far in 2012, an increase in the average sales price in May will likely come as a pleasant surprise to area realtors. At $197,683, the average home sale in May this year was just shy of 1% better than the $195,885 average sales price in May 2011—and 5% better than the average sales price in April. The monthly average home sale price has consistently been about 5% lower this year compared to 2011. Through May, year-to-date home sales in the Capital Region stand at 2,949. That's 19.9% better than the 2,458 sold through May of last year, 1% better than the 2,918 sold in 2010, and 12.8% better than the 2,614 sold in 2009. A total of 3,309 sales were recorded through May in 2008, which is about 12.2% more than this year. East Baton Rouge Parish led the May sales increase, with 424 sales—95 more than in May 2011, or a 28.8% increase.
Friday, June 15, 2012
Wednesday, June 13, 2012
New Home Sales Rise More Than Expected in April
New U.S. single-family home sales rose more than expected in April and prices pushed higher, further evidence the housing market was turning the corner.
The Commerce Department said on Wednesday sales increased 3.3 percent to a seasonally adjusted 343,000-unit annual rate after a 332,000-unit pace in March.
Economists polled by Reuters had forecast sales at a 335,000-unit rate in April. Compared to April last year, new home sales were up 9.9 percent.
The data, coming on the heels of a report on Tuesday showing home resales hit a two-year high in April, suggested the housing market recovery was gaining traction.
It also highlighted the economy's underlying strength, even though job growth has slowed in recent months. The weak housing market has been the Achilles heel of the economy's recovery from the 2007-09 recession, as falling home values restrain consumer spending.
Signs of life in the housing market were also bolstered by a 0.7 percent rise in the median price of a new home last month to $235,700 from March. Compared to April last year, the median price was up 4.9 percent.
Despite the improvement in sales, the housing market continues to be hamstrung by an oversupply of used homes on the market - especially from foreclosures, many of which sell well below their market value.
While the inventory of new homes on the market rose 1.4 percent to 146,000 units last month, it remained near record lows. At April's sales pace it would take 5.1 months to clear the houses from the market, down from 5.2 months in March.
New home sales last month were buoyed by a 28.2 percent jump in the Midwest. Sales in the Northeast rose 7.7 percent, to the highest level in over a year, while in the West sales soared 27.5 percent. Sales were down 10.6 percent in the South.
New home sales account for about 7.6 percent of the overall housing market and face stiff competition from the used home segment despite low levels of stock.
Read more: http://www.foxbusiness.com/industries/2012/05/23/new-home-sales-rise-more-than-expected-in-april/#ixzz1xhe4RCO9
The Commerce Department said on Wednesday sales increased 3.3 percent to a seasonally adjusted 343,000-unit annual rate after a 332,000-unit pace in March.
Economists polled by Reuters had forecast sales at a 335,000-unit rate in April. Compared to April last year, new home sales were up 9.9 percent.
The data, coming on the heels of a report on Tuesday showing home resales hit a two-year high in April, suggested the housing market recovery was gaining traction.
It also highlighted the economy's underlying strength, even though job growth has slowed in recent months. The weak housing market has been the Achilles heel of the economy's recovery from the 2007-09 recession, as falling home values restrain consumer spending.
Signs of life in the housing market were also bolstered by a 0.7 percent rise in the median price of a new home last month to $235,700 from March. Compared to April last year, the median price was up 4.9 percent.
Despite the improvement in sales, the housing market continues to be hamstrung by an oversupply of used homes on the market - especially from foreclosures, many of which sell well below their market value.
While the inventory of new homes on the market rose 1.4 percent to 146,000 units last month, it remained near record lows. At April's sales pace it would take 5.1 months to clear the houses from the market, down from 5.2 months in March.
New home sales last month were buoyed by a 28.2 percent jump in the Midwest. Sales in the Northeast rose 7.7 percent, to the highest level in over a year, while in the West sales soared 27.5 percent. Sales were down 10.6 percent in the South.
New home sales account for about 7.6 percent of the overall housing market and face stiff competition from the used home segment despite low levels of stock.
Read more: http://www.foxbusiness.com/industries/2012/05/23/new-home-sales-rise-more-than-expected-in-april/#ixzz1xhe4RCO9
Tuesday, June 12, 2012
Real Estate Recap: June 12, 2012
From the Baton Rouge Business Report:
Highland District: More than two years after plans were unveiled for The Long Farm—a TND being developed by Russell Mosely on the property that belonged to his grandfather, U.S. Sen. Russell Long—construction is under way on the first filing of the development, a neighborhood that will be known as the Highland District. Construction on the 65 homes could begin this fall. For the complete story of The Long Farm, click here.
