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Middleton O'Malley
GRI, ABR, SRS, GREEN

Keller Williams Realty New Orleans
8601 Leake Ave.
New Orleans, LA 70118 USA

middieomalley@yahoo.com www.middieomalley.com www.middletonomalley.com

Cell: 504-579-4717
Home: 504-269-3211
Fax: 504-269-6991
Office: 504-862-0100

NOLA Real Estate News, February 2009

I’m very pleased to announce that NewOrleans.com, the new, exciting, and exceptionally informative website for New Orleans residents, and visitors, has selected me to be their Real Estate Editor. Helpful articles written for N.O. Com, can be found through the “Helpful Links” column on the left side of this page. Click on ”Helpful Real Estate Tips”.

In greater New Orleans, home prices are fairly stable, money is available, (see “Interest Rates & Loans” below), and there’s some noticeable movement in both the residential purchase and sales categories. Insurance is becoming somewhat easier to obtain. Ask your agent if you qualify for an alternative to LA Citizens, the Louisiana Insurance company of last resort. These new companies may have certain criteria that can’t be met by every home, but at least we are seeing a a small trend in the right direction.

Although the reduction in home values is quite evident, many sellers remain blinded to this reality. Nobody likes to be told their home is worth less than before, (the flood), but the reality is this, it is. If you’re selling and then buying within the same general area, it’s a good chance that the numbers will wash. But if you are cashing out, almost anywhere in the USA, well, the market is what it is, depreciated.

The toughest home to find from the Garden Dist. to Mid-City, is a (min) 3 bedroom, (min) 2 bath home, advertised in excellent condition, with parking, in the 400-500K range. At this exact moment there are but 12. And, if you’re only looking for homes in a B Flood Zone, there’s even fewer.

A ray of hope is to be found in Lakeview, one of the most damaged areas in town. Post flood, the courageous folks in Broadmoor lead the way in bailing themselves out. But if you want to see some recent progress, take a spin out to Lakeview. I recall a sales meeting held immediately after the flood; we were assessing the potential for various areas to come back. Someone said, “Lakeview was, and will be again, an area of real value”…and so it is coming to pass.

Nothing like a little progress to lift the spirits!

As ever, I remain at your service.

Interest Rates & Home Loans

The truth is this, in greater New Orleans, just about anyone with acceptable credit CAN get a loan! Don’t believe the national news reports that say home buyers can’t get mortgage money; there’s plenty available. Recently, I helped a client with a steady job, good payment history, but only a 620 credit score, get a 30 year conventional mortgage at 5.25% (+ a point). Got better credit? You’ll get better rates. Rates are fluctuating at the moment but at under 6% the money is cheap! Go for it!

Need a lender? There are a few listed on my vendor and contractor list. If you want to Re-Fi, have them put you on a rate watch. When the number you want comes up, they’ll call you.

Remember, it’s all about your credit rating. If you really want to buy a home, or Re-Fi, be cool with credit cards and major purchases before closing on your home.

Real Estate Prices In Other Parts of The World…

On a recent trip to Ireland, I stopped by to see an old friend of the family in his place of business…a real estate agency. After the polite preliminaries my friend said, “Middie, business is absolutely brutal”.

What we don’t see in New Orleans, because we are in our own world dealing with our own realities, is the fact that while business in other parts of the USA, and plenty of other countries, has come to a halt, business in New Orleans is moving along. Yes, there has been a price correction, but there is no shortage of money for the credit worthy, and we can thank our lucky stars that we aren’t in Florida, or California, just to name a couple of harder hit locations. Business is far from dead in New Orleans…it is either priced and staged correctly, and sells, or it isn’t, and it won’t.

The photos below were recently taken in Ireland. The first is of a beautifully restored manor house in Co. Tipperary, now used for high end destination weddings and equestrian events, (Marilyn Manson and Dita von Teese got married there), and the other is of a private home beautifully located on a large point with lovely views out onto Clew Bay, in Co. Mayo. We were blessed to be able to stay in both of them over the Christmas Holidays.

Kilshane House, Co. Tipperary Rosclave, Newport, Co. Mayo

This photo of four creamy pints, not quite fully poured, was taken by me in a pub in Co. Tipperary. To see such a sight had an almost religious effect on yvt who hadn’t had a properly poured pint of Guinness in three years! They were absolutely sublime.

Here’s a couple of Gents who have enjoyed a jar or two together over the years! Taken in a pub in Co. Tipperary.

For Sale

Beautiful Uptown Condo – Two Bedrooms, Two 1/2 Baths!

Lyons TerraceThis could be your own private terrace!

Everything you need!

2 Bd…Each With Full Bath, & Big Closets.. Plus, a Half Bath!

Walk To Restaurants, & Stores 2009 Logo
Entertainment Sized Terrace!
Sun Filled, Open Floor Plan
Stainless Appliances + Granite Counters
Tall Ceilings With Crown Moldings
In Unit Wash/Dryer
Exercise Room
Storage Room
Assigned Parking

Do you know someone looking for a 1st class Condo like this?

Great Location!

$309,000

Live/Rent, or buy for straight inve$tment

$169K buys you this great double in Broadmoor. Very Good Condition. Fully rented at $850 a side. Very easy to maintain.

Dante Front View
This cute, over 2000 sq.ft., Carrollton area, Victorian Double has 2 bd and 1 ba per side, and it’s in Very Good condition. Both sides rented at $850 a month. Big Lot!

Call 504-579-4717, or email middieomalley@yahoo.com.