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Lisa Heindel's Blog

Life, Fun and Real Estate on the West Bank of New Orleans

By Lisa Heindel | Broker in New Orleans, LA

2012 Tall Timbers Real Estate Market Report

A past client called this week and wanted to know about the market in Tall Timbers in Algiers. Rather than keep it all a secret, let's take a look at home sales in this West Bank subdivision.

What's for sale?

There are 17 homes currently for sale in Tall Timbers. The most expensive listing is 3636 Pin Oak, priced at $324,000. The least expensive listing is 3734 Pin Oak, priced at $118,000.
  • Average home for sale: 4 bedrooms, 2.5 baths, 2781 square feet of living area, listed for $209,388 and has been on the market for 158 days
  • The average days on market for active listings is being skewed by 3 properties that have been on the market for 311, 335 and 656 days

What's under contract?
There are 6 homes under contract, with list prices ranging from $94,700 to $239,000.
  • Average home under contract: 4 bedrooms, 2.5 baths, 2655 square feet, listed for $184,583 and on the market for 205 days
  • Another 2 homes have accepted offers, but are still open to buyer showings for back up offers. They are priced at $107,800 and $144,000.

2012 Home Sales in Tall Timbers
10 homes have sold in Tall Timbers in 2012, with final sale prices ranging from $145,500 to $280,000.
  • Average list price: $198,840
  • Average sale price: $191,500
  • Median sale price: $184,500
Condition is a major factor in the wide gaps between the high and low prices we are seeing the neighborhood.
  • Average sale price for homes in New or Excellent condition: $191,333
  • Average sale price for homes in Very Good or Average condition: $162,333
Foreclosures have also contributed to some lower prices, but not as badly as in other areas of the West Bank. Foreclosures made up 20% of homes sold in Tall Timbers this year.
  • Average sale price for foreclosure: $167,250
  • Average sale price for non-foreclosure: $185,786
How does this compare to last year?
  • In 2011, there were a total of 23 homes sold in Tall Timbers. That's an average of 1.9 homes per month, compared to the 2012 average of 1.1 per month.
  • The 2011 average sales price was $191,432, just a smidge below this year's average of $191,500.
  • In 2011, 39% of homes sold were foreclosures, compared to 20% this year.
So, where are prices heading?
They seem to be fairly level right now, although that could change if a large number of foreclosures or short sales get thrown into the mix. 

I still think that Tall Timbers is a good investment in Algiers, as long as buyers do 2 things:  (1) have thorough home inspections to undercover any structural issues, since we have seen some in various spots in the subdivision and (2) have a professional appraisal performed before purchasing to get the most up to date pricing opinion.

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