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re: Where does the money come from to support home prices in Lakeview?
Posted on 4/4/22 at 10:47 am to LSUtoBOOT
Posted on 4/4/22 at 10:47 am to LSUtoBOOT
quote:
In Lakeview, the smaller potholes merge to form larger potholes, and so on.
I drove my truck through a pothole so big, I'm pretty sure I disturbed a family of Morlocks.
0
Posted on 4/4/22 at 10:48 am to Dire Wolf
Exactly. There is literally ONE neighborhood in Orleans where you can live in a house built within the last 15 years, not be in the middle of a war zone, and usually feel OK about letting your kids go outside to play. I guess you could say 2 if you include some of English Turn.
This is the reason for the prices. Anyone making good but not outrageous money who doesn’t want to live in a 100 year old uptown money pit has 1 place to choose from. It’s just a concentration of all the high end professional class in the city.
This is the reason for the prices. Anyone making good but not outrageous money who doesn’t want to live in a 100 year old uptown money pit has 1 place to choose from. It’s just a concentration of all the high end professional class in the city.
Posted on 4/4/22 at 10:48 am to yaboidarrell
quote:
Why is Houston still talked of as having affordable real estate? Inside the Loop has become Austin-level expensive.
the definition of what is affordable has just been thrown out the window in the last 2 years.
You money still goes a lot further in Houston than it does Austin.
Posted on 4/4/22 at 10:48 am to SlowFlowPro
quote:
No. Nobody makes these threads about Houston, Dallas, Austin, ATL, SF, etc., where there are thriving white collar markets.
Almost as if this is a Louisiana based message board.
Posted on 4/4/22 at 10:51 am to Zachary
Anyone looking for home in Lakeview? I'm about to sell mine; block from Hynes Elementary and a block from Harrison.
Posted on 4/4/22 at 10:54 am to GEAUXT
quote:
Yes, but we're discussing people making 300k not 70k
The higher your income, the larger percentage you can spend on your mortgage note, because your other bills shouldn’t vary that much. Your grocery bill is going to be roughly the same if you make 100k or 300k, same with phones, cable, internet, gym memberships, etc…
Posted on 4/4/22 at 10:57 am to NOLAVOL16
quote:
Exactly. There is literally ONE neighborhood in Orleans where you can live in a house built within the last 15 years, not be in the middle of a war zone, and usually feel OK about letting your kids go outside to play. I guess you could say 2 if you include some of English Turn.
When i moved back to NOLA after several yrs living in other cities , i was shocked (not surprised) by how few options there were in Orleans Parish for someone making good money.. even for renting, while deciding where in the City i wanted to buy- the options were literally only a few buildings in the Warehouse District, unless you want to rent a shotgun double somewhere from some shady-arse landlord…. Then while home shopping, as mentioned above, i couldnt afford Uptown so it was between ET and Lakeview.. LV, with all its problems, is still the best Orleans has to offer for people making decent $$ .
Just about every other place ive ever lived has seemingly endless options for every lifestyle , if you can afford it .
Posted on 4/4/22 at 10:58 am to Epic Cajun
quote:
The higher your income, the larger percentage you can spend on your mortgage note, because your other bills shouldn’t vary that much. Your grocery bill is going to be roughly the same if you make 100k or 300k, same with phones, cable, internet, gym memberships, etc…
To some extent.
But if you make 300k or 500k or whatever, you're going to hang out with people who do some of the same. And you're going hang out with them at better restaurants and events that cost more money. You're going to go on better trips. You're going to send your kids to private school a lot of the time. Buy more life insurance. Use better vendors for lawn and home repair, pay more for professional services.
To be clear, you don't HAVE to do many of those things, but you will, and it's not unnatural to do it. It comes with the territory.
Posted on 4/4/22 at 11:03 am to yaboidarrell
quote:
Inside the Loop has become Austin-level expensive.
But if you leave the loop you can find something worthy of your dollar. Meanwhile you can go from Bastrop to Liberty Hill and still get fricked in Austin.
Posted on 4/4/22 at 11:04 am to Pettifogger
quote:
To some extent.
But if you make 300k or 500k or whatever, you're going to hang out with people who do some of the same. And you're going hang out with them at better restaurants and events that cost more money. You're going to go on better trips. You're going to send your kids to private school a lot of the time. Buy more life insurance. Use better vendors for lawn and home repair, pay more for professional services.
To be clear, you don't HAVE to do many of those things, but you will, and it's not unnatural to do it. It comes with the territory.
For sure, but my point was that if you're bringing in 15k net per month, you should be able to spend 30% of that on a mortgage and be fine (you still have 10k+ left over to spend on other bills and savings). If you bring in 5k net per month and are spending 30% of that on a mortgage things are going to be much tighter for you, because you're only left with ~$3,500 for other bills and savings. Your other expenses will be more than someone who only makes 100k, but they don't have to triple that number
ETA: the percentages get much worse at lower incomes, if you net $3,500 per month (roughly 70k salary), and you have a mortgage that is 30%, you only have ~$2,500 remaining for other bills and savings.
