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re: Where does the money come from to support home prices in Lakeview?
Posted on 4/4/22 at 10:10 am to Basura Blanco
Posted on 4/4/22 at 10:10 am to Basura Blanco
quote:
I think that dynamic speaks to the OP's question of where all of this high end home demand comes from, and probably the overall housing run as well.
I really don't know anything about the New Orleans real estate market but maybe the demand comes from a lack of high end housing.
There are large swaths of Orleans Parish that are simply unlivable. I mean block after block after block.
0
Posted on 4/4/22 at 10:12 am to Zachary
Questions like this remind me of how bad our state's education system is at teaching economic literacy. You see it all around America, though.
Posted on 4/4/22 at 10:14 am to Zachary
It’s one of the only safe and nice areas of NOLA and less expensive than most of uptown. So the answer is - everyone that lives in Orleans parish that has an upper end white collar job is buying there.
Posted on 4/4/22 at 10:14 am to gumbo2176
quote:
No, it was one of those ultra modern looking houses sandwiched in on a narrow lot. The ones where the architecture is totally out of character with surrounding houses.
That's crazy that there are multiple houses on Flood Street being listed and sold for that much.
Posted on 4/4/22 at 10:15 am to yaboidarrell
quote:Supply and demand?
Why pay to live in Lakeview when eastern Metairie is basically the same thing but with far less crime, functioning streets, lower utility costs, etc?
Posted on 4/4/22 at 10:15 am to jsquardjj
quote:
I don’t think New Orleans has to be more than a port city with a tourism draw due to the sheer size of the city. Geographically, the other cities you named (Birmingham, nashville, atlanta etc) have lots of land, numerous suburbs surrounding the city and better interstate systems to commute to downtown. That just isn’t possible here - unless they turned New Orleans East around - but that’s not happening.
If there was a booming industry sector that was centered around New Orleans, a lot of the lower income housing would be naturally squeezed out of the city.
Even right now with the few white collar jobs in New Orleans....the city probably doesn't have enough neighborhoods to house those people. Which is why the few good areas are priced so high.
quote:
Housing prices stay high because there are not new neighborhoods going up all over the places like the above mentioned.
That's part of it. Housing in general is just expensive these days. Even if there were hundreds of square miles of developable land in New Orleans, we just didn't build inventory in this country after the 2009 recession and there are fewer new homes for people to choose from, which boost the relative value for older housing.
That said - New Orleans (and numerous other cities like it) needs to find neighborhoods without any architectural significance but can be tied to public transit....and re-zone them for higher density housing. If the city ever turns around, they'll need those plots to increase the housing supply and keep the area competitive. Lakeview is probably one of those areas.
And Louisiana needs to invest heavily in flood control and highways for the area around New Orleans, the north shore, and Baton Rouge. Because that's where the housing and employers will have to eventually go if the state ever gets its shite together. I like the idea of commuter rail networks connecting Baton Rouge and New Orleans, then allowing towns on that line to develop more housing near those stations over time. If that works, maybe there's a way to link Hammond or Slidell to New Orleans one day via commuter rail.
This post was edited on 4/4/22 at 10:20 am
Posted on 4/4/22 at 10:16 am to Zachary
I have lots of friends an family in Lakeview. They can afford to live there because they have good jobs…stockbrokers/financial advisors, real estate developers, lawyers, accountants, doctors, etc. They make good money. It’s pretty simple.
Posted on 4/4/22 at 10:18 am to bod312
quote:Turning into Central America
Lakeview would help offset whats happening to western metairie and kenner
What is happening over there?
Posted on 4/4/22 at 10:18 am to brewhan davey
quote:
This one?
You want to see insanity in the housing market down there. Look on the Zillow site at 5467 Dauphine St.
That house is on the corner of Flood and Dauphine St. and recently sold for $243,200 and is totally gutted down to the studs with an exterior that needs as much work as the inside. It was a 4 plex when I lived in the area down the street from it----2 units down, 2 units up.
