Investing in New Orleans - Real Estate Information
Two years ago New Orleans was a city in constant battle for the renowned title of murder capital of the United States. It was a city of 24-hour bars, a live-action mammogram for a week every February, and sites of vampire-styled killings. It was a place where it was not safe to enter a cemetery after dusk. Originally created as a penal colony, does it not seem so fitting that this city of sin experienced such a Sodom and Gomorra fate? The epic destruction wrought by Hurricane Katrina left thousands homeless in its wake, its wrath instigating a mass exodus from the Big Easy. But now, as optimistic residents return home, they are finding that so many of the old, coveted flaws are obsolete. Crime is lower than it has been in years and Burger King is paying counter employees $10/ hour.
Just six months ago, we were led to believe that Katrina had ravaged New Orleans to the point of utter devastation, like a depraved inferno infected by a virulent plague. But the 21st century has no time to consecrate resources to such biblical consequences nor is the United States willing to host its own Atlantis. No, New Orleans may have been buried for a while, but it is rising back up like the revenants in local lore.
Ever since Katrina’s hostile waters have been drained, developers and businesses are entering the city to rebuild and revamp, creating new homes for evacuees and new residents alike. Housing is the top concern. After cataclysmic losses, New Orleans real estate is actually one of the few US housing markets on the rise.
Even just after Katrina in the last four months of 2005, New Orleans real estate prices were up 21% since 2004 when the streets were filled with water. Many of these buyers are evacuees looking to re-settle in New Orleans while others are real estate speculators looking for post-deluge discounts on property that will soon increase in value as the rebuilding continues. The severely irrigated city is seeing increases throughout, especially in areas that did not get the worst of the flood. Home prices uptown and in areas along St. Charles Avenue—a major road with a traveling trolley car that runs through the Garden District to the French Quarter—surged 49% post-Katrina compared to 2004. And Algiers, one of the first areas to allow residents to reenter, saw a 9% increase in home prices in the last four months of 2005.
Like any market where supply is dwarfed by demand, New Orleans real estate is on the rise. And, due to New Orleans’ recent history’s deviance from standard circumstances that surround most housing booms, the market offers much more than just the usual home price appreciation rates. New Orleans housing must accommodate all former residents, regardless of their income and previous housing situation. A wave of aquatic terror is indiscriminant, a simple wrecking machine with a one-track operating scheme bent on pure annihilation. Thus, people from all neighborhoods living in a diverse range of New Orleans real estate have been displaced and are seeking accommodations in their hometown.
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