The cozy North Star Theatre in Old Mandeville has been dark for more than a decade, long enough for its owner to be hazy on the name of the last production it hosted. But that is about to change in just five weeks when the house lights dim once again for a troupe of actors starring in a local production of “Chicago.”

A New Era for the North Star Theatre

Starting on May 30, the theater’s reopening is set to breathe new life into the North Star Theatre. This event will also highlight the older building connected to it, which has been meticulously renovated over the past four years.

A hotel dating back to the 1920s, this building at the corner of Girod and Madison streets in Old Mandeville has undergone an extensive renovation led by Jill McGuire, who is also a councilwoman in Mandeville. The project, which cost over $2 million, has transformed the 96-year-old Allenton Hotel building into the North Star Cultural Arts Center.

Seeking Artistic Tenants

Jill McGuire hopes to attract galleries or other art-centered tenants to complement the theater, which is attached by a walkway through a wide hall suitable for exhibitions. McGuire envisions events where audiences can enjoy a reception in the open space on the first floor before moving into the theater for a show.

“Think about an event here, a reception, where the audience would then flow into the theater for the show,” said McGuire, as she showed off the 3,400 square feet of open space on the first floor of the two-story building. “At least that’s the dream, right?”

Historical Transformation

The main building dates to 1927, originally opening on New Year’s Eve as the Allenton Hotel. Built by E.J. Allen, the hotel was intended to serve passengers on a rail line that was planned to run along Girod Street. Although the rail line never materialized, the hotel managed to survive through the late 1950s, primarily accommodating workers constructing the Causeway Bridge.

Over the decades, the hotel closed, and in the late 1970s, the first floor housed several small businesses and was dubbed the “Small Mall.” The building’s wooden exterior was eventually covered in drab vinyl siding.

Restoration Challenges and Triumphs

Jill McGuire and her former husband, Barrett McGuire, purchased the complex in 2020 and embarked on the renovation, with Barrett conducting much of the research to match the original materials used in the hotel’s construction.

“This place has had a lot of lives. Now it has another one,” Jill McGuire said. She added that the building is rumored to have been a brothel at one time and that it is still haunted, though she hasn’t seen any ghosts herself.

The renovation faced significant challenges, including delays caused by the pandemic and Hurricane Ida, which damaged the foundation and increased the cost of building supplies. Much of the original pine siding had to be replaced with custom-made boards from Gulfport, Mississippi, colored rust-red to match old photographs.

“It seems like everything just takes longer,” McGuire said. “But the bones were really good.”

Community Excitement and Future Plans

Local resident Nancy Clark, who has compiled histories of numerous old buildings in the area, praised the renovation. “The exterior is absolutely beautiful,” Clark said. “I have high hopes for it.”

While McGuire dreams of the building being filled with artsy types, most interest so far has come from prospective renters seeking small office space. “We’ll just have to see what happens,” she said.

Showtime at the North Star Theatre

One certainty is the reopening of the theater. Built in the late 1980s, the auditorium seats around 100 and previously hosted a regular season of shows. This tradition is set to return with the production company Evangeline Theater Co. handling the shows. “Chicago” will run for eight performances, and McGuire said more productions will follow.

“We’re going to have a regular season,” she said. “I hear a lot about it. I think people are really excited.”

The revitalization of the North Star Theatre and the Allenton Hotel building marks a significant milestone for Old Mandeville, promising to bring cultural enrichment and community engagement back to the heart of the town.

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Despite higher interest rates last month, new home sales saw an unexpected rise in March due to limited inventory of existing homes. However, the pace of new home sales is expected to face pressure in April as mortgage rates have moved above 7% this month. This increase is anticipated to moderate sales and push builders to use more sales incentives this spring.

March Sales Performance

According to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in March rose 8.8% to a seasonally adjusted annual rate of 693,000 units from a downwardly revised reading in February. This pace is up 8.3% compared to the same period last year.

