Real Estate Prices Soaring in St. Bernard!
Sold on St. Bernard Builder Bundle Program Ends on High Note
When St. Bernard Parish started its unique housing initiative ‘Sold on St. Bernard’ in 2014, lots in Arabi were selling for around $5,000. In just five years the price of lots in Arabi have soared to an average of $50,000. In March, the Parish auctioned off the last ‘bundles’ of lots it had available to builders for new home construction from Arabi down to Violet. The demand for the final bundles in Arabi was so great that most lots went for more than double the asking price. And prices are on the rise across the parish as well.
“In 2015 the Builder Bundle program launched in Arabi, which started the trend to build new homes for sale. Every year since then, the parish has experienced increases in both permits issued and in homes sold. While Arabi has experienced perhaps the biggest boom, Chalmette, Meraux and Violet are now picking up with major builder commitments, “ says Jason Stopa, St. Bernard Parish Director of Community Development.
At a recent auction of available ‘Bundle’ lots, 74 lots were snatched up by builders who will have 30 days to begin construction on a home once they close on each lot purchased.
The Builder Bundle program allows builders to buy lots in ‘bundles’ at reduced rates and build quality homes at affordable prices for homebuyers. With Parish support and guidance, builders are helping to bring back whole streets and neighborhoods. Many of the homes are built on double or 1.5 sized lots and that is part of the attraction. The Sold on St. Bernard Program touts affordability and space to potential buyers as well as proximity to New Orleans (Ten Minutes from the French Quarter) and recreation for the entire family.
Real Estate Experts say the demand for new, affordable housing in St. Bernard and is due in part to cost and accessibility as it’s an easy 10 minute drive from the CBD.