Did anyone consider purchasing depressed and damaged real estate in New Orleans after the massive storm/flood that ravaged the area in 2005. Considering the fact that most people might take the perspective of investing after the flood as being a vulture also consider that the local government could use the tax dollars.
2006-08-09 07:45:08 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Dang... that's a good idea. I wish I had money to invest.
2006-08-09 07:48:41 · answer #1 · answered by Jake 'N' Shakes 3 · 0⤊ 2⤋
Yes we did, I lived in Metairie for awhile and loved downtown New Orleans. Sadly after more research realized that the city is going to be plagued by levee problems that are not going to be fixed anytime soon....too many agencies pointing fingers at who's fault it was instead of fixing the problem.
After checking into insurance and how insane the costs would be we decided against it. (most insurance compaines would only cover wind dmage from hurricanes NOT flooding) I'm reading a book now that you may want to check out, it gives many reasons as to why the levees broke, why hurricanes can do so much damage to that area and what needs to be done it is called 'The Great Deluge' by Douglas Brinkley.
Invest sure, but your property is going to be underwater most of the time....so invest in some nice scuba gear and you should be set!
2006-08-09 07:49:13 · answer #2 · answered by Miss Guided 4 · 0⤊ 0⤋
I would bet it is pretty cheap right now. I have a relative in real estate investment in the area. You need to have good connections in New Orleans to make any money. The politicians and the city government will block anything you want to do, unless they are paid-off or " influenced " by someone else. You will have to " play-ball ". No wonder they have so many problems.
Good Luck
2006-08-09 07:56:11 · answer #3 · answered by Albert F 5 · 0⤊ 0⤋
The whole city was not flooded. Just the middle. The city is shaped like a big bowel. Most people don't know that. I just bought a time share there. I depends on what part of the city your going to buy from.
2006-08-09 07:49:52 · answer #4 · answered by Q~T 5 · 0⤊ 0⤋
My husband wanted to. I used to live in New Orleans. Parts of it flood when it just rains hard. There was no way I was going to invest there. The insurance was going to be outrageous, like what we left behind in Florida.
2006-08-09 07:55:56 · answer #5 · answered by Sharingan 6 · 0⤊ 0⤋
After the hurricane Texas offered Realtor from LA licenses. One agent who came to work with my company left after 2 weeks b/c she was getting so many calls from back home most people wanting to buy property.
2006-08-09 08:04:09 · answer #6 · answered by erin7 7 · 0⤊ 0⤋
we thought about moving there, but when we went to check it out, it was just too far gone, and smelled like hell.....I always loved that city, but it isn't safe right now and I have 2 little boys to think about, who knows what kind of waste is in the drinking water, and all the mold that is growing everywhere...it won't be healthy for years to come
2006-08-09 07:49:54 · answer #7 · answered by ndussere 3 · 0⤊ 0⤋
I conceded that because the prices went way down so I can rebuild and resell for high profit.
2006-08-09 07:57:43 · answer #8 · answered by Jonathan M 2 · 0⤊ 0⤋