Cao, an entrepreneur known for turning around a bowling alley on the West Bank of Jefferson Parish, is making a $2 million investment to refurbish and reopen the long-closed Tiffany Lanes on La. 22 in Mandeville. The new venture, named Paradise Alley, is set to become the second bowling alley in St. Tammany Parish, joining the existing alley in Slidell.

"I think the area is primed," said Cao, highlighting the need for more family entertainment options, as the alley has been closed for over a year.

The upgraded Paradise Alley will feature 32 lanes, with a focus on league play during weekdays and open bowling on weekends. Friday and Saturday nights may also include live music, adding a fresh twist to the traditional bowling experience. "I'd like to open sometime in September," Cao mentioned, although the timeline depends on securing necessary permits.

From Banking to Bowling: Cao's Journey

Cao, who spent 17 years in banking and also works in real estate development, is no stranger to the bowling business. In 2016, he led a $2.5 million renovation of Westside Lanes in Harvey, transforming the 20-lane alley. "I learned a lot from that," he said, noting that Paradise Alley will be nearly twice the size of his previous project.

The 35,000-square-foot building in Mandeville has been extensively renovated. "I pretty much gutted everything," Cao said, mentioning the installation of new lanes and the removal of drop-down ceilings to create a more open, inviting atmosphere.

Bowling's Evolution in the U.S. and New Orleans

The U.S. bowling industry is still bouncing back from the challenges of the pandemic, but there's a rich history in the New Orleans area. Bowling surged in popularity during the 1950s and 1960s, with iconic local alleys like Bowlarama, Sugar Bowl Lanes, and Mid-City Lanes, which later became Rock 'n' Bowl, known as much for its live music as for its bowling.

While bowling's future was questioned in the early 2000s, Cao believes it remains an attractive entertainment option — if done right. "Bowling has evolved," he explained. "You have to offer more."

Modern bowling centers now emphasize open, updated facilities with enhanced lanes, better food options, and added entertainment to draw crowds.

What to Expect at Paradise Alley

Though Paradise Alley's menu will stick to classic bowling alley favorites like pizza, burgers, and fries, Cao promises a tastier experience. "It's tough to change the mindset of what bowling alley food is," he admitted with a laugh.

Weekends will likely feature live music or a DJ, but Cao doesn't plan to keep the venue open past midnight.

As Mandeville gears up to welcome Paradise Alley, Cao is hopeful that his blend of classic fun and modern amenities will create a vibrant new gathering spot for the community.

Click Here For the Source of the Information.

The National Association of Home Builders (NAHB) reports that in the second quarter of 2024, second home areas accounted for 17.5% of single-family and 8.6% of multifamily construction. Recent NAHB research shows there are approximately 6.5 million second homes in the U.S., making up 4.6% of the total housing stock. For this analysis, "second home areas" are defined as counties where second homes represent more than 10.3% of the total housing stock, placing them in the top 25% of counties nationwide. A total of 788 counties fall into this category.

Single-Family Construction Trends

The market share of single-family construction in second home areas has increased by more than four percentage points over the past nine years. In the fourth quarter of 2015, second home areas had a 13.2% share of the single-family market, which rose to 17.5% by the second quarter of 2024. This figure is slightly lower than its peak of 18.3% in the first quarter of 2023.

The growth rate for single-family construction in second home areas hit its highest point in the third quarter of 2021, reaching 38.5%. The first decline in growth was recorded in the third quarter of 2022, followed by five consecutive quarters of decreases until early 2024. Between late 2015 and mid-2024, single-family construction in second home areas had an average growth rate of 9.1%, compared to 5.1% in non-second home areas.

Multifamily Construction Trends

While smaller, the multifamily market share in second home areas has also grown, rising from 5.5% in late 2015 to 8.6% in mid-2024—an increase of 3.1 percentage points. However, growth has been less consistent than in the single-family sector, with several periods of decline, including in 2017, early 2021, and the start of 2024. The most recent data shows an 11.8% drop in growth, down from a peak growth rate of 53.1% in the third quarter of 2022, indicating a slowdown in multifamily construction nationwide.

