Mandeville New Retail and Residential Project at Sucette Harbor

 A new retail and residential project will be proposed before the Mandeville City Council. The age-restricted community will be located on 15 acres on Mandeville’s lakefront at the location of Sucette Harbor.

There will be a meeting at City Hall where the council and residents can weigh in on the project. In fact, they are moving the voting event to a larger venue due to the size of the crowds. There will be many who will want to share their opinions about the project.

“We don’t want to wait forever on this, but there’s no reason to rush into a decision either,” says Chairman Rick Danielson.

The Mandeville Planning and Zoning Commission has already approved the project which will be around $150 million. It went through with a 4-3 vote so it was recommended to the City Council.

The LSU Health Foundation owns the land which is leased by the Sucette Harbor developer Woodward Interest. The land was originally dedicated to the foundation by Al Copeland’s family and Woodward Interests will use 60% of the lease money for cancer research and scholarships.

Many are against the luxury retirement community which will have 201 apartments for 55 and older, an 82-room boutique hotel, restaurants, an event center and a marina. Those that are opposed feel that the development will cause more traffic and congestion for the community. Mandeville is known for the beautiful oak trees which many on the land will have to be removed.

The council will take the votes and just move the project along for further discussion before a definite decision is made. “This has nothing to do with whether we (the council) want the project, do not want the project, like certain aspects or don’t like certain aspects,” Danielson told audience members.

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Home Pricing Increases Continue Amid Low Inventory

 

Despite the increase in mortgage interest rates, home prices have remained stubbornly high for those real estate buyers who can still afford to purchase a new home for sale. The reason for this is that the market hasn’t recovered from the exceptional interest rates before and during the pandemic. Housing inventory remains low, which prompts bidding wars for available homes for sale. These bidding wars almost artificially inflate home prices, and the result has been a 1.4% increase in home value from April to May, which is the highest it’s been since June of 2022.

Even though this spring’s home buying season has been muted compared to the last two years, home buyers are still in the market to buy new and previously-owned homes in the Greater New Orleans

area. Nationally, the average home value was at $346,856, almost 1% higher than a year ago and 3.4% more than the beginning of 2023.

During a normal real estate market, pricing tends to trend downward beginning in August, but experts are waiting to see what this year’s market brings. The Midwest had the highest monthly price increases, and New Orleans, considered one of the smallest markets, increased by .6%. The trend of abnormally low home inventory continues in 2023 with May showing a 23% drop in listings compared to May, 2022, and this percentage aligns with the same drop of inventory in March of this year of 22%.

In addition to the pandemic surge and buyout of existing land and houses, another factor in the abnormally low inventory has been the high mortgage interest rates. Homeowners don’t want to sell their home, which probably had a fantastic interest rate and buy a home at a significantly higher rate. Also, once they put their home on the market, and it sells, they may not be able to find a new home to move into. Overall, in a 4-year comparison of home inventory, May 2023, inventory is 3.1% less than May of 2022, and 45.7% less than May of 2019.

If you are looking to buy a new home or build a new home, Ron Lee Homes has available lots for sale and ready to build your new home. Consider getting started with your home building process and Contact Us Today!

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Costco Being Built at Nord du Lac Shopping Center

 

St. Tammany Parish shall soon be the recipients of a Costco location in Covington in the Nord du Lac shopping center off of Pinnacle Parkway. The location will be in “good company,” surrounded by such stores as Koh’s Department Store and Academy Sports + Outdoors, as well as the restaurants of Olive Garden, Texas Roadhouse, and Saltgrass Steak House.

This well-know area and location will be convenient to residents of Covington and Madisonville in the expansive shopping area off of Highway 21. The investment of approximately $48.5 million for the 159,000 square-foot store will add to many other profitable developments that have sprung up in the

area in the last few years. Land clearing has begun for the project, which could take up to 16 months to finish construction.

According to a press release from St. Tammany Corporation, 75 new, full-time jobs with average salaries of $59,000 will be available once the store has opened, and there will also be 75 part-time jobs. The traffic to this new, big-box store in St. Tammany Parish is expected to produce approximately $60 million in sales and property taxes over the next 10 years.

Additional lanes on Interstate 12 have been completed, and construction on the “loop” that crosses over I-12 (Pinnacle Parkway) shall help with the new traffic that this new shopping area will produce.

“We are incredibly excited to see that construction is beginning on the new Costco on Pinnacle Parkway in Covington. We look forward to this great family-first company opening their doors, which will bring dozens of jobs and sales tax revenue to St. Tammany Parish,” St. Tammany Parish President Mike Cooper said.

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Make Your New Custom Home Design Exceptional

 

At Ron Lee Homes, we specialize in semi-custom and fully custom-built homes for our many home buyers. Because of this, we have an extensive portfolio of house plans that include a mix and match of features that we have introduced throughout the years to our discerning custom home buyers. Through specialized requests and the new and unique custom features constantly being introduced throughout the real estate market, we have an incredible variety of specialty offerings we can propose for any floorplan design.

Whether it’s a specific type of wine cellar, butler’s pantry, mud room, custom closet, walk-through shower, etc., we have worked with our new home buyers to try to provide them with their dream home

design. Our floorplans are constantly being evaluated for efficiency, as well. Making our designs not only built to an exceptional quality but making them as friendly to your budget as possible is all part of our custom home building process.