Another year: The Research Park Corp.'s board of directors voted unanimously last week to fund the local Regional Innovation Organization at $250,000 for another year. The RIO is supposed to improve the climate for entrepreneurs by improving access to early stage capital and other resources. For the full story, click here.
Consumer magnet: The New Orleans Costco could begin construction by year's end in the Carrollton area. New Orleans officials say their city's new store will bring out-of-parish shoppers to the city. To read more about the store's potential late-summer 2013 opening, click here.
This week's poll question: Have you shopped at Bass Pro Shops and Cabela's, and if so, which do you prefer?
Monday, June 11, 2012
Pending, closed home sales in B.R. continue steady rise
From the Baton Rouge Business Report:
While the National Association of Realtors reports pending sales across the United States stumbled for the first time this year during April—with its index off 5% compared to March, though up 14% over April 2011—the Greater Baton Rouge Association of Realtors says 39% more sales were inked in the eight-parish region in April on the year. GBRAR President Linda Gaspard says it's "more evidence that the Greater Baton Rouge area housing market continues to strengthen. Area realtors are seeing the increase in business, and it's very exciting to know this market is performing so well." One-third of the way through the year, 2012 sales were at 2,219, up 18.5% over the 1,873 sales recorded through April last year, according to GBRAR. That's also slightly better than the 2,128 homes sold through April in 2010 and the 2,003 sold in 2009. The 2,535 home sales in 2008 are 12.5% better than this year's figures through April. Though last month's final figures were not yet available as of press time, May is looking to have been another strong month in the Baton Rouge area. Early reports from GBRAR show sales up nearly 15% over the 585 sales on the month last year, and that number is likely to climb when the final tally is in. The GBRAR notes that all the statistics indicate increases in pending and closed sales will continue in coming months. The 39% increase in pending sales during April is particularly promising, as home sales are typically closed a month or two after they're signed, meaning monthly sales figures should continue to be positive into the summer. —Steve Sanoski
While the National Association of Realtors reports pending sales across the United States stumbled for the first time this year during April—with its index off 5% compared to March, though up 14% over April 2011—the Greater Baton Rouge Association of Realtors says 39% more sales were inked in the eight-parish region in April on the year. GBRAR President Linda Gaspard says it's "more evidence that the Greater Baton Rouge area housing market continues to strengthen. Area realtors are seeing the increase in business, and it's very exciting to know this market is performing so well." One-third of the way through the year, 2012 sales were at 2,219, up 18.5% over the 1,873 sales recorded through April last year, according to GBRAR. That's also slightly better than the 2,128 homes sold through April in 2010 and the 2,003 sold in 2009. The 2,535 home sales in 2008 are 12.5% better than this year's figures through April. Though last month's final figures were not yet available as of press time, May is looking to have been another strong month in the Baton Rouge area. Early reports from GBRAR show sales up nearly 15% over the 585 sales on the month last year, and that number is likely to climb when the final tally is in. The GBRAR notes that all the statistics indicate increases in pending and closed sales will continue in coming months. The 39% increase in pending sales during April is particularly promising, as home sales are typically closed a month or two after they're signed, meaning monthly sales figures should continue to be positive into the summer. —Steve Sanoski
Friday, June 1, 2012
Money-Saving Tips for Your First Home
From Fox Business:
You've just closed on your first house? Congratulations! During this process, some of your older friends and relatives may have mentioned how expensive home ownership can be.
You may not want to hear it, but they're right. The National Association of Realtors reports that median existing home prices in early 2012 are hovering around $163,000 -- a serious investment for most. But beyond this, owning a house can start a landslide of expenses, planned and unplanned, that can savage your budget.
But smart choices made during your move-in period can not only save you cash at the outset, but also set you up to save for years to come. Here are a few tips to help you manage your expenses wisely:
Go cheap on appliances
Chances are, your house is missing something critical. A refrigerator, perhaps? Washer and dryer? The weeks between closing and move-in are a great time to hunt for appliances with a level head and a tight wallet. Research lower-cost models on neutral review sites such as Consumer Reports, and look for discounted refurbished items or floor models. Many stores sell these items with guarantees similar to new items. And pass on any additional warranties -- self-insuring with savings is a better option if you can manage it.
