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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 6:38 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 6:48 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 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 7:06 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 7:33 pm to Keys Open Doors
Legally, NOLA runs on their own rules/laws and
ethics when it comes to real estate.
ethics when it comes to real estate.
Posted on 3/30/14 at 8:40 pm to Keys Open Doors
quote:
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
Way too much of a generalization with this crap. Do a little research. There is much less mixed income stuff that you are noting and much more normal single family and normal rent situations.
Posted on 3/30/14 at 10:54 pm to Keys Open Doors
quote:
Central Business District being full of true mixed-income high rises like 200 Cardondelet
right across the street from this place is a true high end apt. complex that charges like $1200 for one bedrooms. Always wanted to live there if I could afford it.
As far as the real estate in New Orleans, I suppose it is "strange", but it does have some charm. While I'm not a fan of the mixed income residences (after all, why should joe brown pay $500 for not being productive, yet I have to pay $1500 for the same apt?), I don't care if there are two buildings on the same street and one is high end while the other is subsidized housing.
Posted on 3/31/14 at 10:03 am to Keys Open Doors
quote:
When it comes to real estate, is New Orleans the strangest case in the US?
Extremely old inventory in a highly desirable city.
Posted on 3/31/14 at 10:33 am to Keys Open Doors
I'm not going to read the whole thread so not sure if this has been discussed. A large number of the historic renovations (nearly all of them), which are currently mixed-income, will remain in this mixed-income format for a predetermined amount of time (i.e. the Hibernia building will be for 7 years). After this holding period, the owners will not renew the leases, renovate units, and then sell them off individually as condos.
This is how financing is obtained and the historic renovation tax credits are utilized. Otherwise, such projects would not be feasible. This is how companies like HRI make bank.
This is how financing is obtained and the historic renovation tax credits are utilized. Otherwise, such projects would not be feasible. This is how companies like HRI make bank.
Posted on 3/31/14 at 1:02 pm to Keys Open Doors
Metairie if you're not a $150,000+ OT baller.
Oh, and culture,culture,culture, etc..
Oh, and culture,culture,culture, etc..
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