Revitalizing Old Mandeville: North Star Theatre Reopens After a Decade

The cozy North Star Theatre in Old Mandeville has been dark for more than a decade, long enough for its owner to be hazy on the name of the last production it hosted. But that is about to change in just five weeks when the house lights dim once again for a troupe of actors starring in a local production of "Chicago."

A New Era for the North Star Theatre

Starting on May 30, the theater's reopening is set to breathe new life into the North Star Theatre. This event will also highlight the older building connected to it, which has been meticulously renovated over the past four years.

A hotel dating back to the 1920s, this building at the corner of Girod and Madison streets in Old Mandeville has undergone an extensive renovation led by Jill McGuire, who is also a councilwoman in Mandeville. The project, which cost over $2 million, has transformed the 96-year-old Allenton Hotel building into the North Star Cultural Arts Center.

Seeking Artistic Tenants

Jill McGuire hopes to attract galleries or other art-centered tenants to complement the theater, which is attached by a walkway through a wide hall suitable for exhibitions. McGuire envisions events where audiences can enjoy a reception in the open space on the first floor before moving into the theater for a show.

"Think about an event here, a reception, where the audience would then flow into the theater for the show," said McGuire, as she showed off the 3,400 square feet of open space on the first floor of the two-story building. "At least that's the dream, right?"

Historical Transformation

The main building dates to 1927, originally opening on New Year's Eve as the Allenton Hotel. Built by E.J. Allen, the hotel was intended to serve passengers on a rail line that was planned to run along Girod Street. Although the rail line never materialized, the hotel managed to survive through the late 1950s, primarily accommodating workers constructing the Causeway Bridge.

Over the decades, the hotel closed, and in the late 1970s, the first floor housed several small businesses and was dubbed the "Small Mall." The building's wooden exterior was eventually covered in drab vinyl siding.

Restoration Challenges and Triumphs

Jill McGuire and her former husband, Barrett McGuire, purchased the complex in 2020 and embarked on the renovation, with Barrett conducting much of the research to match the original materials used in the hotel's construction.

"This place has had a lot of lives. Now it has another one," Jill McGuire said. She added that the building is rumored to have been a brothel at one time and that it is still haunted, though she hasn't seen any ghosts herself.

The renovation faced significant challenges, including delays caused by the pandemic and Hurricane Ida, which damaged the foundation and increased the cost of building supplies. Much of the original pine siding had to be replaced with custom-made boards from Gulfport, Mississippi, colored rust-red to match old photographs.

"It seems like everything just takes longer," McGuire said. "But the bones were really good."

Community Excitement and Future Plans

Local resident Nancy Clark, who has compiled histories of numerous old buildings in the area, praised the renovation. "The exterior is absolutely beautiful," Clark said. "I have high hopes for it."

While McGuire dreams of the building being filled with artsy types, most interest so far has come from prospective renters seeking small office space. "We'll just have to see what happens," she said.

Showtime at the North Star Theatre

One certainty is the reopening of the theater. Built in the late 1980s, the auditorium seats around 100 and previously hosted a regular season of shows. This tradition is set to return with the production company Evangeline Theater Co. handling the shows. "Chicago" will run for eight performances, and McGuire said more productions will follow.

"We're going to have a regular season," she said. "I hear a lot about it. I think people are really excited."

The revitalization of the North Star Theatre and the Allenton Hotel building marks a significant milestone for Old Mandeville, promising to bring cultural enrichment and community engagement back to the heart of the town.

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Considering Buying a Home This Spring? Explore the Benefits of New Home Construction

If you're planning to buy a home this spring, you're likely facing the dual challenges of affordability and limited inventory. However, there might be a solution that addresses both issues: newly built homes. Here's why you should consider this option.

New Home Construction: An Inventory Bright Spot

When searching for a home, you have two main choices: existing homes (those already built and previously owned) and newly constructed ones. Despite a slight increase in the number of existing homes for sale this year, the inventory is still lower than in more typical years like 2018 or 2019. If you're looking to expand your options, newly built homes can provide a viable alternative. Danielle Hale, Chief Economist at Realtor.com, notes:

"The shortage of existing homes for sale has opened up the possibility of new-home construction to more buyers who may not have once considered it."

