The New Orleans real estate market has been strong compared to the rest of the country, and could be getting even stronger in the new year.
Local real estate experts say that’s especially true in Orleans Parish, and you might be surprised by the reason why.
Uptown has enjoyed some of the highest real estate values in the metro area for years, and for good reason.
Charlane Lyles and her family moved here six months ago to be close to the universities, the parks and schools.
Husband Andrew says, “there’s such walkability to the streetcars, parks and Tulane’s campus.” They are not alone, Uptown real estate is hot right now.
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Real estate expert Arthur Sterbcow says, “we’ve had a lot of people move back into Orleans Parish, Uptown has been the lightning rod relative to other markets.”
The city was already faring much better than the rest of the country.
Sterbcow says, “we’re one of the few cities in America that had an increase in sales prices across the country; shocking to even us.”
But Sterbcow says recent reductions in crime has made Orleans Parish real estate move faster than the rest of the metro area.
He says, “Jefferson Parish isn’t doing as well as Orleans but it’s doing okay.”
Another big factor in a resurgent New Orleans real estate market is charter schools. Test scores are up and so is demand for housing.
In fact charter schools were a big factor in the Jack family’s recent move Uptown.
Kathy Jack says “definitely, one of our kids goes in a Montessori school and we will probably put them in Audubon Montessori.”
There are still problems. The Jack family recently had a weedwacker stolen, and experts say the area needs more jobs, to truly thrive. But as we head into 2010, Both realtors and residents of Uptown have something to smile about.
Arthur Sterbcow says the houses that continue to sell the best are those whose prices fall below $200,000.
He says while the Orleans housing market is strong, the rental market is weak because of a glut of new apartments and not enough jobs. He also says the city needs to do a better job of preserving it’s old, historic housing stock.
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Source: http://www.fox8live.com/news/local/story/Orleans-Parish-real-estate-market-strong-in-new/DBTm8HMm7EykuMLdI3uZ8w.cspx
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