Click Here For the Source of the Information.

Understanding Mortgage Prequalification vs. Preapproval

When buying a home, the terms prequalified and preapproved are often used interchangeably, but they have distinct meanings.

Prequalification vs. Preapproval

Prequalification is an informal initial step that gives potential homebuyers an idea of what they might be able to afford. It typically involves self-reported financial information and can be done online or over the phone. In contrast, preapproval is a more detailed process that requires lenders to thoroughly review your financial situation.

After this review, you'll receive a letter stating you've been preapproved for a mortgage up to a certain amount. While it's not a final commitment, it shows sellers that you're serious about purchasing a home.

What is Prequalification?

Prequalification helps homebuyers determine a rough budget for house hunting. The process involves providing income information and possibly undergoing a soft credit check, which doesn't affect your credit score. Based on this information, lenders give a general estimate of how much you might be approved for.

The process is simple—no mortgage application, fees, or financial documentation is needed. Prequalification can be done online and serves as a good starting point for understanding your potential buying power.

A Zillow survey found that about 27% of prospective buyers who haven't started working with an agent have been prequalified. While prequalification doesn't guarantee approval for a specific loan amount, it can help buyers narrow their options and begin discussions with lenders.

After prequalification, buyers usually receive a letter that can be shared with agents or sellers as proof they're engaging with a lender.

What is Preapproval?

Preapproval comes after prequalification and is a more formal step. It involves filling out a mortgage application, providing financial documentation (such as bank statements and paystubs), and undergoing a hard credit check.

According to Bank of America, "preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place." Once preapproved, you'll receive a letter indicating the maximum loan amount you qualify for. While it's not a firm commitment, it typically lasts up to 90 days, depending on the lender.

Preapproval shows sellers you're serious about purchasing, which is an advantage in a competitive market. According to Zillow's 2022 Consumer Housing Trends Report, 85% of sellers prefer offers from preapproved buyers. Many real estate agents also favor showing homes to buyers with preapproval letters.

You can get preapproved with more than one lender, which may help you secure a better deal. Research from Freddie Mac found that obtaining multiple quotes could save buyers up to $1,200 annually. However, multiple mortgage applications within a short time frame may impact your credit score.

When to Get Prequalified or Preapproved

If you're just beginning to consider buying a home, prequalification is a simple first step. It offers a quick, hassle-free overview of your borrowing potential.

If you're ready to make a purchase, it might be better to skip prequalification and proceed directly to preapproval. Keep in mind that preapproval letters have expiration dates, so it's best to obtain one when you're prepared to start house hunting and make an offer.

Click Here For the Source of the Information.

end#

Mortgage Rates Drop Significantly From Last Year: What Homebuyers Should Expect Next

Mortgage rates are significantly lower than they were a year ago, based on the latest Freddie Mac data. Currently, the average 30-year fixed-rate mortgage is at 6.35%, while the average 15-year fixed-rate sits at 5.47%. "The 30-year rate remains unchanged from last week but is well below last year's 7.12%," writes Aarthi Swaminathan of MarketWatch.

What's next for mortgage rates? Experts suggest not to expect drastic changes. Mortgage rates often shift ahead of any Federal Reserve decision, so potential Fed rate cuts may already be reflected in the current rates, says Jacob Channel, senior economist at LendingTree. He notes that a larger-than-expected 50-basis-point cut from the Fed could lead to lower mortgage rates, especially if inflation slows more than anticipated or if economic conditions worsen. Meanwhile, Greg McBride, chief financial analyst at Bankrate, emphasizes that the extent of any rate declines will depend on the economy's health and the Fed's response.

