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Message
Condition of the real estate markets in Lafayette
Posted on 12/8/15 at 8:15 am
Posted on 12/8/15 at 8:15 am
What would be good source for information on the condition of the Lafayette real estate market, trends, projections, economic indicators, etc.?
Is there a service I can purchase? I don't want some realtor rag pumping up whatever bests suits the real estate market. TIA
Is there a service I can purchase? I don't want some realtor rag pumping up whatever bests suits the real estate market. TIA
3
Posted on 12/8/15 at 9:23 am to Pierre
Haha I'm one of those rag pumping realtors in Lafayette. Depends on how in depth you want to go. I can send reports that are extremely detailed w a bunch of useless info or I can hit on the high points so you get the jist. The market has certainly taken a hit the last 4 months. Inventory is way up and pendings are down. Next 6+ months will be great time to buy.
I have a degree in finance if it makes you feel any better haha. I follow the market daily.
I have a degree in finance if it makes you feel any better haha. I follow the market daily.
This post was edited on 12/8/15 at 9:31 am
Posted on 12/8/15 at 9:38 am to theoldwiseone33
Ha, well thanks oldwiseone. I guess I'm looking for a market comparison of a time frame when the real estate market was in decline and how different area's prices were affected, then compare that to today and the home prices of those same areas.
Basically how did a few specific neighborhoods in that area fair the last time there was a large housing decline, what did that decline look like for those neighborhoods, and how long did it last.
Is that something you would have access to that I could buy or do I find it and purchase it from someone else.
Thanks for the reply
Basically how did a few specific neighborhoods in that area fair the last time there was a large housing decline, what did that decline look like for those neighborhoods, and how long did it last.
Is that something you would have access to that I could buy or do I find it and purchase it from someone else.
Thanks for the reply
Posted on 12/8/15 at 2:55 pm to Pierre
We are in the early stages of the decline so it's hard to gauge the drop compared to last time. The last 3 months is when it sucked. For the previous decline, are you looking at a specific year? Such as 2009, 2010 or 2011? All 3 of those years were pretty rough.
Prices have only dropped slightly so far bc sellers aren't feeling the pain yet. We have about 300 more homes on the market in Acadiana this time of year compared to this time last year.
Which neighborhoods? I can answer; just need to know which ones. I can provide the info. Don't think you will find your answer in a generic report. I'm happy to customize it for you.
Prices have only dropped slightly so far bc sellers aren't feeling the pain yet. We have about 300 more homes on the market in Acadiana this time of year compared to this time last year.
Which neighborhoods? I can answer; just need to know which ones. I can provide the info. Don't think you will find your answer in a generic report. I'm happy to customize it for you.
Posted on 12/8/15 at 3:38 pm to theoldwiseone33
Hope this is not too much of a hijack. We will be looking in the Houma/Thibodaux area soon. I am assuming prices will be sagging down there also? This is all oil/gas related, correct?
Posted on 12/8/15 at 4:21 pm to theoldwiseone33
quote:
theoldwiseone33
What price point do you think is being impacted the most?
Posted on 12/8/15 at 4:58 pm to Pierre
I'll sell you mine
Posted on 12/8/15 at 5:39 pm to Janky
quote:
What price point do you think is being impacted the most?
No doubt it's the $300k+ market. 18 months of inventory on the market in some areas. Under $300k in Lafayette parish still has a slight shortage of houses so sellers are ok there.
For example Sabal palms in Youngsville has 25 houses for sale right now and only 3 under contract. I wouldnt buy in Youngsville or Broussard right now $300k+. Lafayette 70508 and 70503 is still going pretty strong
This post was edited on 12/8/15 at 5:43 pm
Posted on 12/8/15 at 5:42 pm to deaconjones35
quote:
Hope this is not too much of a hijack. We will be looking in the Houma/Thibodaux area soon. I am assuming prices will be sagging down there also? This is all oil/gas related, correct?
