Home Values in New Orleans Soaring–in Certain Areas, ‘Times-Picayune’ Reports

By: E&P Staff

As with so many matters involving real estate, even in New Orleans these days, it’s location, location, location.

While homes lost all value–or were simply lost–in many parts of the city, those on relatively dry or high land will now surge in value, real estate experts say.

An article in today’s Times-Picayune in that city by its real estate writer, Greg Thomas, reports that property values in Slidell, West Jefferson, River Ridge, Kenner, Mandeville, and Covington, and Slidell ? all of which emerged from the storm in relatively good shape ? are expected to jump 10 to 15 percent.

?In those areas there is just going to be substantial premiums being paid? for housing, said Wade Ragas, recently retired professor of finance at the University of New Orleans and former head of its Real Estate Market Data Center.

Others point out that some of these areas simply lucked out because of the storm’s path.

The paper also reports: “Some contractors are finding innovative ways of getting quick starts on repairs they are scheduled to do. They are offering the owners of some damaged but inhabitable homes the chance to get their dwellings repaired for free, as long as the workmen are allowed to live in the home they are working on….

“The already bustling Baton Rouge real estate market is also experiencing a surge of activity as Hurricane Katrina evacuees in need of housing snap up properties….

“The flurry of activity has resulted in some complaints of price gouging in the Baton Rouge market. But the state attorney general?s office has said that a state law that prohibits price gouging during disasters does not address home prices.”

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