Does anyone have experience adding a second story onto New Orleans properties? I'm not sure what the terminology is down there, up here in DC we call them "pop-ups". We're looking at a shotgun double right now that already has a camelback at the very back. We would love to keep the two units downstairs and extend the camelback all the way to the front of the house, adding another appx 2000 sqft, and owner occupy that space. Looking at the HDLC map we would fall just outside the Garden District areas regulations, which would hopefully make the process go more smoothly.
I've seen price estimates anywhere from $150 to $300 per sqft, but it's not really region specific, and this would be our first purchase in that market so I'm not familiar enough with how much the construction costs vary with what we see here (astronomically high for labor in DC). Conveniently it looks like the house next to it has been popped up already, and there are several other taller homes on the street, so aesthetically we would still be in line with the surrounding area.
Hey shoot me a message. I could connect you to a couple contractors and developers in the New Orleans area who have experience with this.
Just curious, if you're talking $150-300 per square foot, and adding 2,000 sqft, how are you going to make a decent profit? That's between $300k and $600 of addition costs alone.
This may be a newbie question, but that's a large investment for residential in Nola.
Thanks @Anthony Kimble I'll drop you a line.
@Harry Asnien I'm looking to live in 1 of the 3 units (the new addition) for probably half the year at least, while renting out the other 2 units. As long as the bottom 2 are renting high enough, which doesn't seem to be a problem in the Garden, then I'm OK with a net zero gain in order to have a base of operations down there. And, if I happen to bring in some short term rental income when I'm back in DC, then that will be a nice bonus. I'm really not sure what the addition costs will be, those are just estimates I've seen from various posts in regions all over. I can't imagine it being anywhere near $300, unless the entire foundation had to be rebuilt. This will be our first venture down into New Orleans, so I'm a bit green on the market there, but if the bottom two units are a net zero, and potentially positive, then I would think getting a 2,000 sqft brand new house on top of that for ~$300K right off St. Charles would be a good deal, no?
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