Christwood Atrium Gallery to Host New Exhibit Featuring Southeastern Artists

The Christwood Atrium Gallery in Covington is set to showcase a new art exhibit featuring the works of two Southeastern artists, marking the start of a partnership between the Atrium and the Saladino Gallery, also located in Covington.

The exhibit will highlight the art of Phyllis Beiser from Mississippi and Carol Hallock from Louisiana, both represented by gallery owner Danny Saladino. The opening reception will take place on Saturday, September 14, from 4:30 p.m. to 6:30 p.m., offering attendees a chance to meet the artists and enjoy refreshments. The event is open to the public.

“This partnership is significant not just for the Christwood community but for the broader arts community as well,” said Ann Loomis, curator of the Christwood Atrium Gallery and the driving force behind the collaboration. “It will raise the gallery’s profile within Louisiana’s art scene and attract larger audiences to our exhibits, ultimately benefiting regional artists. It also reinforces our strong commitment to supporting local talent.”

Saladino also expressed enthusiasm about the collaboration, emphasizing how it enhances exposure for the more than two dozen artists he represents. “The Christwood Atrium is a beautiful and expansive venue, offering more than 5,800 square feet of gallery space. I look forward to showcasing my clients’ works in such an impressive setting,” he said.

Phyllis Beiser, who has lived on the Mississippi Gulf Coast for two decades, draws inspiration from the region’s vibrant natural surroundings. “Everywhere I look, there is color and life. Compositions begin forming, and I strive to capture on canvas what I see,” Beiser shared.

Carol Hallock, who splits her time between a stilt house in Louisiana and a 40-acre property in southern Mississippi, often paints scenes of bayous and marshes from her kayak. One of her favorite subjects is “Geraldine,” an egret she frequently encounters in her surroundings.

The Christwood community is located at 100 Christwood Blvd., accessible via the Brewster Road entrance. The Atrium Gallery is open to the public from 9 a.m. to 5 p.m., Monday through Friday.

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U.S. Housing Market Sees Biggest Increase in Listings in Four Years

In positive news for U.S. homebuyers seeking more options, the number of homes for sale nationwide has reached its highest level in over four years, according to a recent report from Realtor.com. The report revealed that the housing inventory grew 35.8% year-over-year in August, marking the 10th consecutive month of growth and the highest level of available homes since May 2020. However, new listings declined slightly, with 0.9% fewer homes hitting the market compared to the same period last year.

Changes in Prices and Selling Conditions

With more homes on the market, buyers are benefiting from more favorable pricing trends. “Price cuts are more common, asking prices are moderating, and homes are taking longer to sell,” said Danielle Hale, chief economist at Realtor.com. Despite these improvements, both buyers and sellers are still cautious, waiting for even better market conditions before making moves.

Impact of Mortgage Rates on Buyer and Seller Activity

The highly anticipated Federal Reserve rate cut has already led to lower mortgage rates, but both buyers and sellers seem to be holding out for further declines. As a result, competition among home shoppers this fall is likely to be lower than what is expected in spring 2025, when more buyers are anticipated to enter the market amid potentially better mortgage rates, according to Hale.

As of August 29, the average 30-year mortgage rate stood at 6.35%, its lowest point in over a year, according to data from Freddie Mac.

Shifts in Home Prices and Sizes

The median listing price for homes in August was $429,990, representing a 1.3% decline compared to last year. However, the median price per square foot rose by 2.3%, suggesting an increase in the availability of smaller, more affordable homes in the market.

Longer Selling Times and More Price Reductions

The percentage of homes with price reductions increased to 19.2% in August, up 3% from the same month last year. Additionally, homes spent a median of 53 days on the market, making it the slowest August in five years.

According to Ralph McLaughlin, senior economist at Realtor.com, “The market slows by about one day for every 5.5 percentage point increase in the year-over-year number of active listings.” This trend means that, in certain markets, homes may remain on the market for 15 to 20 more days compared to last year, given the rapid growth in inventory.

The growing inventory and moderating prices indicate that the housing market is shifting toward a more balanced environment, providing buyers with more choices and better negotiation power. However, both buyers and sellers remain watchful of mortgage rate fluctuations and are prepared to adapt as conditions evolve.

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Steps to Getting Pre-Approved for a Mortgage

For most homebuyers, securing a mortgage is an essential part of the process, with about 80% of buyers relying on financing, according to the National Association of Realtors. Getting pre-approved for a mortgage is one of the first and most important steps in your homebuying journey. It not only gives you an idea of how much house you can afford but also signals to sellers that you’re a serious buyer with the financial backing to make a purchase. While obtaining a mortgage can seem complicated, with some organization and preparation, you can get pre-approved and begin your search for a new home.The adjacent kitchen boasts a blue island with marble countertops, white cabinetry, and open shelving, blending functionality with modern elegance.

