How much should i sell my flooded home for in the 9th ward?

Asked by Jessica Harris, New Orleans, LA Sun Jul 1, 2007

realistate agent said my home can only sell for $20,000 in the ninth ward area code 70125 flooded by karina storm

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Susanne Chri…, Agent, Metairie, LA
Mon Jul 2, 2007
The first thing to do is research what the market in your area is bringing in by using comparables on your home and by that I mean, homes that are similar to yours in your area. I will be more than happy to go over the specifics with you. You can contact me ant time. My name is Susanne Christoffersen with Specialized Real Estate Services (504) 621-6711.
0 votes
ian cockburn, Agent, New Orleans, LA
Wed Aug 15, 2007
Dear 9th ward resident,
The truth is, your flooded house is worth the base value, plus a little more..combined with what someone is willing to pay, NOT what you want for it.
If I were you to get a realistic idea, the worst case scenario is the property is worth the land value. At this stage, 2 yrs later, you need to view it like a potential buyer:
1) Value of the land
2) Value of the existing shell
3) Can it be insured if renovated, and for how much?
4) What is the condition of the roads / infrastructure around the property?

Now you have a choice...a) choose a realtor who will give you a realistic price to get rid of your property or b) pretend it is worth something that satisfies what you think it could be worth, then a year from now be asking the same question.

Please do not be fooled by people who tell you your property is worth a zillion dollars...beacuse it isn't...there is no point addding yourself to the For Sale By Owner signs, or people marketing your home that is no longer a home but a shell...'cause this is how a potential buyer will see it at this stage. It is better to see the reality now so you can move forward in life with some money in your pocket...less money, but at least some money.
1 vote
ian cockburn, Agent, New Orleans, LA
Thu Dec 13, 2007
Update as of 12/12/07....there are some major changes happening in some areas of the 9th by, (or have your agent) drive around the neighbourhood to see what and who is coming back.

This will probably make a difference in your potential to sell at all and sell at a different price point.
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0 votes
Betty Anne B…, , 70433
Sat Nov 10, 2007
Unfortunately, flooded homes in the 9th ward and simular areas are selling for very little. Depending on the damage, size of the home, etc will affect the price. Most contractors and purchasers are looking at the price of the lot and how much it will cost to tear down the flooded structure.
0 votes
Craig Martin, Agent, Hammond, LA
Fri Jul 13, 2007
The absolute best thing to do is make sure that you talk to a real estate professional to see exactly what your home is valued at. With so much destruction in the area you really need the help of a professional to see if you should sell or rebuild and then sell. I have several agents that have come to the Northshore after the devastation that took place in the region, so you need to make sure the agent you hire is in the best postion to review comparables in the area and I mean current comparables to measure if you should sell at this point.
0 votes
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