WWL>Topics>>6-25-14 11:10am Garland: on the housing market in NOLA

6-25-14 11:10am Garland: on the housing market in NOLA

Jun 25, 2014|

Garland talks with real estate analyst Arthur Sterbcow about the home-buying and selling market in New Orleans.

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Automatically Generated Transcript (may not be 100% accurate)

Welcome back coach little good news for treating its fields of new US homes. Rose last month at the highest level in six years. Provides a strong signal that housing is recovering from. What didn't in talking about slowdown prolonged. Whatever talk about -- finger trusts you -- -- and approached -- cut more rules street analysts Arthur. Always appreciated -- -- Sure mop or a girl so deserves to news translated from New Orleans metro where those southern cuisine. Oh absolutely party cause you know part of this is just our normal seasonal. Upswing in sale June and so is right on the world stage a nation why. And certainly no exception here people. Kids -- school with convenient charm to move out. Treachery usually try to schedule. That you -- when their kids or who. And the dep policy terms outdoor activities and people are trot around and you know house -- we had a really good parade of homes and new constructions last year that brought a record crowd at saint and the areas so. -- pretty good actually. And it's certainly from what -- to have jumped eighteen point six per cent. And the other three point 7% increase just in April or wasting those kind of percentages. Well in 98%. Increases that which we war but ago as a reasonably every percent increase and that's because it was council some area. So as a result of some of these foreclosures being taken off the market. Less inventory and some markets with which were heavily distressed or relatives some pretty big should -- significant. A significant interest in in new albums being -- there's been a shortage. For our new home construction. For several years as a thousand Boston's 2000 -- and and now we're starting to see you know like when you press -- balloon. Get a producer has -- -- someplace else. So that's that's -- the campus cut off the bottle that was in some of that activity they'll start the ball to the circus trip to new homes sales. Is due to excessive inventory of -- -- unsold new homes. That one changed. Oh and there may or April is that. Yesterday in protest primarily because -- been making new homes being put on the market. So what we're kind of -- keeping pace which is a good sir. Of the more new homes on the market as long as -- being so big soul good start to see that constant in balance in the -- Edwards is not -- intense buyer's market and kind person as an intent seller's market. It's a good time to kind of be in the market are Europe a builder and you don't have good quality construction -- Are there certain -- out there that look import. All right two let's take our first break. For those of -- out there in person and what. Are your home is doing revenue -- Interested in a hole and you're doing in your district who would try to talk about or -- or third year. Is many neighborhoods we can talk about to see you. The tide is lifting all boats owns the score whether Summers of being -- around. And what you regions are doing better as the North Shore or is it does is -- century world. So Gibbs well we've got their expert with the absentee. Your questions can be -- comet. -- 017. Told her underwear in the country 866. And ignorant you rumored to have to go a little -- -- with -- we called the thing. Talking about -- good news say year olds. Last month US homes. I have -- bowl in six years some Erica is suing jumps Novo over 18%. Wherever we talked real -- we -- Arthur -- with the local real estate analyst. Arthur. A live in the uptown area and and feels like they erode win. You put house on the market and you have -- trillion people bidding. And the thing would be so old and it clear to it feels like that again in my just seeing isolated incidents. Well certainly thousands outlook -- just you can't -- about ten to law ones the web space -- text that. Portables its sales in the greater role Jerry. Has been and will continue to be. They're just so many employee. Employee people working that area CPB area hospitals. Thinking it's hot air. And that's certainly with the title of biggest change this country are sixty years. In the schools it's it's all about the schools Carl and I don't think most people realize. How critical. That component used to people decide where they want to live in great world and you've got probably close to 80%. Of the council's. Either have a child or. Or married and or -- -- in -- -- children's schools obviously critical. But the change in the general perception of the schools. Has been the biggest driver. -- change in in the dorms there. And in New Orleans itself. Or there and he have -- District stored there in the dead just are not participating. In an increase in sales. Well they they are in generally. If you drive if you you know kind of draw around schools are performing schools that's that's. -- and struck. Yeah you can just pretty -- draw -- circle you know you did. Make a pay cut truck as it certainly exceptions to that that would by and large that the general as a general election Apple's true. Rose to a better accomplishments -- -- -- mid city are the do. Well -- cities is a -- hot right now because of the year all of the new construction going helped complexes. In the area. A lot of those jobs or you know construction temporary or church in years. -- workers. That putting a tremendous. Pressure on the existing housing for -- And so a lot of the heat homes sales they are actually people -- or use rattles. And ultimately will be converted as people can start important -- ordered those opens don't convert them home. And the problem is silly question but if they're putting a lot of pressure on Reynolds at this point. Blood to their their only here temporarily. When the big project to -- dude do we get deflated price shall. Well is that before all those buildings it's filled with people who have chops. Absolutely not but has probably not a housing in the area to support. The number of employees they're projecting. Once. Old quarters and full blown. It's going to be -- -- -- watch -- over the next three. But I think most people feel that the population of great -- and certainly -- to increase our. And part of it has also been driven part -- -- collected an old story of insurance insurance insurance collect. In a lot of people being displaced. Voluntary -- or involuntarily because increase in the picture that's a real big huge. And so. You know looking to those areas that -- -- obviously sensitive to the -- -- what insurance increases. That's also pushing one people one area to another right now. The -- to a league. Well schools. School systems again. -- views certainly. Has had a tremendous revitalization