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Started By
Message
Real estate market in Mandeville area is crazy....
Posted on 4/24/23 at 1:37 pm
Posted on 4/24/23 at 1:37 pm
I'm sure as hell glad I'm not in the market looking to buy right now.
I purchased my current house about 10 years ago for $342k. There's a house on my street (four houses down) comparable to mine listed for $523k and it's under contract. It was only on the market for two days before an offer was accepted.
There's a new neighborhood being build with no special amenities, houses are around 3,000 sq ft, 4 bed/3 bath, and they are listed and selling for $710,000.
I would've never thought over a span of ten years that my house would appreciate that much in value. My 2024 tax bill is likely going to be crazy.
I purchased my current house about 10 years ago for $342k. There's a house on my street (four houses down) comparable to mine listed for $523k and it's under contract. It was only on the market for two days before an offer was accepted.
There's a new neighborhood being build with no special amenities, houses are around 3,000 sq ft, 4 bed/3 bath, and they are listed and selling for $710,000.
I would've never thought over a span of ten years that my house would appreciate that much in value. My 2024 tax bill is likely going to be crazy.
17
Posted on 4/24/23 at 1:53 pm to Hammond Tiger Fan
Seems like most of the country experiences appreciate like that or even higher. It’s not a unique thing
Posted on 4/24/23 at 1:55 pm to Hammond Tiger Fan
quote:
My 2024 tax bill is likely going to be crazy.
Laughs at that statement from DFW!
Posted on 4/24/23 at 2:21 pm to Hammond Tiger Fan
quote:
I purchased my current house about 10 years ago for $342k. There's a house on my street (four houses down) comparable to mine listed for $523k and it's under contract. It was only on the market for two days before an offer was accepted.
That is like 4.4% annualized growth assuming the same house (size, amenities, quality, materials, age, etc.)
Posted on 4/24/23 at 2:37 pm to Hammond Tiger Fan
quote:Unitl they get a home insurance quote
listed for $523k and it's under contract
Posted on 4/24/23 at 2:58 pm to Hammond Tiger Fan
The exodus from New Orleans and the Reign of Teedy continues.
Madisonville can't exist as it is for much longer.
Madisonville can't exist as it is for much longer.
Posted on 4/24/23 at 4:21 pm to Hammond Tiger Fan
The area we have been looking in has had a lot of price drops.
Posted on 4/24/23 at 5:35 pm to armsdealer
quote:
The area we have been looking in has had a lot of price drops.
Where?
Posted on 4/24/23 at 5:40 pm to Joehat
My neighborhood. Bought for 225k 7 years ago and Could easily list for 550k and get multiple offers within 2 days.
Posted on 4/24/23 at 6:02 pm to Joehat
quote:
The area we have been looking in has had a lot of price drops.
Where?
Tangi, looking for something drivable to North Shore and Baton Rouge.
Posted on 4/24/23 at 6:06 pm to Hammond Tiger Fan
People are stupid, more at 10
Posted on 4/24/23 at 7:10 pm to Hammond Tiger Fan
It’s simple economics. In April 2017 we had 1.2 million active listings of homes for sale, today that number is 560,000.
Supply is very low. Like lowest in 40 or more years low.
Supply is very low. Like lowest in 40 or more years low.
Posted on 4/24/23 at 7:36 pm to Hammond Tiger Fan
Anyone who would pay that much for a house in the middle of central Louisiana is retarded. I dont care what the sqft is.
Posted on 4/24/23 at 7:42 pm to FLObserver
quote:
middle of central Louisiana
quote:
Mandeville
Posted on 4/24/23 at 8:09 pm to Hammond Tiger Fan
4% ROI on $342k is a little over $500k over 10 years. That’s in line with expectation for real estate.
Congrats your neighborhood is beating the market expectation
Congrats your neighborhood is beating the market expectation
Posted on 4/24/23 at 8:21 pm to Hammond Tiger Fan
Bought my house for 260k in 2010, got an all cash offer for 589k last month. No plans to sell but is absurd. Suburbia (squarely in the middle class neighborhood) outside of Chas SC.
Posted on 4/24/23 at 9:21 pm to FLObserver
quote:TIL mandeville is central LA
Anyone who would pay that much for a house in the middle of central Louisiana is retarded. I dont care what the sqft is.
Posted on 4/25/23 at 6:30 am to FLObserver
quote:
Mandeville
Sorry i read it as Marksville. Never even heard of Mandeville. Still that's absurd prices. So let the downvotes continue.
This post was edited on 4/25/23 at 6:32 am
Posted on 4/25/23 at 7:12 am to FLObserver
quote:
absurd
In reality someone who has never heard of Mandeville probably shouldn't be commenting on what is and is not absurd pricing for housing in the NOLA area. For the record, I don't know the houses in question nor if it is an "absurd price" but saying something is absurd with no knowledge doesn't carry a lot of weight.
It is interesting seeing so many people confused how compounding works over a 10-15 year period. The median wages in the US has risen about 40% over the last 10 years or so. It is also hard to compare houses when many people think "hey these 2 houses are similar" but in reality there could be a number of differences that cause a difference in sales price (age, sq ft, lot size, garage, finishes, etc.). There are also dynamics with the local market such as potentially less supply, higher demand in some areas and number of other factors that influence price making "absurd" prices.
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