re: Help me understand Nola housing market UPDATE

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it will also drive a lot of people in ohio and kansas and iowa to move to nola short term

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why Nola, specifically?

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the short term rental market in nola will explode once things get back to normal

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based on what? the people you cited above or something else?

not just nola specifically, but other cities similar to nola will have an advantage in the WFH market, too.

cities, where you have access to several coffee shops, or breweries and can work remotely, will be a priority

cities with coastal access will also explode. etc

i know this will likely be true, because ive rented short term houses in nola for over 7 years now and kids would come to stay with me for a week or two weeks or a month. these were software/engineering types, under 30 years old, who already had a WFH lifestyle.

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.

There is almost no value proposition for anyone to buy in NOLA to live, especially with a family.
Why pay taxes in Lakeview where you can live just west of there in bucktown/old Metairie?
Ex. Friends wife got robbed at rouses on carrolton about 6pm, cop showed up at their house to take a statement at 1am. My truck was the victim of a door grabber, called police to report, someone was at my house in under 10 minutes.
My water bill is 1/2 that of someone who lives in Orleans and I’ve never had one so wildly absurd I had to contest it.
My street couldn’t be a stunt double for Mogadishu.
If I had any type of water/pipe issue outside the property line it wouldn’t take weeks to fix. Friend in lakeview had a geyser in his front yard for weeks before anyone bothered to show, and that was only after he shamed them on social media.
I can be to the same places in cbd/uptown in 15 minutes.

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short term rental market should be one of the few things that stays solid moving forward

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We’ll see, I’ve had 4 condo units 1 block from the French Quarter on the market for 2 months and not even a sniff. Combined they generated $132k in 2019.

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Never said that. I said certain industries, and I also said commute 1-2 times a week. It is entirely plausible and likely imo that the workspace will shrink and I think turn in to a community space. Big 4 accounting firms already do this.

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I work remote for a company whose headquarters is in the CBD. And we are absolutely talking of changing our offices. Leadership has already acknowledged that upon "return to normal", that the new normal will be less office space with most employees coming in 1-2 days per week, working the rest from home or remote elsewhere in the country.

And yes - restaurants in the CBD are taking a beating. The Store already announced it was moving to Metairie due to the worry around lack of foot traffic in the future.

And we are located close to what was a very popular downtown lunch spot. The place was printing money for years. And our owner mentioned on a call the other day that he's worried for them (he eats there a bit).

Anyone who believes that offices are going to return to normal "arse in seats" policy is sticking their head in the sand. Companies are seeing ways to reduce costs. Employees are enjoying the flexibility that WFH offers. The cat's out of the bag.

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I don’t need to set foot in my office and neither does anyone else that works for me. Four months ago I’d have said that was impossible

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I get all this and totally agree but what about sales departments across the country regardless of industry? Building relationships and seeing people face to face is/was the traditional way of cultivating a relationship and a sign of good salespeople.

What happens to this going forward? Surely an in person sales call is always going to be more effective than a MS Teams or Zoom meeting.

Man I have a house for sale I thought would go under contract immediately being under $350. Lowered price to 325 (started at 335) and still can’t get an offer. I guess the Metairie 70005 market isn’t as hot as I thought.

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pretty confused about how 4 condos 1 block from the FQ only combine for $132k - that number is incredibly low for short term rental income - unless you're talking about something else

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They are directly behind the municipal auditorium.....for what they are and what the owner bought them for, he’s done extremely well.

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Or I could buy a home uptown, pay taxes for Orleans Parish, deal with Latoya type leadership and crime, and have my home value plummet potentially and then not be able to rent because the people that live uptown and lease, mostly students or service industry people, will be gone.

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Neighbors across the street from me in Mid-city just sold their house for $440k.