Sure will, Lafayette had sharpest decline in jobs in the country and Houma was 3rd. Certainly a buyers market
Posted on 12/8/15 at 7:13 pm to theoldwiseone33
I actually live in Broussard and want to sell my house which is probably about $230k or so and wanting to move into Lafayette in the $350 range. I hope to make this move in the next 6-8 months. I know where Sabal palms is and there is also Lexi falls. All of these are within 2 miles of my house.
Posted on 12/8/15 at 8:21 pm to Janky
quote:
I actually live in Broussard and want to sell my house which is probably about $230k or so and wanting to move into Lafayette in the $350 range. I hope to make this move in the next 6-8 months. I know where Sabal palms is and there is also Lexi falls. All of these are within 2 miles of my house.
That would be a solid move. You should be able to find some desperate sellers and good deals in 2016.
Posted on 12/9/15 at 12:13 pm to theoldwiseone33
quote:
That would be a solid move. You should be able to find some desperate sellers and good deals in 2016.
I purchased and paid off my property in the back of youngsville. Thoughts on building a home at this time, if i can afford it. Builder is a family member and can build the house for less the 300k. Thoughts on flipping said house in a few years. It's on a .5 acre of land in a subdivision that was undeveloped many years ago and now just being bought up by a contractor.
TIA
Posted on 12/9/15 at 2:27 pm to Tigerfan19
Can't go wrong w/ paid off property on half an acre in Youngsville.
What can he build it for per foot and what are the comps per foot? The answer will tell you whether it's worth it or not.
Which contractor is buying it up? Is it a builder like Privat or DR Horton that goes cheap on everything or Van Alan who is top of the line?
What can he build it for per foot and what are the comps per foot? The answer will tell you whether it's worth it or not.
Which contractor is buying it up? Is it a builder like Privat or DR Horton that goes cheap on everything or Van Alan who is top of the line?
Posted on 12/9/15 at 2:46 pm to theoldwiseone33
quote:
Can't go wrong w/ paid off property on half an acre in Youngsville.
What can he build it for per foot and what are the comps per foot? The answer will tell you whether it's worth it or not.
Which contractor is buying it up? Is it a builder like Privat or DR Horton that goes cheap on everything or Van Alan who is top of the line?
Comps are in the 140 range, but he will build for around $105. Trying to stay under $250k with property worth close to 40k.
Contractor is ReMax A.M. Design & Construction Group
Posted on 12/9/15 at 7:24 pm to Tigerfan19
Looking to buy in the 70508 zip in the next year. Been watching the prices drop slowly. My kid is at plantation and trying to stay in the same district. Close to work for me.
Posted on 12/9/15 at 8:19 pm to Jazzyjoker
I'm moving from 70508 to 70503 this coming year. Even in 08 after plantation I was zoned for Breaux so mine are at catholic school
Posted on 12/10/15 at 9:21 am to Tigerfan19
AM Design is a good builder. He is giving it to you at cost or maybe a small profit but $105/ft is an excellent deal. If you can sell for anywhere around $140/ft you are making a great deal. Do it 100 times if you can.
Posted on 10/8/18 at 9:27 pm to theoldwiseone33
quote:
No doubt it's the $300k+ market. 18 months of inventory on the market in some areas. Under $300k in Lafayette parish still has a slight shortage of houses so sellers are ok there.
For example Sabal palms in Youngsville has 25 houses for sale right now and only 3 under contract. I wouldnt buy in Youngsville or Broussard right now $300k+. Lafayette 70508 and 70503 is still going pretty strong
Apologize for the ancient bump, but this is pretty much my exact question.
Just starting my research into a potential home buy in the W. Bayou/E. Bayou/Bendel area. Will definitely be in the $300k - $400k range. What’s the market there like with the oilfield inching toward a comeback?
Posted on 10/8/18 at 10:10 pm to Pierre
quote:
fair the last time there was a large housing decline
Lafayette is still technically in a decline. Don't let people tell you otherwise. I am heavily in the foreclosure industry nation wide and there were several month Lafayette was leading the nation in 90 day lates month over month of the previous just not that long ago. They still haven't fully recovered and last I checked the amount of foreclosed inventory is still the highest in LA per capita and is up there on the national level as well on a per capita basis.
Oil coming back has slowed the bleeding some but some of those jobs and companies may never fully return.
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