The good news is that there are currently more newly built homes available. Recent data from the Census Bureau shows a significant increase in both housing starts (homes where construction has just begun) and completions (homes that builders have just finished). This means you have a broader range of options, whether you want a move-in ready home or prefer to customize a build from the ground up.

Builders Are Offering Incentives to Help with Affordability

To make new homes more attractive, builders are offering various incentives, such as mortgage rate buy-downs and other perks for homebuyers. These incentives can help mitigate today's affordability challenges and get you into your dream home. Mark Fleming, Chief Economist at First American, explains:

"Builders aren't rate locked-in. They would love to sell you the home because they're not living in it. It costs money not to sell the home. And many of the public home builders have said in their earnings calls that they are not going to be pulling back on incentives, especially the mortgage rate buy-down, so that will help the new-home market continue to perform well in the spring home-buying season."

An article from HousingWire also highlights the trend:

". . . the use of sales incentives still shows some momentum as 60% of respondents reported using them, up from 58% in February."

Partner with a Real Estate Agent

Buying from a builder is different from buying from a homeowner, and it's crucial to partner with a local real estate agent who can guide you through the process. Builder contracts can be complex, and a trusted agent will advocate for you at every step. They'll provide valuable insights on construction quality and builder reputation, help you review and negotiate contracts, advise on worthwhile customizations and upgrades, and much more.

If you're struggling to find a home due to today's affordability challenges and limited inventory, consider newly built homes. They might be the solution you need. Connect with a local real estate agent to explore this option and see how it can benefit your home-buying journey.

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Downsizing in Retirement: A Smart Move to Save Money

As you enter retirement, reassessing your expenses and finding ways to save money becomes increasingly appealing. One long-standing and popular strategy for doing so is downsizin

When you think about cutting down on your spending, you might first consider everyday expenses like groceries and other goods. However, downsizing your house can lead to significant savings on bigger-ticket items such as mortgage payments, energy costs, and maintenance. According to Realtor.com:

"A smaller home typically means lower bills and less upkeep. Then there's the potential windfall that comes from selling your larger home and buying something smaller."

This financial windfall is primarily due to your home equity. If you've lived in your home for several years, you've likely built up a substantial amount of equity. This equity can be a significant asset in retirement, as Daniel Hunt, CFA at Morgan Stanley, explains:

"Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. . . . Retirement planning can be complex, but your home equity shouldn't be overlooked."

When you're ready to tap into your home equity to fund your next move, a real estate agent can guide you through the process. They will help you set the right price for your current home, find a new home that better fits your evolving needs, and understand what you can afford with today's mortgage rates.

If you're contemplating downsizing, here are a few questions to help you determine if it's the right move:

1. Have Your Needs Changed?
- Do the original reasons you bought your current house still apply, or have your needs changed since then?

2. Do You Need the Space?
- Do you really need and want the space you have right now, or could a smaller home be a better fit?

3. What Are Your Current Housing Expenses?
- Assess your current housing expenses and determine how much you want to save by downsizing.

Once you've answered these questions, meet with a real estate agent to explore your options. A local agent can provide insights into how much equity you have in your home and how it positions you for a successful downsizing move.

If you're looking to save money in retirement, consider downsizing. It can significantly reduce your expenses and provide you with the financial flexibility you need to enjoy your retirement years. When you're ready to take this step, connect with a local real estate agent to discuss your goals and explore the housing market. Downsizing could be the key to a more comfortable and financially secure retirement.

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Early 2024 Sees Boost in New Home Sales Thanks to Stable Mortgage Rates

The housing market has started 2024 on a strong note with an increase in new home sales, as stable mortgage rates have spurred buyer interest in January. According to the latest data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose by 1.5% to a seasonally adjusted annual rate of 661,000 units, compared to a revised December figure. This pace marks a 1.8% increase from the same period last year, reflecting a modest but steady upward trend in the housing market.

New home sales are counted at the moment a sales contract is signed or ahttps://www.census.gov/ deposit is accepted. These homes can range from not yet started, to under construction, to completed. The report adjusts for seasonal variations, projecting that if the current sales pace continues unabated, around 661,000 new homes would be sold over the next year.