Could rates drop further? Lawrence Yun, chief economist at the National Association of Realtors, predicts mortgage rates will decrease to 6.2% by September, resulting in more home inventory and buyers. However, rates are unlikely to dip to 5% or lower, given the federal budget deficit. Danielle Hale, chief economist at Realtor.com, anticipates rates at around 6.3% by the end of 2024. Channel expects 30-year fixed mortgage rates to hover between 6% and 6.5% in September, with a possibility of reaching the 5% range if economic slowdowns and further Fed rate cuts occur.

While rates are expected to decline, some experts, like Holden Lewis from NerdWallet, refrain from pinpointing exact figures. Lewis notes that mortgage rates may drop in September as inflation eases and the Fed cuts short-term rates for the first time since 2020.

How does this affect homebuyers? September is a slower month for the housing market, so minor rate reductions might not attract many buyers, says Lewis. However, as rates decrease, they could set the stage for a stronger buying season in the spring and summer.

Even with modest rate drops in September, they'll remain lower than they have been in the past year. This could boost home buying and refinancing activity, as prospective buyers and homeowners take advantage of better rates. That said, rates will likely still be higher than the ones many current homeowners locked in during the pandemic, meaning housing will remain costly and overall market activity may stay subdued, according to Channel.

Timing the market can be tricky. If you're able to afford a mortgage at current rates and have found the right home, buying sooner rather than later might be wise, says Channel. But if you're unsure about affordability or the rates aren't attractive enough to trade in your current loan, it's reasonable to wait.

Click Here For the Source of the Information.

10 Effective Deck Privacy Ideas to Create Your Own Outdoor Retreat

Enjoying your deck is all about comfort, and privacy plays a significant role in that experience. Whether you're hoping to avoid interactions with neighbors or seeking a peaceful hideaway, creating a secluded outdoor space can make all the difference. Here are 10 creative and effective ways to add privacy to your deck, turning it into your personal retreat.

1. Install Fencing

Fencing is a popular solution for privacy, offering both functional and aesthetic benefits. Tall privacy fences, such as board-on-board or shadow box designs, can provide total seclusion, while partial fencing around high-traffic areas can enhance privacy without fully enclosing your space. Be sure to consider your budget, maintenance needs, and local regulations when selecting fencing materials.

2. Build a Privacy Screen

Privacy screens are a versatile option that can block prying eyes while adding to your deck's visual appeal. Whether made of wood, metal, or composite materials, privacy screens can stand alone or complement existing structures. For instance, Trex® Privacy™ screens offer a range of stylish options for shielding seating areas or hot tubs while blending seamlessly with your deck's design.

3. Install a Pergola

A pergola adds height, shade, and privacy to your deck. Freestanding or attached, pergolas feature vertical posts and an open roof framework. Enhance privacy by adding outdoor curtains, retractable shades, or growing climbing vines like jasmine. While pergolas may not provide complete privacy, they offer an inviting, shaded retreat.

4. Build a Cladding Wall

Cladding walls are a perfect solution if you want maximum privacy and noise reduction. Customizable to your design preferences, cladding walls can stand alone or be integrated into existing walls or fences. For added flair, incorporate design elements like decorative patterns or lighting to personalize the space.

5. Surround the Space with Trees and Hedges

Natural privacy options, like trees and hedges, create a green backdrop while providing shade, improving air quality, and reducing noise. Although greenery takes time to grow, it offers a beautiful, eco-friendly screen that enhances your deck's aesthetics. Choose plants that thrive in your climate and consult a local nursery for guidance.

6. Install a Trellis

A trellis adorned with climbing plants adds charm and privacy to your outdoor space. As the plants grow, they create a natural barrier that shields your deck while softening sunlight and reducing noise. Whether ivy or jasmine, interwoven foliage offers a beautiful, lush screen for relaxation or entertaining.

7. Make it an Extension of Your Home

Blurring the lines between indoor and outdoor living is an excellent way to extend your home's privacy to your deck. A high-budget version might include enclosed walls and ceilings, but more affordable options like lattice, pergolas, or fencing can create the feeling of a secluded room without the cost of a full extension.