This post was edited on 4/4/22 at 11:24 am
Posted on 4/4/22 at 11:22 am to brewhan davey
quote:
That's crazy that there are multiple houses on Flood Street being listed and sold for that much.
Yep. I lived river side in the 5500 block of Dauphine until 1970 and the house on the corner directly next door to where I lived sold about a year ago.
Now, it was totally renovated and upgraded, 4 Br. 2 1/2 baths with an open floor plan, etc. Sold for over $370K.
When I told this to my sister living in Picayune, she just laughed wondering what idiot paid that much in that neighborhood.
Posted on 4/4/22 at 12:10 pm to yaboidarrell
quote:
How so?
Mainly proximity to things to do. I’m not sure specifically what entails East Metairie, but I assume it’s the area between Causeway and Canal. We’ve looked briefly in that area - outside of stores/restaurants on Veterans there isn’t much there. As mentioned the main benefit to that area is Jefferson Parish. Lakeview has more in common with Uptown than it does East Metairie IMO. We can’t afford what we want Uptown or in Old Metairie so Lakeview is next best option.
Posted on 4/4/22 at 12:25 pm to Zachary
Orleans Parish government entities are going to feast on the rising property tax revenues.
Posted on 4/4/22 at 12:28 pm to dewster
quote:
First, I don't know if I should be impressed or concerned that you know your neighbors that well. Second....did these people all buy in the last 10 years when prices started climbing? Or are they long term owners that bought when the housing was affordable?
Fair enough, lol. There are a lot of kids that ride bikes and play in the front yards, so we do all know each other pretty well. We also block off the street once a year for a block party. The neighborhood feel is certainly one of the draws to Lakeview. If I didn’t have active kids, I’m sure I wouldn’t know the neighbors as much.
I would estimate 30% are pre Katrina, 40% have been there for 7 or more, and 30% have bought within the recent high prices years.
Posted on 4/4/22 at 12:43 pm to NOLAVOL16
quote:People should spend their own money how they see fit.
Exactly. There is literally ONE neighborhood in Orleans where you can live in a house built within the last 15 years, not be in the middle of a war zone, and usually feel OK about letting your kids go outside to play. I guess you could say 2 if you include some of English Turn.
This is the reason for the prices. Anyone making good but not outrageous money who doesn’t want to live in a 100 year old uptown money pit has 1 place to choose from. It’s just a concentration of all the high end professional class in the city.
However, you can jump over the canal and have the exact same thing for 30% reduction in cost and the only thing that changes is you can’t say you live in New Orleans
I hate Nola period, but I see why you would want to live in uptown or mid city. Lakeview truly makes no sense to me. But to each their own
Posted on 4/4/22 at 12:45 pm to LNCHBOX
quote:
Almost as if this is a Louisiana based message board.
There was a thread on here a while back (no link) which established that the majority of posters here live outside of La…. Most have ties to the area of course, but a majority have left .
Posted on 4/4/22 at 12:49 pm to lsupride87
quote:
However, you can jump over the canal and have the exact same thing for 30% reduction in cost and the only thing that changes is you can’t say you live in New Orleans I hate Nola period, but I see why you would want to live in uptown or mid city. Lakeview truly makes no sense to me. But to each their own
Mid City is “up and coming” but still a war zone and floods constantly. Uptown is outrageously expensive. And while I do agree that an Orleans address isn’t worth the hassle(this is one reason why we left), the Bucktown area has gotten pretty run down and OM is just as expensive as Uptown.
Posted on 4/4/22 at 12:57 pm to NOLAVOL16
I’ll also say that as much as we all correctly denigrate Orleans parish schools, if you get your kids into one of the 2-3 excellent charters, one of which a Lakeview address gets preference for, you have the potential to avoid private school.
Jefferson schools ain’t much better and unless you get into the academies, you are stuck with private. It’s a crap shoot either way which is also a reason we left.
Jefferson schools ain’t much better and unless you get into the academies, you are stuck with private. It’s a crap shoot either way which is also a reason we left.
Posted on 4/4/22 at 1:12 pm to lsupride87
quote:
However, you can jump over the canal and have the exact same thing for 30% reduction in cost and the only thing that changes is you can’t say you live in New Orleans
LOL no. A whole lot changes across the canal for 30% less.
Posted on 4/4/22 at 1:23 pm to jordan21210
quote:Like what?
A whole lot changes across the canal for 30% less.
Lakeview has all the price, headaches, and carjacking crime of Orleans with none of the actual benefits the city offers in places like Uptown, mid city, or the cbd/FQ
This post was edited on 4/4/22 at 1:25 pm
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