In terms of inventory, the stock of new single-family homes in January was recorded at 456,000, up 3.9% from January last year. This level translates to an 8.3 months' supply at the current sales pace, which is somewhat above the six months' supply that is traditionally viewed as a marker of a balanced housing market.

The median sale price of new homes in January stood at $420,700, a 1.8% increase from December and a slight decrease of 2.6% from the previous year. Despite the general affordability challenges in the housing market, the proportion of new homes priced below the $300,000 entry-level mark has continued to shrink, comprising just 15% of all sales. Conversely, 34% of new homes were priced above $500,000, indicating a shift towards higher-end market dynamics, with the majority of homes falling in the $300,000 to $500,000 price range.

Regional variations in new home sales were also significant. On a year-over-year basis, the Northeast saw a rise of 4.9% in new home sales, while the West experienced a substantial increase of 57.0%. In contrast, sales in the Midwest declined by 4.1%, and the South saw a decrease of 13.5%.

The early 2024 data suggests a housing market that is adjusting to economic conditions, with stable mortgage rates providing a critical support for new home sales. While the market continues to deal with inventory issues and shifting affordability, the overall upward trend in new home sales offers a positive outlook for the U.S. housing sector as it navigates through the year.

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Single-Family Home Construction Sees Turnaround in Urban Markets, Multifamily Declines in Coastal Areas

The housing construction landscape is shifting, with recent data from the National Association of Home Builders (NAHB) indicating a gradual turnaround in single-family home construction, particularly in larger urban metro markets. The fourth quarter of 2023 saw a modest rebound in these areas, driven by moderating mortgage rates and a persistent shortage of existing homes on the market. This shift comes despite a backdrop of broad declines across various market segments earlier in the year.

According to the NAHB Home Building Geography Index (HBGI) for Q4 2023, the improvement in single-family construction was notable in smaller metro outlying counties, which experienced a growth rate of 0.4%. "While all urban, rural, metro, and county area single-family markets saw double-digit production declines in the third quarter, construction began to turn the corner in the final quarter of the year," explained NAHB Chairman Carl Harris. He attributes this positive trend to the easing of interest rates and a mortgage "lock-in" effect, where homeowners with low mortgage rates are hesitant to sell, thus reducing existing home inventory.

NAHB Chief Economist Robert Dietz also highlighted the recovery in single-family construction, contrasting it with the multifamily sector. "New multifamily building in large, metro suburban counties posted a negative growth rate of 20% in the fourth quarter, reflecting the tail end of an apartment building boom that reached its highest level in more than 50 years," Dietz said. This downturn in multifamily construction was most acute in large metro areas, whereas more rural and outlying areas showed stronger performance.

The HBGI, a quarterly measurement using county-level data on housing permits, shows that single-family home building market shares varied significantly across different types of metro and county areas in the fourth quarter:
- Large metro core counties: 16.0%
- Large metro suburban counties: 25.0%
- Large metro outlying counties: 9.6%
- Small metro core counties: 28.7%
- Small metro outlying areas: 10.0%
- Micro counties: 6.5%
- Non-metro/micro counties: 4.2%

In terms of geography, approximately 25% of single-family construction consistently occurs in U.S. coastal counties, with these areas accounting for about one-third of new multifamily building. The market share for coastal counties in single-family construction has remained remarkably steady since 2014, with a slight decrease in multifamily construction market share in coastal regions from 36.6% in 2014 to 30.3% in 2023.

This ongoing shift in multifamily building toward non-coastal areas, particularly since the Covid pandemic, reflects broader trends in housing demand and development, with many people moving away from dense urban centers to more spacious suburban and rural settings.

As we move into 2024, the housing construction industry appears poised for continued adaptation, responding to shifts in demographic preferences, economic conditions, and the availability of construction resources. The recovery in single-family home building, especially in metro areas, is a promising sign for potential homebuyers looking for new opportunities in a challenging market.

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Navigating the 2024 Housing Market: How Buyers Can Prepare for Imminent Rate Cuts

As 2024 dawned, there was a palpable sense of optimism among homebuyers and borrowers, fueled by falling inflation and the anticipation of subsequent interest rate cuts. While initial hopes were somewhat dashed by less-than-stellar inflation reports for December and January, the consensus remains that rate cuts could be on the horizon, possibly as early as May or June.

