A Real Estate Boom In New Orleans?

Many houses in flood-ravaged New Orleans are currently selling for more money than before Hurrican Katrina.

1 minute read

July 9, 2006, 9:00 AM PDT

"In a market spurred by speculators and bargain hunters, an extraordinarily large number of houses in the flood-ravaged metropolitan area here are being sold, according to real estate analysts, who say volume and sales prices exceed levels before Hurricane Katrina.

The higher prices are largely due to an increase in value in suburban areas, many of which were not heavily flooded, or in dry areas of New Orleans. But flooded houses in the city are being bought as well, often at deep discounts of as much as $50 a square foot less than they would have sold for before the hurricane.

'We have a stronger housing market than before,' said Wade R. Ragas, professor emeritus of finance at the University of New Orleans and the president of a local consulting firm, Real Property Associates."

FULL STORY: Investors Lead Home Sale Boom in New Orleans

Saturday, July 8, 2006 in The New York Times

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