When building new, custom homes, we take into account much more than just the interior amenities and features. We are looking to design and build for you a complete plan, where the exterior can be just as important as the interior. We have created extensive outdoor spaces, such as custom, covered, screened-in porches with an outdoor patio area, covered and outdoor kitchens and catering areas, outdoor fireplaces, design for outdoor entertainment, including sound systems and televisions, pool and fountain designs, hot tubs, and so much more!

If you are ready to start your custom home building journey, get in touch with us to Schedule Your Consultation to discuss your new home floorplan and exterior design! Call 985-966-0086 or email Info@RonLeeHomes.com.

 

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Buying vs. Renting – Building Wealth Through Real Estate

 

It is sometimes said that real estate is a great investment. Sometimes people equate this fact to owning property and earning rental income, purchasing land and developing it for commercial and residential real estate ventures, or the value of land or property as it appreciates over time.

According to the a report released by the National Association of Realtors, on average, homeowners in the low, middle, and upper income levels nationally accumulated $98,900, $122,100, and $150,800 in wealth by owning their own home. Putting aside the equity earned while making mortgage payments on a home that you own, as well as the interest that can be written off for tax purposes, the benefits of

owning vs. renting translates into actual accumulated wealth, according to this report.

The report by the National Association of Realtors focused on the “built-in” wealth of home appreciation. The amount of equity in a home that appreciates in value over time automatically adds money to a homeowner’s portfolio. Specifically, around the state of Louisiana, the low, miiddle, and upper income homeowners in the New Orleans-Metairie metro areas accumulated $41,110, $75,030, and $75,680 respectively. In Baton Rouge, low, middle, and upper income homeowners achieved an additional $60,020, $73,500, and $102,980 in additional personal wealth.

Owning a home has so many more benefits than renting because all of the money put into the home and the payments made on the homes is money working for you. In the West St. Tammany Parish area, rents and mortgage payments are now closer in price than ever. Consider purchasing a new home for sale or building a custom home. If you’re ready to begin, Contact Us for a Consultation Today!

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Vapor Barriers in New Home Builds

 Vapor barriers are an important part when it comes to building a home. Here is some science behind the reason why.

There are six sides of a new construction home which are in three categories, the walls, the roof and the foundation. All of these sides need to be protected from both liquid water and vapor water.

The side of every new construction home consists of a building envelope. This is where we want to keep moving such as liquid water, air, water vapor and thermal energy. There are several ways that water can sneak into your home. By liquid progress (wind-driven rain hitting up against walls), water vapor diffusion (movement of water vapor and its concentration level), and airflow (movement of air and its pressure levels).

A vapor barrier does not only need to block these areas but needs to also control the movement through them. This is done by using an air barrier (the material layer that will prevent the flow of air between air-conditioned air to unconditioned air), water-resistive barrier WRB (this material layer prevents liquid water from seeping into the house), waterproofing (this is a system that helps prevent and manage build liquid water infiltration), vapor retarder (a material layer that stops water vapor movement by diffusing it), insulation (the material layer that is used to help with the loss or gain of thermal energy).

So basically the goal is to keep your building’s envelope dry, efficient, comfortable and healthy. Remember there are different ways to control water, air, vapor and heat. Here are the reasons why, they all can move in or out of a home in both directions, they can move at different rates and degrees, and they can affect each other.

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Financial Benefits of Downsizing

 You do not have to wait to downsize just because you become an empty nester. Sometimes downsizing to a smaller home can have its advantages no matter what stage of life you are currently in. Here are some nice advantages for those who want to downsize.

1. More Financial Freedom

A smaller home will have a less expensive sale price than a larger home in the same area. If you have a good bit of equity in the home you are downsizing from, you might even be able to purchase a smaller home outright. If this is the case, you do not have to worry about a monthly mortgage payment. If you cannot purchase a smaller home without a mortgage, then you will more than likely get a good chunk out of the equity for a large down payment. The larger down payment will allow you to enjoy a smaller monthly payment, low-interest rates and more cash each month.

2. Greater Ability to Diversify Your Assets

The wise old saying, “don’t put all your eggs in one basket” can apply to your assets as well. If you have all of your cash tied up into residential real estate and the housing market crashes, you could stand to lose a lot of money. If you buy a smaller house, you will have extra cash that you can invest in assets other than just real estate.

3. More Energy Efficient

A smaller home, equals less square footage to heat and cool and light. This not only helps you save money, but you also reduce your carbon footprint.

4. Less Time Spent Cleaning

A bigger home makes for a bigger space to have to clean. Even if you do not use all of your rooms on a daily basis, dust still gathers in the space. It takes less time to clean a smaller space, making way for other things to enjoy.

5. Cozy Atmosphere

You can feel lonely in a big space but a smaller home feels cozy and homey. Having one family room area is a great benefit because it gives you a lot of time to bond with loved ones. A smaller home encourages closer relationships with those you live with.

If you are looking to downsize, contact a local real estate agent who can help you find the right home for your needs. Remember you do not have to be an empty nester to downsize into a smaller home.

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