HOUSINGNEWSREPORT
The biggest increase in home flips from a year ago was in the Uptown zip code of 70118 and in New Orleans East at the 70127 zip code, a middle-class African American enclave. In the Uptown zip code of 70118, nine properties were flipped in Q1 2016, while eight properties were flipped in New Orleans East. In the Treme neighborhood, the 70112 zip code also saw elevated flipper activity, with eight properties sold by flippers in the first quarter of 2016. In many of these Big Easy neighborhoods where flippers are active, a large percentage of homes sales are all-cash deals. In Q1 2016, nearly 40 percent of all homes sales in New Orleans were cash sales, according to ATTOM Data Solutions .
to Nancy Hopper with RE/MAX New Orleans Properties . Hopper said inventory shortages are fueling bidding wars, multiple offers and rising prices. “We don’t have a lot of inventory in Uptown right now,” said Hopper. “There’s a convergence of things driving up prices in the Uptown area: lack of inventory, the historical architecture of the homes here and the convenience of being close to everything in the city.” Hopper said sales have slowed down somewhat this summer but anticipates it will pick up again next spring. “After the storm, we had tons of houses available for sale,” she said. “They had been
Like Haase, Ragas is seeing a surge in the re-development of old buildings into apartments and condominiums. “Currently, we have about 2,300 units being built,” said Raga, noting a sharp uptick in new apartment or condo units just completed, being built or in the works. “There’s 1,800 apartments and 500 condos coming online. That’s about four times our normal rate.” A Sellers’ Market Home flippers are gravitating to Uptown and the historic and oak-lined Garden District, two highly desirable neighborhoods, where prices are rising rapidly due to a shortage of available properties, according
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NewOrleans Cash Sales Cash Sales Pct of Total Home Sales
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