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Started By
Message
re: Pat O’Briens lays off 80 and NOLA’s future cloudy
Posted on 9/28/20 at 10:16 am to ihometiger
Posted on 9/28/20 at 10:16 am to ihometiger
only a democrat is ignorant enough to end the only cash cows NOLA has.
Posted on 9/28/20 at 10:39 am to tgrbaitn08
quote:
Why because biohazard said he was going to come find me for something I said on the Internet?
No, because of everything else you’ve said
You might want to sit the next couple of plays out.
Posted on 9/28/20 at 10:50 am to MrLSU
quote:
As someone who owns several office, warehouse, and other commercial buildings since the 70s in Orleans, Jefferson, & St. Tammany Parish here is what I am seeing taking place right now. The Class A and Class B office building demand in Orleans is downright horrific and right now we are on pace with a glut of even more office space coming on line in 2021 with very little, if any, demand. We own a mix of B & C class buildings in the area but Orleans is really bad but Jefferson is holding its own. We are down about 14% in office space in Jefferson but Orleans we are down 36% as of last week in Class B/C space. I'm only speaking about the commercial buildings we own which include a mix of retail & restaurants have also taken a plunge--in Orleans we have lost about 45% of our retail & restaurant tenants and in Jefferson we are only off by 30% of our retail & restaurants. St. Tammany we are down about 15% retail and restaurants. Luckily we own our properties and are not leveraged with debt unlike many other property owners who have commercial portfolios in Orleans, Jefferson, & St. Tammany.
Warehouse demand has remained static as some of our tenants have been stock piling up goods due to the lower demand which is good for us.
Orleans Parish as of last month was losing $150,000,000 million a week and that number is expected to increase at the beginning of November to $200 mil a week if the city doesn't start laying off employees and cutting departments.
New Orleans right now is completely shut down for convention business for 2020 and 2021 looks like a repeat. I talked to one of the VPs with the NOTMC a couple of weeks ago and the person said they felt like Orleans won't see a recovery in the convention business until 2024-2025 and that the shutdown has seriously impeded our ability to go after business when other cities are aggressively poaching our conventions. Another factor that has hurt us was the idea to increase the taxes on the hotels downtown which cut into the bottom lines of many trade associations who host conventions and conferences.
As of August 30th, 50% of all restaurants in Orleans Parish were closed and 67% of all hotels were shut down with 3/4 of those closures permanent. Jefferson was faring much better with 30% of all restaurants closed and 5% of all hotels shut down. Didn't get the figures for St. Tammany.
As for Mardi Gras--is the big question mark right now as one idea is to have Mardi Gras but with NO throws and no spectators. The Krewes will roll down the parade routes and spectators can watch them roll virtually. I'm unsure how many Krewes will actually roll under this model but it is a leading contender if we have Mardi Gras in 2021. Everyone knows that Mardi Gras is the economic engine for the entire area so if it gets cancelled the carnage will be catastrophic for every single restaurant/bar/retail establishment not only in Orleans but also in Jefferson.
A lot of people who live in Jefferson are dependent on work in Orleans Parish so the spillover effect is major.
LaToya is hoping the CARES Act will provide enough money to subsidize the City's coffers but as others have said we are so far behind the curve right now nationally that other cities will use CARES Act cash to actively out promote New Orleans because we will be forced to use that money to plug holes in Government not use it to recruit conventions and conferences.
I also see a lot of people who have been vested in New Orleans for a long time moving out of Orleans Parish to St. Tammany, some to Jefferson Parish, but more to the Miss Gulf Coast, Houston, Dallas, and Florida panhandle. Luckily for those people low interest rates have spurred on some purchase and refinance activity but I really worry what will happen with LaToya and the idiots on the city council push forward with their new property tax and sales tax hikes they are quietly floating around right now. If they get those tax increases passed then we will see an ever bigger drop in activity in New Orleans.
This might be the most informative and detailed post I have ever seen on this site.
Posted on 9/28/20 at 10:55 am to BeeFense5
Don't worry. Mr Perfect or tgrbaitn08 will be here shortly to refute it with an inane statement and an emoji.
This post was edited on 9/28/20 at 10:57 am
Posted on 9/28/20 at 10:56 am to BeeFense5
quote:
if the city doesn't start laying off employees and cutting departments.