The first step is to gather your financial documents. Lenders will need to assess your financial health before issuing pre-approval, so be ready to provide proof of income, employment history, assets, credit history, debts, and identification. Organizing these documents in advance—such as pay stubs, tax returns, bank statements, and a valid ID—can expedite the process. Most lenders now allow you to submit documents via email or a secure online portal, making it easier than ever to gather everything you need.

Next, you should assess your budget to ensure you have a clear picture of how much house you can afford. This step can include getting prequalified for a mortgage, which offers a rough estimate of your buying power. A solid budget helps narrow your home search, and once you’re prequalified, you’re better prepared for the official pre-approval process. Many buyers find that using a mortgage calculator before approaching a lender can give them valuable insight into what to expect.

After gathering your documents and setting a budget, you’ll move on to the credit check portion of the pre-approval process. This step involves a hard inquiry on your credit report, which may temporarily lower your score, but rest assured, this is a normal part of the process. Lenders will evaluate your credit history to determine your loan eligibility and interest rate. Shopping around for different rates from various lenders within a 30- to 90-day window ensures that multiple inquiries only count as one, minimizing the impact on your credit score.

Getting pre-approved for a mortgage is a critical step that provides clarity on your buying power and demonstrates your seriousness as a buyer. With a little preparation and careful planning, you can streamline the process and move confidently toward purchasing your dream home.

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Top-Performing St. Tammany Parish Schools by 2024 LEAP Scores

As the 2024 school year begins, the latest LEAP test scores have been released, shedding light on the academic performance of schools across St. Tammany Parish. The LEAP tests, administered annually to students in grades three through high school, offer insights into how schools are helping students recover academically following the challenges brought on by the COVID-19 pandemic. This year’s results highlight both overall top-performing schools and those that have excelled in overcoming economic disadvantages.This inviting entryway features elegant wainscoting in a soft green hue, complementing the white walls and door.

Among the high schools, Mandeville High School led the pack with 59% of its students scoring in the advanced or mastery levels, followed closely by Lakeshore High School at 56% and Northshore High School at 54%. In elementary and middle schools, Tchefuncte Middle and Mandeville Middle Schools tied for top honors in English performance, with 76% of their students reaching the highest categories. Special recognition was also given to schools excelling despite high numbers of economically disadvantaged students, such as Chahta-Ima Elementary, which saw 57% of its students achieve mastery or advanced in English.

In math, Tchefuncte Middle School again stood out, with 72% of students excelling, while E.E. Lyon Elementary made significant strides in supporting economically disadvantaged students, achieving a 48% proficiency rate. This year’s rankings highlight the continued focus on academic growth and underscore the importance of targeted interventions in helping all students succeed. For a deeper dive into the scores of individual schools, readers can access a searchable database.

These results demonstrate a promising recovery from the learning losses seen during the pandemic, but the journey continues as schools work to further close the gaps and push for higher achievement across all demographics.

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New Inclusive Playgrounds Under Construction at Bogue Chitto and Fontainebleau State Parks

Construction has officially begun on new playground projects at Bogue Chitto and Fontainebleau state parks, marking a significant step toward creating inclusive play spaces for children of all ages and abilities. These specialized playgrounds are designed to offer multi-sensory play experiences, allowing children with diverse needs to play and interact together in a safe and engaging environment.The room includes dual vanities with ample storage and sleek fixtures, complemented by a soothing neutral color palette and natural light from the window.

Lieutenant Governor Billy Nungesser expressed his enthusiasm for the project, noting the progress made so far. “While there is still much work to be done, we are one step closer to completing the new playgrounds now that the concrete has been poured at both sites,” Nungesser said. “We’re excited to bring these special playgrounds to reality for children of all abilities to enjoy and explore. We also hope to add projects such as these to our other 19 state parks.”

Each playground will cover an area of approximately 7,200 to 7,300 square feet and will feature not only specialized play equipment but also shaded areas, benches, and picnic tables, ensuring a comfortable and accessible space for all visitors. The playgrounds are expected to be completed by October.

The funding for these projects was provided through a Land and Water Conservation Fund 50% cost-share grant, reflecting a commitment to enhancing public spaces and making them more inclusive for all community members.

These new playgrounds represent a significant advancement in creating accessible recreational spaces and set the stage for similar projects to be implemented across the state’s park system in the future.

