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re: St. Roch neighborhood in Nola
Posted on 5/8/16 at 2:12 pm to lsupride87
Posted on 5/8/16 at 2:12 pm to lsupride87
Lol. Agreed. I live in mid city and continue to rent because I'm deathly afraid of overpaying for a house and then the bubble bursts.
At some point you would think people will stop paying these prices?
I also agree with the others that there is no way there are enough high paying jobs in this city for this to keep up.
At some point you would think people will stop paying these prices?
I also agree with the others that there is no way there are enough high paying jobs in this city for this to keep up.
1
Posted on 5/8/16 at 2:39 pm to SerenityNow
quote:
I also agree with the others that there is no way there are enough high paying jobs in this city for this to keep up.
I know someone that moved to Dallas from Baton Rouge and every time he comes to visit he's astonished by the prices of Baton Rouge area homes too. Where are people working to afford $800,000 plus homes??
This post was edited on 5/8/16 at 2:40 pm
Posted on 5/8/16 at 4:23 pm to LSUFanHouston
quote:
But you step outside and it's still the lower 9.
the sad thing is that they look outside and get glad they're not living in Chalmette
they'll take the potholes and the crime, but Trump voters are the devil to white hipsters
Posted on 5/8/16 at 5:00 pm to Hammertime
quote:
The east has plenty of space and empty houses
It sure does look that way but when you inquire you find out the property has changed hands within the last 24 months. A lot of people are either sitting on them or it takes them a year or so to get to the renovation.
Posted on 5/8/16 at 5:02 pm to chalmetteowl
quote:
I know someone that moved to Dallas from Baton Rouge and every time he comes to visit he's astonished by the prices of Baton Rouge area homes too. Where are people working to afford $800,000 plus homes??
Its not so much the incomes people are making, its how disgustingly cheap money is right now. I had the cash to pay for a vacation condo I recently bought but why pay cash when I can do a 7/1 ARM at 2.75%. In 7 years if the markets tanked great Ill pay cash then. If the markets continued to rise, great I need it to rise 3%/year and ill be ok. FWIW I wont disclose my full payment but lets just say $300,000 is about $1200/mo before property taxes,maintenance, etc. That's why home prices are soaring, it has nothing to do with booming economies, it has to do with how cheap money has gotten and most people when financing buy based on a maximum payment the bank allows them to have.
Assuming a husband a wife each make $60k thats $120k which is $10k/mo. The banks will loan them up to $3k-3.5k/mo in total payments assuming they're debt free. Pretty simple to see why $400-500k homes arent that big a deal anymore
This post was edited on 5/8/16 at 5:05 pm
Posted on 5/8/16 at 5:15 pm to dabigfella
quote:This is why banks crash. Yes, the Gross is 10k a month. However, take home is about 6500
Assuming a husband a wife each make $60k thats $120k which is $10k/mo.
Posted on 5/8/16 at 5:32 pm to dabigfella
400k mortgage is north of $2000 per month. That's not chump change.
Posted on 5/8/16 at 7:28 pm to NIH
Tourism doesn't employ white collar workers which is who it will take to sustain the housing market in New Orleans.
Posted on 5/8/16 at 7:29 pm to Tingle
quote:
Why the hell are the houses there so expensive?
What do you call expensive?
Posted on 5/8/16 at 7:49 pm to cahoots
quote:
Tourism doesn't employ white collar workers which is who it will take to sustain the housing market in New Orleans.
so the crash is coming...when?
Posted on 5/8/16 at 8:30 pm to rocket31
quote:
so the crash is coming...when?
I'd like to know too. The OT seems to be filled with New Orleans real estate wizards. Strangely their opinions are contrary to what most real estate professionals say. Hmm.
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