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Help me understand Nola housing market UPDATE
Posted on 7/19/20 at 3:10 pm
Posted on 7/19/20 at 3:10 pm
Fiancée and I have been looking for our first home for about a year- seriously for about 6mos. Rented for past 2.5 yrs. This is my 2nd stint in Nola - lived here 2010-2012 for grad school before moving out West for work. We would like to stay uptown in a 3/2.
Having a hard time understanding the current market as I’m sure many are. Not a ton of inventory, but a competitive market with the number of buyers in our price range which would tell you prices should be going up. They appear to be staying pretty steady, however.
I just have a hard time believing prices won’t be coming down in the next 12-24mos with covid’s effect on the local economy. Local restaurants/tourism all being depressed for the near term should have a significant effect on home prices, no?
UPDATE:
Funny how things work out - Put an offer in Friday on a house near Jefferson & Magazine significantly below list and the sellers accepted at roughly $265/sq. ft. which we believe is a steal. They’re also paying the majority of closing costs. I feel like it will be hard to lose with this location, footage and yard.
Having a hard time understanding the current market as I’m sure many are. Not a ton of inventory, but a competitive market with the number of buyers in our price range which would tell you prices should be going up. They appear to be staying pretty steady, however.
I just have a hard time believing prices won’t be coming down in the next 12-24mos with covid’s effect on the local economy. Local restaurants/tourism all being depressed for the near term should have a significant effect on home prices, no?
UPDATE:
Funny how things work out - Put an offer in Friday on a house near Jefferson & Magazine significantly below list and the sellers accepted at roughly $265/sq. ft. which we believe is a steal. They’re also paying the majority of closing costs. I feel like it will be hard to lose with this location, footage and yard.
This post was edited on 7/26/20 at 8:33 pm
11
Posted on 7/19/20 at 3:13 pm to beauxkner
I agree, no way I would I be looking to buy in Nola anytime soon
Posted on 7/19/20 at 3:15 pm to beauxkner
jbe just gave big money to ppl who can't pay mortgages or behind on rent. Nola housing not coming down anytime soon dude.
Posted on 7/19/20 at 4:56 pm to beauxkner
If anyone is in trouble they are being floated by the massive government stimulus. That or they are in forbearance with their current lender. I think Q1 next year you may start to see pricing dips, as the city deals with no more stimulus packages, and zero tourism due to latoilet prematurely cancelling all events for remainder of year.
Posted on 7/19/20 at 7:20 pm to beauxkner
NOLA going to get destroyed in terms of housing market.
All those Air BNBs many are bought with credit. Ppl are losing their asses.
In addition taxes are gonna skyrocket. Prepare thy anus.
All those Air BNBs many are bought with credit. Ppl are losing their asses.
In addition taxes are gonna skyrocket. Prepare thy anus.
Posted on 7/19/20 at 8:38 pm to beauxkner
What's your range? We live Uptown and will be selling soon. We're in a 3/3 with 2700 sq ft. 70115
Posted on 7/20/20 at 11:29 am to beauxkner
We have been in the Irish channel for a long time. We recently moved a few blocks from our prior home. Maybe 5-6 years ago there was a large climb in the property values in our area. I think this has since leveled off but the values have held pretty strong as you noted.
The good for New Orleans is that it being surrounded by water it can't really expand, areas that years ago were dangerous are now nice areas. The FEMA (Katrina) roads projects have finally began hitting the streets.
The bad: Latoya, the infrastructure & local economy.
The good for New Orleans is that it being surrounded by water it can't really expand, areas that years ago were dangerous are now nice areas. The FEMA (Katrina) roads projects have finally began hitting the streets.
The bad: Latoya, the infrastructure & local economy.
Posted on 7/21/20 at 8:50 am to beauxkner
In Lakeview it seems like every other house is on the market. I'm guessing that those people realize what Latoya the Destroya is getting ready to do to an already absurd property tax rate. Plus, she is not going to be fixing those streets any time soon. Add to that the exploding crime rate in the area and it's just a recipe for disaster. I think people out there see what's coming and are looking to get out NOW.
Here is the current snapshot of Lakeview housing sales on Zillow --
Here is the current snapshot of Lakeview housing sales on Zillow --
This post was edited on 7/21/20 at 8:57 am
Posted on 7/21/20 at 2:24 pm to beauxkner
The housing market lagged Katrina by about a year, so that is when I think you will find the best buys, around March 2021 through August 2021, if you can wait that long.
Posted on 7/22/20 at 9:24 am to beauxkner
As a longtime resident of Orleans Parish, I see many around the city, including uptowners that have been entrenched for generations, leaving/looking to leave. Most are looking to Old Metairie, others are headed to second homes out of state. There are Orleans homeowners paying $15-$20K/year for taxes and insurance on their primary residence, while getting very little to no return. Police do not respond to non-violent crime, sewerage and water board is irreparably broken and gauging the residents for basic trash disposal and water services, and property taxes continue to increase, all while you are forced to put your kids in private schools.
The level of apathy for the residents is at an all-time high, but the calming sedative was the access to restaurants, bars, festivals and events in the city. Take away the positive aspects of the city and you have people reexamining their surroundings.
With the city and local economy built on/running on tourism dollars, you have to imagine that the real estate market takes a dip in 2021.
The level of apathy for the residents is at an all-time high, but the calming sedative was the access to restaurants, bars, festivals and events in the city. Take away the positive aspects of the city and you have people reexamining their surroundings.
With the city and local economy built on/running on tourism dollars, you have to imagine that the real estate market takes a dip in 2021.
Posted on 7/24/20 at 6:29 am to beauxkner
While we’re on the topic, where’s a good place for a single guy in his early 40’s to buy? No kids.
Posted on 7/27/20 at 11:03 am to beauxkner
Any NOLA real estate agent suggestions?
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