and -- a tremendous honor. Infrastructure improvements are going to be entirely -- area probably as much more so than any area of the city. Ed. You know it's it's -- greater Citicorp is doing very well. It's really come back strong in terms of humanity of people in the area -- a -- Electra. And there -- Sailing is back. The yacht club opened up the -- -- that stretched kind of brought back some people to -- primary that previously -- part of given it up for awhile. So there's a lot of things that crap you know some areas and promptly dumped the have been put been put back together. And that has happened people moving and as a lot of pressure almost -- Gentility is it is struggling a little bit. Primarily because of the closure of the bicoastal war. A lot of the jobs. People and injured -- area were related to our transportation. And shipping manufacturing bit differently coastal. And so a lot of it is is we located up river downriver. A weight from that area and and unfortunately jobs. That something and I never knew were juniors flew. Live in June -- didn't realize that Ninth Ward. Nine quarters has got a lot of economic. In poetry. In terms of new construction projects and things like that libraries schools. -- but still to be employment based just isn't there and the emperor of the same reasons. Be the closure that in a coastal. Under a lot of folks that they work in net along that war. Are -- had jobs and so those jobs appear -- think that's what it does meet really people the real. That. When Katrina and call those waterways to be close ball basically too commercial. Shipbuilding and things like that -- -- -- jobs go and waited those people. So they are still -- but they've relocated to other areas should they just re popular as it is. As as aggressive and it was a pretty. Our active senior com community in the air and of course you know they've they've looked for other areas of the city Olympic sport you'll. Well New Orleans east is still struggling a bit aren't presently -- -- -- -- -- to. Anchors many people who should hopefully constable opening up -- -- that. But you know. Nothing has really changed in terms of parking protection for the war -- Largo area. That's products it'll open chew on invasion from hurricane from Rick please -- past. So we still have some of those issues that -- well and once again. I'm not saying it's bad -- coastal Carolina tops in the coastal. That people were in the world east as well so just a lot of jobs that we -- program. -- Rocket ship did the -- our commercial -- in infrastructure. Has moved to ramp up. That that she won that shortly ms. let's bring in though Craig Craig are appreciated the call your room -- or two stroke. Hi good morning going blown out. A more all I take questions about Pletcher trained plot area. Is that new construction. -- in the top of the -- golf course not to -- from our own. I have a brand new construction hole and right next to Michael on both sides two they -- We'd notre -- No property owners. Am wondering. If you -- getting information about. Well again you know it's all about jobs and employment opportunities in that area. And you know -- in areas that that's really been focused on by the city's administration which I think April positive. And I think that we get some more employ employers in that area. That areas use is is going to be pockets appointment time primarily driven by the new golf school and and all portrait pork area. That's a great area amid couldn't -- shaded area is being -- everything. As super. But again you know we we just need drops we needed jobs and errors. And how lobbed a hell we doing compared with those saying -- Well you know certain areas saint -- How much better and other slot they'll still kind of -- stable but art you know may be careful what it was doing before shall. But but stable. The -- and coming to area Garcia ruled the election in terms of buyers. Going to blow by twelve point towards highway 21. Going towards the copy -- area. Driven by flood insurance in some of the construction contract problems that are in -- ago. It is has -- -- traffic as well. Problems. There. Think affected fed that small storm barely category one and particularly. Category one for very short time. Amanda bill Madison bills look even sitting Joan it's tremendous flooding. Yes it once did he didn't so much that it was the flooding which impact of the insurance and perception. That people like 120. You know it's not as desirable as it used to -- And and again the school system you know and so has been perceived that the middle school system was better than the Covington. That's certainly does not. -- be true in any sense of the word about city. And I think that the had been such tremendous. -- -- in purse structure that's now being built. It was between Hammond and an up or -- the actual court. The island terrible story and did a couple of short couple weeks ago. And and I thought it was -- new minimal. Dipping and Choi at Brad. Or Manger to major insurance companies it's sued something like twenty municipalities. Outside of Chicago. Because quote they weren't doing enough to prepare for global warming and end they filed the suit and then they pulled it. Drug up insurance company's -- said. You decided -- problem no big thing they said no this is a shot across the bow for all cities. Not just the insurance companies but you really insurance companies. Are convinced global warming is real. And they're telling the cities and towns if you're not preparing your get -- take money away from our shareholders. So we could soon. Have you heard this and those that threaten our land values and they former fashion. Brett is is that concern. Obviously it's a concern not just here we are the cost of the world. Sure Venice Italy is probably. More concerned about global warming that we are but. But but -- this is not you know unique to Louisiana or any area and whether you'd agree with global warming to disagree with a as. Really not the issue of insurance companies are considering. This nuclear is the model we've got to just get. We used to realization would have to make some changes. Arthur always a pleasure to have gone into anything. The public should know that I have announced Cuba. Well I don't think I would I would go public as it looks like we're portraits of interest rate increases. First quarter next year that's an actual -- of realtors. Is projecting. I don't it's going to be a huge number but which a couple little -- moving up the -- kind of groups and bars into the marketplace. So. You know I would tell you that it appeared in my retained sensitive person. And knows what it's like a real to destroy themselves -- it's a pretty sweet -- took a look at entry in the mortgage. -- unthinkable -- some. Arthurs always really really appreciated the call her a great. And double bill biggest celebrity world five re you afternoon were -- right just you Murray's problems in the thing.