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re: Where does the money come from to support home prices in Lakeview?
Posted on 4/4/22 at 4:36 am to Zachary
Posted on 4/4/22 at 4:36 am to Zachary
This is what our block looks like.
neighbor works for shell/Wife is SAHM. Next to them is a doctor/engineer, next to them is a pharm rep/contractor, next to them is two newscasters, next to them is a retired couple, Next to them is a nursing school renter, next to them is a paper company owner/SAHM, next to them is an entergy worker/nurse, next to them is a teacher/banker, next to them is a retired couple, next to them is a lunch lady, next to them is a restaurant director/investment banker, next to them is a local beverage business owner, next to them is an attorney/SAHM, next to them is a retired couple, next to them is a army/interior designer, next to them is 2 doctors
neighbor works for shell/Wife is SAHM. Next to them is a doctor/engineer, next to them is a pharm rep/contractor, next to them is two newscasters, next to them is a retired couple, Next to them is a nursing school renter, next to them is a paper company owner/SAHM, next to them is an entergy worker/nurse, next to them is a teacher/banker, next to them is a retired couple, next to them is a lunch lady, next to them is a restaurant director/investment banker, next to them is a local beverage business owner, next to them is an attorney/SAHM, next to them is a retired couple, next to them is a army/interior designer, next to them is 2 doctors
3
Posted on 4/4/22 at 4:46 am to boxcarbarney
quote:
Basically they are burning through money to live on a street that is so destroyed and potholed
In Lakeview, the smaller potholes merge to form larger potholes, and so on.
Posted on 4/4/22 at 5:19 am to yaboidarrell
quote:
Why pay to live in Lakeview when eastern Metairie is basically the same thing
I used to think this as well, but having spent more time there recently it’s not accurate at all.
Posted on 4/4/22 at 5:48 am to jordan21210
LV is very comparable to OM except that you are subject to the whims of Teedy and her administration. Plus the property taxes and utilities (especially water) are way higher.
Posted on 4/4/22 at 5:56 am to Zachary
quote:
Where does the money come from to support home prices in _____________?
This is the case a lot of places.
For the life of me, I haven't been able to figure out the BR market for decades.
It's resilience is remarkable. Even the 2007/08 crash didn't have the impact in BR it had elsewhere.
Posted on 4/4/22 at 6:05 am to White Roach
quote:
It's systemic racism and White privilege. Generational wealth has been passed down to ensure the exclusion of People Of Color in that neighborhood.
Very simply put…..some people value having their children live a better life than the parents grew up with. Mine is better than my parents. And my kids will be better off than I was. The question then becomes, did they create wussies in the process?
Posted on 4/4/22 at 6:25 am to STEVED00
quote:
LV is very comparable to OM
East Metairie =/= Old Metairie
Also Old Metairie is insanely expensive now.
This post was edited on 4/4/22 at 6:26 am
Posted on 4/4/22 at 6:30 am to Sid in Lakeshore
It's probably not terribly far from the truth.....but it's not confined to Lakeview. I have a friend who is a VP for a bank in Mandeville. He sees the same thing. He sees that people stay overleveraged until their mid to late 40's. Plus he says so many use their houses as a piggy bank to help facilitate the lifestyle. Another advantage to home ownership.
Posted on 4/4/22 at 6:35 am to udtiger
The thing that always and still gets me are the amount of million dollar homes on the Northshore going back even 20 years ago. I used to ask where did all this money come from?
Realtor told me that there is a lot of hidden money in SE La...that's all he could say because it used to make him wonder as well.
Realtor told me that there is a lot of hidden money in SE La...that's all he could say because it used to make him wonder as well.
Posted on 4/4/22 at 6:41 am to fightin tigers
quote:
That is a pretty definitive statement.
Not everyone has your debt.
2x gross income is a pretty standard number for those seeking to build wealth, I didn't just make it up.
Posted on 4/4/22 at 6:42 am to Zachary
Trust funds
or
the sale of an 800 square foot house in Cali.
or
the sale of an 800 square foot house in Cali.
Posted on 4/4/22 at 6:45 am to Basura Blanco
quote:
As a 40 something year old couple who are in the market to upsize after paying off the mortgage on their first home and coming to the table with ~$300K in cash is an entirely different (and more likely) story.
Yes, certainly this is different
Posted on 4/4/22 at 6:46 am to KiwiHead
quote:
The thing that always and still gets me are the amount of million dollar homes on the Northshore going back even 20 years ago. I used to ask where did all this money come from? Realtor told me that there is a lot of hidden money in SE La...that's all he could say because it used to make him wonder as well.
There is shite ton of old money on the Northshore (Covington in particular). A bank VP told me that I would be shocked by the amounts, and that was back in the mid 90‘s.
Posted on 4/4/22 at 6:50 am to udtiger
quote:
It's resilience is remarkable
Upvote for not saying “resiliency.”
Posted on 4/4/22 at 6:55 am to GEAUXT
quote:
A household making 200-300k should not be buying a house over 600k
You can pretty easily afford a 600k home with 300k income
At 300k income, you're netting over 15k per month, if you put 20% down on a 600k mortgage your monthly note is only going to be ~3k. If you can't afford that, I don't know what else you're doing with all of your money
This post was edited on 4/4/22 at 7:07 am
Posted on 4/4/22 at 7:32 am to jimmy the leg
Yeah pretty much what I was told. There is a lot of it as well. A lot of it wrapped up in land.He said you would be surprised of the amount of people with Freeport and the Saints organization that bought in the 70s that invested on the Northshore.
He said Stram and Mauti made out like bandits among others.
He said Stram and Mauti made out like bandits among others.
Posted on 4/4/22 at 7:37 am to mikelbr
quote:
Yep. And also every plant/refinery/energy/construction company with a few hundred employees or more has at least 6 execs/managers making $275k+. So that's another few hundred Nola area residents who can afford a $600k house.
I mean the city maintenance guys salary is like 400k. Plenty of government workers on six figures.
Posted on 4/4/22 at 7:50 am to dgnx6
These threads always bring out people who have a tough time realizing that there are (often many) people out there that make more than they do.
Posted on 4/4/22 at 7:55 am to achenator
quote:
These threads always bring out people who have a tough time realizing that there are (often many) people out there that make more than they do.
No. Nobody makes these threads about Houston, Dallas, Austin, ATL, SF, etc., where there are thriving white collar markets.
Even OP talks about the lack of corporate jobs in Nola specifically. These discussions about Nola specifically are due to the lack of economic opportunities in Nola while supporting a housing market that has prices of major urban areas with actual opportunities. That's why these threads are always made.
Posted on 4/4/22 at 8:08 am to SlowFlowPro
Every hospital in the area has dozens, if not over 100 people working there making over 100k.
There are thousands of physicians in New Orleans.
That's just one sector of the workforce that produces incomes that can contribute to a household that can afford these homes.
Who knows how many engineers, CPAs, lawyers, business owners, etc... live in New Orleans.
The prices of homes in New Orleans may be on par with some of these larger cities that you listed, but the volume of homes at these prices is much lower.
There are thousands of physicians in New Orleans.
That's just one sector of the workforce that produces incomes that can contribute to a household that can afford these homes.
Who knows how many engineers, CPAs, lawyers, business owners, etc... live in New Orleans.
The prices of homes in New Orleans may be on par with some of these larger cities that you listed, but the volume of homes at these prices is much lower.
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