Form a posse ... of handymen
You may have a home-warranty policy, paid by the seller, that lasts through the first year of ownership. With these services, you call one number to arrange repairs or replacement of broken items that came with the house. Here's the big "but": Your previously-owned items (that 10-year-old washer that worked great in your apartment but just flooded your new laundry room, for example) aren't covered. Neither is damage you cause yourself.
Also, a year goes by quickly. You should do your best to prevent costly home repairs, but begin building a list of trustworthy service people -- plumbers, handymen, electricians -- as troubles occur. Then, when your outdoor faucet explodes during a particularly bad winter, you don't have to call the first (and probably priciest) company you find.
Save on starter items
Yes, you're going to need to buy stuff for your new place. Whether you need more lamps, extra chairs or serving platters for that awesome housewarming party, these expenses can add up quickly.
Before heading to Target or a department store, try your local thrift stores. There you can add to your house inexpensively, and later buy your dream decor when the pressure is off. If you prioritize tucking your money into a savings account with a high interest rate, you may be able to afford those perfect items sooner than you think!
Meet your neighbors
Who knows? You might end up in one of those neighborhoods where muffin baskets show up on your doorstep. If they don't, make an effort to introduce yourself to the neighbors anyway -- and get to know them. In a pinch -- when you need someone to watch your cats or want to cut costs by carpooling -- you may find helping hands. Will you like all of them? Probably not. But having a few good friends on the block can save money and headaches.
Your older friends and relations are right: Home ownership is expensive. However, making a few smart decisions after your purchase can turn your first house into your dream home -- and not a money pit.
The original article can be found at SavingsAccounts.com:
Money-saving tips for your first home
Read more: http://www.foxbusiness.com/personal-finance/2012/05/31/money-saving-tips-for-your-first-home/#ixzz1wYRY4hcJ
You've just closed on your first house? Congratulations! During this process, some of your older friends and relatives may have mentioned how expensive home ownership can be.
You may not want to hear it, but they're right. The National Association of Realtors reports that median existing home prices in early 2012 are hovering around $163,000 -- a serious investment for most. But beyond this, owning a house can start a landslide of expenses, planned and unplanned, that can savage your budget.
But smart choices made during your move-in period can not only save you cash at the outset, but also set you up to save for years to come. Here are a few tips to help you manage your expenses wisely:
Go cheap on appliances
Chances are, your house is missing something critical. A refrigerator, perhaps? Washer and dryer? The weeks between closing and move-in are a great time to hunt for appliances with a level head and a tight wallet. Research lower-cost models on neutral review sites such as Consumer Reports, and look for discounted refurbished items or floor models. Many stores sell these items with guarantees similar to new items. And pass on any additional warranties -- self-insuring with savings is a better option if you can manage it.
Form a posse ... of handymen
You may have a home-warranty policy, paid by the seller, that lasts through the first year of ownership. With these services, you call one number to arrange repairs or replacement of broken items that came with the house. Here's the big "but": Your previously-owned items (that 10-year-old washer that worked great in your apartment but just flooded your new laundry room, for example) aren't covered. Neither is damage you cause yourself.
Also, a year goes by quickly. You should do your best to prevent costly home repairs, but begin building a list of trustworthy service people -- plumbers, handymen, electricians -- as troubles occur. Then, when your outdoor faucet explodes during a particularly bad winter, you don't have to call the first (and probably priciest) company you find.
Save on starter items
Yes, you're going to need to buy stuff for your new place. Whether you need more lamps, extra chairs or serving platters for that awesome housewarming party, these expenses can add up quickly.
Before heading to Target or a department store, try your local thrift stores. There you can add to your house inexpensively, and later buy your dream decor when the pressure is off. If you prioritize tucking your money into a savings account with a high interest rate, you may be able to afford those perfect items sooner than you think!
Meet your neighbors
Who knows? You might end up in one of those neighborhoods where muffin baskets show up on your doorstep. If they don't, make an effort to introduce yourself to the neighbors anyway -- and get to know them. In a pinch -- when you need someone to watch your cats or want to cut costs by carpooling -- you may find helping hands. Will you like all of them? Probably not. But having a few good friends on the block can save money and headaches.
Your older friends and relations are right: Home ownership is expensive. However, making a few smart decisions after your purchase can turn your first house into your dream home -- and not a money pit.
