Real Estate Market Trends
GNOEA members attended an in-person breakfast meeting on October 26th led by Alison Barrios, Co-Owner of Barrios Real Estate Group and Richard Juge, CEO of RE/MAX Commercial Brokers. This two part presentation, residential real estate trends by Barrios and commercial real estate trends by Juge, provided a glimpse of how metropolitan New Orleans’ markets fared during the pandemic and after hurricane Ida, and how they are trending now.
Barrios provided historical data on home sales, in four New Orleans area markets, Uptown, Metairie, Lakefront and Marigny/Bywater. Although still hot, it has slowed down from the number of buyers that want to avoid playing the “highest bidder game” and will wait for prices to decrease. Barrios talked about the escalation clause that agents use for their clients allowing the buyer to increase their bid incrementally with a price cap should another buyer out bid them.
Juge, gave an overview on commercial real estate noting that commercial property did not do well in 2020. Fast forward to 2021 and the market is back to pre-pandemic levels, nationally. Locally, Hurricane Ida’s impact has helped to absorb some of the empty space being used for storage. Industrial real estate has been up for the last five years and multi-family space continues to do well. Office space in the greater New Orleans area is being redesigned as living space; i.e., condos, apartments resulting in a reduction of available office space. Retail space continues to remain flat due largely to the impact of e-commerce. Juge ended with a snap shot of what’s next for Metro NOLA: the redevelopment of Six Flags, new downtown hotels, a new logistics hub in Luling, Pan-American’s commitment for the next ten years and a proposed casino and resort for Slidell’s waterfront.
Presentations can be accessed in the meeting archives.
A special thanks to our gracious member and host – George Messina at Rooftop on Basin
Kevin Pedeaux recommended that members reach out to some of the GNOEA business groups for participation or form a new group. To view a list of open classifications click HERE.
If you have a prospect, please have them connect with Jacquie Bonano (interim membership chairman) at [email protected]
Thank You & Announcements
Invocation by George Rojas, Scheuering Security Service, Inc.
Jacquie Bonano, JB Communications thanked Catherine Shreves, Image Video Solutions for her help with Bayou Phoenix, a New Orleans East Development project.
Richard Juge, RE/MAX thanked Marcus Azzarello, Franklynn Pest Control for his work.
Philip Rebowe, Postlethwaite & Netterville, invited GNOEA members, as his guest, to the Jefferson Chamber’s Annual meeting Thursday, October 28th, 8:30 a.m. at the Alario Center.
Dennis Brady, Architect thanked Marcus Azzarello, Franklynn Pest Control for his termite service.
Re-qualification forms for 2022 – Please complete or note “no change” and return to Cathy Vienne by email.
Q4 dues invoices have been emailed. Electronic payment is preferred.
Upcoming Meeting Schedule
November 2nd – No Meeting
November 9th – Jason Stopa, Director – St. Bernard Economic Development – Rooftop on Basin
November 16th – Duaine Duffy, Benefit Analyst – Rooftop on Basin, Board meeting follows
November 23rd – Off – Happy Thanksgiving
November 30th – TBA
December 9th – Christmas Party and GNOEA 50 Year Celebration 6:00 – 8:00 p.m. – The Crab Trap Room across parking lot from The Blue Crab Restaurant – Spouses are invited to attend.
December 14th – Philip Rebowe, CPA – Tax Update
December 21st & 28th – Off – Christmas Holidays!