is real estate in NO going to be dirt cheap, once the water is pumped out?

[Devastation]

mainly the land and buildings that are still currently under water? or will they remain relative to pre hurricane levels? i wasn't familiar with real estate prices in NO before either, was there a housing boom there anytime in the last 3 or 4 yrs?

 

[MattTheSkywalker]

Things to watch:

(1) How many people come back? People are buying houses in BR, staying in Houston, and the NY Times reports that up to 250,000 people may stay away from NO.

(2) what does the government do with the structures of the city? Are the poorest areas bulldozed and rebuilt? Are they left to rot? Is there massive condemnation?

(3) Remember that this could happen again.


As with anything else, there will be deals to be had. Every deal I've made has been the result of being "on the ground", talking to people, and catching someone at the right time. I'll go to NO and look around, but not for a while - maybe a year - because I want to see how this plays out...really plays out.

 

[bran987]

Speaking of this, in today's WSJ there was an article about Judah Hertz, who has bought up $200 million of NO's most expensive RE in the past 3 years.

He remains "Very, very bullish."

 

[Cutiebaby]

you would think that it would be cheaper but then again people may repaire their houses and stuff then sell them for more...i prolly would sell it as is, just so i wouldnt have to deal with it

 

[jafo]

as far as the housing they would have to be repaired before any of the lenders would do a loan on them ..the lenders I am working with right now have frozen all funding till an appraiser recerts the value and certifies the property to include a complete home inspection by a lic. & bonded contractor....the only way to sell or buy there right now is with CASH..I would think there are going to be a lot of deals to be had ..buy em cheap and sell them high

jafo

 

[gotmilk]

Beachfront Mississippi will be dirt cheap to acquire...cuz those people are literally not around anymore

 

[gjohnson5]

as far as the housing they would have to be repaired before any of the lenders would do a loan on them ..the lenders I am working with right now have frozen all funding till an appraiser recerts the value and certifies the property to include a complete home inspection by a lic. & bonded contractor....the only way to sell or buy there right now is with CASH..I would think there are going to be a lot of deals to be had ..buy em cheap and sell them high

jafo

Nah , people will sell the lot and take a loss on the house. I know one guy who is gonna do that

 

[jafo]

Something tells me that allot of people will let the GOV give them a free ride for as long as they can and then leave
but some of the people lived in a shack and they are going to get there house completely rebuilt
while tragic ..this hurricane is going to do wonders for the economy state wide

 

[gjohnson5]

Something tells me that allot of people will let the GOV give them a free ride for as long as they can and then leave
but some of the people lived in a shack and they are going to get there house completely rebuilt
while tragic ..this hurricane is going to do wonders for the economy state wide

What do you see in that??

New Orleans revenue is mainly tourism
1. no hotels open
2. no casinos open
3. none of the famous restaurants are open
4. amusement parks closed
5. There may be no Sugar Bowl or Mardi Gras

This is New Orleans economy

 

[jafo]

true they do thrive on tourism
but there should be allot more job's

the real-estate market will be going crazy in about 8 months and should last

they will just shift there economy from one source to another ..and the tourist market will be there ..they will rebuild faster than you might think ( with this much money at stake) tourist will just come to see the devastation….. just like they did NY