8. Hang Outdoor Curtains

Outdoor curtains offer a flexible, elegant solution for deck privacy. Hanging them from a pergola or covered deck creates a cozy, intimate atmosphere that can be tailored to your needs. Draw them for seclusion or let them billow in the breeze for a light, airy feel. Available in various colors and textures, outdoor curtains allow you to customize your deck's style and comfort.

9. Install a Bamboo Privacy Wall

Bamboo privacy walls bring a natural, stylish touch to your deck while enhancing privacy. Bamboo's durability and visual appeal make it a popular choice for creating serene outdoor spaces. These walls can be easily customized to fit any size deck or patio, making them a versatile and attractive option for privacy.

10. Add a Large Umbrella

A large umbrella is one of the simplest and most affordable deck privacy ideas. Offering flexibility, umbrellas allow you to adjust coverage as needed, providing shade and privacy for relaxation or gatherings. With easy installation and a wide range of styles, umbrellas are a quick way to enhance your deck's comfort and charm.

With these 10 deck privacy ideas, you can transform your outdoor space into a secluded oasis that feels just as comfortable and inviting as your indoor spaces. Whether you opt for natural greenery, elegant curtains, or sturdy fencing, these solutions will help you create a private retreat tailored to your style and needs.

Click Here For the Source of the Information.

end#

What Homebuyers Need to Know as the Year Progresses

The housing market may have had a slow start in 2024 as buyers waited for interest rate cuts, but there are still reasons to be optimistic. Despite high rates and elevated housing costs, buyers and sellers are seeing positive trends that could create new opportunities as the year moves forward.

Current Demand in the Housing Market

While the demand in the housing market has cooled compared to the highs of the past two years, it remains steady. Year-over-year demand has remained flat, but it has started to tick upward during the summer months, a time when the housing market typically picks up. One key factor is that buyers are now adjusting to mortgage interest rates ranging from 6-8%, and some have decided to jump into the market after waiting on the sidelines.

A recent survey found that over half of millennials and 40% of Gen Z respondents feel that now is a good time to buy, even with the higher interest rates. However, affordability continues to be a significant challenge. Over three-quarters of Americans cannot afford the median home price of $500,000, and half cannot afford a $250,000 home. If the supply of homes increases, prices may begin to decrease slightly. Encouragingly, the number of new single-family homes for sale was up nearly 12% year-over-year in April and continues to trend upward.

Where is the Housing Market Headed?

Interest rates are expected to come down gradually, but the pace will likely be slow. When reductions do occur, they may generate excitement and renewed activity in the housing market. Many experts predict that consumer demand will strengthen in the second half of 2024 and continue to improve as the year progresses. The fourth quarter, typically a quieter period for homebuying, could experience an upswing if rates are cut later this year.

Navigating Interest Rates

For homebuyers focused on securing the lowest possible interest rate, it may be wise to start looking now and purchase when you're financially ready. Historically, the 30-year fixed mortgage rate has averaged 7.68% since 1976. Fannie Mae forecasts that rates will slowly decline but remain above 6% through 2025.

If you can afford a home and qualify for a loan, waiting for further rate drops could delay your homebuying journey. Additionally, buying now and refinancing later—when rates potentially fall—could be a smart move. It allows you to lock in your home's price, begin building equity, and then take advantage of lower rates in the future. If you've recently purchased a home and are considering refinancing, it's essential to be aware of common mistakes to avoid.

Interest rate changes can cause spikes in demand, so it's wise to be prepared. Knowing your desired neighborhood, having a solid financial plan, and getting pre-approved by multiple mortgage lenders can help you act quickly when the right home becomes available.

New Rules from the National Association of Realtors Settlement

A recent ruling affecting real estate transactions has also caught the attention of both buyers and sellers. Previously, sellers were required to pay their buyer's agent's commission—typically around 6% of the sale price. With the new ruling, this may no longer be the case, potentially offering more negotiation opportunities for commission fees.