“Although consumer demand has been somewhat dampened due to higher interest rates, builders continue to supply new homes to the market to lift inventory to make up for the low resale supply,” said Carl Harris, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Wichita, Kansas. “Rates moving above 7% however, will move some home buyers to the sidelines as the spring progresses.”

The Impact of Higher Mortgage Rates

NAHB Chief Economist Robert Dietz emphasized the significance of increasing housing supply to address shelter inflation and lower interest rates. “Shelter inflation remains the largest, lingering obstacle to lower inflation. More housing supply will ultimately tame shelter inflation growth and lower interest rates. This will improve the cost of financing for land developers and home builders and enable more attainable housing supply.”

Understanding New Home Sales

A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction, or completed. The March reading of 693,000 units represents the number of homes that would sell if this pace continued for the next 12 months, adjusted for seasonal effects.

Inventory and Prices

In March, new single-family home inventory remained elevated at 477,000 units, up 2.6% from February. This represents an 8.3 months’ supply at the current building pace, supported by the ongoing shortage of resale homes. In contrast, data from the National Association of Realtors indicate just a 3.1 months’ supply of existing single-family homes in March, with a balanced market typically having a 5 to 6 months’ supply. The inventory of newly built single-family homes is up 10.2% year-over-year.

The median new home sale price in March was $430,700, up nearly 6% from February, though down 1.9% compared to a year ago.

Regional Performance

Regionally, new home sales on a year-to-date basis show varied performance across the country:
– Northeast: Up 15.1%
– Midwest: Up 17.8%
– West: Up 28.1%
– South: Down 6.6%

While new home sales experienced a boost in March, the rise in mortgage rates to above 7% in April is likely to temper this growth. Builders are expected to increasingly offer sales incentives to attract buyers amidst affordability challenges. The continued efforts to increase housing supply will be crucial in addressing shelter inflation and stabilizing the market for both homebuyers and builders.

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The housing construction landscape is shifting, with recent data from the National Association of Home Builders (NAHB) indicating a gradual turnaround in single-family home construction, particularly in larger urban metro markets. The fourth quarter of 2023 saw a modest rebound in these areas, driven by moderating mortgage rates and a persistent shortage of existing homes on the market. This shift comes despite a backdrop of broad declines across various market segments earlier in the year.

According to the NAHB Home Building Geography Index (HBGI) for Q4 2023, the improvement in single-family construction was notable in smaller metro outlying counties, which experienced a growth rate of 0.4%. “While all urban, rural, metro, and county area single-family markets saw double-digit production declines in the third quarter, construction began to turn the corner in the final quarter of the year,” explained NAHB Chairman Carl Harris. He attributes this positive trend to the easing of interest rates and a mortgage “lock-in” effect, where homeowners with low mortgage rates are hesitant to sell, thus reducing existing home inventory.

NAHB Chief Economist Robert Dietz also highlighted the recovery in single-family construction, contrasting it with the multifamily sector. “New multifamily building in large, metro suburban counties posted a negative growth rate of 20% in the fourth quarter, reflecting the tail end of an apartment building boom that reached its highest level in more than 50 years,” Dietz said. This downturn in multifamily construction was most acute in large metro areas, whereas more rural and outlying areas showed stronger performance.

The HBGI, a quarterly measurement using county-level data on housing permits, shows that single-family home building market shares varied significantly across different types of metro and county areas in the fourth quarter:
– Large metro core counties: 16.0%
– Large metro suburban counties: 25.0%
– Large metro outlying counties: 9.6%
– Small metro core counties: 28.7%
– Small metro outlying areas: 10.0%
– Micro counties: 6.5%
– Non-metro/micro counties: 4.2%

In terms of geography, approximately 25% of single-family construction consistently occurs in U.S. coastal counties, with these areas accounting for about one-third of new multifamily building. The market share for coastal counties in single-family construction has remained remarkably steady since 2014, with a slight decrease in multifamily construction market share in coastal regions from 36.6% in 2014 to 30.3% in 2023.

