What do you think will happen to property values in New Orleans? What about rents?
I mean, obviously the lower ninth ward isn't going to be in terrible demand, but I'm wondering if uptown's already ridiculous real estate prices are going to get even more ridiculous, since large portions of that area didn't flood.
-pH
Posted by katharina (Member # 827) on :
I have heard that real estate prices are going up in New Orleans, but I'm not sure why.
Posted by pH (Member # 1350) on :
I've heard the same thing, but I don't know why, either. If anyone has some reasoning, I'd love to hear it.
-pH
Posted by Belle (Member # 2314) on :
I would imagine it's demand. There are probably many developers moving in who want to buy large areas of flooded out N.O. and raze it only to re-build it into bigger, better, more profitiable mini-malls.
Posted by Zeugma (Member # 6636) on :
We saw a report on CNN the other night saying rents were going up as much as triple pre-hurricane costs. They interviewed a landlord saying that demand for non-damaged buildings is pretty high, and that repairs and lack of income from his other damaged properties is forcing him to raise rent on the rest to break even. He also pointed out that the construction workers doing the repairs are charging an arm and a leg for their services, and they in turn pointed out that the cost of materials has skyrocketed. :shrug: