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What would you pay per sq ft in Old Metairie?
Posted on 4/8/14 at 4:43 pm
Posted on 4/8/14 at 4:43 pm
Looking at some cottages around the Pontiff playground area, and I'm seeing some pretty big discrepancy in asking prices and homes sold within the last year or two. Most are small (<1000 sq ft) older cottages that have been recently renovated since Katrina, but not with high end materials (laminate floors, no granite/quartz etc counters...). So, any thoughts?
6
Posted on 4/8/14 at 4:52 pm to LNCHBOX
I'm not sure there are enough guys posting on here with that kind of info to help you. Are there any real estate specific forums you might can visit?
All I know, is Old Metairie is back to being hot as hell. I have three friends that are building there right now.
All I know, is Old Metairie is back to being hot as hell. I have three friends that are building there right now.
Posted on 4/8/14 at 5:05 pm to LNCHBOX
I could maybe give you some info for the otherside of metaire park by MCC but have nothing for that side.
Posted on 4/8/14 at 5:20 pm to LNCHBOX
quote:]It would depend on what area of Old Metairie. There seems to be either those older cottage houses or much bigger, newer houses with not much in between. I personally wouldn't pay much for the old homes but you are looking at $200/sq foot for any nicer home.
What would you pay per sq ft in Old Metairie?
Posted on 4/8/14 at 5:39 pm to saderade
The thing that is getting me is the appraisals of a few that I'm looking at compared to recent sales within a few blocks of the properties. For example, on one property, the appraisals I've I've seen for it from February are between $220 to $240 per sqft. Nothing close has sold for anywhere near that kind of money per sqft, not in the big newer homes or small old homes. All the recent solds are under $180 per except for one at $195 per. I don't understand where the appraisers came up with their number.
This post was edited on 4/8/14 at 5:40 pm
Posted on 4/8/14 at 6:03 pm to LNCHBOX
I'd look between $150 - $190 / sq. ft. giving consideration to the current finishes and work needed.
Posted on 4/8/14 at 10:31 pm to LNCHBOX
My wife and I own a house near the playground (Old Metairie townhomes, behind Hurwitz Mintz) and recently refinanced, and we're also building in the Maple Ridge neighborhood one light down.
Wife's family are homebuilders, my family runs the largest locally owned savings & loan in Louisiana.
Our current house was built in 1994, 2,070 square feet, Appraised just under $350000 last October.
Preconstruction appraisal on new build was $200 Per square foot, backing up to Metairie country club. Just heard from our builder (brother in law) interior lot homes have sold recently for $230-$240 per square foot in Maple Ridge in last month.
Where specifically are you looking?
Wife's family are homebuilders, my family runs the largest locally owned savings & loan in Louisiana.
Our current house was built in 1994, 2,070 square feet, Appraised just under $350000 last October.
Preconstruction appraisal on new build was $200 Per square foot, backing up to Metairie country club. Just heard from our builder (brother in law) interior lot homes have sold recently for $230-$240 per square foot in Maple Ridge in last month.
Where specifically are you looking?
Posted on 4/8/14 at 10:52 pm to LNCHBOX
(no message)
This post was edited on 10/20/21 at 4:24 pm
Posted on 4/9/14 at 6:59 am to LNCHBOX
quote:
I don't understand where the appraisers came up with their number.
The price has a lot to do with the actual land value. Lots between Metairie Road and the railroad tracks are the most valuable probably ranging from between $200K to $400K depending on which street.
Lots on the other side of the railroad tracks near the playground are a little cheaper probably in the $150K to $250K range; same thing goes for the lots on the north side of Metairie Road.
So if you get a good estimate on what the lot by itself is worth, then the price per square foot begins to make a little more sense depending on how new/old the house really is.
Old Metairie is a very interesting area to appraise because one street could have tons of huge homes and nice oak trees etc and then the next street over could have a lots of small, old cottages.
Posted on 4/9/14 at 7:52 am to Neil Caffrey
Bath St is one of the streets we're looking at. Lot is 60 by 100. Good mix of old cottages and big new construction, so I think the value is there for me to get in on the cheaper end and eventually build to what I want later down the road.
Posted on 4/9/14 at 8:54 am to LNCHBOX
I live in that area. It is very convenient and a lot of new construction.
Keep in mind that you are going to pay a good bit more per square foot for a small house than you would for a large one.
Keep in mind that you are going to pay a good bit more per square foot for a small house than you would for a large one.
Posted on 4/9/14 at 9:08 am to Maderan
Yea, I know the land is the biggest chunk of the value. I just want to make sure that the price isn't absurd. Eventually I'd like to build on the land, but that won't be in the cards for probably 10 years.
Posted on 4/9/14 at 11:13 am to LNCHBOX
I think the value of our house is around $200 per foot right now. Our house is one street over from Bath on Jefferson Ave.
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