This ongoing shift in multifamily building toward non-coastal areas, particularly since the Covid pandemic, reflects broader trends in housing demand and development, with many people moving away from dense urban centers to more spacious suburban and rural settings.

As we move into 2024, the housing construction industry appears poised for continued adaptation, responding to shifts in demographic preferences, economic conditions, and the availability of construction resources. The recovery in single-family home building, especially in metro areas, is a promising sign for potential homebuyers looking for new opportunities in a challenging market.

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The housing market has started 2024 on a strong note with an increase in new home sales, as stable mortgage rates have spurred buyer interest in January. According to the latest data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes rose by 1.5% to a seasonally adjusted annual rate of 661,000 units, compared to a revised December figure. This pace marks a 1.8% increase from the same period last year, reflecting a modest but steady upward trend in the housing market.

New home sales are counted at the moment a sales contract is signed or ahttps://www.census.gov/ deposit is accepted. These homes can range from not yet started, to under construction, to completed. The report adjusts for seasonal variations, projecting that if the current sales pace continues unabated, around 661,000 new homes would be sold over the next year.

In terms of inventory, the stock of new single-family homes in January was recorded at 456,000, up 3.9% from January last year. This level translates to an 8.3 months’ supply at the current sales pace, which is somewhat above the six months’ supply that is traditionally viewed as a marker of a balanced housing market.

The median sale price of new homes in January stood at $420,700, a 1.8% increase from December and a slight decrease of 2.6% from the previous year. Despite the general affordability challenges in the housing market, the proportion of new homes priced below the $300,000 entry-level mark has continued to shrink, comprising just 15% of all sales. Conversely, 34% of new homes were priced above $500,000, indicating a shift towards higher-end market dynamics, with the majority of homes falling in the $300,000 to $500,000 price range.

Regional variations in new home sales were also significant. On a year-over-year basis, the Northeast saw a rise of 4.9% in new home sales, while the West experienced a substantial increase of 57.0%. In contrast, sales in the Midwest declined by 4.1%, and the South saw a decrease of 13.5%.

The early 2024 data suggests a housing market that is adjusting to economic conditions, with stable mortgage rates providing a critical support for new home sales. While the market continues to deal with inventory issues and shifting affordability, the overall upward trend in new home sales offers a positive outlook for the U.S. housing sector as it navigates through the year.

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The landscape of mortgage rates has been a rollercoaster, especially following the near 8% peak witnessed last fall. Presently, there’s a silver lining as rates have exhibited a downward trend, a critical shift for those in the market to buy or sell homes.

Despite the day-to-day fluctuations driven by various economic factors like inflation and the consumer price index (CPI), it’s important not to get sidetracked by short-term volatility. According to industry experts, the overall trajectory for mortgage rates is expected to continue downward throughout the year.

Dean Baker, a Senior Economist at the Center for Economic Research, highlights, “While we may not revisit the pandemic-era lows, we could see rates dip below 6% soon, which would be considerably low by standards set before the Great Recession.”

Supporting Baker’s assertion, recent projections from Fannie Mae also suggest the possibility of mortgage rates falling below the 6% mark by year’s end. These forecasts, regularly updated in response to ongoing market and economic developments, reinforce the optimism that rates could ease, particularly if inflation continues to cool down.

Implications for Prospective Homebuyers and Sellers

For potential homebuyers and sellers, the key takeaway is the broader market trend rather than momentary rate changes. If you’re contemplating purchasing a home and have found one that aligns with your budget and requirements, attempting to “time the market” for a further rate decrease might not be advisable. Given the current lower rates compared to last fall, acting now could prove advantageous, as even minor reductions in rates can significantly enhance your buying power.

Acting Now Could Be Beneficial

For those who postponed their homebuying plans last year with hopes of lower rates, this could be your moment to reevaluate and act. Engaging with a real estate professional can provide you with updated information and guidance tailored to your specific situation.

In conclusion, while navigating the housing market can seem daunting amid fluctuating mortgage rates, focusing on the long-term trends and consulting with experts can help you make informed decisions. With the possibility of rates dipping further, staying informed and ready to act could position you favorably in the current market landscape.

