A few years back, hurricane Katrina wiped out a large portion of the New Orleans landscape. Most people these days only know what they see on TV about New Orleans. They think that Katrina wiped out all of New Orleans and it’s just a wasteland now. That could not be farther from the truth.
The truth is that New Orleans is the hottest spot in the United States for real estate investors right now. Due to fear among residents who abandoned their property, prime real estate just a short walk from the French Quarter can be bought for pennies on the dollar.
Want to buy a couple acres in the 5th Ward district and start your own development mega empire? No problem. You can get an acre in the 5th Ward District just down the street from the French Quarter with room to build 4 hours on for around $10,000. This is about 1/10 of what you would pay for an acre anywhere else in the country. Prior to Katrina, this property would have cost you about $85,000 minimum and skyrocketing upwards from there.
Real Estate investment company Satros, Inc. out of Houston Texas has purchased eleven 1 acre blocks in the 5th Ward District. They would not disclose the amount they paid, probably because they want to keep out the competition. But I guarantee that they are going to make an absolute fortune on this one deal. I’m sure they have plans to buy more property, but they have not disclosed it.
Another good section to make you real estate fortune in New Orleans is in a section of town called Settler’s Corner. While property deals are not as easily found like in the 5th Ward District, some can be had there for about 25% off of comparable property found in other sections of New Orleans.
Small time real estate investors are having better luck buying property in Settler’s Corner. I’m not sure why. It’s might be because the families have lived there for decades and don’t want to sell out to large investment firms, and would rather sell to small time investors who they can put a name and face on.
Another section of New Orleans that has received a lot of real estate investor attention is an area of of Bourbon Street called “Mackies”. I don’t know why it’s called that, but it was devastated by the hurricane and has yet to be cleaned up. There’s lots of old houses that have been abandoned but the owners don’t want to tear them down due to the historical value. This area has received a lot of attention from some casino owners who pan to build a casino/resort and a golf course nearby.
So you if want to jump in the real easte game and make some serious money, New Orleans is where you should be looking. It’s hot investment property that can be picked up cheap. But it won’t be like it is forever.