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Started By
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re: Help me understand Nola housing market UPDATE
Posted on 7/23/20 at 1:09 pm to Maderan
Posted on 7/23/20 at 1:09 pm to Maderan
quote:
In addition to the $6920.33 I pay for homeowners insurance and approximately $800 I pay for flood insurance annually, nearly 30% of my taxable income will be eaten up. Where will my principle and interest payments come from while I also pay private school education for my two daughters because I can’t seem to get them into successful public schools
I don't blame him one bit. Most folks in this thread noted that for years and years, residents put up with it because of the festivals, food options, etc. But everyone has a limit. And I think COVID-19 was just the final straw. The potholes, constant flooding, constant issues with the SWB, the ongoing Hard Rock disaster - at some point, any rational person has to ask what in the world they are paying for and what's the return on investment?
The city for years and years, especially post Katrina, skirted by on civic pride, giving very little in return and everyone was more than happy to look the other way.
It's a complete and utter shame.
1
Posted on 7/23/20 at 7:00 pm to SerenityNow
As a longtime resident that grew up in the NO metropolitan area and moved away 20 years ago, it’s really sad to see what the entire city has become. I truly believed that I would return at some point, but that will likely never happen. Possibly in a part time capacity in retirement with a second home to be close to family and friends, but if I’m honest with myself there are so many other places I’d rather have a second home. It’s a great time and the people are wonderful, but it’s a chitty place to live with a young family.
Posted on 7/23/20 at 7:53 pm to Maderan
quote:
If my appeal isn’t approved, the city will ask nearly $10,000 per year in property taxes from me for a house I purchased for $187,500 fourteen years ago
Your old friend from the fire department lives in an $800K house?
This post was edited on 7/23/20 at 8:05 pm
Posted on 7/23/20 at 8:37 pm to 22jctiger22
quote:
moved away 20 years ago, it’s really sad to see what the entire city has become.
posts like these just confirm to me most of you just make up shite to see what sticks
Posted on 7/23/20 at 10:24 pm to rocket31
quote:
posts like these just confirm to me most of you just make up shite to see what sticks
I understand if you feel that way, and that’s fine as I’m from there too and I’m protective of it as well. I’m there frequently as all of my family is still there and I didn’t move far. Lived there more than half of my life, and I love it like home of course, but I call it it how I see it. Crime, taxes, infrastructure, politics, public schools and services, cleanliness, etc are all terrible. Aside from restaurants, the people and culture, bars and nightlife, and a few pockets of areas that are nicer but ridiculously expensive, the place doesn’t offer much. Downvote away...
Posted on 7/23/20 at 10:57 pm to 22jctiger22
I think if you’re of the opinion that all of that stuff has gotten worse in the last 20 years, you would be wrong....by any objective metric NOLA is in a better place than it was 20 years ago: crime, public schools, sense of community etc.
It ain’t perfect but to act like things have gotten worse over the past 2 decades is incorrect. I’ve been here about the last 30 years while you’ve apparently been gone for >20, so I’ll take my assessment over yours.
It ain’t perfect but to act like things have gotten worse over the past 2 decades is incorrect. I’ve been here about the last 30 years while you’ve apparently been gone for >20, so I’ll take my assessment over yours.
Posted on 7/23/20 at 11:07 pm to tigerfan4120
One more thing people don’t understand re: housing market in Nola is an underestimation of the digital economy and mobile workspaces.
The thesis is pretty simple: people who work from home want to live in a destination city. Working from home and not being geographically tied to a city in physical terms due to your employment is becoming more and more common. People do view Nola as a destination city - whether you agree with their assessment of not, it one of the most unique cities in the country and that is a draw for a certain subset of people.
Additionally, the supply side is limited. There is no space for new builds in the most desirable locations of the city.