It's a big house at almost 3300 sq. ft., but it will take over $300K+ to get it to be a house again.
Posted on 4/4/22 at 10:21 am to Pandy Fackler
quote:
Holy shite. You're a serious frickin' busy body aren't you. You know waaaaay too much about your neighbors.
Knowing their jobs is knowing too much about them? I know the jobs of most of the people on my block, and I've lived in my home for less than 5 years
Do you live in a rural area where you don't speak with your neighbors?
Posted on 4/4/22 at 10:22 am to brewhan davey
quote:
Absolutely insane.
I'm not calling you crazy, but the shite that's happening in Central Texas will make that look very, very normal. It is unbelievable.
Exhibit A: LINK
Posted on 4/4/22 at 10:23 am to gumbo2176
quote:
You want to see insanity in the housing market down there. Look on the Zillow site at 5467 Dauphine St.
That house is on the corner of Flood and Dauphine St. and recently sold for $243,200 and is totally gutted down to the studs with an exterior that needs as much work as the inside. It was a 4 plex when I lived in the area down the street from it----2 units down, 2 units up.
It's a big house at almost 3300 sq. ft., but it will take over $300K+ to get it to be a house again.
I think you are being conservative with your renovation estimates, if that's the house I think it is.
Even if you are right, a new owner is into it for almost $600,000 just to make it inhabitable. That's extremely risky in that neighborhood IMO.
Then again, the market across the whole country is insane right now.
Posted on 4/4/22 at 10:26 am to thegreatboudini
quote:
I'm not calling you crazy, but the shite that's happening in Central Texas will make that look very, very normal. It is unbelievable.
Yeah it's happening everywhere right now. Real Estate Agents have banked big time off the low mortgage rates.
Posted on 4/4/22 at 10:26 am to thegreatboudini
quote:
I'm not calling you crazy, but the shite that's happening in Central Texas will make that look very, very normal. It is unbelievable.
Exhibit A:
$600k for a trailer?
WTFPosted on 4/4/22 at 10:31 am to GreenRockTiger
quote:
It just sold a year or two ago for $350K
Here's the thing with Mid-City as far as housing prices.
The huge uptick in home values took off when they started building all those medical facilities on Canal St. and Tulane Ave.
Once those projects got underway, things started going up and as they got completed and staffed with Drs., nurses, anesthesiologists and other highly paid medical personnel it really went nuts.
Plus it didn't hurt that a lot of the local riff-raff in the form of drug dealing hood rats left for Houston and Atlanta when Katrina hit and didn't come back.
Posted on 4/4/22 at 10:34 am to GreatLakesTiger24
quote:
average household income is less than 70k
that is simply not feasible
Yes, but we're discussing people making 300k not 70k
Posted on 4/4/22 at 10:36 am to jordan21210
quote:
Why pay to live in Lakeview when eastern Metairie is basically the same thing
quote:
I used to think this as well, but having spent more time there recently it’s not accurate at all.
How so?
Posted on 4/4/22 at 10:38 am to SlowFlowPro
quote:
No. Nobody makes these threads about Houston, Dallas, Austin, ATL, SF, etc., where there are thriving white collar markets.
i do not entirely agree here. Plenty of head scratching home prices in Houston.
The prices in lakeview are more explainable. New Orleans natural building restraints with river/lake and a ton of historic building restrictions. On top of that there are very few safe neighborhoods
New Orleans doesn't of the luxury of just mowing down and building like Houston and Dallas do.
Posted on 4/4/22 at 10:39 am to Dire Wolf
quote:
Houston
Why is Houston still talked of as having affordable real estate? Inside the Loop has become Austin-level expensive.
Posted on 4/4/22 at 10:42 am to SlowFlowPro
quote:you're off on this one
No. Nobody makes these threads about Houston, Dallas, Austin, ATL, SF, etc., where there are thriving white collar markets.
eta: maybe there aren't as many threads about it but it's definitely discussed on here
This post was edited on 4/4/22 at 10:43 am
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