To All,
Since a large portion of New Orleans is planning on being rebuilt after the destruction of Hurricana Katrina. Are people trying to get out of their homes and sell off their property? If so could this provide a steep advantage and help quicken the rate of appreciation?
Let me know what you all think
-Jay
I heard a story on NPR about a guy who bought a house for 1/3 of the price from a very posh neighborhood filled with judges, politicians and other rich assortments because the judge that owned the house didn’t want the house anymore…so yes I’m sure people fleeing the area will create good opportunites.
My only thing is…fear of the same situation happening again.
Well im not talking rentals, i am talking flips…I’d buy and sell the homes once I fix em up to people.
I guess in that case the “fear” is unwarranted. I am just not sure how many people would be trying to buy something there. The people coming back have no money…I’m not sure they can afford nice homes.
Sounds like people are renting in other cities and trying to start a life there. THe ones coming back are trying to fix their home by themselves…anyways thats what i see on the news.
Yea and i guess it would be hard to get contracters out of state.
I am just looking for a good out of state play, since my market is extremely tough and expensive compared to the rest of the country. Huntington, NY, its on long island.
Contractors in the entire gulf coast are kinda scarce and a bit pricey (“make hay while the sun shines”, I guess!)…there’s plenty of work there and they’re just stacking it up to do as they get to it.
Then, there’s the mold/mildew abatement problems…
You also need to be concerned about a drastic rise in insuranc – both in homeowners and in flood insurance – to the tune of 30+%.
Keith
Jay,
Are you interested in out of state rental properties? Our current market has good opportunities for rentals. Let me know if you are interested.
Regonz
You also need to be concerned about a drastic rise in insuranc – both in homeowners and in flood insurance – to the tune of 30+%.
I wouldn’t be surprised if those rates doubled!
Also I wouldn’t be surprised if the area gets re-zoned. Neighborhoods in the loweset levels becomming “parks” or open space. And to accomplish this, the city will use Emminet Domain, something you do not want to be involved in.
So fine then, what is the hottest market in the US then? Where should my investing dollars be?
Dan,
I wouldn’t be surprised if they double either…the state (LA) has capped the rate increase at 30% for this year, at least from all news reports.
Keith
You may find some good information here: http://www.ofheo.gov/media/pdf/4q05hpi.pdf
This is the Housing Price Index for the 4th quarter of 2005, which came out March 1st, 2006.
Regards,
MG
I’m in Houston now and most of the Katrina survivors here have no intention of going back to New Orleans. I can’t say that I blame them, but most of them were told originally it would be at least a year before they could go home again. So properties being flipped in NO may take awhile to sell.
Mid term (5 years) what do you think all the evacuees staying in Houston will do to local RE prices and the economy?