I just recently came from there and there is a lot of development going on. Some of these properties are 100k and rent in the area is 1200 a month! Seems good to me anyone have feedback on it?
Your observations are correct. The real estate market is booming in NOLA right now. With the newly constructed VA/University Hospital coming online soon in Mid-City, rents has seen a big increase of late. I wouldn't call it a true seller's market yet, but the price on two bedroom cottages in that area are going for 200k+.
Hopefully, the boom does not stay cconcentrated to Downtown NOLA and eventually spill throughout the entire metro area.
It has been a long painful haul to get back on track and things are definitely looking up. The thing is, New Orleans is unlike any other place. Our laws are even different from all other States. If you try to step here without either educating yourself, or having someone local to help guide you.....you could wind up making some costly mistakes. It is also important to have a very good understanding of the neighborhoods/areas. You can literally cross one street and find the difference in values to be drastic. If you plan on rehabbing, keep in mind our housing stock is very old. If you have never rehabbed 80-100 year old properties (most of which are severely chewed up by termites), you have a whole new experience coming at you. Find yourself in a historical district and the game hits a whole other level. Oh, do not let me leave out the people here. Friendly on the surface, totally untrusting of "outsiders," fiercely protective of their turf. There are several threads out here on that topic alone.
@Ron Collins :
Where would be a good area to look at in New Oreans
The market is booming everywhere and it's starting to look a lot like 2007. It's quickly becoming a sellers market in a lot of areas, but NOLA is definitely doing pretty well right now
Those are some true words. The wife and I were looking at properties on Second Street between St Charles and Dryades. You didn't have to make the block to see a drastic change in scenery.
I can tell you area I am farming right now. It is within the bordering streets of:
St Bernard, N Rampart, St Phillip and North Claiborne.
In my opinion, the neighborhood has that right mixture of ugly houses compared with the "that price in this neighborhood" factor. I purchased two tax sales liens in that area. The first owner paid back after a year but the house is still vacant and boarded up. The second was paid back immediately.
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