The original article can be found at SavingsAccounts.com:
Money-saving tips for your first home
Read more: http://www.foxbusiness.com/personal-finance/2012/05/31/money-saving-tips-for-your-first-home/#ixzz1wYRY4hcJ
Tuesday, May 29, 2012
Real estate recap: New B.R. Galatoire's groundbreaking Wednesday … Uncle O's moving into former Brewbacher's on Sherwood … EBR flood maps go into effect June 19
From the Baton Rouge Business Report:
Fire it up: A groundbreaking celebration for the new Galatoire's Bistro location, at the corner of Perkins Road and Acadian Thruway, will take place at 11 a.m. Wednesday. Guests will get a sneak peek of the new restaurant, enjoy samples of Galatoire's signature cuisine and hear from speakers including Galatoire's lead investor John Georges, Commercial Properties Realty Trust executives and Mayor Kip Holden. The restaurant, scheduled to open in December, will include a bar, private dining space and an outdoor dining area.
Down the road: Local lunch spot Uncle O's Café Gumbo and Seafood is set to move from its familiar location near the corner of South Harrell's Ferry and Millerville roads and into a space at 3410 S. Sherwood Forest Blvd., formerly home to Brewbacher's Grill, owner Ouncy Borne says. With hopes of having the new location open by July, Borne says he decided to relocate to avoid traffic congestion and construction in the area, which he says was affecting sales. "Eventually I just got fed up and decided it was time to go," he says. Borne intends to serve alcohol in addition to his usual south Louisiana fare at the new location, but does not expect to extend operations past "regular restaurant hours." Before closing in November 2010, Brewbacher's had operated at the South Sherwood site for 18 years.
Are you ready? East Baton Rouge Parish homeowners, business owners and renters who do not have flood insurance are being encouraged to buy coverage before new flood insurance rate maps go into effect June 19, in order to get the best possible premiums. You can see the new flood map here. Kyle Jones, chief of staff for the Mayor's Office of Homeland Security and Emergency Preparedness, says flooding can sometimes occur outside the mapped floodplain. So, while many residents are required by mortgage and lending companies to carry flood insurance, Jones encourages all residents to purchase flood insurance, as the floodplain is ever changing. Learn more at the city-parish's Red Stick Ready website here.
Thursday, May 24, 2012
Tax credits to help save Spanish Town houses
From the Baton Rouge Business Report
State historic tax credits will allow for the restoration of five houses considered to be contributing elements to the historic Spanish Town neighborhood. Developer Lance Bennett says he paid about $100,000 each for the houses—three on North Seventh Street, and two along South Capitol Drive—and expects to spend about $50,000 gutting and renovating each one. The sale closed last week. State historic tax credits will make the numbers on the deal feasible, says Bennett, who will get back from the state's incentive program about 45 cents for every $1 he spends renovating the houses. "You really couldn't do this project without them," says Bennett. "I've done many projects in Spanish Town, and this is what makes them all work." Richard Preis, who sold the houses to Bennett, owns other rental houses and a 47,000-square-foot vacant lot on the block. Preis says the sale to Bennett represents an "olive branch" to Spanish Town residents who opposed Preis' plans in 2009 to sell other houses on the block to developer David Slaughter, who planned to tear the houses down and build an apartment building. "Lance is going to put substantial money in these structures immediately, which will be a wonderful deal for Spanish Town," says Preis. Adds Bennett: "Thank God we'll be able to save them." —Stephanie Riegel
State historic tax credits will allow for the restoration of five houses considered to be contributing elements to the historic Spanish Town neighborhood. Developer Lance Bennett says he paid about $100,000 each for the houses—three on North Seventh Street, and two along South Capitol Drive—and expects to spend about $50,000 gutting and renovating each one. The sale closed last week. State historic tax credits will make the numbers on the deal feasible, says Bennett, who will get back from the state's incentive program about 45 cents for every $1 he spends renovating the houses. "You really couldn't do this project without them," says Bennett. "I've done many projects in Spanish Town, and this is what makes them all work." Richard Preis, who sold the houses to Bennett, owns other rental houses and a 47,000-square-foot vacant lot on the block. Preis says the sale to Bennett represents an "olive branch" to Spanish Town residents who opposed Preis' plans in 2009 to sell other houses on the block to developer David Slaughter, who planned to tear the houses down and build an apartment building. "Lance is going to put substantial money in these structures immediately, which will be a wonderful deal for Spanish Town," says Preis. Adds Bennett: "Thank God we'll be able to save them." —Stephanie Riegel
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