FHA Loan Limits Increased
Effective November 18, 2011, higher FHA loan limits took effect. In Orleans, Jefferson, Plaquemines, St Bernard, St. Tammany, St Charles, and St. John the Baptist Parishes, the 1-4 unit limits are $287,500, $368,050, $444,900, and $552,900 respectively. Congress restored the limits that were in effect before October 1, 2011.
More Information Here:
http://blogs.wsj.com/developments/2011/11/17/lawmakers-move-to-restore-higher-fha-loan-limits/
Record Breaking New Orleans Real Estate (Naturally-Induced) Volume in June 2011
New Orleans, La (July 11, 2011) With an estimated volume of $55.8 Million., June 2011 had the highest naturally induced volume in the history of New Orleans Real Estate. Only 4 months have seen higher actual volume. Three of those months were in 2006 when New Orleanians scrabbled to buy and sell flooded and/or dry real estate. One month of higher volume was seen last year as the home buyer tax credit energized sales before the expiration on 
June 30, 2010.
While the number of units sold is increasing, the record volume of sales is was driven by gains in price. The average sales price in June 2011 was $388,000 The 2010 average was $315,000 and only $264,000 in 2009.
Look for more research from this site as we drill down to find hot spots for buying and/or investing.
To buy or sell real estate or for more information about New Orleans Real Estate call or contact Ron Mazier 504-309-1700.
No Real Estate Recession in Uptown New Orleans
Here’s the first chart I will be presenting a client soon. It shows a steady increase in prices (in terms of $/SF) within 0.5 miles of her property through the 90’s and through 2006. Price did fall for a few years, but bottomed in 2009 and started another period of increase. In fact, the average price so far in 2011 is above the 2006 record.
This also demonstrates the reason buyers should buy now or as soon as they can qualify. Home ownership is the most practical way for the average American to build wealth. In the above sample, a seller today would have doubled their money if they bought only 11 years ago.
This chart is a broad starting point to pricing a client’s house. We will focus on lot size, parking, proximity to commercial corridors, architectural appeal, and various other factors that buyers of Uptown New Orleans real estate buyers consider valuable. We’ll make sure she doesn’t leave money on the table while selling her house in the shortest reasonable time.
If you want to buy or sell real estate in New Orleans, ignore the national media or you’ll miss a great opportunity. All real estate is local so you need focused analysis and great technology to find the best deals.
* Please do not rely on the above chart to price your property. It is just one piece of a puzzle and the data is not guaranteed.
Call 504-309-1700