Local real estate market faces insurance woes, unique challenges

The real estate market in St. Charles Parish is currently facing unique challenges, Latter and Blum Realtor Regina Allemand recently said, but she added that there are several positive developments in the local housing market.

There have been 119 residential properties that have sold thus far in 2023 in St. Charles Parish. The prices on those homes have ranged from $27,000 to $810,000, with the median sales price at $248,000.

The homes that have sold this year have gone for approximately $143 per square foot of living area.

At this time last year there were 134 homes that had sold, with the median sales price at $257,000 and $153 per square foot.

“Homes were selling for $10 more a square foot in 2022 than in 2023,” Allemand said. “Existing houses are suffering through both homeowners and flood insurance substantial increases. The projected cost increase for the next five years puts many buyers at bay to commit to a property. Our challenges are to shop and compare the rates.”

However, there are some positives to point out on the matter, Allemand said.

“Louisiana has secured some incoming insurers, and that will help level the cost of homeowners insurance,” she said. “The legislatures are working on the bill to ensure insurance companies give credit and deductions for customers who do have fortified roofs. Louisiana does have the Louisiana Housing Corporation that offers a multitude of programs for first time homebuyers that does help with the inflated insurance rates among other obstacles. Interestingly enough, Louisiana is in the top 10 percent of homeownership in the country.”

On a positive note, Allemand said that with the moratorium lifted for new developments in the parish there are several developers who have continued their projects on both sides of the river.

“These properties are indeed selling, which is a good indicator for the real estate market,” she said.

Ongoing recovery from Hurricane Ida and the December 2022 tornado is apparent throughout the Parish with homes and businesses alike, Allemand said.

“St. Charles Parish is not backing down,” she said. “Parish officials are seeking assistance and resources for our homeowners and business owners. The latest effort is St. Charles Parish suing FEMA. It is imperative that FEMA hear the stories of families and businesses who are and will be affected in the near future with the cost of flood insurance.”

Allemand said it is not all doom and gloom when it comes to the current local real estate market.

“Yes, things are different, but how you react to the changes makes all the difference,” she said. “We can overcome the obstacles by being a little creative, facing the challenges and figuring out what you can live with and how to make it happen.”

 

About Monique Roth 919 Articles
Roth has both her undergraduate and graduate degree in journalism, which she has utilized in the past as an instructor at Southeastern Louisiana University and a reporter at various newspapers and online publications. She grew up in LaPlace, where she currently resides with her husband and three daughters.

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