Nola Real Estate Question | TigerDroppings.com

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jsquardjj
LSU Fan
Member since Oct 2009
442 posts

Nola Real Estate Question


Looking into possibly purchasing a home to flip or some lots in the Gentilly area along the border of City Park. The area in between Robert E Lee to Mirabeau and Bancroft to Pratt.

Anyone lucky enough to purchase lots or homes in lakeview a few years ago are making a killing now.
Wondering if the MT thinks this area will also bounce back and turn some profits once more new homes go up in the next few years on the many empty lots still over there. I didn't live here before Katrina so I am not sure how good or bad the area was beforehand. I know it gets rough as soon as you cross over the canal by Pratt, but everything in this area seems to families and such. Opinions?







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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10421 posts

re: Nola Real Estate Question


No offense but if you are looking to rehab and flip homes to make money you'd better damned well already know your market and what you're doing.

It's a good way to go broke fast if you aren't very savvy and professional already.

best of luck to you.






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jsquardjj
LSU Fan
Member since Oct 2009
442 posts

re: Nola Real Estate Question


I have done extensive research looking at the numbers, appraisals and real estate purchases in the area over the past few years.

I was just hoping to just get a general opinion of that neighborhood from those who have lived in New Orleans for a long time.



This post was edited on 5/21 at 9:08 am


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10421 posts

re: Nola Real Estate Question


I hope it works out for you. I've always thought it would be a cool way to make money and to help improve neighborhoods.





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jsquardjj
LSU Fan
Member since Oct 2009
442 posts

re: Nola Real Estate Question


Thanks! I just wish I would have been smart enough to see the opportunity in lakeview a few years ago


This post was edited on 5/21 at 9:16 am


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Mr.Perfect
Louisiana
Member since Mar 2013
4240 posts

re: Nola Real Estate Question


my wife and i bought a fixer upper on Nursery near W. Esplanade. the choices were there of the UNO/ Robert E. Lee area your talking about. New Orleans water and ecectric rates are going to make it less and less attractive in 5 years, but my point here is that we had it in our final two areas. We just think people are going to spill out of Lakeview and into Metairie nore than into nola.

best of luck.






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notiger1997
Member since May 2009
22018 posts
 Online 

re: Nola Real Estate Question


I think you are a little late to the party. N.O. real estate is expensive right now.

I like the area you looking at though. Good luck.






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Mr.Perfect
Louisiana
Member since Mar 2013
4240 posts

re: Nola Real Estate Question


my God I can't spell





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Crbello4Hiceman
LSU Fan
Lurking
Member since May 2011
431 posts

re: Nola Real Estate Question


Born and raised in lakeview and my grandparents lived in Gentilly by UNO so I am pretty familiar with the area between the 2.

I think the area will appreciate but prob enough for it to be worth it to make a move. Maybe you can buy a place for $125k gutted, spend $$$ renovating and sell it. However, the closing costs to sell (realtors etc) will eat up the appreciation gains in that area.

If you want an area that is still relatively cheap but will prob appreciate try west lakeview (10th street - Old hammond Hwy/W Robert E Lee Lakebound, Bellaire to West End). I'd say buy a rental property there (a duplex, condo) and hold it. When the nicer parts of lakeview are totally full in about 5 years, this will be the crack spot. Keep in mind it might take a long while but I am starting to see new construction in the area of 2-3k sq feet going for $350-450k. I think when all the empty lots are completely gone, they will start buying old "cottages" to tear down.

People that want to be in Lakeview are aware of the high taxes/insurance/electric. They think it is worth it to be specifically in the city proper. Plus it is the safest zip code in the city. Just my thoughts.






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notiger1997
Member since May 2009
22018 posts
 Online 

re: Nola Real Estate Question


quote:

If you want an area that is still relatively cheap but will prob appreciate try west lakeview (


I couldn't argue with that. My friend got a small lot in that area a few years back at auction. Sometimes he worries that the little apartments and smaller houses on his street might drag things down eventually. I don't buy that line of thinking.






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chity
LSU Fan
Chicago, il
Member since Dec 2008
649 posts

re: Nola Real Estate Question


quote:

my God I can't spell


You can edit your post.






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