re: NOLA metro area home prices up 6% from March

quote:

---

When you’re stuck at home, you realize how much your apartment/small home sucks and want to upgrade...which is easy to do with low interest rates

Add low inventory to that equation (because jobs are on hold so less moving, people didn’t want to list/do showings during Covid, etc) and boom.

Real estate is booming all over. It’s also cool to see people pouring so much money into their current homes in upgrades. Ask any contractor, pool installer, landscaper, etc. how businesses is going $$$

---

Yep. Just bought a house in Colorado Springs, was absolute debacle trying to find a landscaper since most were booked out months in advance. People are fleeing downtowns for the small towns and suburbs.

quote:

---

It seems a little crazy to me.

---

Some of it makes sense, some of it doesn't.

The contractors building 800k-1mil houses in the ridgelake area are insane.

If you have the money to buy that, you could buy a comparable house for the same or slightly more in a MUCH better part of OM.

The old saying "buy the shittiest house on the nicest street"

Well these are the nicest houses on the shittiest street (relative to the rest of OM)

quote:

---

The contractors building 800k-1mil houses in the ridgelake area are insane.

---

Agree. They are selling but they’re on the market for a bit.

The ones selling low 700s seem to go pretty quick. That’s the sweet spot it seems.

And GWFool, you’re correct. Contractors are buying these up with a quickness, but you can sometimes get in before them.

Just from casually looking, it seems like homes are going under contract in less than 48 hours. And most of these are in the $650k-$975k range. It blows my mind.

That's interesting...

Agent friend of ours just told us it's a buyers market in New Orleans...

She also told us there were 95 houses for sale in Lakeview...

quote:

---

to the Woodlands to ge

---

you spelled ‘Mecca’ wrong

quote:

---

I'm about to close on my first house, 2.375% interest rate

did we do pretty good?

---

Congrats. That's a great rate.

quote:

---

Walked around there this weekend and there were a ton for sale. Felt like every block had a few properties on the market.

---

You're right about that. If you look at my post on page 3 of this thread, there are 65 current listings in the French Quarter for under $400k. If you remove the price filter, there are 171 listings.

quote:

---

I just don't know that there are that many people looking to buy a place in the city with condo/building fees at this time

---

What are the condo fees like down there?

quote:

---

That's because there is no industry like Houston or Atlanta. There are no Fortune 500 companies. There is no diversified economy. There is tourism and nothing else. The people who fill those spots span Kenner to Slidell. Nothing more.

---

Yeah, I agree. There are some funny things that result, though, when you have an Albuquerque-sized GDP in a city with a destination CBD, major pro sports teams, etc.

For example, people do what people in larger economies do, but on a micro-scale. There are people who live in Orleans Parish who act like living in Jefferson would be some kind of big compromise, even though by the standards of Houston or Atlanta, Old Metairie is very much "in town."

For me, Jefferson Parish government / schools vs. the "cool factor" of living in Mid City is a no-brainer, but there's a certain variety of weirdo who doesn't get it.

People in Atlanta look down on distant suburbs that same way, e.g. I roll my eyes at people who live in Forsyth County McMansions. We're talking about spending a couple of hours per day in a car, though, at least pre-virus. It's not just a matter of snobbery.