So I would argue that for all its foibles re: crime/corruption etc; for all the wreckage of the local economy in terms of total loss of service industry and tourism, you will continue to see a very strong housing market. There may be a stagnation due to an overall poor economic outlook, but would not expect a bubble to pop due to the he covid economy,
The thesis is pretty simple: people who work from home want to live in a destination city. Working from home and not being geographically tied to a city in physical terms due to your employment is becoming more and more common. People do view Nola as a destination city - whether you agree with their assessment of not, it one of the most unique cities in the country and that is a draw for a certain subset of people.
Additionally, the supply side is limited. There is no space for new builds in the most desirable locations of the city.
So I would argue that for all its foibles re: crime/corruption etc; for all the wreckage of the local economy in terms of total loss of service industry and tourism, you will continue to see a very strong housing market. There may be a stagnation due to an overall poor economic outlook, but would not expect a bubble to pop due to the he covid economy,
Posted on 7/24/20 at 1:49 am to chillygentilly
quote:
Your old friend from the fire department lives in an $800K house?
Quite possible if he bought right after Katrina; some nice areas were affordable with average incomes back then.
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 7/24/20 at 6:50 am to OldHickory
quote:
While we’re on the topic, where’s a good place for a single guy in his early 40’s to buy? No kids.
I'm that same guy and I'm moving to Houston next weekend. Lived my entire life in LA (never NOLA though) and just can't see myself living out the rest of my working years in the Louisiana economy. I've been wanting to get out for awhile and the timing right now seems as right as it's going to get so I'm making the move to NW Houston, Galleria area apartment until I get my bearings and find the place I want to work for the next 10-20 years and then decide on a home. That's my life plan.
Oh and meet a Latino or Vietnamese woman in there somewhere.
Posted on 7/24/20 at 7:25 am to OldHickory
If I were 40 and single I would buy one of those houses in the marina overlooking the lake.
Posted on 7/24/20 at 7:36 am to tigerfan4120
quote:I was coming to write something similar. While a lot of the native New Orleanians are fed up with the city, there are a ton of people from all over the country that want to live here. How things will even out with the economy, I’m not sure. They tend to be young liberals that have no problem spending 500k on a shotgun in Bywater. To each their own.
One more thing people don’t understand re: housing market in Nola is an underestimation of the digital economy and mobile workspaces.
The thesis is pretty simple: people who work from home want to live in a destination city. Working from home and not being geographically tied to a city in physical terms due to your employment is becoming more and more common. People do view Nola as a destination city - whether you agree with their assessment of not, it one of the most unique cities in the country and that is a draw for a certain subset of people.
Additionally, the supply side is limited. There is no space for new builds in the most desirable locations of the city.
Posted on 7/24/20 at 8:49 am to 22jctiger22
quote:
Crime, taxes, infrastructure, politics, public schools and services, cleanliness, etc are all terrible.
Virtually all of these things are wayyyyyy better today compared to 20 years ago.
Posted on 7/24/20 at 9:21 am to JohnnyKilroy
Yep. Before Covid hit, Nola was better than it’s been in 40 years. This problems everyone list have always been around except for maybe the stupid tax situation getting worse
I am worried what will become of the city and surrounding areas now with this Covid crap
I am worried what will become of the city and surrounding areas now with this Covid crap
Posted on 7/24/20 at 9:28 am to notiger1997
I would wait about 6 months to a year and a half....and see how the election/economy goes before I buy anything....it would either be uptown or the north shore
Posted on 7/24/20 at 10:28 am to OldHickory
quote:
While we’re on the topic, where’s a good place for a single guy in his early 40’s to buy? No kids.
Depends a lot on budget and future plans, but I'd say really anywhere Uptown south of St. Charles. Plenty of bars and restaurants in each section. Condo in Warehouse District, small house in the Bayou St John area...that's where I would start.
Posted on 7/24/20 at 10:40 am to BlastOff
Warehouse District is the best of all these options for. a single guy, surprised no one mentioned it yet.
Posted on 7/27/20 at 11:03 am to beauxkner
Any NOLA real estate agent suggestions?
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