This prospect is particularly significant for homebuyers who faced soaring interest rates in 2023—the highest since 2000. As they eagerly await potential decreases in the benchmark interest rates, and subsequently mortgage rates, prospective buyers are advised to prepare strategically to navigate the expected influx of competition in a new rate environment.

One crucial step buyers can take right now is securing mortgage pre-approval. While not a guarantee of securing a property, pre-approval does signal to sellers that a buyer is serious and financially vetted, providing a distinct advantage especially before rates drop and the spring real estate market heats up. In the current unique mortgage climate, being pre-approved can offer a significant competitive edge.

Mortgage pre-approvals typically last for two to three months, which perfectly positions buyers to concentrate on finding the ideal property without the pressure of concurrently shopping for lenders. Keeping your credit score high during this period is essential; a dip can complicate the re-approval process and potentially worsen the terms on offer.

Maintaining a strong credit profile isn't just about ensuring easier pre-approval. A high credit score can also secure better terms and rates, reducing the overall cost of a mortgage. In contrast, a lower score might lead to more required documentation and slower approval processes, which could cost you a desired property.

Financial prudence extends to the size of the down payment. A 20% down payment not only eliminates the need for private mortgage insurance (PMI) but also strengthens a buyer's offer by showing substantial financial backing. In today's market where cash is king and contingencies can be deal-breakers, demonstrating financial readiness is crucial.

For those who need to sell their current home to finance a new purchase, consider listing your property sooner rather than later. This move reduces buying contingencies and enhances your appeal to sellers by showing readiness to proceed quickly.

While mortgage pre-approval doesn't ensure home buying success, it significantly enhances a buyer's profile in a competitive market. With rate cuts likely on the way this year, enhancing your buyer profile by obtaining pre-approval, maintaining a robust credit score, making a significant down payment, and minimizing contingencies is more critical than ever. These steps will not only position you favorably in the current market but also set you up for success when you find your ideal home in the future.

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Surprising Surge in Existing Home Sales Highlights Market Resilience

In a surprising turn of events, sales of existing homes in the U.S. jumped 9.5% in February from January, reaching 4.38 million units on a seasonally adjusted annualized basis. This significant increase, as reported by the National Association of Realtors (NAR), defied housing analysts' expectations of a slight drop, showcasing an unexpected resilience in the housing market.

Despite a year-over-year decrease of 3.3%, this February marked the largest monthly gain since the previous year, highlighting a robust recovery in certain regions. The West experienced the most dramatic increase with a 19.4% surge, followed closely by the South with a 16.4% rise. The Northeast, however, saw no change, indicating regional disparities in housing market dynamics.

Lawrence Yun, the chief economist at NAR, attributed this growth to an increase in housing supply which is beginning to meet the rising market demand fueled by steady population and job growth. "The actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices," Yun noted, pointing out the critical factors influencing future market trends.

Inventory levels also saw an uplift, with a 10.3% increase from last year, bringing the total to 1.07 million homes available for sale at the end of February. Despite this growth, the supply remains tight with just a 2.9-month supply at the current sales pace, underscoring the ongoing imbalance between supply and demand in the housing market.

The median home price continued its upward trajectory, increasing by 5.7% from last year to $384,500. This marks the eighth consecutive month of annual gains, fueled by high demand and competitive market conditions where 20% of homes sold above the listing price.

Interestingly, the rise in home sales did not translate to increased participation by first-time buyers, who represented only 26% of purchases, a decline from 28% in January and well below the historical norm of around 40%. The prevalence of all-cash purchases, which increased to 33% from 28% the previous year, suggests a significant influence of wealthier consumers and possibly those relocating from more expensive states like California to more affordable markets such as Florida or Georgia.

Yun also speculated that factors like the stock market's performance and the acceptance of higher mortgage rates as a 'new normal' might be influencing these trends. With the 30-year fixed mortgage rate now over 7%, the dynamics in the housing market continue to evolve, influenced by broader economic factors.

This surge in existing home sales provides a complex picture of a housing market that is simultaneously grappling with tight supply, rising prices, and shifting consumer behaviors. As the market continues to adjust to economic pressures and demographic shifts, the landscape of U.S. housing remains a critical area to watch.

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