Home Buying in New Orleans>Question Details

Beb0p, Home Buyer in San Francisco, CA

Can anyone give me a snapshot of New Orleans' real estate market?

Asked by Beb0p, San Francisco, CA Wed Jan 15, 2014

I'm an out of state investor looking to diversify my portfolio. I have visited Nola several times and fell in love with it. I have so many questions I don't know where to start. I am looking for either a SFH, multi-unit property or a condo, willing to spend up to $450k but obviously the cheaper the better (I can spend a lot more for the right stuff but it has to be something that knocks my socks off) in an established or up and coming area. For starters, how is the real estate and also the rental market? A lot of overbidding? All Cash deal? Multiple offers? I have read that the rental market is very thigh in the Big Easy, is that true? Is Nola a good place to be a landlord? Does the demand out-weights supply?

I am considering Marigny, Bywater, LGD, Broadmoor, Mid City, CBD, Freret, and Uptown. Anyone comment on the aforementioned nabes? Any other nabes that you'd recommend?

Also, I know that there is a very high cost of home insurance. Is it trending up or down? Looking forward

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Answers

4
New Orleans is a wonderful place to be a landlord. The laws are very much in our favor and evictions are quick and easy which means that generally people make paying their rent a top priority.

Homeowner's Insurance is more expensive here but flood insurance in certain areas can be a real problem. Many sellers now are obtaining elevation certificates before listing their homes for sale so a flood quote can be easily obtained. In low elevation areas, rates have gone up considerably so this is something to be mindful of when looking at properties.

For hold property I like Freret, Milan and Algiers Point. In my opinion, the higher demand areas like Marigny, Bywater, Mid-City and Uptown don't product the very high rent to price ratio that I like to see. In the neighborhoods I mentioned (as well as parts of Uptown and Mid-City) it's not hard to find properties that fit the 1% rule. Example: with $450K to invest, you should target monthly revenue of at least $4500 or more.

Please feel free to contact me if you'd like me to send you info on the buy and hold properties that I'm currently watching or do a custom search for your.

Thanks,
Kelli Bristol
504-952-5628
KelliBristol@yahoo.com
Licensed Broker
The Real Estate Center of LA
0 votes Thank Flag Link Mon Jan 20, 2014
To answer some of your questions Real Esate Market in New Orleans is strong. Prices have begun to level off in some of the areas that were really hot a few months back. Demand for rentals are strong in the areas you mentioned. I think their is great opportuniyt in "up and coming areas" like what some would call New Maringy or near the Bywater neighborhood. Prices in these areas in my opinion are going up. As far insurance, its still an issue in some cases. You just have to factor it in to the cost.


Each neighborhood is different and each property should be analyzed. So do some homework.
Contact and interview a few Agents to discuss you plans before hiring one.

Best of Luck

Wayne E. Clark
Broker
CCS Realty, LLC
504-304-2307
clarkconsultingllc@msn.com
Licensed in the State of Louisiana
0 votes Thank Flag Link Fri Jan 17, 2014
Look me up, be glad to help. craig@mbellrealty.com
Web Reference: http://www.mbellrealty.com
0 votes Thank Flag Link Wed Jan 15, 2014
Call me
At (504)615-2333. As an investor and real estate broker I work throughout the city, identifying and building equity for myself and my investor clients.

There is still opportunity..block by block, every 6 months the dynamic keeps changing for the positive.

With a 1
Billion $ hospital being built and the streets and overall infrastructure turning the city into a construction site opportunity is still here.
Web Reference: http://Iansellsnola.com
0 votes Thank Flag Link Wed Jan 15, 2014
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