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Navigating the Real Estate Closing Process

After your offer to purchase a home is accepted, the journey to becoming a homeowner enters the under-contract phase, leading up to the final real estate closing day. During this period, several crucial steps must be completed to ensure a smooth transfer of ownership from the seller to the buyer. While this process typically takes about a month, it can vary based on specific circumstances that may arise. Below is an overview of the steps involved, from the moment your offer is accepted to the day you receive the keys to your new home.The adjacent kitchen boasts a blue island with marble countertops, white cabinetry, and open shelving, blending functionality with modern elegance.

Understanding the Real Estate Closing

The real estate closing is the final stage of a home purchase, where all necessary tasks are completed to prepare the property for transfer. During this time, multiple inspections are conducted to assess the physical condition of the home and to ensure the financial and legal aspects of the transaction are in order.

Various factors can affect the timeline of your closing. Discoveries made during a home inspection, appraisal, or title review can lead to delays or, in some cases, the termination of the sale. For instance, if a lien is found on the property that the sale proceeds won’t cover, the buyer may have the option to withdraw from the purchase without penalty, thanks to contingencies often included in real estate contracts.

The 9 Key Steps in the Real Estate Closing Process

While your real estate agent will handle most of the tasks during closing, as a buyer, it’s essential to understand the steps involved:

  1. Secure Escrow and Title Services The seller’s real estate company typically sets up a neutral third-party escrow account to hold the buyer’s earnest money, which is usually applied toward the down payment. Additionally, the buyer’s agent will conduct a title search and obtain title insurance to ensure clear ownership of the property. If any issues arise, it may be necessary to consult a real estate attorney.
  2. Understand and Negotiate Closing Costs Buyers should carefully review all closing documents, either independently or with the help of an attorney, to understand and potentially negotiate fees associated with inspections, appraisals, and other closing services. While there may be limited room for negotiation, being informed can help avoid unnecessary costs.
  3. Perform Inspections and Appraisals Schedule a home inspection to identify any necessary repairs and an appraisal to determine the property’s value. Depending on the inspector’s findings, additional inspections, such as for pests, may be required. These inspections are critical in deciding whether to move forward with the purchase or renegotiate terms.
  4. Lock in Your Interest Rate Buyers should contact their lender to secure a mortgage rate, protecting against potential fluctuations that could affect monthly payments. It’s important to maintain financial stability during this period, as significant changes in your financial situation, like financing a new car, could impact your mortgage approval.
  5. Remove Contingencies Once all inspections and disclosures are satisfactory, contingencies in the purchase offer can be removed. If issues are identified, negotiations may be necessary to settle on new terms before moving forward with the transaction.
  6. Meet Funding Requirements Beyond the initial earnest money deposit, buyers need to secure the remaining funds required for closing, typically through a cashier’s check from their bank. Timely completion of this step is crucial to avoid jeopardizing the deal.
  7. Final Walk-Through Before closing, conduct a final walk-through of the property to ensure all agreed-upon repairs have been completed and that no new issues have arisen. This step is essential for removing final contingencies.
  8. Review and Sign Closing Documents On closing day, the buyer will meet with a real estate closing agent to sign the necessary documents and officially take possession of the property. It’s important to review all documents carefully and seek clarification if needed.
  9. Receive the Keys Once everything is signed and finalized, the buyer will receive the keys to their new home, marking the end of the closing process and the beginning of the moving and unpacking phase.

Final Thoughts on Real Estate Closings

The real estate closing process can be lengthy and detailed, but with the guidance of an experienced real estate agent, it typically proceeds smoothly. By addressing issues as they arise and staying informed, you can ensure that you secure the best possible terms before closing day.

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The Wealth-Building Power of Homeownership

Homeownership plays a crucial role in a household’s accumulation of wealth. This article delves into the impact of owning versus renting by examining the balance sheets of homeowner and renter households across assets, debt, and net worth.The living room has tons of natural lighting that seeps through all the windows.

Households that own a primary residence build equity, while renters do not. In the third quarter of 2023, CoreLogic’s homeowner report revealed that U.S. homeowners with mortgages saw their equity increase by a total of $1.1 trillion, a 6.8% gain from the same period in 2022. Homeowners typically own additional assets beyond their primary residence.

In contrast, renters miss out on wealth accumulation from home price appreciation and mortgage paydown. Additionally, renters generally own fewer assets in aggregate compared to homeowners.

The wealth gap between homeowners and renters is influenced by both home equity and other asset ownership. Most households will experience periods as both renters and homeowners. According to prior NAHB analysis, about 9 out of 10 households will own a home at some point in their lives, highlighting the rental market’s role in the journey to homeownership.

