- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
New Orleans housing market question
Posted on 12/28/15 at 12:27 pm
Posted on 12/28/15 at 12:27 pm
anyone got an opinion on whether its a good time to buy? Prob only will be here another two years but sick of the rents. Thinking about condos in warehouse district $400k or so price range.
Thanks
Thanks
4
Posted on 12/28/15 at 1:32 pm to birdieman
There is a supply and demand issue right now for downtown condos (including CBD and warehouse district).
Post Katrina, a bunch of young professional do-gooders came down here and wanted to live downtown. Prices jumped and there is a ton of new options and more coming. The first wave of these kids has settled down and want houses, which is why I think sales are booming Uptown, Marigny to Holy Cross, and to a lesser extent, Mid-City.
Is there a second wave of these young professionals coming? Outside of startups, we still have terrible opportunities for recent grads. We have no major company or collection of businesses who need to hire large amounts of recent grads. The young entrepreneurs are awesome, but if you are not one, I'm not sure there is much here for you right now.
On the other hand, you have a growing number of people who are buying downtown areas as second homes, or even as main homes for empty nesters. I have a client that recently retired and sold his house on the north shore and bought a condo in the CBD. These people are looking for luxury and have money.
I can't answer your question, just giving you some thoughts. I think that market is bubbling but will it burst in two years, who knows.
Post Katrina, a bunch of young professional do-gooders came down here and wanted to live downtown. Prices jumped and there is a ton of new options and more coming. The first wave of these kids has settled down and want houses, which is why I think sales are booming Uptown, Marigny to Holy Cross, and to a lesser extent, Mid-City.
Is there a second wave of these young professionals coming? Outside of startups, we still have terrible opportunities for recent grads. We have no major company or collection of businesses who need to hire large amounts of recent grads. The young entrepreneurs are awesome, but if you are not one, I'm not sure there is much here for you right now.
On the other hand, you have a growing number of people who are buying downtown areas as second homes, or even as main homes for empty nesters. I have a client that recently retired and sold his house on the north shore and bought a condo in the CBD. These people are looking for luxury and have money.
I can't answer your question, just giving you some thoughts. I think that market is bubbling but will it burst in two years, who knows.
Posted on 12/28/15 at 4:08 pm to birdieman
quote:
anyone got an opinion on whether its a good time to buy? Prob only will be here another two years but sick of the rents. Thinking about condos in warehouse district $400k or so price range.
there are a TON of units getting ready to come online. Almost all of them are being built as apartments, then will convert to condos after the 5 year wait (gotta get those tax credits).
But i will say this, the companies that are building know what the current availability is, and what the outlook will be in 5 years and they are still building. that tells me that the marketplace can support the additional growth.
just make sure you buy a parking spot too.
Posted on 12/28/15 at 7:00 pm to birdieman
I would only buy there if you have no problem renting it out after you move.
Posted on 12/29/15 at 10:09 am to birdieman
1,000's of new units will be constructed/renovated in the next 5 years. Interest rates are expected to rise. I would be very careful and invest in very specific areas.
In terms of residential property. I expect Lake-view to take a dive within the next 5 years. Just my educated opinion.
In terms of residential property. I expect Lake-view to take a dive within the next 5 years. Just my educated opinion.
Posted on 12/29/15 at 11:24 am to H.M. Murdock
quote:
I expect Lake-view to take a dive within the next 5 years. Just my educated opinion.
Prices out there are insane. I hope that all of them got fixed mortgages. If they got Adjustable rate and the rates rise, it's going to be ugly.
I'm always amazed that people spend 300-500K on a house out there and can't drive down their street without threat of a tire blowout due to street conditions. Now, there is some (not nearly enough) money for minor street repairs so you have to figure we will start a multi-year repair process. I wonder if in the short term that will affect housing prices.
Posted on 12/29/15 at 11:45 am to LSUFanHouston
It really does seem comical at times to see Lakeview prices.
A contractor just built three houses on Roy Street at NO Hammond Hwy. houses aren't all that big and they can't be more than 10 to 12 feet between each house. Last I heard he was looking for over $600K for each.
A contractor just built three houses on Roy Street at NO Hammond Hwy. houses aren't all that big and they can't be more than 10 to 12 feet between each house. Last I heard he was looking for over $600K for each.
Posted on 12/29/15 at 11:50 am to notiger1997
Investing what is likely several times your current net-worth on a piece of property that was formerly flooded by 5-10 ft of water or more is completely insane if you ask me. Particularly when that area has no other significant redeeming qualities. It's not like you're oceanfront. 
Posted on 12/29/15 at 2:39 pm to tes fou
quote:
Investing what is likely several times your current net-worth on a piece of property that was formerly flooded by 5-10 ft of water or more is completely insane if you ask me. Particularly when that area has no other significant redeeming qualities. It's not like you're oceanfront.
I don't get it either. It's not like it's a fancy gated community or anything. Some of the houses are nice, sure. Schools are still terrible, you are still in Orleans Parish, you have two very small commercial districts.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News