New Orleans Real Estate by Eric

   Louisiana was admitted to the Union in 1820 so its been here for a while. If you have lived here for any time while most notice something different about the place.  People like to talk to each other and strangers. Its about politics, sports, food, or music. Its easy to strike up a conversation and speak your mind on any local topic. We are the first to have an Indian governor, first to have a Vietnamese Congressman, and a variety of colorful politicians from Huey Long to Edwin Edwards.

    We tend to go against the trend for whatever reason.

   One thing about Bobby is that he can talk.  Just need to slow him down.  He has had plenty of practice in talking and he is not shy. He is a good guy so take the time to listen.  

Below are exclusive excerpts from Governor Bobby Jindal's Response to the State of Union:

...As I grew up, my mom and dad taught me the values that attracted them to this country - and they instilled in me an immigrant's wonder at the greatness of America. As a child, I remember going to the grocery store with my dad. Growing up in India, he had seen extreme poverty. And as we walked through the aisles, looking at the endless variety on the shelves, he would tell me: "Bobby, Americans can do anything." I still believe that to this day.
...

Republicans are ready to work with the new President to provide those solutions. Here in my state of Louisiana, we don't care what party you belong to if you have good ideas to make life better for our people. We need more of that attitude from both Democrats and Republicans in our nation's capital. All of us want our economy to recover and our nation to prosper. So where we agree, Republicans must be the President's strongest partners. And where we disagree, Republicans have a responsibility to be candid and offer better ideas for a path forward. 

    Today was Mardi Gras in New Orleans. The weather was great and the crowds were great. Went to the same spot to view the REX parade that we have been going to for at least 30 years. Its a family atmosphere and a great place to watch and catch. Actually the Parades have been rolling for about two weeks.  A great kick off to the Spring of 2009.  Here are a couple of post cards from New Orleans.

    Got about 250 photos of this and that. Its another view of New Orleans away from Bourbon Street.

Jefferson Parish Grant Money for first time home buyers! Great way to start!

February 17th, 2009 Categories: Grants and Incentives, Julie's Mortgage Tips

    Jefferson Parish has several programs that can help you as a first time buyer for a home or condo.  You have to be able to qualify for a loan and meet the income requirements.  The purchase price has to be below $200,160.  You start by getting qualfied for a loan through an approved lender.  This will let you know what you can afford and if your credit score is sufficient for a loan. The loan itself can be FHA, VA, or Conventional.  Call Julie Baudier at Standard Mortgage to get you started with the loan process 504-583-1793.  This is your first step.

      The home or condo has to be in good shape and should not need major repairs. Then you call the Jefferson Parish Community Developement Office.  They will give you information on the classes and a certificate to get started. 

    A Real Estate Agent like Eric can then help you in selecting a property.  Its well worth the time and effort as its a big, big help in getting started towards home ownership. 

   As per the Jefferson Parish Website  "The HOME Program funds assist first-time homebuyers in purchasing their homes by subsidizing closing costs and/or down-payment requirements in conjunction with loans obtained through the Jefferson Parish Finance Authority or other qualified lenders.

Qualified applicants may receive a level of assistance up to $50,000 determined by Community Development to be applied for the down-payment and normal closing costs. Participants will be required to grant a mortgage to the Parish in the amount of the assistance provided. This mortgage will be for a term determined by the amount of money received, non-interest bearing, and will be non-repayable if certain conditions are met.  Eligible participants purchasing homes in the City of Kenner will receive a $10,000 grant secured by a deferred mortgage of 10 years.

Eligibility

Eligible participants include households that have not owned a home during the past three years. The annual maximum allowable household income limits, based on family size, are as follows.  The annual income of a family of four cannot exceed $47,850.

1 - $33,500    2 - $38,300     3 - $43,050   4 - $47,850  5 - $51,700    6 - $55,500      

  7 - $59,350         8 - $63,150 

Applicant Requirements

Applicants are required to complete a Preliminary Application with supporting documentation before being funding will be considered.

Applicants are required to attend two classes and must present an acceptable certificate of training completion before loan closing. 

The monthly payment required to service the contemplated mortgage(s) may not exceed 30% of the monthly household income." 

     You should also be able to get a federal tax credit as well if you buy by the end of the 2009 of $8,000.

What is the Difference in Condo and a Town-Home ? How do you Know?

     A condo can be a town-house in style!  A condo is legally where you do not own the ground but have common ownership of the common areas.  A condo however can be have a town-house style concept.  This is where the units are two stories.  The the bedrooms are generally upstairs.  The downstairs has a large den, kitchen, and dining area on the first floor.  A  town-home in a legal sense is where you do own the  grounds and each owner is responsible for his or her upkeep and paying insurances on his own unit.

      Condos have all the shared expenses of the upkeep and are able to have multiple amenities as a result of sharing.  The condo fees pay for the common or shared amenities.  Many times an individual would not be able to have a gym,security  or a pool.

    A townhouse is where you own the ground underneath the units and have ground in the front and back that is your own.  Town-homes can be freestanding or in groups or communities.  You are responsible for your own expenses such as insurance and maintenance.  Many times there is a fee for the upkeep of the areas that are easier to maintain as a group.  

     In the city of New Orleans there are very few town-homes that have been built recently or during the last 50 years.  Most of the town-homes will be found in areas that the zoning will for them.  The more popular areas are in Lakeview, Old Metairie, and certain areas of Metairie.  The lot values in these areas are more expensive and thus building two units on the same lot is a big savings.  You get to live in these areas if you do not mind having a small yard.  Most of the town-homes have been built in the last 10 years so high ceilings and updated units are the norm. 

      The advantage is that you can get a newer place in an area that has been already developed.  Most of the time the land had an old home that was not worth much.   It was considered a tear-down as the lot value and the home were the same.  Most of the town-homes built in the last ten years had 3 bedrooms up, garage, large den and kitchen and were between 1800-2200 sq. ft.  The most common and popular price ranges were between 275k and 400k depending on the condition and location. 

      The Delimon townhouses are at the upper end of the market and are located in Old Metairie. It was developed as a community with shared amenties for all to enjoy.  This too is rare in the New Orleans metro market.