In 2022, while nearly every family owned some assets, homeowners owned the majority. The Survey of Consumer Finances (SCF) shows that households owning a primary residence also tend to own other significant assets, such as additional real estate, vehicles, business interests, stocks, bonds, and retirement accounts.

Renters, on the other hand, own far fewer assets. For example, homeowners collectively owned 16 times more stocks and bonds and 15 times more business interests and retirement accounts than renters.

The median values of assets, debt, and net worth for homeowners and renters, broken down by age categories in 2022, reveal that homeownership and housing wealth are strongly age-associated. The median value of the primary residence increases for homeowners aged 35 to 54 and then declines slightly for those aged 55 and above. Similarly, the median value of homeowners’ other financial assets rises with age, while retirement account values peak for those aged 45 to 54.

Although the median values of business interests, other non-financial assets, and stocks and bonds among homeowners were zero for fewer than half of homeowners at any age, the value of these assets increased across age categories for those who owned them.

For renters, more than half owned some financial assets, but these did not accumulate with age. Notably, fewer than half of renters owned retirement accounts, additional real estate, other non-financial assets, or business interests at any age. Financial and non-financial asset values for renters aged 65 or older were nearly half the median value of those under 35.

Regarding debt, the primary home mortgage is the largest liability for homeowners. However, the median value of mortgage debt decreases between the ages of 35 and 64, with more than half of homeowners over 65 being mortgage-free and debt-free in other major categories.

For renters, credit card and installment debt are the largest liabilities. The median value of this debt declines between the ages of 35 and 64 and is zero for renters aged 65 or older.

Net worth, defined as the difference between assets and liabilities, is significantly higher for homeowners. In 2022, homeowners had a median net worth of $396,000, while renters had a median net worth of just $10,400. The primary residence equity is the largest component of homeowners’ net worth, whereas for renters, non-primary residence equity forms a larger portion, reflecting other accumulated assets.

Across all age groups, the median primary residence equity for homeowners increases, primarily due to lower mortgage debt rather than higher home values. In 2022, homeowners’ median net worth was approximately 38 times that of renters. Excluding primary residence equity, homeowners’ median non-residence equity was still 15 times that of renters.

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St. Tammany Parish Ranks Third in State for Visitor Spending

St. Tammany Parish has secured the third spot in the state for visitor spending, surpassing Baton Rouge, according to Donna O’Daniels, President and CEO of the St. Tammany Parish Tourist and Convention Commission.

This information was shared during O’Daniels’ staff report at the board’s June 25 meeting in Covington. In 2023, visitor spending in St. Tammany Parish reached $1.3 billion, marking a 1% increase from the previous year. This spending supported 13,907 jobs and generated $426 million in employment earnings. Additionally, visitors contributed $127 million in state and local tax revenues.

“Bottom line, that means that if it were not for the state and local taxes paid by tourists visiting St. Tammany Parish, each household would pay $1,345 more in taxes each year,” O’Daniels noted.

The financial report for April and May was presented by Finance and Administration Vice President Devan Richoux, who reported a year-to-date net surplus of $984 and a 3% decrease in year-to-date tax revenues.

Richoux also provided updates on the visitor center’s renovation, including the completion of interior demolition, exterior pressure washing and painting, installation of new plumbing lines, and the beginning of interior framing for a new restroom.

Chief Marketing Officer Katie Guasco updated the board on the new website, scheduled to launch on Aug. 28. The redesigned site will feature a new layout and include a community relations video for visitors.

After the meeting, the board celebrated administrative assistant Rae Shipley, who is retiring after 26 years with the commission.

The board’s next regular meeting is scheduled for Aug. 20 at 2 p.m., at the Harbor Center near Slidell.

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Major Renovations Underway at St. Tammany Parish Tourist and Convention Commission Headquarters

Renovations to the St. Tammany Parish Tourist and Convention Commission headquarters on La. 59 near Mandeville began on May 6, marking the start of a $468,000 overhaul of the 27-year-old building.

Ashley Smith Construction of Covington is the project contractor, and Piazza Architecture Planning of Mandeville is the architect.

Donna O’Daniels, executive director of the commission, said the project will start with exterior work to avoid the peak summer heat. Interior renovations will follow, with some offices receiving only cosmetic updates such as new carpet and paint.

However, other offices will undergo significant changes. Mold had previously grown on ceilings, and wildlife had burrowed into the insulation beneath the building and into the crawl space above it. The building’s HVAC system will also be replaced, and an additional restroom will be added.