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To the right of the pool, part of the home is visible, featuring a covered patio area with comfortable outdoor seating and an umbrella for shade. The brick pillars supporting the second-story porch enhance the home's classic architectural charm. The open, green space beyond the pool and the neighboring homes gives a sense of spaciousness and tranquility, making this outdoor area perfect for relaxation and entertaining. The blue sky and trees surrounding the property complete the serene and picturesque setting.

The much-anticipated $45.8 million Costco warehouse is on track to open its doors by the end of this year, marking the Fortune 500 company’s first entry into St. Tammany Parish. This development, positioned off Pinnacle Parkway, is expected to significantly bolster the local economy and provide numerous job opportunities.

Chris Masingill, head of St. Tammany Corporation, the parish’s economic development agency, revealed that construction for the sprawling 159,000-square-foot facility is slated to commence in the second quarter of this year. While Costco has remained tight-lipped about the project specifics, Masingill hints at a potential opening towards the late third quarter.

Strategically located in the bustling Nord du Lac shopping district adjacent to Interstate 12, the new store is anticipated not only to enhance the shopping landscape but also to generate substantial employment. The opening of the store is expected to bring about 75 full-time jobs offering an average annual salary near $60,000, alongside 75 part-time positions.

The introduction of Costco into the region is projected to inject $60 million in new sales and property taxes into the local economy over the next decade, according to St. Tammany Corporation. This new establishment joins Costco’s existing location in Mid-City, New Orleans, expanding the retailer’s footprint in the region.

The Covington area, particularly the Nord du Lac and adjacent River Chase shopping districts, is already a retail hub featuring stores and restaurants like Kohl’s, Academy Sports and Outdoors, and Texas Roadhouse. The addition of Costco is set to amplify this retail synergy, attracting more shoppers and potentially spurring further developments.

Commercial real estate circles are abuzz with the news, as evidenced by Hayden Ingram, a commercial agent with Property One, noting increased interest in nearby properties due to the impending Costco launch. “Investors are excited that Costco’s going to be a neighbor,” said Ingram, highlighting the positive ripple effect expected from the store’s opening.

Moreover, the region is undergoing significant infrastructure improvements with a $189 million state project to expand Interstate 12. This enhancement aims to alleviate traffic congestion, particularly from shoppers frequenting the Nord du Lac and River Chase areas, further facilitating access to the new Costco.

As western St. Tammany’s commercial corridors continue to grow, the arrival of Costco represents a significant milestone for the community, promising a blend of employment opportunities, enhanced retail offerings, and increased tax revenues. Local residents and businesses alike are eagerly anticipating the doors opening to what promises to be another anchor in the parish’s flourishing commercial landscape.

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Deciding whether to rent or buy a home is a significant choice that impacts your financial future. The Federal Reserve’s latest Survey of Consumer Finances (SCF) provides compelling data that may help you in making this crucial decision. According to the SCF, the average homeowner’s net worth is almost 40 times greater than that of a renter. This striking difference highlights the potential financial benefits of homeownership.

One of the key reasons behind this wealth gap lies in the nature of homeownership itself. Owning a home allows individuals to build equity over time as property values appreciate and mortgage payments are made. This process acts as a kind of forced savings plan, contributing significantly to a homeowner’s net worth. In contrast, renters do not benefit from housing appreciation or equity gains, as monthly rent payments do not contribute to any form of personal equity. Ksenia Potapov, an economist at First American, emphasizes that renters miss out on the wealth generated by house price appreciation and the equity gains from consistent mortgage payments.

The importance of home equity in building wealth is further underscored by data from First American and the Federal Reserve. Regardless of income level, home equity is a significant component of a homeowner’s net worth. This suggests that homeownership can be a critical step in wealth accumulation for individuals across various economic backgrounds. Nicole Bachaud, a Senior Economist at Zillow, points out that for many, a home is likely to be the largest asset they will ever own. Homeownership provides not just a place to live but a foundation for stability and intergenerational wealth.