It's possible that buyers may now have more options, such as hiring agents offering reduced-price services or opting for self-guided viewings of homes through lockboxes. While first-time homebuyers may be concerned about the cost of paying for their agents, there's potential for these fees to be negotiated into the sale price rather than paid out of pocket.

Moving at Your Own Pace

Buying a home is a significant financial milestone, but it's important not to feel rushed. Moving forward at your own pace, based on your financial readiness, can help ensure a satisfying and successful purchase. While the market may fluctuate, being prepared with a clear plan and understanding of your financial goals will help you navigate the housing market confidently.

For those just getting started, tools like ComeHome can help buyers search for homes, while current homeowners can track their home's estimated value and monitor neighborhood listings.

Click Here For the Source of the Information.

end#

Harbor Center Unveils Major Expansion, Offering New Meeting Spaces and Event Flexibility

On August 22, The Harbor Center in Slidell proudly revealed its long-awaited expansion, marking a new chapter in the facility's history. The added meeting rooms have quickly captured the interest of event planners and individuals looking to host both intimate and large-scale events.

Harbor Center General Manager Kathy Lowrey expressed excitement about the versatility of the new space. "The best part about this new space is that it allows for such a diversity of events, from wedding receptions and baby showers to large corporate conferences needing breakout rooms," Lowrey said.

The Harbor Center, which originally opened in May 2005, had always envisioned additional meeting space. However, financial limitations at the time delayed its construction, explained Ron Blitch, the architect from Blitch Knevel Architects who worked on both the original building and the new 9,000-square-foot addition. Blitch praised the result of the expansion, saying, "This expansion is the look we always hoped for. It is meant to look as if it has always been here."

The newly unveiled space is designed to draw more events to St. Tammany Parish while also providing greater flexibility for existing users. A new second entrance now enables the Harbor Center to host multiple events simultaneously. The expansion's centerpiece is a 6,500-square-foot multipurpose room, which can be divided into four smaller meeting rooms, each equipped with Wi-Fi, adjustable lighting, and a recessed projector screen. Without dividers, the room transforms into a spacious venue capable of accommodating 420 guests for a banquet, 306 in a classroom setting, or 650 in a theater-style arrangement.

The grand opening ceremony on August 22 featured a brass band leading a second line parade around the facility, showcasing the banquet-style layout of the fully opened space.

Sales and Marketing Manager Cody Bienvenu highlighted the broad appeal of the new space, saying, "We are seeing birthday parties, lunch-and-learns, and showers. We can accommodate every event from the corporate meeting to the franchisee gathering." He emphasized that the expansion adds both options and flexibility for larger events like corporate conventions, as well as smaller, more personal gatherings.

Harbor Center Board Chairman Mark Myers hailed the expansion as "a meeting planner's dream," noting its potential to elevate the scope of existing events and attract even larger ones. Parish Councilman Larry Rolling of Covington echoed this sentiment, emphasizing the broader benefits the expansion will bring to the entire parish. "The economic impact from this upgrade will be seen throughout St. Tammany. It's hard to find beautiful event space like this," he said.

In attendance at the grand opening were St. Tammany Parish President Mike Cooper, Harbor Center Board members, and representatives from local business and civic organizations, including the East St. Tammany Business Alliance and the St. Tammany Chamber of Commerce. Architects from Blitch Knevel and builders from Voelkel McWilliams Construction were also present, alongside various government and civic leaders.

Looking to the future, Lowrey revealed that the next phase of the $3.3 million self-funded expansion project includes plans for a potential on-site hotel, which would be developed through a public-private partnership. Several developers have already shown interest, and Lowrey envisions a hotel connected to the Harbor Center with accompanying restaurants, further enhancing the venue's appeal.

"A hotel that would attach to The Harbor Center in a public/private partnership, with restaurants to follow, would bring this space to the next level," Lowrey added.

With its new facilities and future development plans, The Harbor Center is poised to become an even greater asset to the St. Tammany community and a prime destination for events of all sizes.

Click Here For the Source of the Information.

end#