The building, located between Interstate 12 and Koop Drive, serves as both a visitor center and office space for commission employees.

“The work is badly needed, so we’re happy it’s underway,” O’Daniels said. “We may have to close the office to the public for a few days, but it should be very brief. As work progresses around the building, we can stagger days when staff work from home. We also have some space available to us at the Northshore Community Foundation in downtown Covington.”

O’Daniels said the renovations are expected to be complete within three to five months.

“We’re hoping by the fall,” she said. “We’re excited about it. We’ve already received many compliments on just the new sign that’s been put up.”

In recent years, the Tourist Commission building had become secluded, with mature tree limbs obstructing it from view. O’Daniels explained that while the building was designed to blend with the natural marshy habitat, it had become “almost invisible” due to overgrown trees.

“The trees then were nowhere near as mature as they are now,” she said. “So, we had to cut back a bit within six feet of the building, mainly removing some low-hanging limbs which opened things up a little. You can see the exterior of the building now, and it’s going to be getting some brighter colors.”

“The whole project will give us better exposure,” she added.

Last year, the Tourist and Convention Commission’s board of directors allocated $1 million for extensive repairs, but they were pleasantly surprised earlier this year when the low bid came in at less than half that total. Ashley Smith Construction, who also built the current 3,137-square-foot visitor’s center/commission headquarters completed in 1997, won the bid.

For more information on the St. Tammany Parish Tourist and Convention Commission, visit www.VisitTheNorthshore.com.

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One-Third of Homes for Sale Are Newly Built

If you’re in the market for a home, there’s a good chance you’ll come across newly built properties. About 33.4% of single-family homes available for sale in the first quarter of this year were newly built, nearly double the pre-pandemic levels, according to a report by Redfin.

“It doesn’t mean necessarily that new construction has ramped up,” said Robert Dietz, chief economist of the National Association of Home Builders. Homebuilders are still constructing about 1 million single-family homes a year, he said. “What’s happened is that the level of resale inventory has shrunk.”

New Builds May Offer More Flexible Pricing

In a housing market plagued with low supply, buyers are increasingly turning to new construction because it offers more opportunities. Nicole Bachaud, senior economist at Zillow Group, recently told CNBC that builders are typically more flexible with pricing. Builders can offer incentives like rate buy-downs, price cuts, and covering closing costs.

Dietz noted that a little less than two-thirds of builders use some kind of incentive to promote sales, such as amenity upgrades, mortgage rate buy-downs, and limited price cuts. About a quarter of builders use price reductions, averaging around 5% to 6%.

The Price Gap Between Existing and New Homes

The median sales price for new houses sold in the U.S. in March was $430,700, according to data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. While new builds still sell for slightly more than existing homes, the price gap has significantly narrowed.

“Prices are much closer to parity than during any point in the last three decades,” said Matthew Walsh, assistant director and economist at Moody’s Analytics.

Over the last six months, the median price for a new home has been only about 4% higher than the median price of an existing house. Before the pandemic, the median price of a new home was more than 40% higher than an existing house.

The low supply of existing homes has caused prices to rise dramatically, while prices for new builds tend to fluctuate based on interest rates, housing demand, competition for existing homes, and construction costs, Dietz explained.

What to Keep in Mind When Buying a Newly Built Home

If you decide to explore new construction, keep in mind that only about 10% of new homes available for sale are completed and move-in ready, according to Dietz. Most new homes range from empty lots ready to be built on to various stages of construction.

Today’s buyer needs “to be strategic, patient, and flexible,” said Dietz, suggesting that buyers consider different types of housing and locations and make thoughtful design decisions. Here are four things to pay attention to:

  1. Consider a Smaller House: Since 2021, homebuilders have been constructing slightly smaller homes to address affordability issues. Reducing square footage can help lower construction, utility, and maintenance costs. Townhouses made up almost 18% of single-family housing starts in the first quarter of the year.
  2. Be Open About Geographic Location: New construction can be more affordable in rural areas due to lower regulatory costs and greater land availability.
  3. Keep Construction Costs Down: Major factors like lumber and labor costs impact the cost of a new house. Homeowners can control finishes added to the house. To save on costs, focus on completing structural elements and opt for basic or lower-cost features during construction.
  4. Be Mindful of Future Costs: Allow room in your budget for costs that may change significantly after the first year, such as property taxes. Research how often your county reassesses property taxes and what the formula is based on.

Despite potential future costs, new homes often offer long-term savings. “When you’re buying a newly built home, you’re typically buying a home that’s more resilient and more energy efficient,” said Dietz, which can mean lower operating costs over time.

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