The current real estate market presents unique opportunities for potential buyers. Recent trends indicate that mortgage rates are decreasing, which could enhance your buying power. Additionally, an increase in housing inventory means more choices are available, making it an opportune time to find a home that fits your needs and budget.

If you’re on the fence about buying a home, consider the long-term impact on your net worth. While the upfront costs and responsibilities associated with homeownership may seem daunting, the financial benefits can be substantial over time. To navigate the complexities of the housing market and understand how homeownership fits into your financial plan, consulting with a local real estate agent can be an invaluable step. They can provide insight into the market and help you explore the options available to you, guiding you toward making a decision that aligns with your financial goals and lifestyle preferences.

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In recent developments, consumer prices have surged unexpectedly, leading to a consequent increase in mortgage rates this week. The economy’s robust performance early this year has prompted predictions that high rates could persist, potentially impacting the upcoming spring homebuying season. Freddie Mac data reveals a noteworthy trend: in 2024, mortgage applications for buying homes have decreased across more than half of the states compared to the previous year. This shift suggests a cooling effect on the housing market, attributed mainly to the climbing rates.The image captures a spacious open concept area that combines a living space with a fireplace and a modern kitchen.

This situation underscores the delicate balance between economic growth and affordability in the housing sector. As the economy strengthens, inflationary pressures can prompt the Federal Reserve to maintain or increase interest rates to keep inflation in check. While this is generally a sign of a healthy economy, higher mortgage rates can sideline potential homebuyers, especially first-timers who are more sensitive to changes in monthly payment costs.

The current climate presents a mixed bag for the real estate market. On one hand, a strong economy bodes well for employment rates and wages, potentially boosting buyer confidence. On the other hand, if mortgage rates continue to rise, this could lead to a decrease in affordability, causing some potential buyers to delay or forgo purchasing a new home.

Freddie Mac, a leading source for housing market analysis, cautions that while their data provides essential insights, the market’s future remains uncertain. Their research, reflecting a combination of opinions, estimates, and forecasts, suggests a landscape shaped by varying economic factors. It’s crucial for prospective homebuyers and industry stakeholders to stay informed and navigate these changes with caution.

The implications of this shift extend beyond individual buyers to the broader housing market. Realtors, lenders, and policymakers must consider the potential for a slower homebuying season and its impact on the housing industry and overall economy. Strategies may need to adjust, focusing on maintaining market stability and supporting prospective buyers through these fluctuating conditions.

In conclusion, while the current rise in mortgage rates reflects broader economic trends, its impact on the housing market is nuanced. Potential homebuyers should closely monitor the situation and seek advice from financial and real estate professionals. As the year progresses, the interplay between consumer prices, mortgage rates, and the housing market will be critical to watch. Adapting to these conditions, while challenging, will be essential for those looking to navigate the complexities of buying a home in 2024.

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Covington, Louisiana, is gearing up for a floral spectacle as the Northshore Camellia Club prepares to host its 15th annual Camellia Show at the newly renovated Greenwood Event Center on January 7. This eagerly awaited event promises to showcase a stunning array of camellia blooms, featuring both new varieties and beloved classics.

The show, scheduled from 1 p.m. to 4 p.m., invites the public to immerse themselves in the beauty of these exquisite flowers. Located at 75082 La. 25, in Covington, the Greenwood Event Center provides the perfect backdrop for this botanical celebration.

One of the highlights of the Camellia Show is the participation of exhibitors from throughout the Gulf region, who will proudly display their prized camellia varieties. This year’s event aims to present blooms that have never been seen before, offering attendees a rare opportunity to witness the latest in camellia breeding and cultivation.

Novice and local growers are encouraged to participate, fostering a sense of community and knowledge-sharing. Club members will be on hand to guide newcomers in showcasing their blooms and assist in identifying any unknown varieties. This inclusive approach ensures that enthusiasts of all levels can engage with the world of camellias, making the event not just a showcase but also a learning experience.

