Lynda Nugent Smith, CRS, GRI | Residential
Risk Management Broker Keller Williams and Chair of the Louisiana Real Estate Commission
A 44-year veteran of the real estate industry, Lynda Nugent Smith was the first team leader/manager for Keller Williams in the state of Louisiana. Proficient in residential, commercial, new construction, land development and condominium conversion projects, Smith currently works with her daughter Lesha — 2016 president of NOMAR — and son-in-law, Michael, as The Nugent-Freeland team, one of the most successful real estate teams in the Metro area.
Her honors include Realtor of the Year for the Louisiana Realtors Association in 2010 and New Orleans Metropolitan Association of Realtors (NOMAR) in 2007. She is a past president of NOMAR, the Home Builders Association of Greater New Orleans and the Jefferson Economic Development Commission (JEDCO).
How would you describe the state of the residential real estate market in the greater New Orleans area, both in terms of housing and rentals?
I am happy to say that the real estate market in Metro New Orleans is stable. The housing market is at a steady pace in both sales and rentals. The rental market is a bit tighter, especially in light of the recent flooding to our west. We have still had a number of commuters back and forth between the Baton Rouge and New Orleans areas so some of these people are returning. Like everything else in the city, each neighborhood is a bit different from the next, so some are just a bit more stable and “hotter” than others.
Where do you see the market going? Have we peaked or is this a new baseline?
The market is holding it’s own but I do see some slowdown in certain markets and price ranges. We have had a good influx of medical new hires that have been taking up some of the inventory. A lot depends on the age and family makeup as to what communities are most suited to the households, but it seems to be somewhat balanced. Some neighborhoods may have, at least temporarily, reached a saturation point on pricing. But the old 1, 2, 3 of priority still holds true: location, location, location.
What do you think is the hottest upcoming neighborhood/market?
There is still much demand in the price ranges that give you the most bang for your buck, so neighborhoods that provide an upside potential for good future return on investment and opportunity for growth are seeing the best gains. Some parts of New Orleans where renovations are ramping up, as well as parts of St. Bernard and Arabi, are providing good shelter for reasonable pricing. Schools in St. Bernard are also highly ranked and that is appealing to growing families.
What are the challenges for residential, moving forward?
It depends on where you want to live. So many parts of the metro area are just built out (most of East Jefferson for example) and present re-development opportunities, but new construction land is just not readily available and very costly. The more requirements and costs that are inflicted by our local governments on property owners, potential developers and builders, the less available both homes and rentals may become.
It is also a concern of mine that as new FEMA maps come out —taking large areas of homes out of flood zones that may not require flood insurance — people may drop flood policies. This would be the worst possible decision that property owners and renters could make. Lessons learned from Katrina and the Baton Rouge area need to be remembered. Keep your flood insurance, and if you don’t have it, get it!
