New Orleans Real Estate Rebound?
Apparently, it never lost it in the first place.
In our ongoing quest to bring you information on the best real estate markets in the country, we will be spotlighting New Orleans. New Orleans has had its fair share of disasters in recent years. But it fared quite well during the real estate crash of 2008. So what has happened since?
Real Estate in New Orleans
Real estate values across the country are showing their strength and making a noticeable comeback. At its worst, the nation’s hardest hit markets lost more than 50% of their peak values in a matter of months. Places like Florida, Nevada, Arizona, and most of Southern California suffered the worst.
Other housing markets like The Triangle, NC, Bentonville, AR, Tri-Cities, WA and Granbury, TX, saw very few losses at all. This was due to being buffered by their strong local economies. Even within some of the states that were hit hard, certain cities seemed to be immune. For instance, the beachfront homes of Panama City Beach, FL.
What may come as a surprise to many is that, among the top cities least affected by the Great Recession is New Orleans, LA. This may seem baffling to many readers who recall the devastation and subsequent challenges following Hurricane Katrina.
Yes, the city’s population was greatly reduced following a mass exodus of many of the hardest hit residents. Additionally, the tourism industry was temporarily devastated. However, even so, the unemployment rate of New Orleans remained lower than national averages.
To assist in bolstering the economy, banks refrained from the risky loans that contributed to the real estate bubble. Following Katrina, many industries and businesses invested heavily in New Orleans re-construction. Rebuilding and reinforcing levees, as well as expanding local oil refineries and many of the city’s small businesses.
Also, New Orleans is the energy, shipping, and transportation hub for Louisiana. So it’s no surprise to learn that New Orleans is one of the top recession-proof cities in the country. By the time the Great Recession hit, New Orleans was already mid-stream up its own river towards recovery.
So How’s The Real Estate Market?
Is New Orleans a good place to invest for real estate? Many experts say that it absolutely is. It boasts one of the most diverse real estate markets in the entire nation.
New Orleans and its surrounding communities have way more to offer than initially meets the eye. Of course, you can find many traditional homes for sale in the greater New Orleans area too.
But why bother with traditional when extraordinary is on the menu? There aren’t many places where you can buy a cabin in the swamp, a stilt-house in the bayou, or a floating houseboat on one of Lake Pontchartrain’s many canals or river tributaries. With so many unique choices, it can be hard to decide which type of house to buy.
Luxury lakefront homes, riverfront real estate, and floating houseboats on just about every type of water body imaginable are only the tip of the iceberg when it comes to homes for sale in the New Orleans area.
Don’t forget about the North Shore of New Orleans, just on the North side of Lake Pontchartrain. Homes for sale in Covington and Mandeville have seen tremendous growth in both residential real estate as well as commercial.
People have flocked to the North Shore because of the new construction, great schools and low crime. Areas such as Jahncke Street in Covington sports live oak trees that hang over the streets reminiscent of St. Charles Ave in New Orleans.
The Covington real estate market has been under priced for years and somewhat overshadowed by Mandeville, but is coming back strong.
Visit New Orleans
So do yourself a favor… don’t come to New Orleans just for Mardi Gras, a quick trip to the French Quarter, to savor some world class Cajun cuisine, or to listen to the world’s most inspiring Jazz musicians.
Yes, that’s all fine and dandy, but don’t overlook its incredible real estate opportunities. The next time you’re in New Orleans, make some time, grab a local REALTOR, and check out some of the most amazing and diverse real estate offerings available anywhere in the world.
