December 2007

Where Are We?

Real Estate values continue to adjust downward but precipitous drops are not forecast. Sellers must be realistic. Buyers are in charge. A new Governor, a revamped City Council, and increasing pressure on police to reduce crime bode well for Orleans Parish.

Where Are We Going?

In a word, up! Albeit slowly. But now is an excellent time to buy. Come spring a predicted increase in demand will strengthen prices.

Opportunities!

Middie O’Malley Luxury condominiums are very underpriced.

Trading up from well located, quality homes worth 250-300K, a relatively stable section of the market to 400-600K homes that have taken a hit means big savings! It’s time to trade up!

Problems

Insurance continues to be a real annoyance but more companies are writing policies and we can expect pressure from Jindal to get this big issue under control.

Bottom line

New Orleans remains worth the effort. It’s magic is enduring and totally unique in the USA. Like any down cycle, this will end, and sooner rather than later.