For those looking to bring a piece of this floral magic home, the Camellia Show goes beyond the visual spectacle. More than 100 camellia plants will be available for purchase, starting at 9 a.m. This presents a fantastic opportunity for gardening enthusiasts to enhance their collections with carefully selected and sought-after camellia specimens.

The choice of the newly renovated Greenwood Event Center adds an extra layer of charm to the event, providing a welcoming and aesthetically pleasing environment for both participants and visitors. The venue’s ambiance will complement the vibrant colors and intricate patterns of the camellia blooms on display.

The annual Camellia Show has become a beloved tradition in Covington, drawing plant enthusiasts, gardeners, and nature lovers from the region. Beyond the visual appeal, the event fosters a sense of community, where individuals can share their passion for camellias, exchange tips on care and propagation, and celebrate the beauty of these remarkable flowers.

Whether you are a seasoned camellia enthusiast or just starting your journey into the world of these captivating blooms, the Camellia Show in Covington promises an enriching experience. Mark your calendars for January 7, and join in the celebration of nature’s artistry at this delightful event.

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The housing market is set to undergo a significant transformation in 2024 after facing two years of sharp declines, according to insights shared at the National Association of REALTORS® (NAR) virtual Real Estate Forecast Summit. Despite a rocky 2023, where existing-home sales are projected to be 18% lower than those of 2022, experts are optimistic about a rebound in the coming year.

NAR Chief Economist Lawrence Yun, along with other housing analysts, discussed the projections for 2024, highlighting key factors that are expected to shape the real estate landscape. One of the pivotal factors contributing to this positive outlook is the expected easing of borrowing costs. Mortgage rates, having likely peaked and now on a downward trajectory from their recent high of nearly 8%, are anticipated to improve housing affordability.

NAR predicts the 30-year fixed-rate mortgage to average 6.3% in 2024, while realtor.com® projects 6.5%. This drop is expected to entice more home buyers back into the market. Rates near 6.6% enable the average American family to afford a median-priced home without exceeding the commonly used threshold of 30% of their income devoted to housing, as per NAR’s data.

The projections indicate a positive shift for existing-home sales, with an expected rise of 13.5%, and new-home sales, which have defied market trends by increasing about 5% this year, potentially seeing a 19% increase by the end of 2024.

Several U.S. metro areas are identified as having the most pent-up housing demand for 2024. Markets such as Austin, Dallas-Fort Worth, and Nashville are among those expected to experience higher sales upticks, driven by job growth as a determinant for long-term housing demand.

However, the optimistic forecasts come with a wildcard – inflation. While experts are hopeful about improvements in overall inflation, concerns arise about its potential impact on long-term interest rates. If inflation doesn’t continue to improve, there is a risk of discouraging homeowners from selling and prolonging inventory bottlenecks. Younger generations may face challenges as higher housing costs keep them on the sidelines as renters.

Inflation, though easing overall, is still influencing shelter inflation, a factor crucial to housing costs. The rise in apartment units may help control inflation by bringing rental rates down, providing some relief. Panelists at the summit stressed the importance of monitoring inflation data closely to understand its implications for the housing market.

Challenges persist in the housing market, particularly for first-time buyers and amid record low inventory. Homeowners remain hesitant to sell, and homebuilders have underproduced for decades, resulting in a nationwide shortage of 5 million housing units.

Despite these challenges, current homeowners stand to benefit. Rapid home appreciation in recent years has positioned homeowners to grow their nest egg in 2024. Even in markets expecting slight dips, homeowners have accumulated significant housing wealth. NAR data shows that the typical homeowner has amassed more than $100,000 in housing wealth over the past three years. Comparatively, homeowners have a substantial wealth advantage over renters, with a typical homeowner having $396,200 in wealth versus $10,400 for renters, according to Federal Reserve data.

While challenges persist, the 2024 housing market holds promise for recovery and growth, presenting opportunities and considerations for both buyers and sellers.

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