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re: Slowest Housing Markets - Louisiana has 3/12
Posted on 4/19/24 at 12:19 pm to sidewalkside
Posted on 4/19/24 at 12:19 pm to sidewalkside
It won’t. They will just meander over to Jefferson Parish. JP has been on a sharp decline. With council members trying to match the ineptitude NOLA council members.
1
Posted on 4/19/24 at 12:21 pm to Dixie2023
quote:
decline. With council members trying to match the ineptitude NOLA council members.
Curious if you have some examples of this?
Posted on 4/19/24 at 12:39 pm to iwyLSUiwy
quote:
quote:
Who knew crippling inflation and 7+% 30 year rates would impact the house market?
Craziness, I tell you.
Is Louisiana the only state facing this issue?
Compare Louisiana's median and average income to other states. Impact is different even if these factors are the same for everyone.
Posted on 4/19/24 at 12:41 pm to Finnish
quote:
1. Lafayette
Nobody told Youngsville and Broussard. I had no idea we had enough people with the funding to support these neighborhoods full of $350-400K houses popping up every other week. DSLD has bought enough of Youngsville that I'm surprised they haven't acquired naming rights yet.
Posted on 4/19/24 at 12:42 pm to Tmcgin
quote:
Insurance in Nola is a huge issue
People with a 1k sq ft house are now paying what people with a 3-4K sq ft house were paying a few years ago.
Posted on 4/19/24 at 1:36 pm to danilo
quote:
People with a 1k sq ft house are now paying what people with a 3-4K sq ft house were paying a few years ago.
I had to move for work last summer and it kills me to know my neighbors are probably paying less than half of our note between mortgage rates and real estate prices going through the roof.
That said, VRBO also thinks I could rent my mother in law suite in the basement for about my entire mortgage every month.
Sold primary residence in Ascension to the first showing in April 2023. It look about 90 days to unload my investment property in BR and I had to eat shite on that deal. The market got real cold real quick.
Posted on 4/19/24 at 1:51 pm to yaboidarrell
quote:
Insurance crisis and brain drain
The insurance issue is a serious concern where I live in Florida. Our flood and our wind has doubled or tripled in the past decade. People on a fixed budget can’t easily absorb an extra $300 or more a month. It’s forcing people to relocate.
Posted on 4/19/24 at 2:01 pm to Finnish
Cape Coral, FL is going to get way worse before it gets better with the Ian damage, increased insurances rates if you can get insurance, crazy number of houses on the market and relaxed codes for rebuilds and rehabs due to the number of people that can't afford the work.
Posted on 4/19/24 at 2:02 pm to ThePoo
quote:
The Insurance issue has improved over the last 3-5 months quite a bit fortunately. At least comparatively to a year to 2 years ago
Not for my 40% increase that I'm about to pay
Posted on 4/19/24 at 2:03 pm to 3deadtrolls
quote:
Nobody told Youngsville and Broussard. I had no idea we had enough people with the funding to support these neighborhoods full of $350-400K houses popping up every other week.
Someone needs to educate you on the history of the Lafayette metro.
Posted on 4/19/24 at 2:08 pm to Finnish
First it was the schools. Then it was the infrastructure. Now it’s the insurance prices. Highway robbery.
How much will they continue to do to drive good normal people out? It’s like they don’t want a middle class.
How much will they continue to do to drive good normal people out? It’s like they don’t want a middle class.
Posted on 4/19/24 at 2:11 pm to ThePoo
quote:
The Insurance issue has improved over the last 3-5 months quite a bit fortunately. At least comparatively to a year to 2 years ago
Mine just went up another $2500. I would love for my rate two years ago.
Would be nice if the prices were more localized
Posted on 4/19/24 at 2:37 pm to ThePoo
Are you in the biz?
Almost if not impossible to quote a house with an AM Best carrier in Lake Charles.
$60,000 single wide in upper Cameron parish is $3,200/yr, 120,000 double wide UP is $7,500.
Texas wind pool is insolvent with one cat 2 at Galveston. Florida can’t handle a tornado now.
Read your policy for “participation”, means multiple Lloyd’s sindicates have the paper.
From my seat it ain’t getting better.
Almost if not impossible to quote a house with an AM Best carrier in Lake Charles.
$60,000 single wide in upper Cameron parish is $3,200/yr, 120,000 double wide UP is $7,500.
Texas wind pool is insolvent with one cat 2 at Galveston. Florida can’t handle a tornado now.
Read your policy for “participation”, means multiple Lloyd’s sindicates have the paper.
From my seat it ain’t getting better.
Posted on 4/19/24 at 2:59 pm to Miglez
quote:
Homeowners Insurance in the Greater New Orleans area has reached a crisis point and there's no end in sight.
People were willing to put up with the poor quality of life for cheap cost of living before.
Now NOLA has poor quality of life and a high cost of living. That's a bad situation.
There will be a mass exodus, foreclosures and economic despair if things don't change soon.
St Bernard is trying to raise our fire department property millage by 50%. Meanwhile most people's homeowners have risen by 150% or more since 2020.
There's new construction in my neighborhood that has been completed for a year or more, still sitting for sale.
Posted on 4/19/24 at 3:01 pm to turnpiketiger
quote:
First it was the schools. Then it was the infrastructure. Now it’s the insurance prices. Highway robbery.
How much will they continue to do to drive good normal people out? It’s like they don’t want a middle class.
You can blame state politicans for the schools and the infrastructure. Not sure how much you can blame the state for insurance prices.
Posted on 4/19/24 at 3:01 pm to KemoSabe65
I don't think it is getting better either. Metairie is tough as well. Just sold but house had been on the market since August. Don't see anything but reductions in listing prices in the area. People can't buy because they all need to sell first.
Posted on 4/19/24 at 3:06 pm to sidewalkside
quote:
people don't understand how to make low ball offers on properties that have been sitting for a while.
I have a neighbor, nice house, they say mortgage is paid off. They moved about an hour away to be closer to grandkids. In today's market, house is probably worth $275k max.
Listed for $450K. Over 7 months they have dropped it to $430K.
The kicker is... it's on the property tax rolls with a value of $175K. With homestead exemption they are only paying tax on $100K of value.
I'm curious what they will do when the proeprty insurnance bill comes due. Probably pretty low carrying costs except for that.
Posted on 4/19/24 at 3:07 pm to sidewalkside
quote:
only for the poors. maybe it gets much of the riff raff out of the city?
Subsidized housing, doesn't impact them.
Posted on 4/19/24 at 3:08 pm to ThePoo
quote:
The Insurance issue has improved over the last 3-5 months quite a bit fortunately. At least comparatively to a year to 2 years ago
Right. Only 40% premium increases this year insteaed of 50% premium increases.
Posted on 4/19/24 at 3:09 pm to LSUFanHouston
quote:
I'm curious what they will do when the proeprty insurnance bill comes due. Probably pretty low carrying costs except for that.
Why would it get reassessed before it sells?
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