Obviously, Louisiana had a rough year in 2005 with Hurricane Katrina. The state will recover as will Louisiana real estate.
Louisiana
Louisiana has obviously been in the news because of the devastation caused by Hurricane Katrina. To say the entire episode is a tragedy is to understate the obvious. Louisiana is a state that has overcome problems before and it will do it again. For the purposes of this article, I am going to discuss the state pre-hurricane because, frankly, the state will recover within a year or so. It has done it before.
Louisiana is a state with an absolute ton of character. In fact, you will find no other state in the country that can match it. There is a heavy French influence and the people, towns and cities are eclectic to say the least. From plantations to Mardi Gras to funky little towns to incredible food and music, Louisiana is state that can capture your imagination.
New Orleans
Yes, New Orleans took a beating in the hurricane and subsequent flooding. This was not the first hurricane to cause damage and the city will recover. If you base your opinion of the city on the things you saw on the television or heard in the media, you are making a mistake. This is a city with extremes in many areas, from food to music to lifestyles and so on.
New Orleans is like no other city in the country. Here you will find fire-eaters and street artists, old river steamboats, food to die for, old plantation homes and a music scene that can’t be beat. The French Quarter is beautiful and chaotic, particularly during Mardi Gras. Walking through the city, you’ll find little street markets, walk up eateries and eclectic little spots like the Voodoo Museum. The redeveloped River Walk area on the Mississippi River is a good spot to while away the hours as are the tours around the city. Keep in mind, New Orleans is the home of author Anne Rice and the location of her Vampire Chronicles book series. Words will never accurately describe New Orleans, it is just a place you have to investigate. You will either love the chaos or hate it.
Baton Rouge
The state capitol of Louisiana, Baton Rouge is New Orleans without the edge. An easygoing city with a heavy French influence, the city feels more like a place you could actually live in compared to New Orleans. Although the city was hit by Hurricane Katrina, it did not suffer the devastation seen in other locations. Home to Louisiana State University, the city has a college feel with college football being the name of the game.
Louisiana Real Estate
Obviously, figures for Louisiana real estate are irrelevant following the events of this year. Generally, single-family homes averaged $200,000 throughout the state prior to the hurricane. Appreciation rates were also a modest 6.5 percent.
If there is a silver lining to Hurricane Katrina, it is the redevelopment that will occur throughout the state. Hundreds of billions of dollars are flowing into the state, which will lead to a major makeover. New Orleans, in particular, is going to get a major face-lift with as many as 40,000 structures being replaced. As things settle down, real estate opportunities may be plentiful.
Raynor James is with FSBOAmerica.org - a FSBO homes for sale by owner site. Visit our "Sell My Home" page to list your FSBO Home or visit our home buying page to see fsbo homes for sale.
