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New Orleans and/or surrounding area real estate market
Posted on 11/23/15 at 1:26 am
Posted on 11/23/15 at 1:26 am
For those of you that follow real estate closely, what is your opinion of the New Orleans real estate market. I've been looking for a few years in Metairie but have held off because it just seems like the market is high and set to come down. Thus far I have been proven wrong as over the last few years it has continued to climb. I have noticed prices have finally seemed to level off and even come down a bit over the last few months. What are your thoughts. I would love to make a purchase before rates make a move which appears could be in the next few months.
This post was edited on 11/23/15 at 9:07 am
4
Posted on 11/23/15 at 8:50 am to LSU5508
It leveled off? I would expect it to steadily increase over the next 5 years. New hospital, new airport, all the city is doing growing. Only a natural disaster could change that. Maybe more crime... Ha.
I have no data to provide just my observation, I work in the construction industry and it hasn't slowed down and it doesn't look like it will anytime soon.
I have no data to provide just my observation, I work in the construction industry and it hasn't slowed down and it doesn't look like it will anytime soon.
Posted on 11/23/15 at 9:17 am to HamCandy
Yeah, prices seem to be artificially inflated. Some homes uptown are well over $600,000. That's insane. Even Lakeview and Old Metaire seem to be overpriced. Don't get me wrong, they're great areas, I just think overpriced for a city the size of Nola and the reoccurring crime and lousy schools.
Posted on 11/23/15 at 9:25 am to LSU5508
Real estate prices along the river are insane. It's en fuego.
Posted on 11/23/15 at 9:36 am to Paul Allen
I see NOLA as one of the safest markets. This isnt Houston or Nashville etc etc where the suburbs have huge amounts of land to build brand new homes on. All the functional land in and around new orleans is already taken. Another Hurricane could screw up the market for a few years, but the people will be back and so would the market
Posted on 11/23/15 at 9:40 am to lsupride87
The north shore has huge amounts of land to build on
Posted on 11/23/15 at 9:42 am to Paul Allen
quote:And it has forever. The north shore is never going to become a true NOLA suburb. If it was it would have already. The north shore has become its own city that survives on itself
The north shore has huge amounts of land to build on
Posted on 11/23/15 at 10:32 am to LSU5508
As far as I can tell, things or still booming. New construction and major renovations everywhere. Hell, even the part of east Metairie north of Veterans they seem to have increased the pace of tearing down homes and going up with huge new ones.
I don't think it goes much higher, but I can't see it dropping anytime soon.
I don't think it goes much higher, but I can't see it dropping anytime soon.
Posted on 11/23/15 at 3:21 pm to lsupride87
(no message)
This post was edited on 12/21/21 at 10:11 am
Posted on 11/23/15 at 7:26 pm to Paul Allen
quote:
The north shore has huge amounts of land to build on
Not so much. The Corps of Engineers is making wetland mitigation costs super high which is keeping developers out now.
Posted on 11/23/15 at 8:24 pm to LSU5508
You really can't compare the market in New Orleans to the market in surrounding areas.
What is your specific question and where do you really want to live?
What is your specific question and where do you really want to live?
Posted on 11/23/15 at 8:25 pm to jnorbort
Metairie between bonnabal and west end
Posted on 11/23/15 at 8:28 pm to LSU5508
You should be able to find a decent house for a reasonable price in that area. It's not a area where prices are ridiculous like in Lakeview, Uptown or Old Metaire.
Posted on 11/24/15 at 9:24 am to jnorbort
quote:
You should be able to find a decent house for a reasonable price in that area
Thats pretty subjective.
What do you call a decent house at a reasonable price?
Posted on 11/24/15 at 10:43 am to notiger1997
For me personally, I am looking in the $250,000.00 to $300,000 range and this has been a challenege thus far. There are houses in 7005 to be had but most would require extensive renovation unless the 1950's is your thing.
Posted on 11/24/15 at 11:01 am to LSU5508
Thats a very tough price range for New Orleans and Old Metairie. Anything in that range is going to be either: in an "emerging" neighborhood, in need of serious repair, or both.
Posted on 11/24/15 at 11:45 am to LSU5508
Bucktown (lake area around Bonnabel to 17th street canal) always seems to have a good handful of houses that need little to no work in that price range. Is there something specific that is ruling things out for you? Are you just checking occasionally through one website? The condition and price you are looking for go up and are under contract rather quickly in Bucktown, but they are there.
Posted on 11/24/15 at 12:12 pm to BlackenedOut
quote:
Thats a very tough price range for New Orleans and Old Metairie. Anything in that range is going to be either: in an "emerging" neighborhood, in need of serious repair, or both.
For what it's worth I'm looking in Metairie not New Orleans. Crime, taxes and prices will keep me out of New Orleans.
Posted on 11/24/15 at 12:50 pm to nolatiger711
quote:
ucktown (lake area around Bonnabel to 17th street canal) always seems to have a good handful of houses that need little to no work in that price range. Is there something specific that is ruling things out for you? Are you just checking occasionally through one website? The condition and price you are looking for go up and are under contract rather quickly in Bucktown, but they are there
I'm just casually looking without a realtor so I'm sure I'm missing out on a lot of good houses. Not to mention id prefer a pool with a yard which drastically reduces the number of houses on the market.
Posted on 11/24/15 at 1:42 pm to LSU5508
The pool with a yard and updated is going to be tough in most of Metairie. Just not large enough lots for decent house, pool, and yard. Some sacrifice the yard for the pool. Right now, only about 15% of single family homes listed as active in the whole New Orleans MLS has an in-ground pool. If you have to have a pool, you may want to set a budget with a pool and a lower one without a pool to leave money to put one in. That way you have more options. Shoot me an e-mail at my username at gmail if you need any help with your search. I'll reply from my real e-mail address.
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