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When it comes to real estate, is New Orleans the strangest case in the US?
Posted on 3/30/14 at 6:26 pm
Posted on 3/30/14 at 6:26 pm
Especially when it comes to the post-Katrina situation, where all of the housing projects (St. Thomas, Magnolia, St. Bernard, etc) were torn down and made into semi-mixed income properties, and then the whole Central Business District being full of true mixed-income high rises like 200 Cardondelet and even the more expensive places ($1500ish for one bedroom places) have 25-30 percent of residents in reduced or subsidized housing, if I'm not mistaken.
Obviously places like NYC and DC are pricier for 1 bedrooms, especially on a square footage basis, but the vast majority of those places are not mixed income residences.
New Orleans seems to have pretty much either shotgun-style converted houses throughout Uptown and Audobon or these mixed income buildings in the CBD, Mid City, and also in Central City and in the vicinity of Gert Town. Definitely one of the stranger real estate environments I can think of, especially for young professionals and grad students, and anyone who isn't interested in buying a house and signing a mortgage.
What say the OT?
Obviously places like NYC and DC are pricier for 1 bedrooms, especially on a square footage basis, but the vast majority of those places are not mixed income residences.
New Orleans seems to have pretty much either shotgun-style converted houses throughout Uptown and Audobon or these mixed income buildings in the CBD, Mid City, and also in Central City and in the vicinity of Gert Town. Definitely one of the stranger real estate environments I can think of, especially for young professionals and grad students, and anyone who isn't interested in buying a house and signing a mortgage.
What say the OT?
13
Posted on 3/30/14 at 6:28 pm to Keys Open Doors
It is strange. But it's cool though in some ways. Different.
Posted on 3/30/14 at 6:32 pm to Keys Open Doors
Culture
Posted on 3/30/14 at 6:34 pm to Bengalbadguy
Eh, the mixed use stuff is a decade old at most (not the buildings, but the set up). Not sure how that is culture.
Posted on 3/30/14 at 6:35 pm to Boats n Hose
quote:
But it's cool though in some ways.
It artificially raises demand/prices for those not being subsidized. Not a fan.
Posted on 3/30/14 at 6:38 pm to Keys Open Doors
I've noticed this as well. I've been looking for places to live over the past few months for when I move there in the summer and its really odd how you can have neighborhoods with mansions and crack houses on the same street. Then many of the places for rent are shitty shotgun houses for 1500+.
Very odd.
Very odd.
Posted on 3/30/14 at 6:41 pm to Dr. Shultz
It seems like the best bet for living in Uptown, unless you are going to buy a house and settle down the way you would with a 15 year mortgage, is to get a shotgun house for $1000-1500/month. The price isn't an anomaly at all, but the fact that it's a shotgun house certainly is.
Posted on 3/30/14 at 6:46 pm to Dr. Shultz
I've rented uptown, the quarter, CBD and currently in the garden district and never been in a shotgun, never in a mixed income apartment building, and never paid $1500+
While the city has some quirks for sure, if you halfway know what your doing it's not that hard to find decent housing.
While the city has some quirks for sure, if you halfway know what your doing it's not that hard to find decent housing.
Posted on 3/30/14 at 6:48 pm to Keys Open Doors
I wonder how that's gonna work long term, I know I wouldn't pay top dollar to live among the subsidized.
Posted on 3/30/14 at 6:50 pm to Keys Open Doors
Lakeview is pretty much the only area that's not like that.
Posted on 3/30/14 at 6:52 pm to Dr. Shultz
Yeah it can be weird having such a mix of housing in such close proximity. Lakeview is prob the most predictable, linear neighborhood.
Would be awesome if NO East was razed and started over. That's the only place the city could really expand to. I know people hate the idea of Metairie and Applebees, but Nola could use some large middle class subdivisions with HOAs.
Would be awesome if NO East was razed and started over. That's the only place the city could really expand to. I know people hate the idea of Metairie and Applebees, but Nola could use some large middle class subdivisions with HOAs.
Posted on 3/30/14 at 6:53 pm to yellowfin
quote:your poor kids will never be cultured stuck in river ranch.... prayers sent
I wonder how that's gonna work long term, I know I wouldn't pay top dollar to live among the subsidized.
Posted on 3/30/14 at 6:56 pm to yellowfin
quote:
I wonder how that's gonna work long term, I know I wouldn't pay top dollar to live among the subsidized.
I am interested. I won't be participating in the experiment by renting like a sucker and paying $1100 for a nice place while 35-40 percent are paying half of that, but I am curious to see how it works in 15-20 years.
I think my generation grew up in the suburbs and has a general distaste for it, so they prefer living in the city. Obviously rents go up, and we'll see if there are enough out-of-towners, grad students, and young professionals who are seeking to pay $1100 a month for mixed income versus $1400-1500 for a regular building.
It's worked well so far, I think. But I think that is due in part to marketing the mixed income properties to out-of-towners who are a bit clueless and didn't know what they are getting themsleves into.
Posted on 3/30/14 at 6:59 pm to NoSaint
quote:
I've rented uptown, the quarter, CBD and currently in the garden district and never been in a shotgun, never in a mixed income apartment building, and never paid $1500+
Care to list a few options? I've seen a very limited number. The Georgian in the Garden District is one of them, there are some in City Park as well, but I'm not seeing many other viable options.
Posted on 3/30/14 at 7:03 pm to Keys Open Doors
Lots in Lakeview are going for 200k plus. 6 years ago they were a lot cheaper.
Posted on 3/30/14 at 7:03 pm to SuperSaint
That's a good thing IMHO
Posted on 3/30/14 at 7:06 pm to Placebeaux
Has to be the Katrina effect, right?
Posted on 3/30/14 at 7:06 pm to Placebeaux
Plenty of lots in lake view for low 100's.
Posted on 3/30/14 at 7:06 pm to Keys Open Doors
quote:there is a shite ton of mixed income properties in these areas. developers get major tax breaks for making a certain number of units be low income
Obviously places like NYC and DC are pricier for 1 bedrooms, especially on a square footage basis, but the vast majority of those places are not mixed income residences.
Posted on 3/30/14 at 7:08 pm to Keys Open Doors
I'm not trying to search listings right now - but I'll say if your looking for apartment buildings downtown, i had a condo sublet that was a 1 bedroom at $1100. Nice building, even had a small private courtyard on the unit- left it last fall and it was re-rented at the same price.
Currently in a 2 bedroom half of a double that's 1200 sq ft, $1200 and not a shotgun a block off st charles.... Could use a little updating but it's big, has a big yard (front and back) and the owners in the other side and takes good care.
Currently in a 2 bedroom half of a double that's 1200 sq ft, $1200 and not a shotgun a block off st charles.... Could use a little updating but it's big, has a big yard (front and back) and the owners in the other side and takes good care.
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