The New Orleans real-estate market is on the rise. With home prices increasing and inventory at an all time low it is a perfect market to invest. Interest rates are still historically low and with the new hospital about to launch the housing market is only going to continue this growth pattern. Some speculation is saying the market is slowing, however, this is only because price points are starting to plateau and the inventory is low. All this means is that the areas for development will be spreading by necessity and price points (values) as a whole will be going up in all areas of New Orleans. Central City is progress of being the next boom.
Lots and or land is huge concern for builders for the simple fact that there are none. In all of Uptown proper there are zero lots for sale as of 10/10/14, thats right "ZERO" not one single lot for sale. For this reason alone we will all see areas like Central City start to develop. In these new areas slated for development the price points will start to climb as to meet the current price point plateaus in such areas like Irish Channel, Garden District and Mid-City. The market is proving it can bare the current price points that are potentially capping out of $250-$300 per sq ft because there have been plenty of closings at these price points, however, a natural cap on price per sq ft (price points) will always cap out in every city across America at certain price per sq ft due to the simple fact of income qualifications from banks in correlation to income index in a certain area. In Pentek Homes opninon there is a long and positive road of development that will go on for the next 4-5 years while developers and builders fight to keep up with the demand of housing, especially as the influx of population due to the new hospital opening and providing new jobs including the new LSU Medical Center and Veteran Administration hospital currently under construction. Pentek Homes is proud to be apart of this epic developmental boom in New Orleans.
Written by: Bo Pennington
NEW ORLEANS Real Estate Market ON THE RISE. Perfect time to buy a home or develop in New Orleans. Heres why.....