Wait, the city hasn't done this already?
Posted on 9/28/20 at 10:58 am to SlowFlowPro
quote:
Wait, the city hasn't done this already?
Posted on 9/28/20 at 11:00 am to TigerstuckinMS
quote:
Don't worry. Mr Perfect or tgrbaitn08 will be here shortly to refute it with an inane statement and an emoji.
Posted on 9/28/20 at 11:02 am to tgrbaitn08
quote:
yep...thats exactly what just happened to me..they increased my assessment. They increase my building value by $110k and increase my Taxable Assessment by $11k
I cannot wait for this litigation. an area that's about to experience extreme property price decrease is going to have the government illegally "appraise" tons of properties higher for tax revenue.
I can see this turning into a criminal investigation at some point, not just a New Orleans, but in many municipalities who are going to rely on this
Posted on 9/28/20 at 11:03 am to SlowFlowPro
quote:
Wait, the city hasn't done this already?
Nope. They added a new position. Something like Czar of STRs. Can't even make this up.
Posted on 9/28/20 at 11:07 am to glassman
If only the media wasn't part of the coordinated effort, then we may have got gotten some hilarious stories out of this. I'd love to hear someone ask her how she can justify maintaining her employment levels while businesses in the city have to lay off thousands of their employees
Posted on 9/28/20 at 11:09 am to BeeFense5
quote:
This might be the most informative and detailed post I have ever seen on this site.
It's obviously someone who knows what he's talking about and not just spewing shite completely out of his arse.
Posted on 9/28/20 at 11:10 am to TigerstuckinMS
quote:
Don't worry. Mr Perfect or tgrbaitn08 will be here shortly to refute it with an inane statement and an emoji.
why you lie fr fr
This post was edited on 9/28/20 at 11:11 am
Posted on 9/28/20 at 11:11 am to SlowFlowPro
quote:
I cannot wait for this litigation. an area that's about to experience extreme property price decrease is going to have the government illegally "appraise" tons of properties higher for tax revenue.
I can see this turning into a criminal investigation at some point, not just a New Orleans, but in many municipalities who are going to rely on this
Whats funny is I have 2 different appraisals that are nowhere near the city assessment.....like $150k less
Bank of America did a desktop appraisal for a refi I was looking into earlier this year and their desktop appraisal was $10k more than the city's assessment..
If I could sell my house for anywhere near what Bank of America's desktop appraisal and the city assessment came back at I would in a heartbeat.
Posted on 9/28/20 at 11:14 am to tgrbaitn08
This is like another story out of New Orleans from a few weeks ago when people were reporting prices of real estate going up when everyone's unemployed or making less. It's literally the same situation as in 2008 when mortgages were defaulting but the CDOs were rising in price.
Your appraisal situation is like the conflation of two insanities colliding, only to screw citizens over in order to protect institutions that the government considers worthy of protection (which includes the government)
Your appraisal situation is like the conflation of two insanities colliding, only to screw citizens over in order to protect institutions that the government considers worthy of protection (which includes the government)
Posted on 9/28/20 at 11:19 am to tgrbaitn08
I didn't say "gif of Kanye". I said emoji!
Posted on 9/28/20 at 11:31 am to DomePatrol1980
LaToya wants that spot for a new "club".
Posted on 9/28/20 at 11:36 am to SlowFlowPro
quote:
I can see this turning into a criminal investigation at some point, not just a New Orleans, but in many municipalities who are going to rely on this
Unless it's at the federal level, I doubt it. These cities know they can do whatever the frick they want and the people will keep voting them in to office.
Posted on 9/28/20 at 11:47 am to TigerstuckinMS
quote:
I didn't say "gif of Kanye". I said emoji!
Posted on 9/28/20 at 11:49 am to Y.A. Tittle
I have no idea if he knows or not, but MrLsu has made up complete bullshite on this board many many times.
The one that I continue to bring up is that he claimed him and his son saw Hard Rock bulging the night before the collapse.
No one is even asking if his math logically checks out, but it looks good.
The one that I continue to bring up is that he claimed him and his son saw Hard Rock bulging the night before the collapse.
No one is even asking if his math logically checks out, but it looks good.
This post was edited on 9/28/20 at 12:31 pm
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